Vic Grizzle: Yes. That comparison is really market-to-market comparison. If you look at the minus 10 in the fourth quarter, there’s a lot of noise in that, right, with that base period comparison from what we had a January price increase that drove a lot more volume in the fourth quarter last year. So, a big part of that 10, as we’ve been talking about as a base period comparison. So, when you look at the apples-to-apples comparison of what we saw in the market, I think that general market activity is what we’re commenting that we expect to see in the first half of the year.
Phil Ng: So, is that like down digits? Or I just want to make sure we get the number, right? So they’re closer to down mid? Is it down high? I just want to make sure we get the first half right versus the back half.
Vic Grizzle: Well, I think the way to think about this is, for our full-year, we’re outlooking for the full-year down mid-single digits. Our first half is probably not as much as down 5 as we outlook a further slowdown in the back half of the year to get to that average of down mid-single digits.
Chris Calzaretta: And maybe just to add on a little bit, Phil. Yes, just for maybe a little more there. On the first quarter, we expect positive volume as we’re lapping the prior year period, which was softer, but then the progression of volumes for the rest of the year kind of decelerates Q2 through Q4. And as Vic mentioned, really a more pronounced softness in the back half of the year.
Phil Ng: Okay. That makes perfect sense. And then on price cost, how much do you think is carryover in terms of your 8% AUV guide for 2023? And on the inflation side, appreciating you’re seeing some relief on nat gas perhaps, but how should we think about inflation for 2023 and that price cost all go for you guys this year?
Chris Calzaretta: So Phil, it’s Chris. So, on the inflation, I’d be thinking about overall input cost inflation around the €“ in the mid-single digits range. You mentioned nat gas a little bit of deflationary environment there. But as Vic mentioned earlier, on the raw side, that’s really where we’re going to see a lot of the continued inflationary pressure with some of those input costs, kind of rolling by way of contracts that are picking up here in 2023, and had higher levels of inflation. That’s kind of how I’d paint the inflationary landscape for 2023, mid-single digits. In terms of price, again, a little bit of carryover here from 2022 and then getting back to, as Vic mentioned, our normal cadence of price increases going forward.
Phil Ng: Chris, is the pricing you guys are guiding to AUV, is that more skewed towards carryover or is it pretty evenly split between incremental price versus carryover?
Vic Grizzle: Yes. I’d be thinking more in terms of that AUV split overall absent the carryover, more weighted towards price in that AUV number.
Phil Ng: Okay. Thank you. Appreciate it.
Operator: Thank you. Our next question comes from Adam Baumgarten with Zelman & Associates. You may proceed.
Adam Baumgarten: Hey, good morning everyone. Just, on the first half commentary and you talked about activity levels similar to 4Q. So should we, sort of be thinking about quarterly earnings in the first couple of quarters of the year, similar to 4Q as well?
