Vic Grizzle: Well, I think €“ I’m going to stay away from some of the quarterly specific guidance on that, but I think the volume side of this is a pretty good proxy what we saw, except again for the base period comparison. We’re not talking about minus 10 volume. And as Chris said, in the first quarter, you’ve got another base period comparison unusual to pay attention to with the destocking that happened earlier in 2022 was a very unusual event and didn’t represent what was going on in the marketplace. So, I recognize there’s some noise there. But I think as also Chris recognize there’s a little bit of timing of some issues coming into the first quarter that we’ll have to pay attention to that could negate some of that goodness that we’re going to see on the volume side.
And again, that’s as close, I think, to the quarterly guidance we’d like to give. But I think the first half is going to be a down market in a fashion very similar to what we were seeing in the fourth quarter. And again, that’s based on some triangulation and based on what the sentiment of our customers are seeing. And then with the majority or, I think, additional softness coming in the back half of the year, given the unknown and the lack of the backlog that supports further continuation of what we’re in right now. So, hopefully, that helps that as much color as I like to give in terms of the quarterly guidance, and especially in an environment like we’re in at the moment.
Adam Baumgarten: Okay. No, that’s helpful. And then just on the margin side, just €“ I know you mentioned some of the digital initiatives you’re shelving and the savings around that. But just broadly speaking, as we think about SG&A, which has been growing over the last couple of years. How should we think about it from a dollar’s perspective in 2023 and what’s embedded in your guidance?
Chris Calzaretta: Yes. So €“ this is Chris. So, in terms of the guide and assumptions around SG&A, I mean, there’s continued investments there in 2023 above 2022 to then further invest back in the business. And that’s both in AS, as well as on the Mineral Fiber side of the business. The restructure that we talked about, and savings associated with that helped fund some of those initiatives. But overall, I’d be thinking about it in terms of continued growth in those initiatives that we’ve highlighted in the guidance.
Adam Baumgarten: Okay. Thank you.
Operator: Thank you. Our next question comes from Rafe Jadrosich with Bank of America. You may proceed.
Rafe Jadrosich: Good morning. Thanks for my question. Following up on the SG&A, the last question on SG&A. Can you just give a little bit more color on the assumption of gross margin versus this year ratio through 2023, and is there any commentary just on the cadence of inflation through the year will be higher in the first half of the year, compared to the second half?
Vic Grizzle: Yes. So, let me take the second part of that first, Rafe. So yes, expect certainly on the raw materials side, the front half to be a little more inflationary weighted. And then going back to margins on initiatives, as we talked, we expect some strong margin contribution here in 2023 in our digital initiatives, but haven’t really outlooked obviously, the overall gross margin impact. I’d say, you know overall, given our AUV contribution, and our overall SG&A investments and the contribution back from WAVE in 2023, we’re looking to expand margins, expand EBITDA margins for the company in a challenging macroeconomic environment.
