Kathryn Thompson: Hi, thank you for taking my questions today. Just as obviously, lots of detail on volume and outlook today, but just a higher-level approach in terms of forecasting, the landscape has clearly changed a lot in a post-COVID world, and all the various factors impacting today. Has there been any change into how you approach guidance from a philosophy versus the past? And we’ve gotten a lot of questions from our clients in terms of how do you get predictability for just, kind of your core product, i.e. not sure in terms of predicting volumes because it’s been down five of the past seven years. Any other way that you can give us clarity and just in terms of how you think about forecasting and especially on that base product? Thank you.
Vic Grizzle: Yes, I think we’ve €“ it’s a fair question, Kathryn, on our forecasting. And given our inability to forecast it well last year, I think there was some just extraordinary set of dynamics that confused, I think a lot of the information €“ the traditional information that we would use for forecasting. So, maybe the biggest change, I think, for us, as we think about forecasting is the sources of where we get our information and different levels of information. We’ve talked a lot about the closer connection that we have with our distribution partners on inventories, for example, to €“ I mean, never up until this point, has that dynamic been a meaningful dynamic. It just adjusts itself and it kind of happens in the rounding.
Obviously, we saw a very different dynamic last year. So that’s just an example, I think, where we’ve tightened up the level of data, I guess, you would €“ and that goes into our forecasting and also the additional sources that you have to have to triangulate what’s really going on in a very confusing set of dynamics like we had in 2022. And I think given the outlook in the back half of this year, I think there’s a lot of people guessing about what’s going to happen in the back half of this year, there’s a lot of opinions about what’s going to happen in that. But I think there’s a lot of uncertainty. And we’ve taken that level of uncertainty into consideration as we think about our forecasting and maybe more so than we’ve had to in the past.
Until we get to more stable operating conditions, I think this is a prudent approach to our forecasting. So, I appreciate the question. We certainly have been very thoughtful about this guidance, and we’re going to continue to have to be agile in the way that we control the cost of the business, maintain the investments, and stay close to our customers, we’re going to have to continue to do that as the market kind of moves around throughout 2023.
Kathryn Thompson: Okay, perfect. Thank you.
Vic Grizzle: Thank you.
Operator: Thank you. This concludes the Q&A session. I’d now like to turn the call back over to Vic Grizzle for any closing remarks.
Vic Grizzle: Yes. Thank you, again, all for joining and for the questions. We worked hard to clarify and provide as much color as we could today given the uncertainty that’s in the marketplace today. I think the one thing that I want to communicate is that we’re in a very strong position, I think, to navigate the waters that we’re about to go into in 2023. We feel very good about our position. We took some cost actions in January that we talked about. I think, again, we’re in a position €“ we’re in a much better position to be agile and to move around as the market requires us to and that’s going to allow us to outperform the market. Our growth initiatives that we talked about is allowing us to dampen some of the downturn that we expect to see in the market and into the second half of the year.
