Deon Stander: Yes, Mike. In answer to your first question, it was the latter. We see during times when things are more difficult for brands, retailers and customers that they look to improve their automation efficiency. And this technology that we have really plays into the heart. It reduces cost, labor — improves labor efficiency, provides visibility throughout the supply chain. So we see that as an accelerant and not a barrier to adoption of our Intelligent Labels platform. As it relates to China, clearly, we saw in 2022, the impact of the COVID policy playing out in the country. And what we saw, as I said in the fourth quarter was that China was down low single digits. That trajectory started to change. We believe that post the COVID change, we see China returning to its normal or slightly above GDP growth said. And we see that as part of our ongoing second half growth that both Mitch and Greg have called out as well.
Operator: Our next question comes from Jefferies Zekauskas with JPMorgan Securities.
Jeffrey Zekauskas: For the nine months, your Intelligent Labels were up 20% year-to-date, and they’re up 15% for the year. So that means in the fourth quarter, they grew 0. And you’re expecting the first quarter to be like the fourth quarter. So can you talk about what happened in growth in Intelligent Labels in the quarter? Is it likely to be similar in the first quarter?
Deon Stander: So Jeffrey, from an IL perspective, yes, we grew 15% last year. And in the fourth quarter, we grew — sorry, mid-single digits in the fourth quarter, reflecting the impact of destocking, particularly in Apparel. And as I said, we anticipate the destocking to continue in Q1. But as we ramp through the year and that business returns to its historic GDP growth, we see a number of factors come into play that helps us get to and we have conviction around our $1 billion platform. Firstly, the Apparel business will be in growth during next year as both the business rebounds and further adoption in retailers as well as further use case extension such as loss prevention come to bear in new programs. Secondly, as I already called out, we’re going to see a significant ramp in our logistics program as we go through the second to the back half of the year, and that will add to that.
And finally, we continue to see good traction in a number of our food pilots that are also adopting with an increased frequency as well.
Greg Lovins: Yes, Jeff, on the raw material side, we’re up for the year in 2022, a little more than 20%. And in Q4, that would be kind of mid- to high teens rate versus prior year. So overall, for the full year, over 20%. And last year, in the fourth quarter of 2021, we still had a net headwind between price inflation than is adjusted as we look Q4 versus prior year.
Operator: Our next question comes from Josh Spector with UBS Securities.
Josh Spector: Just a couple of follow-ups, if I could. With depth the destocking that you’re seeing in the base labels, has there been any change in pricing in terms of competitive dynamics in that market? And then on the RFID side, you talked about chip availability last year. Do you have availability or secured your needs for what you expect to happen in later this year? And are chips inflationary or deflationary for your cost stack over the next 12 months?
Deon Stander: Josh, let me address your second question first. We have secured all the chips that we need for this year and into next as well — sorry, for 2023 and into 2024. And the market has been slightly inflationary, and we’re adjusting, as I said, based on both productivity and pricing as we move forward. In terms of destocking, just repeat your question for me, Josh.
