Scott Morrison: And remember, market — the impact in the market is going to be dependent on who’s bringing up capacity, who’s turned on new capacity. In Europe, this year, we’ll probably outperform the market, because we have facilities coming online. So, those kind of things can happen quarter-to-quarter, year-over-year. We don’t focus on market share, we focus really on, to Dan’s point, being with the right customers, the customers that are innovative, the customers that are growing, that are using the can. We focus more on that versus market share.
Adam Josephson: Right. No, I get that. So, if you end up flattish, would it be unreasonable to think that the market would be up 1-ish just using that ?
Daniel Fisher: Yeah. I think that’s right. I think that’s right, Adam. I think you’re thinking about it the right way. Yeah.
Adam Josephson: Okay. Thanks. And Scott, just on the working capital. Can you — I think Ghansham asked about it that you’re expecting $300 million source. Is that — can you just help me with where that’s coming from, just compared to what you dealt with last year? Is it probably from any particular place in particular, across the board improvements that you’re expecting?
Scott Morrison: Mostly inventory, Adam. We still have too much inventory, and that’s what we need to work off. So, we’ve got a lot of cash, if you will, sitting in our inventory. And so, as we roll that off we’ll be able to generate a lot of cash from it. That’s the biggest chunk.
Adam Josephson: Got it. Thanks. And just beyond that so if that working capital normalizes and the CapEx ends up equivalent to D&A. Are those the — are there any other swing factors that you would point out as we think about free cash flow beyond 2023, lower CapEx.
Daniel Fisher: Yeah. And we’ve got it.
Adam Josephson: Okay.
Daniel Fisher: We have really good line of sight, Adam, into — it’s both raw material and finished goods. We’ve got really good line of sight. We’re working that every single day right now. So, we’re confident about that source of cash this year.
Adam Josephson: Thanks Dan.
Daniel Fisher: Carlos, we’ll take one more.
Operator: All right, sir. Last question from the line of Kyle White with Deutsche Bank. Please go ahead.
Kyle White: Hey, good morning. Thanks for squeeze me in here. I just wanted to better understand kind of the bridge to 2023 earnings and I believe the few hundred million improvement in comparable operating earnings that you called out. You have the $200 million of net inflation recovery. You have the $150 million in cost savings, partially offset by, call it, $85 million from the Russia business. But that’s still about $250 million to $265 million of improvement before we have any volume growth. I guess what are some of the major headwinds here that I might be missing in the bridge?
Daniel Fisher: And the rise in interest rate — interest expense?
Kyle White: All right. Got it. And then on the $200 million inflation recovery that you guys talked about, it seems like it’s mostly…
Scott Morrison: Going back to your past comments though, our while inflation is moderating, the base cost — so energy costs in 2023 are going to be higher than they were in 2022. We’re just passing them along, but that — there are things that have — are built into our plan that are negatives from a cost perspective. And so that’s why you got to — I can’t just talk about all the positives, there’s always some that go the other way. And so, the balance of those is how I get to my number.
