Eric Wold: Got it. Thank you both.
Operator: Our next question comes from the line of Scott Stember with MKM Partners. Please proceed with your question.
Scott Stember: Good morning and thanks for taking my questions. Moving over to P&A, obviously, the RV business, notably with the OEMs and supply is quite different than we are seeing in the powerboat market right now. So if you were to flesh out, I guess, the Navico business with the RVs is it safe to assume that the P&A business was closer to being flat?
David Foulkes: I think it is safe to assume that – Oh, I see what you mean. Okay. Yes, overall, I mean.
Ryan Gwillim: Currency RV, you get a lot closer don’t get our -.
Scott Stember: Yes, I meant adjusting for currency, yes.
David Foulkes: Yes, probably right yes.
Ryan Gwillim: Land and sea, our distribution business also has kind of high single-digit percent going to the RV business. So it is an impact, albeit relatively small.
Scott Stember: Okay. And then last question on engines. I know that you have been constrained from being able to put more of your engine production into the repower market. How does that shape up for 2023 by midyear, do you think you will be able to take more advantage of that part of the market?
David Foulkes: Yes, I think we will. I mean we have been generally shortening that part of the market for some period. I don’t see any reason now why we can’t supply the demand in that market. It might take us a bit of time to make sure that we get through ramping up our existing OEMs and ramping in some others. But yes, by the middle of the year, I don’t see why we shouldn’t have the capacity to satisfy that demand fully.
Scott Stember: Got it. Thanks again.
Ryan Gwillim: Thank you.
Operator: At this time, I would like to turn the call back to Dave for some concluding remarks.
David Foulkes: Well, thank you all for joining us. Thanks for the great questions. I think as you have seen, despite the very dynamic external environment, we delivered another very strong year. Revenue up 70%, EPS up over 20%, our businesses are all operating well. I do want to congratulate our boat group for getting into those double-digit margins that we have been promising to this group for some time. Despite the kind of muted economic backdrop, there is a lot to be excited about in 2023. The new engine capacity coming online, new electric product lines in propulsion and beyond, 60 new products that we put into the market next year – last year coming into the market now and experiencing that first full-year and a lot of other things going on.
As we mentioned earlier, we did set an unusually large guidance window, not because we think there’s a high chance we will be at the bottom of guidance. But because we had several years where external events has really played an outsized role so we wanted to make sure we reflected that in the guidance. But as we talked about earlier, even the low end of our guidance is well above the kind of worst cases that we talked about 12-months or 18-months ago. And none of the guidance scenarios anticipate an up retail market. So we can get an access to that top end with no real help from the market. It is difficult to call the shape of this year exactly, but I certainly am encouraged by the early season boat shows, which have indicated a lot of consumer interest, which is what we need to – that is the basis of how we get to sales.
