Nicole Deblase: Okay, got it, thank you. And just thinking about the quarterly cadence of earnings throughout ’23 versus normal seasonality, I would kind of suspect that you would see a return to normal seasonality. But if there is anything you guys want to comment on to think about throughout the year, that would be helpful? Thanks.
Oddone Incisa: No, I would say we will go back to the normal seasonality, which sort of we have seen in 2022 as well between production and retail sales. So, I would say, yes, going back to the normal.
Nicole Deblase: Thank you. I’ll pass it on.
Operator: Thank you. We will now take our next question from Timothy Thein from Citi. Please go ahead.
Timothy Thein: Yes, thank you. Yes, first, Scott, it’s interesting these — I think these order board comment in the releases is kind of taking a life of their own. But I’m just curios, how does Derek and team interpret that? There’s so much — seems to be so much noise just in terms of how the world has unfolded over the last year or so, and how you and others have shifted to an allocation mode. Just really getting at the underlying significance of these order boards in light of just all the issues around timing of deliveries, meaning, you know, how significant are they, I guess that’s the nature of that question?
Scott Wine: Yes, I would — if I could call Derek up and getting on the call, I think you would hear a much more positive tone from him than how I think you are reading it. Obviously we are coming off an unprecedented demand, and I think we are seeing regional changes in that, but overall, the net portfolios are still reasonably good. The collection what used to have is, as you would open up the book and see it for an hour and we still see that in some markets, but generally speaking, it’s slowing a little bit in Europe, in low horsepower tractors in almost all markets. But overall, I mean I think a lot of what we are seeing — we didn’t expect it, but the Lula election in Brazil really caused a lot of pause for farmers in a region, and that has been so good for us, and we expect it to be, but it’s taken, I would call it a ,”Pause,” in orders there.
But overall, that market having just been there recently is very, very strong. So, I think it’s a matter of timing, and we are trying to manage that properly. But I think Derek’s managing the business extremely well, as you have seen by the execution, and that includes on the sales side to make sure that orders and retail orders come through, and he is not at all sounding an alarm, he is just putting the right measures in place to make sure that we deliver on a solid year in ’23.
Timothy Thein: Got it, got it. And back to your earlier comments about this dealer, and again, I think the low horsepower market weakness, and I guess it gets pretty well telegraphed and known at this point, but just again, sticking to large ag, obviously far more significant from a bottom line perspective for CNH, the notion that dealer — any sort of dealer stocking or restocking is likely not happening in ’23. So, presumably that could pose some tailwind as we — you know, ’24 is long ways off, but that’s still in front of the company as a whole. Is that a fair takeaway?
