Jeff Zekauskas: I wasn’t asking you to speculate, I was just asking you to speak in retrospect in terms of what has happened. Yeah, in terms — so in your commentary on Plant Nutrition, what did you say about first quarter plant nutrition prices? Did you say that they would be roughly flat versus the fourth quarter or flat versus the first quarter of 2022?
Lorin Crenshaw: We said it’d be flat versus the fourth quarter. For the quarter we just reported — that’s right, before then moderating throughout the year.
Jeff Zekauskas: What was your accounts payable in the quarter and what’s your cash tax rate for next year?
Lorin Crenshaw: In terms of cash taxes, I think, a number in the 20% or 25% range is a good number to use as far as our accounts payables or at the end of the year.
Jeff Zekauskas: Yeah.
Lorin Crenshaw: I don’t have that number at my fingertips. We’ll follow up with you on that.
Jeff Zekauskas: Okay. And then lastly, you talked about prioritizing sort of value over volume in salt. What does that really mean? Does it mean that you don’t want to ship unprofitable tons or they are profitable tons that you do want to ship, but they are profitable tons that you don’t want to capture because the margin you find insufficient? Can you explain what the value over volume approach means?
Kevin Crutchfield: Yeah, our focus this year, Jeff, was to – we felt like there was value in the marketplace, and we wanted to try to optimize/maximize that value, which we think we did across the board. And the other thing we did was, we moved some of our business to more logical areas where we have geographical competitive advantages relative to some of the more difficult areas to get to certain parts of Illinois and Pennsylvania, for example. So we think we optimized our book with a focus on the restoration of more historical margins, something with a two-handle on it. And I think the team did a good job, and this is a two, three-year journey as well. So this is year one of kind of that recapture. So, that’s how to find value over volume.
Jeff Zekauskas: Thank you so much.
Kevin Crutchfield: Thank you.
Lorin Crenshaw: And yes, the accounts payable at the end of the year was on the order of $115 million.
Operator: And the next question is from David Silver with CL King. Your line is open.
David Silver: Yes. Hi. Good morning. I had a couple of clarification questions first, and then I hope that I had a couple of questions about the lithium project. But earlier in the Q&A, I think Lorin might have mentioned a $220 million kind of base case midpoint kind of target for your fiscal year 2023 adjusted EBITDA. And I’m just wondering if we should make some adjustments to that that would move the number a little higher in particular. I was thinking of stock-based compensation for starters, but is that 220 number the midpoint of the base-case assumptions and whatnot, or should we — are there some adjustments that we need to make in addition to that?
Lorin Crenshaw: Sure. So, I wouldn’t suggest any adjustments related to stock-based comp. But as you think about the earnings power of our business, we’ve restored salt to where it is, and if you want to think about earnings power, I would underscore that. There is roughly $20 million of expense embedded in that $220 million number related to lithium and Fortress, which are investments that we’re making that we fully expect to engender returns to investors. But at the moment, it’s about a $20 million drag on that $220 million related to those two businesses. Our Plant Nutrition business has averaged kind of in the mid-70s of EBITDA over the past decade, and we’re projecting it to be about in that sort of low-60 mark. And so, from an earnings power perspective, those are the kinds of things I would think about, and then I would think about Fortress.
