Chris Dankert: Perfect. Thanks for the color there, both of you. Then just following up here on price cost, any kind of color you can give us on what the impact of price cost was to EBITDA in the quarter, and kind of what we’re expecting to finish out the year here?
Kevin Johnson: Yes, so I think as Shyam mentioned earlier, we’re constantly watching inflation and reacting to inflation with price, and we’d say at this point we’re a little bit ahead of where we are with price over inflation, and we’ll look to continue to monitor that closely and keep that as we step through the fourth quarter.
Shyam Kambeyanda: We have a really strong system, as we’ve talked about, Chris, in the past, where we look at net impact of price within our business. Kevin did a really nice job a few years back creating what I’d call standard work for us to monitor how our business is doing against that particular metric, and so we feel confident that we’ve got enough sensors out in our space to ensure we’re doing the right things associated with price, and then I spoke about the two other ones that we’re going hard on, which is value pricing and PLS-based pricing in the marketplace.
Chris Dankert: If I could just put a fine point on that last topic there, PLS with the price dynamic, is that–should we think about that as, like, an 80-20 price approach as we move beyond this year, or how do we think about that component of pricing after the lines are reset into ’24?
Shyam Kambeyanda: You know, we believe that it’s an ongoing initiative, you continually look at where you add value, where you are delivering a significant amount of value to your customer and work that piece, but the short answer would be yes, there’s some low-hanging fruit that come at you early and then it becomes a stable process. But it is a powerful process of how you think about your business, how you think about your customers, and how you think about your product line and SKUs, and so we’re excited about it. The one thing that we’ve always talked about, PLS for us is not an exercise in cutting, it’s an exercise in growth and efficiency, and that’s what we’re focused on.
Chris Dankert: Got it, thanks so much.
Operator: Your next question comes from the line of Sherif El-Sabbahy from Bank of America. Your line is open.
Sherif El-Sabbahy: Hi, good morning.
Shyam Kambeyanda: Hi Sherif.
Sherif El-Sabbahy: I just wanted to follow up a bit on some of the strong equipment sales you’ve seen. On the fabtech side, are you seeing the uptick in equipment sales mostly from existing customers that are buying the new refreshed product lines, or is it also growing market share among the non-traditional ESAB customer?
Shyam Kambeyanda: It’s really both. The first piece is that–you know, I’d sort of talked about this in the context of us having a really strong consumables franchise and not being able to sell to the customers that were already buying from us a full portfolio, and so today that has changed. Then the second piece that comes along with it, with these exciting new products like the Volt, like the Warrior Edge, and the fundamental transformation of our portfolio, new customers are engaging with us and customers that did not have the opportunity to allow for a full ESAB workflow solution are now engaging with us. We’re actually winning on both sides, and it’s something that I’ve talked about, a dollar sales for us in equipment is not only a dollar sales in growth but a dollar in share gain, and so it’s a really dynamic for us.
Very proud of our engineering team and the efforts that were put in terms of open innovation to get us there. Our intent now is to continue to refresh this line, keep it on the forefront, keep it in the best-in-class category, and continue to build on this.
Sherif El-Sabbahy: Understood. Then you mentioned on just some of the end markets, you’re seeing strength in renewables. We’ve seen some upheaval in clean energy projects, particularly on the wind side. Can you remind us of your exposure in renewables and where are your areas of strength?
