Christopher Horvers: Got it. And my follow-up question is on the Motion side. You have a number of different end markets that you pursue, and I know there’s some weakness in some of the consumer areas out there on the durable side and you have some of your peers talking about that weakness. So can you help us understand, one, are you seeing any indications of weakness within Motion? And two, how is your mix sort of split out at a more higher level, the capital goods versus sort of consumer discretionary items versus more commodity and sort of ag type businesses?
Will Stengel: Yes, Chris, it’s Will. Let me see if I can add some color to that. So as we commented in the prepared remarks, we really do continue to see very broad-based strength across our end markets to give you some perspective. I mean we have, call it, 15 different industries that we would describe as our top industries. The range of performance for the fourth quarter and the industries range from high single digits to over 35%. So — and then I think we said in our comments through the quarter, the 30% per month comp where growth rate was pretty consistent as well. So it’s consistent and broad. This is a B2B business. So it is quite industrial and less consumer-oriented. There are a couple categories or industries here that perhaps you could extend to a broader consumer dynamic, lumber and wood be one, things around the construction industries.
Those, if we had to point out one area of weakness to start the year, we saw some relative weakness there. I don’t know if that’s residential, commercial, real estate markets changing on us. But again, generally, it’s a very industrial, non-consumer oriented B2B type of business that’s very well diversified.
Paul Donahue: Yes. And Chris, I would just add. I think as you look at our more traditional end markets, food products, iron and steel, aggregate, automotive, all up well into the double digits in Q4. So as both Will and Bert had said, we remain incredibly bullish about our industrial business. I’m pleased to say, we’re seeing double-digit growth right out of the blocks here in Q1. So yes, we’re going to — we’re just going to keep on pressing forward. And look, there’s a lot of reasons to be optimistic about the future. You’ve got manufacturing returning to the U.S., a lot of onshoring, reshoring. You’ve got a lot of investments in semiconductors, energy, battery storage, mining, all of which play to our strength.
Christopher Horvers: That’s very helpful. Thanks very much.
Operator: The next question is from Kate McShane from Goldman Sachs. Please go ahead.
Kate McShane: Hi, thanks. Good morning. And thanks for taking our questions. I just had two questions. One with regards to operating expenses and some of your commentary around CapEx. I just wondered with regards to operating expenses in ’23, what you’re anticipating for freight and investments in IT? And how that will look in ’23 versus ’22? And if there are some examples of the ongoing tech investment in the CapEx spend that was noted today?
Will Stengel: Thanks, Kate. Appreciate the question and give you some color on ’23 as we’re looking at OpEx and CapEx side. On the OpEx, we are expecting a little bit of deleverage next year. We’re going to invest in the cycle here, really focused on the long term on tech and talent. I know you asked about freight. We will see a little pressure there in inflationary pressure like we saw in the fourth quarter on freight, but we expect that to abate as we get into the second half of the year. But back on our two big investments for next year, tech and talent, it’s a competitive marketplace out there, and we’re thinking about the long term. So on the talent side, we’re making some smart investments in the business with our teams.
