This quarter, that number was down to about $8.7 million. But because I’m dividing it by such a small denominator, it puts a lot of pressure on that topline number. So, that’s what’s going on. The reality of it is that I expect that to normalize over time. If you’re looking at a 12-month lag, it should start to normalize itself out by the second part of 2023, just as – because that tail starts to more closely replicate our current level of production. And in fact, that could even reverse itself as I start to see production grow as we come through seasonality into a more normalized market.
Willie Newman: Right. And that’s what gives us a greater degree of comfort that we’ll be operationally profitable in the second half, is that we expect those things to converge to the more normalized level, I guess the new normal as it relates to volume.
Mihir Bhatia: Got it. And then just going back to I think like Doug’s question just about how you get to be operationally cashflow positive in 2Q and then I guess profitable in 2H ’23, are the cost – on the cost side, do you feel like you have now taken all the actions? I think there’s a little bit more of right sizing of lines it sounded like, but beyond that, like from a headcount or other cost savings perspective, are the actions now already been taken and now it’s just a point of like you just wait as volumes come back a little bit, that’s what gets you there? Or is it like you still have to do more stuff on the cost side?
Willie Newman: Yes. At this point in the cycle, I don’t think we’re ever done with the cost side. So, we’ll continue to be very focused on looking at everything that we’re spending money on, how we’re staffed to structure the organization, et cetera. What I would say is, like the very significant actions we’ve taken, it it’s going to be smaller scope likely than what we’ve done previously. But we’re still – we’re going to be on it consistently. And we’re – I would say though that we’re not wholly dependent on that focus in order to get to operational profitability, but it certainly supports getting there, and maybe gives us a little bit of cushion in case there’s variances in the market that are unforeseen at this point.
Mihir Bhatia: Got it. Thank you for taking my questions.
Operator: Our next question comes from Rick Shane with JPMorgan. Please go ahead.
Rick Shane: Thanks, everybody, for taking my question or questions. First thing, obviously, one of the big factors in the fourth quarter was the significant decline in the comp expense. I’m curious, as we look towards €˜23, is that the run rate or is there a variable function there that as volumes pick up, we should anticipate?
Mark Elbaum: Yes. So, here’s how I would think of it, Rick. If you look at where we landed in the fourth quarter, take that number, and I had mentioned on the call that actions we took in the fourth quarter and additional actions we took in the first quarter, will result in a salary and benefit reduction of circa $80 million on an annualized basis. So, figure that’s roughly $20 million a quarter. That should get fully baked by the time we get into the second quarter. And then, I would add maybe a 20 basis-point variable load to production. So, whatever your volume production is, it’ll be 20 basis points on that. And that is probably a decent way for you to forecast your salary and benefits line.
Rick Shane: Got it. So, and Mark, just to – so when we think about it, total expenses in the fourth quarter were $63 million. That annualizes to $250 million. You’re saying there’s $80 million of cost cuts from there, then add the 20 basis points of variable volume activity. Is that the runway?
