Mary Hall: So, we do expect, again — that’s a good driver for our free cash flow, which is, I think, where you’re headed. And we expect that to look good this year and free cash flow to be good this year. I will say, Q1 — the last couple of years, Q1 have been a bit of an anomaly in that we have seen stronger cash inflows in Q1 than would be typical. And I would say what we expect Q1 is for it to be more normal. So, what I mean by that is our typical seasonal draw on cash in Q1 is what we would expect to see this Q1 and then the rest of the year, again, free cash flow momentum picking up and working capital playing out over the course of the year.
John Fortson: If you go back, Dan, I mean, what is really probably the normalized cash flow for this company you have to kind of set aside some of the distortions of COVID and what happened, right? Because Q2 and Q3 are such a big part of our profit drivers, what ended up happening Q1 is typically like Q2, you gained momentum over the course of the year, right? So, you pick up in Q2, you pick up in Q3 and then you really pick up in Q4 and then it kind of tapers off. And I think you’re going to see that pattern sort of go back to what it — I mean, that’s the way this company has sort of always been.
Daniel Rizzo: Thank you, very much.
Operator: Our next question comes from Mike Sison from Wells Fargo. Please go ahead. Your line is now open.
Michael Sison: Hi. Good morning. The challenge on the fourth quarter, I think it’s pretty well documented in terms of what a lot of the other companies are seeing. But when you think about the sequential improvement in the first quarter, a lot of companies have said little bit worse, little bit better? How do you think — and I know you don’t give quarterly guidance, but how should we think about the potential for improvements in EBITDA into the first quarter and how that weighs in for the rest of the year in terms of your EBITDA forecast?
John Fortson: My personal view, Mike, is that the first quarter may be a little softer from last year, right? Just because when you’re off January like it was. But I sit here and I look at February and we’re rolling into March, and I look at order books, I mean, I can see the momentum building. So, I think we’ll have a pretty strong Q2, pretty strong Q3. We’ll see what happens with Q4 over the last couple of years and there’ll be some surprise none of us are thinking about. But I do think we’re going to get some sequential strength that’s just me sitting here today, right?
Michael Sison: Right, right. Okay. And then with you got EBITDA margin for Performance Chemicals clearly an anomaly out there. Can you remind us with Ozark and all the growth potential in the other businesses where we should think that the margin could get to maybe on a run rate towards year-end and maybe longer term?
John Fortson: Well, as we talked about, Mike — first off, you have to be very careful with fourth quarter margins. They typically are single digits. I’m not — this is lower. This is on the lower end of what we’ve ever done. In fact, it may be our lowest. But I mean, typically, they are single digits for Performance Chemicals in Q4, and that’s just because of that seasonality factor that was exacerbated by some things to destocking. There were other issues of plant run times, et cetera, et cetera, right? I personally think that the margin this year for that business should be in the kind of high teens, right? Given the CTO pressure, I mean, I think being realistic, that’s what we’re trying to kind of aspire to, right? Long term, as we’ve talked about, I mean, we think these margins need to stay kind of north of 20% to truly be a best-in-class company. But that’s — I think at least through ’23, given the CTO, that’s what we’re talking about here.
