Aaron Erter: Yes. Simon, I’ll just add to that being here when I first began in the September timeframe, and sitting with some of our largest customers as we looked for the outlook was pretty positive. But as we look now, as Jason talked about, with rapidly rising rates home prices, not having the affordability. We see some challenges with the business moving forward in Australia and New Zealand.
Operator: Your next question comes from Sam Seow with Citi.
Sam Seow: Oh, morning, guys. Thanks for taking my question. Just want to kind of go back to November, I guess it was halfway through the quarter. We talked about single digit volume declines. And we asked I guess, multiple times in the call about margins, which you said, potentially, we’re going to be towards the higher end of range. So I assume that’s what you’re seeing at the time, does that imply the exit rate where margins were close to kind of 25 to make that math back up? I guess that split of the margin decline, could you perhaps talk us through what was kind of the fixed cost deleverage and input cost?
Jason Miele : And yes, thanks. Thanks for the question. Comes down to volume certainly, so volume, we had our expectations. We talked about on the call R&R been flat, the back half of our year, market activity, new construction down 30. You fast forward to today, new construction starts or minus 26 in Q3 and decelerating pretty quickly. So we’d expect that number to be higher in Q4, our Q4 and as I mentioned earlier, providers of the R&R data, we get signaling this calendar year €˜23 being down six or seven points in R&R, and we certainly saw R&R fall quicker than we expected in November. So the margin is primarily volume driven. Our expectations, you’re right, we were talking to you early November, we comped the positive October. We knew that it was starting to decelerate, but obviously the deceleration was faster than we expected at that point in time.
Sam Seow: Okay, cool. And then I guess, also back then you talked about the unusual building practices, I guess this result probably showed there’s a difference between Hardies and home builder completion correlation. So I just wanted to check if those practices still around and I guess when you would expect that correlation between your volumes and completions to kind of show up again.
Aaron Erter: Yes, Sam, a great a great question and look, just being out in the field quite a bit in North America. As in the metro DC area, and then Texas as well. We do see some of that still. It’s not as widespread. And thanks for the question. I think it provides me an opportunity to really clarify something I think might have been misconstrued on the last call. We saw some of this phenomenon in some regions where the product was going on first or before other historical practices. We noted that we saw instances where siding was going on new construction before roofing or windows, like you said, and we said that’s caught us by surprise, and it did. Essentially builders and new construction, were consuming our product first, because we were a manufacturer who was able to keep up with the demand, and not compare the suppliers who were on long backlogs.
We were feeling the downturn and new construction ahead of those manufacturers whose products were on backorder. So I just want to make a clear, our explanation last quarter, that was not intended as a reason for why our volumes were declining. But really rather reason why it was happening sooner than we originally thought. So we still see it. I still have pictures on my phone, because I’ve seen it in person. But I would say as the supply chain has caught up, it’s not as widely spread, as we once saw it. But thanks for the question.
Operator: Your next question comes from Niraj Shah with Goldman Sachs.
