Unidentified Analyst : Thank you. Just a quick one, quickly on just a mix by exterior and interior products. Could you just give us a sense of where that number is right now? Is it, like, still 90: 10? Also, how did the growth look like during the quarter?
Aaron Erter: Yes, Shaurya, I didn’t get your second question, but you hit the nail on the head. It is a 90:10 exterior interior mix, roughly. I’m sorry, what was your other question.
Unidentified Analyst : And what was the growth rate like in the third quarter on those two categories?
Aaron Erter: They were both right around minus ten, so they were pretty consistent.
Operator: Your next question comes from Lee Power with UBS.
Lee Power: Hi, Aaron. Hi, Jason. Can you just talk a little bit about inventory levels in the channel? Like, where do you think they sit now? Particularly just thoughts around risk of further destocking, given your — kind of your outlook commentary.
Aaron Erter: Yes, Lee. Hey, thanks for the question. It really does vary by customer by customer, and certainly we’re seeing some customers still trying to get their inventory levels lower with the lower demand out there. But I would say in general, just in building products and some of the products that are, I guess, adjacent to us, we’re still seeing some pretty robust inventories. But I would say with our customers, our James Hardie customers, they’re in a better place with our products. I don’t want to give an exact number of days, but I would say that they’re in a pretty good place at this point in time.
Lee Power: Okay, thanks. And then I mean if we think about CapEx for capacity expansion, like, the management pack still has that $1.6 billion to $1.8 billion number in there. I think you talk to $1.5 billion in particularly and potentially stretching out the spend. But it’s still coming. And so it seems from when I piece that together with your comments, just around margin, that you’re continuing to preference share over margin, like given your kind of market outlook, what do you think is an appropriate share growth number that we should actually be putting in, given that preference for share? And maybe if you’re not willing to give a range, do you think share growth will be kind of above the five year average? Or is there something else going on that despite you adding capacity and potentially being margins at the lower end that you’re not going to get the level of share growth that we’ve kind of been accustomed to over the last five years.
Aaron Erter: Yes. Hey, Lee, I look forward to talking to you about that in May because that’ll be some guidance. But I will say this, I’ll give you this nugget. The expectation is we’re going to grow above the markets we participate in.
Operator: Your next question comes from Peter Steyn with Macquarie.
Peter Steyn: Hi, Aaron and Jason. Thanks very much for your time. Aaron, just a quick question in relation to some of the conversation about margins and how you lay that up against your LTIs for both North America and APAC at that 27% to 32% range. Obviously, that’s forward looking view but how do you contrast your conversation today around margins versus those targets?
Aaron Erter: Hey, Peter, you can appreciate I wasn’t around when those LTI goals were set. So as we think of the changes in the market, they’ve been changing dramatically. So as I look moving forward, I got to give that some consideration. But as far as the LTI targets, right now, I wasn’t here when those were set, but there’s something that we have to live with. But as we look forward, I mean it’s certainly something that I’ll look at.
