Brian Ketcham: Yes, Nathan, this is Brian. Yes, I think first of all, on gross margin, it can vary quarter-to-quarter just due to the seasonality of the business and also can go up and down depending on the project activity. But I would say, over the last few quarters as the inflationary environment has stabilized, our gross margin, we’ve seen enhancement as we’ve gotten the full price realization. I think this most recent quarter reflected more improvement actually in our International business as some of that price realization was a little bit later to curve than what we had seen in North America. But if you look at it across the course of the year, I think gross margins in that 30% to 31% range would be expected. Again, depending on level of project activity in one quarter or another. If you had a project on the Infrastructure side, obviously, that would drive higher margins. A large project on the Irrigation side might be somewhat dilutive.
Nathan Jones: Ye, makes a difference. All right, thanks very much for taking my questions. I’ll pass it on.
Operator: Our next question comes from Brian Drab with William Blair. Please go ahead.
Brian Drab: Hi, thanks for taking my questions. Can I just follow on to Nathan’s question there on gross margin, just to be clear. The comment that you just made on gross margin, which I think you just said like 30%, 31% range over a year. Is that something sustainable going forward like into fiscal ’24, fiscal ’25? Is this the idea — is it above where the Street expectation is and has been?
Brian Ketcham: Yes, Brian, our expectation would be, we would be able to maintain that. I think as we’ve come through this inflationary environment, we have — and with demand levels picking up, particularly internationally, we’ve seen the margins improve, gross margin and operating margins. So our expectation is that it would carry forward into next year.
Brian Drab: Okay. And then just on margins still. You mentioned that some of this demand could end up shifting into the early fall in the Irrigation segment. And does that potentially help your capacity absorption in that period relative to a normal year where margin could be supported in your fiscal fourth quarter as a result of that or maybe early part of fiscal ’24?
Brian Ketcham: Yes. I would think from a margin standpoint, again, with our first quarter, starting in September, somewhat pre-harvest yet. There would be definitely some support if volumes are higher and more likely into the second quarter.
Brian Drab: Okay. And then just — I mean, I guess, last question, just on the headline really here, which is that your Irrigation down more than 20% in the quarter. Just could you just go back — you’ve talked about some of the dynamics here. But could you go back just to be really clear, that some of the factors and maybe rank order them for me, just so I understand, like what do you think is the biggest challenges? And I’m just thinking about like is it macro uncertainty, steel, farmers getting late to the field, weather conditions? What’s the most important factor in kind of down the list rank order?
Randy Wood: Yes. Brian, I can take that one. And I think the headline is really about customer sentiment and profit certainty. And I think a lot of the customers, and I spent a lot of time with them this growing season. The sentiment is, you know what, I’m pretty sure I’m going to be profitable this year. I’m not sure how profitable. And I won’t know more until I lock in more of my crop. I get closer to fall harvest and see what yields are going to do. This drought that’s kind of moving into Iowa, Illinois, the Eastern Corn Belt right now, that provided some strong short-term support for pricing. If it rains or has rains, the market responds, and you lose a little bit of price. If it gets dry again, you’re going to gain a bit of price.
