Martie Zakas: Yes. So I’ll say certainly looking at the negative free cash flow that we had in the quarter, as you pointed out, was driven by the higher inventory levels. As we work through our 2023 and certainly consistent with the guidance that we have reiterated with respect to full year free cash flow being in the 40% to 60% of our adjusted net income, that improvement year — through the year, we expect to be largely driven by working capital improvements and that’s going to come from inventory turn. So I’m going to say, as we — as our production teams are focused on improving the lead times, as Scott just talked through, lowering the backlog levels, particularly with the short-cycle products that we’ve had and with the outsourcing, I think that as you — we’ve had more of that philosophy of we’re going to bring any inventory in the needed parts just in case rather than just in time, all the supply chain disruptions.
I think we’re going to — we are going to look to sort of transition to that as we begin to see some improvements in the supply chain. We’re going to look to shift that focus and certainly look to bring down these inventory levels through the year which will help with that. There will be some — as the new brass foundry is coming up, we will have some elevated inventory levels associated with that. Scott referenced in and around destocking activity and what we could see from distributors through the balance of the year. And I would say, certainly, if the destocking is greater than what our estimates are, that could impact our overall inventory levels and our free cash flow guidance.
Deane Dray: Martie, that’s real helpful. And I probably should have prefaced it with that throughout the industrial reporting season, most of the companies have underdelivered on free cash flow, I think, versus expectations. So you’re a good company here. It’s just — we’re all anxious to see that working capital come down. But I think what we’re all learning is it’s going to take longer throughout the year to see it. It’s not just a 1-quarter flush. So I appreciate the reference about the time frame for you. And just last question for me. Scott, it’s been a while since we had an opportunity about a potential guidance boost. So we saw nice results first quarter out of the year. It’s still early, I get that. But when you’re not boosting after a quarter like this, does that imply a lower outlook? Is this — are you a bit more cautious? Just help us frame the idea of reaffirming guidance and not boosting it here.
John Hall: Yes. So I think that the — there was some definite difference in how the first quarter came out external estimates to internal. So I think that our timing they have different from the market’s timing. So when we talked about on our last earnings call, where we provided the initial guidance for 2023, we talked about how the timing of the ramp-up of the new brass foundry was important to our improved margins in the second half of the year. And then, if you just were to take that improvement and say, where was your starting point for the year from earnings versus where the externals were? I can’t really speak to that. What I can say is that the start to the year was solid with the sequential improvement in margins. But I’m mindful that we’re still early in the year.
