Operator: Thank you. And our next question coming from the line of Stephen Powers with Deutsche Bank, your line is open.
Stephen Powers: Thanks very much. Okay, so everything you just articulated makes good sense to me and is exciting. I do want to kind of circle back to what Peter was asking about in terms of the commentary a few months ago about the next 12 to 18 months not being a straight line. Everything Chris and Mark you just described about exiting ’23 and then the bounce back year in ’24 seems to run counter to that next 12 to 18 months being a lot more grounded. So maybe it’s just a change in kind of macro assumptions, but just seems like a very different message as to how we think about back half ’23 and ’24 grounded in June commentary versus grounded in your recent commentary. So if you can just square that circle for me.
Chris Peterson: Yes. If you step back, I think that — we’re trying to drive significant capability and improvement in a turnaround situation that the company is in, in a tough macro context that is hard to predict. And when you put those things together and you say, the macro environment currently is a headwind, we think it’s going to turn to a tailwind or at least moderate, but it’s hard to predict exactly when that’s going to happen. We know that we’re on the right track from the strategy that we’ve just deployed six weeks ago. But we also know that it’s going to take time to drive these capability improvements, because they are significant changes to the way the company operates. And we’re moving the company into a new operating model with Project Phoenix.
And so it’s hard to predict exactly which quarter do those capability investments show up. We’re very confident that they show up in the financial results two to three years from now. But whether they show up next quarter, the quarter after or the quarter after that is hard to predict. And so I think the message that we were trying to deliver on the path forward not being a straight line is we believe that the line is going from the lower left to the upper right. We just don’t know — I can’t tell you on a quarter-by-quarter basis exactly what the slope of that line is going to be. But if you look back a couple of years from now from where we are today, we believe that we’re going to have seen significant and material improvement in the performance of the company.
Mark Erceg: Right. And if I could add one thing. And during that period, when we say core sales growth will be below the evergreen targets, because of obviously all the reasons that we’ve been discussing today, we were saying that look, cash is going to be our top priority and it’s going to be moving forward above our target, and this year we’re going to probably be 100% free cash flow productivity or better. And then the operating margin expansion is going to continue in part because the gross margin takeout is so big and so extreme, and we’re very confident that it’s going to come to pass. So we feel like over the next 12 to 18 months, sales might be a real challenge but margin will progress and cash will be our focus.
Stephen Powers: Okay. And I guess is there — as part of the strategy, there was a lot of top line accelerators over the course of time and kind of margin expansion drivers. I guess I’m — maybe at this point, is there kind of like a time order prioritization of where you think it’s kind of more the low hanging fruit is versus more of the kind of longer term aspirational elements of that. But then as we go forward, do you anticipate we’ll take some kind of scorecard against those we can track progress? Or how are you thinking about both achieving them and also kind of communicating your progress as we go?
