William Monteleone: Sure. So I think — I wouldn’t call out any changes to our overall maintenance cycle and turnaround cycle for our existing assets. Again, I think just to refresh for you, right? We’ve typically been running a maintenance and regulatory CapEx level of about $40 million a year. And then we’ve had what we’ll refer to as amortized turnarounds of about $20 million a year. So again, together, that’s been about a $60 million a year overall spend. I would say it’s lumpy. 2023 is a year where you don’t see us spending a lot on turnarounds given the timing. So again, I wouldn’t call it any specific changes to our plans on the existing asset base. Again, with respect to Billings, I think we called out a maintenance and regulatory requirement of about $15 million a year and then turnaround — amortized turnaround of about $20 million a year.
So again, all in, just shy of $100 million of maintenance and turnaround requirements on a normalized basis. In terms of timing for Billings, we’re still limited on specifically disclosing the turnaround schedule. I think what we would say is we don’t see major items in the second half of ’23. And again, I think as we referenced the $20 million a year is a good amortized turnaround number to include. Cash is going to be lumpy. Some years larger than others. But over a 5-year time period, this should be a good number for you to plug into your models.
John Royall: That’s helpful. And then on the retail side, you’ve shown some nice improvement throughout 2022, you spoke about it a bit in the opener, but maybe you can just talk a little more on the dynamics there around tourism and any other drivers of that strength? And how you think 2023 could shape up?
William Monteleone: Sure. So I think on the retail side, I think the Hawaii market, again, is a little bit different than the mainland markets. In particular, our store footprint is heavily weighted towards Hawaii. Again, and I think — we’ve not seen the full recovery of, in particular, Japanese tourism to Hawaii. It’s inching its way back, probably moving towards 40% and 50% ranges of pre-pandemic levels. So again, I think there’s some positive macro trends on overall shift in mix and tourism in Hawaii. And then I think as it relates to the overall positioning in the market, we feel good about our overall store portfolio there. The Hele brand has been very well received in the market. And again, I think we continue to look for ways to grow in that market with — again, we’ve got 1 new-to-industry location that’s under construction that should be online this year.
And then with respect to the Pacific Northwest, probably more similar to the mainland markets that you follow for others. But again, the nomnom brand is relatively new in that market. We’ve gotten some positive feedback. And again, that got some strong momentum there and look forward to working closely with Danielle to grow that business further. So a good foundation. I think we still have some opportunity to continue to improve.
Operator: . Our next question will come from Jason Gabelman with Cowen.
Jason Gabelman: I wanted to ask on capital allocation just given debt target levels and you’re carrying cash on the balance sheet well in excess of what’s needed to close the Billings acquisition. So how do you think about capital allocation and priorities of deploying cash moving forward taking dividend, buyback, growth. Comments on all 3 would be helpful.
