Bob Fishman: We’ve looked at the free cash flow and certainly don’t want to get ahead of ourselves. One of the pacing items is the transformation piece. So, we expect to spend less on transformation and restructuring in 2023 than we did in ’22, but we still have to invest to drive the benefit. So, those will be good payback items that we spend the money on, but that is one of the items that contains the free cash flow slightly. The only other thing I want to mention on your first question relating to scorekeeping for Manitowoc is that as we drive synergies, it’s all within commercial water solutions, but some of the benefits goes to commercial filtration as they sell filters, some of it goes to our Ken’s Beverage as they drive more services relating to the ice machine. So, all of the synergies are not necessarily captured in just Manitowoc Ice.
Operator: The next question is from Jeff Hammond of KeyBanc Capital Markets. Please go ahead.
Jeff Hammond: Hey, good morning, guys.
John Stauch: Hey, Jeff.
Bob Fishman: Good morning.
Jeff Hammond: Just on — just back on Pool and the destocking, I’m just wondering, one, kind of how you think of inventories on your balance sheet versus those at the distributor channel? And then, just if any early buy kind of played in any part and kind of the pacing of destocking?
John Stauch: To the second one, and really when we think of inventories, you have — a reminder that some of our inventories are across the entire portfolio. Our project businesses, our electronics, the tougher to get componentry is where a lot of our inventory resides, Jeff. It’s not like we’re sitting on finished goods inventory ready to go out. So, it’s not that simple.
Jeff Hammond: Okay. Just on res pool, I think you put — around Pool, you’ve got 28% margins in ’22. How should we think about decrementals as you go through this transition and kind of where you think those margins bottom out?
John Stauch: We expect to drive margin improvement in 2023, Jeff. I mean, as a reminder, our volume in Pool was down roughly 30% in Q4. And that’s one of the reasons we didn’t get to get that leverage up. And as we take a look at 2023 when we get the costs in line and balance out against these new production levels, we do believe we’re going to drive margin improvement in Pool in 2023.
Operator: The next question is from Scott Graham of Loop Capital Markets. Please go ahead.
Scott Graham: Hey, good morning, and welcome, Shelley. So, just to couple of questions, one on the Pool, one on the commercial water treatment. I know you said for commercial water to expect sort of a mid-single digit growth this year, I’m curious does that include Manitowoc Ice on sort of pro forma…
John Stauch: I — no. And I’m sorry that we weren’t clear. I thought the question was what was core growth of commercial water solutions, and I said mid-single digits. Inclusive, of the acquisitions, it’s much higher than that, which is on the chart as mid-teens.
Scott Graham: Right. No, that I certainly understand.
John Stauch: They all included.
Scott Graham: Yes, that I certainly understand. What would you think that the growth would be in Manitowoc Ice in pro forma?
John Stauch: Mid singles.
Scott Graham: Okay. Thank you. The other question is around Pool. So, there’s a pretty big change in your assumption. I think you were looking at, thinking, last quarter that aftermarket would be about flat, and now you’re kind of looping that together with the continued destock. And I’m just curious because there are more pools in the grounds, so I would have almost thought that naturally that aftermarket might have even been up this year. So, is that essentially saying that the destock is kind of more than 100% of the decline? Or am I thinking about that right?
