Kyle Sable: Thanks Josh. Yes, to the second point and I will take that first, you have generally got the right way to frame it that. If we grow sales, normally, we would have to invest in working capital like any business. We have an inventory position that allows us to slow those initial purchases. It allows us to build into some of the inventory that we already have and used that. To your question on if we hold sales flat, do we release inventory, the hope would be that we would be able to release some amount of inventory. The question just, it really depends on the severity and timing of the fire season.
Josh Spector: Okay. Fair enough. And just a couple on Specialty, so I guess the sales were up, but the EBITDA wasn’t, so I am curious if there is anything you could share about why that was the case?
Kyle Sable: Yes. Josh, it really was down to a little bit of charge timing, what came in and out of the quarter right around quarter end. When we look at the underlying economics of the business, we don’t think there is anything meaningful that’s changed either quarter-over-quarter or year-over-year other than the deleveraging we would see from an operating perspective, right.
Josh Spector: Okay. And I mean since you don’t disclose price or volumes, I don’t know if there is a way you can roughly frame where are the volumes in that segment today versus – I think you said ‘22 was normal. Can you frame that at least, so we can understand what a recovery might look like?
Haitham Khouri: I will try to take that, Josh. So, I am not going to comment on today, but I will comment on last year. Last year was down and we are not – again, we are not going to quantify it, but last year volumes that the destock was severe, our volumes were down significantly throughout ‘23 versus ‘22. We have said before and I will say again, from a 3Ps value driver perspective, we did well. Our unit economics are similar, if not better, in ‘23 versus ‘22, which does suggest some element of positive pricing, and therefore, a large portion – more than all of, etcetera, the revenue decline is volume.
Josh Spector: Okay. Fair enough. And the last one to me, just kind of a picky one here, on the share count, you presented in your slides, I assume that reflects the current share count with the full buyback. So, as of January versus the December quarter average and does that include roughly a couple of million shares that will be added with the founder of share structure?
Haitham Khouri: To keep it simple, Kyle, so we just give end of ‘23 basic shares outstanding.
Kyle Sable: Yes, at the end of ‘23 for basic shares outstanding, we had 146.5 million, I believe, shares outstanding at the end ‘23, net of everything.
Josh Spector: Okay. But that doesn’t – if the founder shares will be added this year or is that already in…?
Haitham Khouri: It does not include founder share issuance in Q1 of ‘24 and any other potential buyback or issuance activity in the first quarter of ‘24.
Josh Spector: Got it. It makes sense. Thank you very much.
Haitham Khouri: Thanks Josh.
Operator: Thank you. We reached the end of our question-and-answer session. I would like to turn the floor back over to management for any further or closing comments.
Haitham Khouri: No, just thanks again for the time, everybody. Thanks for the support and we will be back here soon.
Operator: Thank you. That does conclude today’s teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.
