Michael Speetzen: Yes. I mean the reason that we made the statements we’ve made is that it’s obviously a new location. The first wave of this, just given the current backdrop from a broader economic standpoint is really focused around in-sourcing. We’re trying to bring some of the activities that we outsourced during the height of the frenzy to be able to get product out. We’re trying to bring some of that back in to bring it back into more parity. It’s also a pretty substantial cost play. And that’s why we’ll be able to start to realize benefits sooner. And then there’ll be additional investments as we start building up the capability to produce new whole goods to serve both that market as well as the broader North America market.
Robert Mack: Yes. So you should — the exact timing of the CapEx will depend on when we decide to start the investments as we look at just what the market does over the next year or so. But I think CapEx will be elevated over historic levels. It was in ’22. It will be in ’23. I think Mike and I have been really clear with everybody that we feel like the business was under invested in historically, is part of the reason we went back to a more focused portfolio, and we’re putting our money into high-return operational investments that either improve quality, improve the product and drive better costs. And you’ll see us continue that.
Operator: The next question comes from James Hardiman with Citi.
James Hardiman: I wanted to dig into the inventory replenishment dynamics, continual conversation we’ve had the last couple of quarters. What was the full year replacement benefit for 2022? Is it easier to just take the $750 million that you gave us a couple of quarters and subtract the $150 million that you gave us this time around and I guess if so, doesn’t that suggest a pretty sizable headwind this year as we lap that even with the $150 million left over.
Michael Speetzen: Yes. I mean I think the basic math has that as part of the equation. I think the more challenging aspect is, yes, $150 million is what’s mathematically left after you look at the end of the year. But as I pointed out earlier, we’re already clearing through some of that dealer inventory. So you have to consider the fact that we had a fair number of our RZR on hold coming out of the end of the year and even into January and part of February. And then a lot of RANGER that got delivered in the last week or 2. And as you know, between transportation time and setup time, those things aren’t retailing until January even into February. And so it’s difficult because it kind of moves around. I would suggest that $150 million is probably understated because you cleared through in January and February, the recall holds as well as the backlog of consumer deposits for some of the higher-end ranges.
But it’s in that ballpark. But as we look forward, one, we still have opportunity to refill with Ranger and that demand is holding up. So that $150 million we said first half, and it’s really going to depend on how that demand profile plays out because we’re still going to be planning, I expect a catch-up. But we then have in the second half, we have some new products coming on the scene that we feel pretty confident given the redefining of the segments, new areas of opportunity and growth, coupled with all the factors I talked about before outside of just North American retail that drive growth in this business. That’s why we’re pretty confident that we’ll see revenue growth as well as lapping of pricing and some of the other dynamics that we have.
