Arun Viswanathan: Great. Thanks for taking my question. Congrats on the strong results in 2023. So just a question on the guidance. So if I look at the sales guidance, it looks like you are hoping to get to low single-digit organic growth in 2024. Just wanted to confirm that, that would be also including low single-digit volumes, and if so, how do you see that kind of playing out cadence-wise through the quarters, if you’re guiding to flat volumes you get to maybe 2% to 3% in Q2 and then mid-single digits in the back half. And similarly, on the earnings growth bridge, your guidance kind of implies 1% growth EPS in Q1. So that would require low double digits in Q2 through Q4, maybe something in the order of 13%, is that the right way to think about it that really some of these onetime items in Q1 holds back your growth and you get more into the low single digits to mid-single digits on sales to Q2 to Q3, Q4 and maybe low double digits to mid-teens Q2 through Q4 EPS growth?
Thanks.
Vince Morales: I think the math you have, Arun, is definitely accurate. We talked a lot on the call already about factors that affect Q1, some comparable factors last year, et cetera. Again, we’re a seasonal business for us, Q2 and Q3 are very large quarters for our Deco architectural businesses. They’re very large, even larger for our traffic businesses. So again, we’ll see a pickup in those businesses seasonally, but we’re also expecting some different volume tenor than we had last year in those businesses. Tim went through, I think, a laundry list of items earlier that included the leverage on those higher volumes. We also would expect improved manufacturing that we’ve been working on, and we alluded to in our May CEO update that manufacturing should grow throughout the year. So again, I definitely agree that Q1 on a year-over-year basis, up modestly, but the back half of the year, we expect to grow in terms of a size.
Operator: Our next question comes from Aron Ceccarelli with Berenberg. Your line is open. Please go ahead.
Aron Ceccarelli: Thanks and good morning. I would like to go back to the topic of raw materials cost for a second. Your guidance has been improving throughout 2023. You were guiding down high single-digit in Q3 to Q4. When I look at Q1 2023, your raw materials costs were still slightly inflationary. So why are you guiding just for mid-single-digit decline now? What has changed, if anything? Because when I look at gross margin, it expanded 450 basis points year-over-year in Q4. It looks to me this is accelerating. So what is driving this mid-single-digit guidance for Q1, please? Thank you.
Vince Morales: I think as we alluded to earlier, we do expect sequential improvement in the moderation of raw materials Q4 to Q1. And the mix of business for us as we build inventories. And we deplete inventories in Q4. We’re building inventories in Q1. So that has a factor. But again, for the full year, we still expect moderation further moderation of raw materials for the full year 2024 versus 2023.
Operator: Our final question today comes from Jaideep Pandya with On Field Investment Research. Your line is open. Please go ahead.
Jaideep Pandya: Thanks. Maybe it’s not relevant, but given how low volumes are across the value chain, could you tell us like what is the spare capacity you have? I’m basically asking this question because a lot of investors are wondering if the margin growth left in the coating sector beyond 2024 and given that it looks like in 2025, 2026, growth will come from volume. Just wondering what is the spare capacity you have in the system these days? That’s my first question. The second question is really around raw materials. Do you expect to buy in sync with your volume growth this year? Or would you still destock? And therefore, if your volume growth is, let’s say, up 2%, we shouldn’t really expect raw material purchasing to be upto should be maybe zero.
And the last question really is on Marine protective. You alluded to firefighting protective – one of your competitors is very strong in that area. So have to launched new products and therefore gaining share from that competitor or is that a market is just doing very well? Thanks a lot.
