Ryan Merkel: Got it. Okay. Thanks for that. That’s helpful.
Tony Trunzo: And if you look at – I guess, if I think about it, if you just to follow-up on my own answer. Our unit volumes are down low-double digits, and we’re seeing – and this is kind of a very broad brush view. But they’re down low-double-digits. And as I said, we’re seeing a reduction in existing home sales of 30-plus-percent, and new housing starts are down as well, which is also a driver for us. So I think clearly some of that we’re outperforming those metrics. So probably there is some lift that we’re seeing from the – from people’s investment in their existing homes.
Ryan Merkel: Yes. Okay. Question number two is portfolio optimization and it sounds like there more to do there. Can you maybe talk about what inning you’re in for that and what more should we expect?
Tony Trunzo: It’s early innings for sure. The two big things that we’ve done this year is we outsource the – we closed our facility in San Diego and we moved our castings activities offshore. That was a pretty important thing for us to do. The sale of Genesis is incrementally a pretty important thing for us to do. The sale of Genesis is incrementally a pretty important thing for us to do as well. But there are still assets inside the business and factories and those kinds of things that we’re going to be evaluating over the coming quarters. And look, it would be awesome if we could just do it kind of all at once and say, look, here’s the new Resideo. Here’s what it looks like from the standpoint of vertical integration and manufacturing. Here’s what it looks like from the standpoint of the businesses that we’re investing in and the businesses that maybe we’re going to move out of. It is just going to take some time. But it’s early innings.
Jay Geldmacher: Yes. And I think if you remember in our last earnings call, at that point in time, we could talk about – and really it was a follow-up on what we did in San Diego, and at that time, we couldn’t tell you about Genesis for obvious reasons, but now we’re able to do that. And I think I said in my remarks, both in Q3 and I said it again today, that we have a number of really good opportunities there, and it’s a matter of how you time some of these because some of these are larger than others. But it’s a focal point of the team in terms of optimization, as we’ve talked about, and so we have more opportunities coming.
Tony Trunzo: And just to be clear, the objectives, the underlying objectives, of all of this is to improve our margins and to incrementally improve the growth rate, the underlying growth rate, of the business.
Ryan Merkel: Yes. Well, if I could say one more and just high level, I think the guidance you gave in early 2021 for 2024 EBIT was $900 million, correct me if I’m wrong. Now you’re going to obviously miss that. I know the macro has probably been different than you thought, but what if you graded yourself on cost cutting and portfolio optimization and other things, how did you perform relative to the goals that you had set out?
Jay Geldmacher: Yes. I mean, if you think about – and we’ve talked about this before, we had two years there, the worst supply chain situation that anybody’s ever experienced, at least in my career, I know. And we also – so we had all the challenges associated with that as well as you still had limitations on what you could do because of COVID for a period of time during that period. So a lot of – and that’s why we’ve highlighted before, especially I think today in the last earnings call, that the opportunities that we knew were there, some of them we have kind of hold back on. We’re – hopefully, you’ll begin – you’re seeing some more momentum there because of what we talked about with San Diego, what we talked about with Genesis.
