Frank Mitsch: Okay. Got it. And then, Rusty, you got the working capital improvement that you are anticipating in the third quarter. Obviously, the fourth quarter is typically a use of cash in terms of working capital. I am curious if you had any thoughts on order of magnitude that, that might be for the coming quarter.
Rusty Gordon: Sure. Yes. In the third quarter, really, the improvement in inventory was offset because our payables went down year-over-year because we cut off purchases. So, I think you are going to really see the benefit in future quarters like the fourth quarter, first quarter of fiscal €˜24 because even though you see the progress on the one line called inventory, it’s been offset on the payables side as we have reduced purchases. But we are going to continue to do other things as part of MAP 2025 to reduce the amount of finished goods we carry and that will lead to a structural improvement. But Frank, I think in terms of working capital, the best days are in front of us. We have started to get the ships steered at the right direction in Q3. But I think the benefit you will see it in cash flow from operations as we look forward.
Frank Mitsch: Thank you so much.
Rusty Gordon: You’re welcome.
Operator: Our next question comes from Mike Sison with Wells Fargo. Please go ahead.
Frank Sullivan: Good morning Mike.
Mike Sison: Hi guys. Good morning. Frank, you have made a lot of improvements in the business over the last couple of years, and you have noted we are in a recession. So, I am just curious, you are just maybe general thoughts on how the new portfolio and the new businesses should perform in a recession. And it should be probably more resilient than it has been in the past. And just current your thoughts there should be able to grow or holding stable, down? What kind of your thoughts of how the new RPM would perform?
Frank Sullivan: Sure. I think there is two factors there. One, we have improved our conversion costs across the board. And as volume comes back, you will see that. Two, I think our performance is pretty solid given the underlying dynamics. The one negative to historic RPM that we have today that we haven’t had in the past, and it’s a function of the strong growth of Nudura in North America insulated concrete forms and some other aspects that, that has brought along is today, we have about a $300 million exposure in total to residential new construction. And we didn’t have that much exposure to residential new construction in the past. And so that’s hurting us today. I can tell you in our Specialty Products Group, the area that’s hurting us the most is our OEM coatings there.
And we have a very successful nicely profitable wood stains and finishes group, and it goes right into housing. We do a lot of work with domestic window manufacturers. We do a lot of work with domestic cabinet door manufacturers. Some furniture, although most of that’s moved offshore. And all of that coating goes on to components that are typically involved in residential construction. So, that’s probably the weakest area for us today and an exposure on a much larger RPM that albeit larger, but we didn’t have in the past. Hopefully, that is helping.
Mike Sison: Yes. And just one near-term question, I am not sure if you have the data, but did March get better than February in total? And then €“ when I think about your guidance for the fourth quarter, normally, April gets better than March, and May is better than April. It kind of sounds like the sequential improvement throughout the quarter is not going to improve much. Is that the way to think about it?
