Thomas Ryan: Not in any material way. I’m sure we’ve seen some, but I couldn’t even tell you collectively what that number is. We’re not seeing that in any material fashion.
Daniel Hultberg: Okay. Got it. Thank you so much.
Operator: The next question is from Tobey Sommer from Truist Securities. Please go ahead.
Jasper Bibb: Hey, good morning. This is Jasper Bibb on for Tobey. Just one clarification on the trust income assumptions in your EPS guidance. Obviously, it’s been a pretty decent start to the year for equity returns. So are you assuming any higher trust returns now relative to the average initial gains range you gave back in November or would you say no change there?
Eric Tanzberger: No, I’d say it’s a great start, but it’s too early to think anything right now. So we’ve said from beginning that we think there’ll be a rebound and we speak there’ll be high-single digits, maybe it gets about 10% in terms of return. It’s a great start in January, but we haven’t changed anything at this point in time.
Thomas Ryan: Jasper, just to clarify, we think we will have positive results in 2023, but you think about trust income and its impact because of the cadence of the market declining last year, we’re going to have some tough first half year comparisons when you think about it. So to Eric’s point, we’re going to earn well in the first quarter, but I still anticipate trust income to be down because you’ve got the last nine months of last year you got to overcome.
Jasper Bibb: Right. That makes sense. And then I want to ask about some of the cost inflation pressure you cited in prepared remarks. Are you seeing any kind of easing of wage inflation or other input costs early this year? And how are you thinking about kind of managing those inflationary trends in the guidance?
Thomas Ryan: Sure. I mean, the primary ones we saw last year were wages and then energy-related predominantly utilities, some fuel. So take the easier one first. On the utility to fuel side, I think things are trending better. Obviously, we saw a lot of increases in 2022. We’ve seen the dampening effect that should begin to show up in the comparisons. And on the wage front, we definitely are seeing some pressure going away. We did experience probably about a 5% wage inflation when you think about what we encountered in 2022. And so as we think about 2023, we’d expect that to lessen. And like I said, I don’t think it’s back to 1% to 2% inflationary cost though, it’s probably more 3%, 4% But again, I did make a passing grade in the economics, but okay, it was an attic fairly.
Jasper Bibb: Appreciate the detail there. Thanks for taking the questions, guys.
Operator: The next question is from A.J. Rice from Credit Suisse. Please go ahead.
Albert Rice: Hi, everybody. Just a couple of questions if I could. Cremation rate up 150 basis points year-to-year this quarter. It’s been running sort of at that pace for a while. Do you think that’s sort of the new normal? I know you typically had a range of 100 to 150, 50 to 150, any thoughts on what you’re seeing out there with respect to cremations?
Thomas Ryan: A.J., I think you’re right. I think probably 120 to 150 is a fair way to think about it. It will ebb and flow. But obviously, COVID time period was a little unique, but I’d say based upon what we’re seeing, we’d expect in that 120 to 150 range.
Albert Rice: Okay. It seems like the larger cases, higher end of the market and the cemetery side has come back. Do you think we’re sort of at a normal pace? Or are we seeing some reflection of pent-up demand that makes it sort of above average at this point?
