David Sylvester: The first part of your question was related to the quarter’s orders or the first three weeks, more recent order patterns. I wasn’t quite sure what you were getting at.
Steven Ramsey: Sure, I’m guessing, what I’m asking is lower corporate volumes clearly a driver but were volumes in the non-corporate verticals positive through the prior months?
David Sylvester: Not sure I know that, specifically in the last few months, but we have been seeing fairly consistent growth from the non-large corporate verticals and we expect that to continue over the course of next year. Large company is starting — is — has a low backlog going into the year and we expect activity from large corporate will improve over the course of the year, but it will be a drag on volume at least through the first half.
Steven Ramsey: Okay, okay, helpful. That kind of gets to my next question on the 2024 top-line guide with the mix demand trends driving that. Do you think ultimately the second half of FY’24 is showing better volumes across the board? Is that part of the assumption behind the sales guidance?
David Sylvester: Yeah, that’s right.
Steven Ramsey: Okay, okay, helpful. And then on the pricing front for FY’24, does that mean more incremental actions on pricing or is this prior actions flowing through in that carryover being assumed?
David Sylvester: It’s prior actions flowing through.
Steven Ramsey: Okay, helpful. And then last one for me. You talked more on the last call about the long-term for North America office potentially being reduced as a total addressable market to pre-COVID levels, do — your commentary on this call is pretty positive on how people are thinking about their office space, do you think that changes that long-term viewpoint?
David Sylvester: I wish it did. I think it’s too early to call any change in that. I mean, we’re in a pretty big hole. Large corporate has largely been on the side-line for three — better part of three years and it didn’t go to zero, but it obviously substantially declined. So I don’t have any new information relative to what we said last quarter. We still think that overall industry is more likely than not to be under some pressure due to the hybrid transformation and the number of days that people spend in the office and the amount of spend that large companies have on their workspaces. Once all this settles down after the reinvention of the office over the next say couple of years, but — we’ll wait and see what happens, how large company comes back.
If you double click on some of the information that Eddy has shared from his trip — his trips and travels to go see our large corporate, you don’t hear the same amount of dialog from large company about real estate consolidation that we heard a year ago or two years ago. I mean that was what everybody was talking about, now the dialog, it’s not to say that it’s not happening or won’t happen at all, but the dialog is much more about what needs to change inside the office to get employees back into the office more significantly, and to help them work more effectively and to manage hybrid work, which is here to stay. We’re going to have people distributed for the foreseeable future if not forever. And the offices aren’t set up to handle living on video, so to speak, so that just seems to be driving more of the dialog but the short answer is, we don’t have an update from what we said 90 days ago about longer-term industry trends.
Steven Ramsey: That’s all very helpful, thank you.
David Sylvester: Thanks, Steven.
Operator: (Operator Instructions) Your next question comes from the line of Rex Henderson with Water Tower Research. Please go ahead.
Rex Henderson: Good morning and congratulations on a fine quarter.
