Scott Behrens: You’re correct. The underlying demand in the market seems to be healthy. If you look at Q1, there were a lot of weather events. When you think about the rain on the West Coast, you think about the strong winter up in the upper Midwest and Northeast, that did have an impact on the ability to get jobs done, replacing or building new roofs. But underlining that, as Luis mentioned a little bit earlier, there is a lot of inventory throughout the chain. When you look at those contractors, which is a very fragmented market across the United States, we’re understanding there was a lot of inventory sitting around the country as jobbers would be bidding on work, but needed to guarantee that they had supply of materials.
So that is what we believe the industry is working through. The good news is I think there’s pent up demand. The activity for reroofs and new roofs is out there. We need to continue to work through that destocking of inventory in Q2 and then I think we’ll see recovery in the second half.
Mike Harrison: Also, in Polymers, you noted that the CASE business or that specialty polymers business in North America was showing some volume growth. Is there a chance that we see you guys reemphasize that specialty side of the polymers business, as we kind of navigate this challenging period for the rigid polyols side of the polymers business?
Scott Behrens: No, I wouldn’t expect to see significant movement on the specialty CASE side. We an important player in the market, but our strategy remains focused on the energy efficiency within our polymers business.
Mike Harrison: The last question I had is on, you guys are now providing an adjusted EBITDA number. Is that just another metric that you’re going to be giving us going forward? Or does this represent some kind of change in the metrics that you guys are using to either operate the business or think about compensation or incentives or things like that?
Luis Rojo: Look, we haven’t changed any official compensation or those types of metrics on the EBITDA side, but we have talked internally in the past a lot about EBITDA as well, right? We have internally talked a lot about operating income, about net income and also EBITDA. That’s something that we have done in the last two to three years and we thought was very important to make sure that everybody understand those metrics because we talk a lot – I talk a lot about EBITDA. So we said we need to be more proactive in putting the data there with their job set and everything. And when you think about the market, everybody talks about EBITDA, and I think it is easier for us to compare with the other players and talk the same language.
Operator: I show no further questions at this time. I would now like to turn the conference back to Scott Behrens for closing remarks.
Scott Behrens: Thank you very much for joining us on today’s call. We appreciate your interest and ownership in Stepan Company. And please have a great day.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
