Paul Reitz: Well, I mean, I think as a company, we worked hard to get to this point to pursue growth. We’ve developed of a strong business, good brands, good products, good people and have a strong balance sheet. So, I think at this point, we need to get our arms around Caraustar and maximize the value that this brings to the table for our customers and our shareholders. And we do think it’s significant and it’s accretive right out of the gate, strong opportunities in growth and synergies so I think there’s going to be a period of time that the right thing to do is make sure that we get the maximum value out of this transaction. I do think there’s some growth opportunities that could require some investments as we as we expand the territories, the geographical footprint of the combined company.
But you never know when opportunities may present themselves like this one did. So we want to keep our company in a position our balance sheet and position where if opportunities they become available, we can pursue.
Kirk Ludtke: Got it. Is there is the company — company’s change in composition and size? Is there a revised leverage target you’re sharing?
David Martin: No, I think we’ve got obviously, this transaction has enabled us to maintain that conservative profile. And it doesn’t we’re not out over our skis with respect to the debt that we took on this deal. And right now, we’re on a pro forma basis 1.3 times. So we want to stay in this general territory. And as we digested a transaction, obviously the flexibility we have to pay down debt with cash flow is important as well. We can we can continue to build strength and then maintain flexibility for the future for growth, not just some investments that can come in the form of an acquisition, but also investments inside our business, like Paul’s talked about in terms of growth, territories, products, whatever. So, we I like where we sit with respect to where our leverage is now and we’ll continue to have that again. It’s all about flexibility.
Kirk Ludtke: Got it. Thank you. And last follow-up, and I know there’s no guidance volumes are down are there are there any other headwinds or tailwinds that that we should be thinking about when we forecast 2024?
Paul Reitz: I don’t think so. I think we’ve touched on that pretty well, again, 2023 with a very good year as we reported this morning and coming off a really strong 2022. I don’t think anything we’re seeing that 2024 is different than what you’ve already seen in the marketplace of now. I think we’ve provided enough color. You’ve heard enough from others. And again, what we will work towards is getting a good understanding of plays to what Tyler Titan, Caraustar look like together, articulate that for not just 2024, but also work towards articulating that for the future. Because again, I think Titan and Caraustar are going to be better together. So, we’ll put our heads down for a little while and work on getting that information for it.
Kirk Ludtke: Got it. I appreciate it. Thank you very much.
Paul Reitz: You bet.
Operator: Thank you. Next question, I’m sorry. Follow-up question comes from the line of Steve Ferazani with Sidoti. Your line is now open.
Steve Ferazani: Hey, thanks for taking an additional question. I don’t want to harp on this, but it’s a question I’ve been getting for two months accelerating over the last couple of weeks. Again, back to a 10% to 15% decline for large tractors coming on crude crews call you listen to, but you were down 18% in ag this year, almost entirely on destocking, which accelerated through the second half of the year. Everyone’s kind of trying to do the math on this. If you you’re already down that significantly in what was an okay year. And what’s I mean, the simple math would say that you’re more flat and I know I don’t want to pin you to a number. The math would say you’re kind of flattish in ag because of how much you were hit by destocking this year. I mean, is that a reasonable way to think about it? Look, I’m getting this question all the time I got asked.
David Martin: That’s a great question, Steve. Obviously, as we come into the year, it’s certainly not I mean flat isn’t probably in the equation but certainly something less than the full impact of the market being down. And we really can’t put a fine-tuned number on that.
Steve Ferazani: Okay. That’s what I tried to ask. Thanks guys.
Operator: Thank you. There are no additional questions waiting at this time. So, I will pass the call back over to Mr. Reitz for closing remarks.
Paul Reitz: Thank you. I appreciate everybody’s attention to today’s call and the opportunity to hear us talk about the Caraustar acquisition and how Titan and Caraustar can be better together. So, thank you and look forward to talking again.
Operator: Thank you for attending today’s presentation. That concludes our call. Thank you, have a great day.
