Alexander Rygiel: Yes.
Bryan Fairbanks: So for the fourth quarter, originally, we had expected that we would be looking at a flattish fourth quarter. Now I’m expecting to see a low single-digit type growth, and then there will be just a little bit of inventory build within the channel itself. When looking at the end of the third quarter, it was well below where things were last year. And so I would expect just a small rebound within the quarter. And then the meaningful inventory build will occur during the fourth quarter of next year.
Alexander Rygiel: That’s helpful. And then I believe rail attachment rates are in that 15% to 20% range. Is there any way you could be a little bit more specific in that? Maybe talk about how that’s changed in 2023. And maybe talk about how that could change in 2024.
Bryan Fairbanks: It’s a significant variance, the attachment rate depending upon the regions that we operate within and the attractiveness of our existing railing profiles to those regions out there. And it can be anywhere from 15% going all the way up to over 50%, depending upon the area. That’s one of the things that we’re going to work on and how can we better have a metric to reference that back to the marketplace, but there’s such a wide variance on it today that trying to pick a single metric on overall attachment rate doesn’t work all that well for us. But what we do see is where we have those lower attachment rates, that means that there are areas of the marketplace that we’re not hitting the sweet spot for what they’re looking for and they’re all opportunity for us to be able to expand that attachment rate to get it up to 50% to 60% across the board.
Operator: The next question comes from Phil Ng of Jefferies. Please go ahead.
Philip Ng: Hey, guys. Congrats on a strong quarter, and, Brenda, looking forward to working with you going forward. So Bryan, I guess sellout was obviously quite impressive in a pretty tough backdrop in R&R. A few building products companies have talked about maybe flat to down low single-digit R&R for 2024. So assuming that’s the right backdrop, do you expect to grow in that environment? And I know at your Investor Day, you guided like low double-digit organic growth. Is that something that’s achievable in this current environment?
Bryan Fairbanks: I think next year growth is absolutely in the cards for Trex, I’ll go back to my comments around the brands continue to bring consumers in. We also operate in a segment that when consumers do tend to pull back, they — our consumers tend to be a little bit higher income, and so they’ll pull back quite as hard. So we feel good about where we stand in the market.
Philip Ng: Okay. That’s helpful. And then the attachment rate on railing, you’ve talked about it at length at your Investor Day and you called it out and your outlook as well today. Have you — do you have any wins that you want to call out that could be substantial? And how are you approaching trying to capture share in this business differently than years past? Is it a product rollout? And when we think about wins here, does it have any material impact on your margins, incremental margins mix and all that good stuff?
Bryan Fairbanks: I think it’s fair to say, when you’ve listened to us talk over the past 4 years or so, we’ve talked about decking. And so you’ve heard a little bit of a shift, it’s not as if we’re moving away from decking. But we want the market to understand, there’s a real opportunity for Trex in railing. There will be more resources, both from an R&D perspective as well as focus from our sales team of how we go about ensuring that we’re getting our fair share in the market. And a great example is the launch of the T-Rail system. There’s a lot of people that install the low-cost vinyl railing systems in the marketplace. We put a product out there. We’ve had a couple of nice wins where we’ve been able to take competitor product off of the shelves, and they brought Trex in. They bundled it in with the rest of the program, and we continue to see great opportunity to do that with T-Rail, but also other railing profiles that we’re not playing in today.
