Bryan Fairbanks: Moderation is probably the right word for it at this point rather than deflation. I hope to see that as we move through the year, we actually have some commodities that we do see some significant deflation on, but we’re not really seeing that nor are we seeing evidence of that. If you would have asked me a month ago, I would have said aluminum probably is a great opportunity. And for those of you who follow aluminum, it recently shifted quite significantly where it’s kind of back to where it was in the back half of last year at those higher prices. So it’s something that we will keep you up to date on, but we’re not seeing a significant deflationary marketplace. We don’t buy a lot of PVC in the marketplace, which has deflated quite significantly.
Trey Grooms: Right. And I guess it’s fair to say then that the EBITDA margin guide of 26% to 27%, if we were to see some significant deflation there for you guys that that would create some potential upside for those margins?
Bryan Fairbanks: Correct.
Trey Grooms: Alright. Thank you, guys. Take care.
Bryan Fairbanks: Thanks.
Operator: Next question comes from Keith Hughes with Truist Securities. Please go ahead.
Keith Hughes: Thank you. In response to an earlier question, I think you said you’re expecting sell-through to be down mid-single digits for the year. I just wanted to confirm that, if you could talk about what you were thinking at this point in terms of first half versus second half?
Bryan Fairbanks: Now we’re not necessarily expecting it to be done. We’re building our production plan with that in mind. And as we see this consumer is stronger as we move into Q2 and Q3 and more product is needed in the channel, we will be able to service that. But that $1 billion is based off of a mid-single-digit type decline.
Keith Hughes: Okay. And would you expect in the second half of the year, I mean, based on your production planning to get back up positive side, revenue and production year-over-year.
Bryan Fairbanks: Yes. I think in the third quarter, you would see a significant. Clearly, we’ve got two really tough comps in the first half and in the back half of the year, much easier comps. And then the fourth quarter, really, the question will be, how do we see the consumer moving out into 2024 and how much risk is our channel willing to hold going into the end of the year? What does our early buy program look like in December or does it start in January. So those questions are still to be answered.
Keith Hughes: And one final one, can you talk about what pricing contributed in the fourth and what you’re planning in the first to revenue?
Dennis Schemm: Yes. So pricing was about 10.7%. And in the first quarter, it’s going to be our biggest opportunity, probably around $4 million there. For the first half, it’s essentially like $5 million to $6 million, maybe max.
Bryan Fairbanks: We’ve pretty much lapped all of our pricing. January of last year was the last significant pricing we took. We took a very small amount in April. So as we get through pretty much the first quarter, all of that pricing has been lapped.
Keith Hughes: Great. Thank you.
Operator: The next question is from Jeff Stevenson with Loop Capital. Please go ahead.
Jeff Stevenson: Hi, thanks for taking my questions today. I was just wondering if you could talk more about your conversations with dealers and distributors about sell-through demand expectations as we move into the spring selling season. Has there been any sequential change you would call out compared with, say, 90 days ago or have expectations remain relatively steady with where they were?
