Roger Perreault: Yes. So maybe a couple of comments on cost, and I’ll talk a little more about energy marketing as well in Europe, Julien, to formulate the answer to your question here. So on cost, ’22 was a year that we absolutely dug deep and made sure to control discretionary expenses. It was a year in which where open positions, we kept open for a period of time. And when we look towards ’23, it’s definitely a year where some of those open positions we’re filling because we absolutely are focused on the customer experience and delivering our promise, while at the same time, our ’23 guidance also includes our views of inflation. And there’s no doubt that we have seen very specific inflations in specific areas. For example, driver populations, I think it’s very well known across North America that getting drivers and retaining drivers, a part of that strategy must be ensuring that you’re competitively paying that population, and that’s certainly all built into our fiscal ’23 guidance.
If I move the conversation a little bit to energy marketing. You saw that last year, it was a pretty significant hit. But this year, we expect that hit to be cut basically in half which we see a $0.10 uplift from the prior year. And that’s dependent on our concluding the sale in France, and it looks like that’s something we expect to be done in the first quarter. And then we’re going to continue to wind down the business in the Netherlands and in Belgium. So clearly, our portfolio, our volume of energy marketing is going to continue to diminish because as we talked about prior, we have not been resigning contracts. We are letting these contracts come to their natural conclusion, while also engaging with customers to ensure that the risk profile of continuing to serve them is balanced.
Now, we are really looking at what volume are they going to take. If they take excess volumes, we need an ability to charge for that excess volume, et cetera, as we go forward. And those are efforts that we’ve been very focused on. So when you look at our guidance range of fiscal ’23, it’s factoring in these elements that I just talked about.
Operator: One moment and our next question comes from Marc Solecitto of Barclays. Your line is open.
Marc Solecitto: Maybe just to start with a quick one. I was curious if you could talk about the expected cash proceeds side to the sales in U.K. and French Energy Marketing businesses.
Roger Perreault: Mark, thank you. For that question, I’ll hand it over to Ted.
Ted Jastrzebski: Sorry, Mark, could you repeat the question?
Marc Solecitto: Just what are the expected cash proceeds tied to the sales of the U.K. and French energy marketing businesses?
Ted Jastrzebski: Yes. We won’t be sharing the details on that until we close the books with the first quarter. I will say that we were very much motivated to — as we have shared to either get out of these businesses or move towards wind down. And so, it is not we’re moving these businesses out at a cost that is going to be fairly neutral to us. What you are going to see is dramatic write-downs of our derivatives positions. And just as a reminder, when you see those large figures on the write-downs of those derivative positions, those are derivatives that we established that do cover out of — cover the contracts we have for that business. And so, it’s fairly — it’s a fair offset to what we’re seeing as hurts on the contracts that exist in that business. So, we will be showing those figures as we close the first quarter of the year, and we’ll provide the actual final results on that sale.
