Anthony Pettinari: When you said second half could be the time line for normalization, is that calendar or fiscal?
David Sewell: Yes. And I think that goes part to the transparency and our guidance is we are on a fiscal year. So obviously, we end, end of September. And so our customers are talking calendar year. And that’s where I think it’s just — we just wanted to be certain. So I think that’s just a subtle difference with our fiscal year versus the way our customers think about calendar year and which is why we just felt like, let’s go to quarter until we get that stabilization in the second half of the year, whether we understand it’s our fiscal Q4 versus 2024 Q1. And I think we’ll give visibility to that as we get closer.
Anthony Pettinari : Okay. That’s helpful. And then just on Gondi, I mean, you gave the earnings contribution in calendar 2022 understanding you’re not giving full year guidance for 2023, but I’m just wondering if there’s any kind of finer point in terms of maybe expected contribution for Gondi or just maybe more broadly, how that business and maybe the Mexican market is performing maybe relative to expectations three months ago?
Alex Pease: Yes. Let me talk about the outlook and then actually, David was down in Mexico recently. So he’ll talk about the Mexican market. So you’re right, we did disclose in the other unallocated portion of the business. We did disclose Gondi contributed $17 million, and that was for one month. The other point we made was it finished the year on a trailing 12-month basis in line with our expectations. Now we’re not going to give guidance for Gondi for a lot of reasons. But I think from a modeling standpoint, it’s fair to either annualize the December results or take our comments on it performing in line with expectations as a reasonable pro forma for what it will contribute next year.
David Sewell: Yes. No, nothing more to add other than. I mean, if you look at Gondi Mexico sales, they came in line. And as we mentioned, the IMF predicting that Mexico will grow faster than the US, and we saw their packaging sales higher than our North America sales.
Anthony Pettinari : Okay. That’s very helpful. I’ll turn it over.
Operator: Our next question comes from Adam Josephson from . Please go ahead.
Unidentified Analyst: David and Alex, good morning. Thanks very much. Alex, just on clarification on your free cash flow guidance. Can you put a finer point on what you’re expecting to spend on CapEx as well as any source from working capital that you might be expecting this year?
Alex Pease: Yes. So our CapEx guide is in line with the $1 billion. That’s consistent with what we’ve communicated previously. And then working capital, I think it’s fair to take a look at what AR did in the end of the year and anticipate that we’ll be working on that significantly. I sort of anticipate, call it, four days of improvement in our cash conversion and that will get you back to your $1 billion or north of $1 billion.
Unidentified Analyst: Okay. Perfect. And in terms of your total cost expectations for fiscal 2023, some of it’s inflationary, whether it’s — I think you mentioned labor and chemicals, specifically, but then you’ve got OCC, gas, other costs that will be significantly deflationary in fiscal 2023. So just overall, can you give us a sense for what — do you expect total deflation flattish total cost, maybe slight inflation. Any thoughts there.
