Devin Stockfish: Yes. Well, in repair and remodel, I think there are a number of variables at play. And to some extent, it makes it a little bit harder to forecast than normal. I do think most of the drivers behind strong repair and remodel that we’ve seen over the last several years are still in place. You’ve got homeowners with a lot of equity. You’ve got an aging housing stock. A lot of these older houses are smaller and have different layouts than some of the newer homes. So, I think that provides an incentive for homeowners to upgrade and add on to existing older homes. I think the other dynamic that’s somewhat new with so many people having refinanced mortgages at lower rates to the extent that keeps them in existing house rather than going out and purchasing a new home at a higher mortgage, I think that could be also a catalyst for more repair and remodel activity.
Now, of course, as you mentioned, historically, buying and selling a home is one of the times people often do repair and remodel projects. And so, that could be a little bit of a headwind to the extent that activity dies down a little bit. So, lots of puts and takes. But I think we’re still expecting solid repair and remodel activity this year, albeit probably a little bit lower than we’ve seen over the last couple of years. But we’re still seeing good activity. Now, to your question about how did that trend in the fourth quarter, I mean there’s always a little bit of seasonality when you get into the cold months. You’re not going to be having people build decks in December like they would be in the spring. So, there’s a seasonality impact.
But on balance, we’re still seeing solid demand and would expect that to continue in 2023.
Operator: Our next question comes from the line of Paul Quinn with RBC Capital Markets.
Paul Quinn: Just one question, just to sneak it under the hour on lumber. You’ve got the goal of growing it by 5% a year, and I appreciate the strike impacted and sales volumes were down a little bit over 5% in €˜22. But in the U.S. South, was your production up 5% in €˜22?
Devin Stockfish: Yes, it wasn’t. And when we talk about that multiyear goal and so just to reiterate, that’s getting to 5.7 billion board feet by the end of 2025. We are doing the work year-to-year through our capital programs to get to that level. Now year-to-year, the production will vary depending on what’s going on. And you look at what happened last year between COVID, the strike, a number of other issues that we dealt with last year with supply chain, labor, et cetera, we did see our production volume reduce year-over-year. But, the underlying projects that build the capacity within the system to accommodate 5.7 billion, we’re still on track for that and expect to get there. But again, year-to-year, it will just depend on what the market dynamics are in terms of actual production.
Operator: Our next question comes from the line of Kurt Yinger with D.A. Davidson.
Kurt Yinger: Great. Thanks, and good morning, everyone. Just starting on the share repurchase side. I mean, do you expect to take your foot off the gas at all given what’s likely to be a much leaner at least near term on the cash generation front to kind of ensure you can accrue some cash for a supplemental dividend next year, or how do you think about matching buyback activity with underlying cash flow as the year progresses?
