Joseph Ritchie: Okay. All right, great. Thank you. And then, just my quick follow up question. So clearly, it seems like the water business is been growing at a nice clip for you. I think you guys are — you sound pretty happy regarding the Elkay integration at this point, I guess, can you kind of help level set for Elkay? What’s the business, what’s kind of the revenue baseline exiting 2023? And then how are you guys kind of thinking about, again, kind of the growth framework for Elkay in 2024?
Todd Adams: Yes, I mean, we’re obviously well past the point of being able, or frankly, wanting to discreetly identify, what was okay, what was legacies earn, in part, because we’ve already done a ton of integration, particularly around the commercial sync business going forward. But suffice it to say that, the margins of the Elkay piece on a standalone basis are at or above that fleet average today, on the backs of a highly profitable drinking water business. And — which is a massive change from the roughly 13% business, that it was in ’21. So, when you think about in essentially 12 months of owning the business, we’ve taken a business that was running somewhere in the 13% range, on a true organic basis, and turn it into something as 24 plus, with, I would say, an even better growth profile, as a result of the exits, and the investments we’ve made in drinking water, and the benefit of all the synergy work that we’ve been doing.
So, I don’t think I shouldn’t be lost on anybody that the acquisition at the time, or the merger at the time was good. But it’s for environments like this, when you have the drinking water franchise that we have, and the opportunity for secular growth and category growth, that’s going to protect the overall top line in a way that I don’t think people fully realize at this point. And that’s why we’ve been so aggressive in getting out of the things that we don’t want to invest in and investing in things that can grow this category and grow our business in a meaningful way over time. So didn’t answer your question specifically. But I think we feel really good about it.
Joseph Ritchie: Okay, no, that’s super helpful. If you don’t mind, I’m going to try to sneak one more in here. Just in the context of what can be a bit of a slower growth environment. One of the questions we get a lot on potentially negative volume environment, like, what does pricing do for your business next year, given what you already know in where your raw material costs are today, would you expect to get some pricing in 2024?
Todd Adams: I think that there are opportunities that we will see some price. Particularly, we have strong specifications, leading shares, innovation, new products, things like that. I don’t know, there’ll be a ton, there’ll be some, and I don’t see a scenario where we are giving back price. I think that when you look at the overall increases that we passed along, over time, they were relatively small in the grand scheme of things. And so if anything, our pricing from a market standpoint is in a good place. We obviously have leadership positions and high specifications and some unique value props that are going to allow us to take some modest price. But I don’t see a scenario where we’re giving back price. So, I think it’s a unique environment, for sure, but I think we feel good about where we are, with some incremental opportunity in the 2024.
Joseph Ritchie: Got it. Thank you.
Operator: There are no further questions at this time. Dave Pauli, I’ll turn the call back over to you.
David Pauli: Thanks, everyone, for joining us on the call today. We appreciate your interest in Zurn Elkay and look forward to providing our net next update when we announce our fourth quarter results in early February. Have a good day.
Operator: And this concludes today’s conference call. You may now disconnect.
