“But yes, I would say that would be a headwind as we enter 2023.”

In context

“Todd, we’ll now transition to the Q&A period. Operator: Thank you. [Operator Instructions] Our first question comes from Vivien Azer with Cowen. Vivien Azer: So, I just wanted to start with the industry volume backdrop. I recognize you guys have kind of suspended the historical practice of offering industry guidance, and that makes good sense to me. But just hoping to get some color on how you’re thinking about the potential impact of the menthol ban in California if you think that’s an incremental headwind for the year. Thanks. Billy Gifford: Sure. Yes, I think it’s a little early to say exactly what that headwind will be, Vivien. Certainly, it will be a headwind from the State of California having banned it. It went into effect, you remember in December. So, we’ll see how that proceeds. But yes, I would say that would be a headwind as we enter 2023. Vivien Azer: Fantastic. Thanks for that. And then just pivoting to the oral tobacco segment, encouraging to hear some rationalization on the on! promo having fallen 15% in two half ‘22. Can you offer a little color on where that positions on! relative to the competitive set? Billy Gifford: Yes. We think it’s -- it actually -- we were very pleased with the results we -- as you mentioned, we reduced it 15% first half to second half and it continued its momentum and grew share. We think it’s a growing category, Vivien, and that the entire segment is growing, and we want to participate in that growth. So, we’re continuing to invest behind it. And as we move forward, I think you see the benefit of data analytics. And then, in the future, the application of what most people refer to as revenue”