Neil Ashe: Yes, thanks, Chris. So we’ve been consistent since I’ve been here about our priorities for capital allocation, we’ll invest in our current businesses, we’ll invest in M&A, we’ll maintain our dividend and we’ll use capital for share repurchases when we feel like there is an opportunity. So over the course of the last several years, obviously, our value has been less than the general market’s value. It’s created an opportunity for us, as I said in my comments, to repurchase over 20% of the Company at about a little less than $140 per share. So we feel really good about that capital allocation. The world, as you indicated, is starting to change and come back to us a little bit. So as valuations on other assets start to come back to more reasonable levels, then we do feel confident in our ability to deploy capital going forward.
So the first thing that we did, obviously, was the OSRAM OPTOTRONIC’s acquisition for our Lighting and Lighting Controls business, which allows us to control the technology and our luminaires to develop an OEM – a broader OEM channel and to take greater control of our electronics supply chain, which obviously has borne significant strategic fruit. So as we look forward, we have a pretty solid pipeline of interesting opportunities, most notably in areas where we can expand the addressable market of our Intelligent Spaces Group, and we’re seeing acquisitions of all different sizes there. So we’ll continue to evaluate, obviously, our ability to generate cash, which is significant. So we were very pleased with the operating cash flow this quarter, as Karen indicated, we’re paying down the investment we’ve made in working capital last year, and that positions us with plenty of capital to meet all of our capital allocation priorities.
Chris Snyder: Thank you for that. And then I just want to kind of follow-up on operating leverage. Can you just talk about the confidence in the ability to generate operating leverage as the environment starts to normalize? And the reason I ask is, this quarter, gross margin was flat year-on year and the company realized healthy high-single-digit growth, but operating margin was down year-on-year. I mean, I know investing in growth is a big priority. So just kind of, through this, any thoughts or confidence in the ability to generate operating leverage through the rest of the year or even through the following year. Thank you.
Neil Ashe: Yes, we’re confident in our ability to generate operating leverage. So as Karen indicated, and I’ll elaborate a little bit, I think if you – when you see us over the course of time, so from 2020, ’21, ’22, ’23 and beyond, and you would see a – and if you looked at that period in retrospect, you probably see, obviously, last year, we had a significant growth in net sales that was not – we did not grow margins quite as fast and you’ll see us grow margins now as we start to bring those things together. So those haven’t been perfectly synchronous, but we’re generally pleased with the decisions we’ve made and our ability to take share. So now as our focus is on generating that margin and leverage going forward, as Karen indicated, we’ve made some investments in commissions kind of, anecdotally, we invested in hall of fame, so that they could be positioned to – for the infrastructure dollars that we expect to be coming.
We’ve changed out a couple of our agencies, so we’ve talked about New York, and I think others have talked about Atlanta, as examples. So there are a series of these things, which add up to a net investment in commissions, but not a permanent change in the percentage of sales that we invest in commissions.
Chris Snyder: Thank you.
Operator: Thank you. And one moment for our next question, please. And our next question will come from Joe O’Dea from Wells Fargo. Your line is open.
Joe O’Dea: Hi. Good morning, everyone.
Neil Ashe: Hi, good morning. Joe.
