We also have all indications from our external sources that we’re either maintaining or taking share in the process. So we’re trying to guide the company to – or steer the company to, as I said, this ability to be more predictable, repeatable and scalable in this business. So we do think these are the right choices. That is how we will create value. We’ll grow net sales, we’ll turn profits into cash and we won’t grow the balance sheet as fast. And we’re demonstrating that we can do that in a number of different market environments. We succeeded through the challenge of the pandemic when it was when things fell off. We succeeded when they shot up. And now I believe we’re succeeding as we try and return to some normalized marketing – or market environment.
Chris Snyder: I appreciate that. And I wanted to follow up on the comment around share gains, which is very impressive considering raising gross margin and taking share. I guess what gives you confidence that the company is taking share? Because I think investors see construction markets up 20% on the non-res side and obviously ABL down 7%. So how do we — obviously, a big lag there. How should we think about – or how do you guys think about the impact from the destock within that versus the potential share shifts, which are maybe more structural in nature? Thank you.
Neil Ashe: Yes, sure. And so this is a — this could be a soliloquy — a long kind of PhD level soliloquy, but let me just kind of summarize it, that with the benefit of a lot of the data work that we’ve done, there is not a like-for-like correlation between the lighting industry and a specific same quarter external macro number that we can point to. That requires a basket to have a kind of a correlation. And the correlations we’ve gotten are kind of are squares of like 0.8. So we’re in the good, not great range on the predictability of that. It takes multiples of those. The second is that our research has shown that generally, we are performing ahead of the general macroeconomic cycle, both for the good and for the not as good.
So we’re working through that now. So the direct answer to your question is there is – it is not a surprise to us that those numbers would diverge the way you described it. Second thing that I would highlight there is the difference between nominal and real in the construction data. So that also, to the last question, is consistent with our performance as well. So there’s – I wish there were a more algebraic kind of tied to external market data that would predict our results, but there isn’t. It’s a basket, and we’re not surprised by the relationship between those numbers that you described.
Chris Snyder: Appreciate all that color, Neil. Really helpful. Thank you.
Operator: Our next question comes from the line of Brian Lee with Goldman Sachs.
Brian Lee: Hi, everyone. Good morning. Thanks for taking the questions.
Karen Holcom: Hi Brian.
Brian Lee: I might have missed this, but – and I hate to kind of beat a dead horse, but the lead time issue, could you elaborate a bit more maybe in quantitative terms just sort of where they are, where you want them to be, the sort of trajectory from here? And is it a purely destocking issue at the moment? Just maybe give us a frame of reference with some of the quantification, that would be helpful.
