Chris Snyder: Thank you. I wanted to ask about the ABL guide for 2024. And specifically, what we should expect in first half versus second half. So down low to mid-single for the year. I think Neil talked about pressure in the market through the end of this calendar year. So I would assume that the declines are steeper in the first half and then moderate in the back half. Is there any color about how we should be thinking about the slope of ABL in ’24 as we’re kind of working towards to that low to mid-single digit decline? Thank you.
Neil Ashe: Yeah. So, Chris, thanks for the question. I would guide you back to kind of historical sequential trends where obviously, on a sequential basis, we drop off from fourth quarter to first quarter and from first quarter to second quarter. And last year, in those same periods, we were still at inflated levels of backlog as we were burning through backlog. So then we get you to a more normal — in our assumptions, get you to a more normal cadence in the back half of the year.
Chris Snyder: Thank you. I appreciate that. So it sounds like maybe high single digit type declines in the first half, if I run that seasonality. And certainly, we see how the comps in the back half get easier. And is the uplift in growth really just kind of a function of the comps getting a lot easier into the back half? Or is there also an assumption that the macro will become more supportive into the back half? Thank you.
Neil Ashe: So our assumptions aren’t relying on significant improvement on the — from a macro environment. As I mentioned, we have returned to a more normal relationship between order intake and shipment rates. So we are — and as I mentioned, we’re comfortable executing in this environment. So I think what we are ultimately suggesting for fiscal 2024 is that by the back half of the year, we end up kind of clearing all of the legacy impacts of the increased backlogs and all of the other supply chain things. And so we end up with a more normal year. I think if you were — if the economy matched up with our fiscal year, which it has no interest in what our fiscal year is, then you would say — you would notice the third and fourth quarters of fiscal 2023 and the first and second quarters of fiscal 2024 on a calendar basis.
But that gets us to where we are, which is kind of where you suggest, which is we’ll be down in ABL in the first half of the year, and it will normalize a little bit in the back.
Chris Snyder: Thank you. Appreciate that.
Operator: Our next question comes from the line of Brian Lee with Goldman Sachs.
Unidentified Analyst: Hi, thanks for taking the question. This is Grace on for Brian. I guess my first question, just to follow up on the last question. Sounds like you’re expecting improvement. You called out the assumption of clearing all the legacy impact of the increased backlog. Just curious like what gives you the confidence to see that improvement? Are you seeing like sell-through improvement from quarter-over-quarter?
Neil Ashe: Yeah, Grace, as I pointed out, we’ve returned in the lighting business to a more normal relationship between order intake and shipment rates within the quarter. So we are at normal lead times. So our lead times are in the 20- to 30-day range in our lighting business, which translates to a performance where orders and shipments are consistent. As I explained in response to Chris’ question, the — we were at this point in the — last year for our fiscal first and second quarters in lighting, we were burning through additional backlog. So we obviously are not burning through additional backlog anymore. So we have returned to a more normal correlation between order intake and shipment rate.
Unidentified Analyst: Okay. Thank you. I’ll pass it on.
Neil Ashe: Thank you.
Operator: [Operator Instructions] Our next question comes from Jeff Osborne with TD Cowen.
