Noah Merkousko: This is actually Noah Merkousko, on for Trey. Thanks for taking my questions. So first, I wanted to follow up on a question that was asked earlier on, I guess, thinking about sort of leverage on volume growth, how should we be thinking about incremental margins in a scenario where you do have volume growth and maybe price/cost is neutral?
Scott Cottrill: Yes. The best way to start or think about that, as we talk about incremental margins from volume alone being in that 30% to 40% range, I think that’s still kind of a good rule of thumb for right now. Obviously, as a starting point, like anything else, you then have to take a step back and what’s your assumption around pricing resin and some of the cost drivers. But again, 30% to 40% is what I would tell you to start with.
Noah Merkousko: Got it. That’s helpful.
Scott Cottrill: Again, the other I’d lay on top of that is, again, it’s a rule of thumb and it’s a starting point. But you got to be really careful when you look at kind of the segments, the timing, especially when you’re looking at volume coming on or volume coming off because that can sway that one way or the other as well. So again, start with 30% to 40% and then toggle it as you go.
Noah Merkousko: Understand. And then for my follow-up, as we look at the sort of end markets in the back half of the year, this year you’ve had both non-res and res down. But residential has been less severe and the comps get easier in the back half, so would you expect that dynamic to reverse where maybe non-res outperforms res, even though they’re probably or possible both down?
Mike Higgins: Well, I think what you see with the res kind of performance is the strength of that Infiltrator business in the first half of the year. I think, yes, you’re right. The comps should be easier in the back half of the year. I think, I don’t want to speculate by the end market. But I think what you’ve seen kind of Q1 and then look at Q2, there might be some compression there but I don’t think it’s going to be significant.
Scott Cottrill: Yes. The other color or context I would give you is, our guide assumes flat to down 10%. And so I think that would be the takeaway after being down 13% in the first half. So that assumes that the comps get a little bit easier as we go. And again, res and non-res are 85% of the business. So those would be the key drivers.
Noah Merkousko: All right. That all make sense. Thanks for taking my questions and good luck with the rest of the year.
Scott Cottrill: Thanks.
Operator: And there are no further questions at this time. I would like to turn the call back over to Scott Barbour.
Scott Barbour: Okay. Thank you very much and we appreciate the questions. I look forward to the follow-ups today. We feel very good about the quarter, feel good about raising our guidance. I think we’re being prudent in how we’re looking at the rest of the year. We announced a big investment today. I think we’ve been kind of foreshadowing this in the capital spending we’ve been talking about in this level for the next couple of years. We’re very excited about that, very excited about what’s going on for us in the Southeast and in Florida, in particular, in Texas. And we continue to look for the long-term and when these markets recover and be ready for that. So with that, we’ll sign off. We appreciate it. You all have a great day. Bye-bye.
Operator: And this concludes today’s conference call. You may now disconnect.
