Julian Francis: Yeah, obviously, it was something that certainly had us putting our thinking caps on and deciding what we’re going to see. I mean, based on how we believe it, Home Depot’s purchase of SRS has been characterized so far. This is still going to play out. I mean, obviously, it’s not closed. No, I don’t believe that it creates a different market dynamic. I can’t honestly say that any of our customers are going to believe they’re buying from Home Depot in the same way. It’s SRS, it’s a professional roofing distribution company, and I wouldn’t expect a tremendous amount of disruption there, but we’ll see how that plays out. The thing that, I believe, it really emphasized to the team here was and, I think, it’s relevant for the call is the discrepancy between public and private markets in terms of valuations of roofing companies.
This is a very strong multiple, and we’ve said we believe we’re undervalued, we’ve explained that private market transactions seem to be happening at certainly higher multiples than we’re trading at. We think we’re executing as well as anyone in the market today that we’re delivering results that are as strong as any company out there. And we continue to be frustrated by the multiple that we garner in the public marketplace. So this is something that will continue to play out, like I said, I don’t think it’s going to have long-term effect. I think you characterized it as a big three taking share. We still believe that’s a likely characterization. We think size matters in this industry. We think the investments in digital and private label in our ability to deploy resources against greenfields to attract talent, to develop that talent, to have the best people on the greenfield at all times is really important, and that’s where we’re spending our money.
So, I think we continue to believe that that’s how we’ll do. It’s not going to change our strategy. I think it’s just made very clear that the evaluation gap between public and private markets.
Operator: Thank you. That concludes our Q&A session. I would like to turn the call back over to Julian Francis for closing comments.
Julian Francis: Thanks, Joel, and I appreciate everyone’s interest today. Before I close, I want to look across the table and thank my colleague and friend, Carmelo Carrubba, for his contributions as Interim CFO. And I also want to welcome Prithvi Gandhi, who’s sitting here with us today, who will assume his role starting this weekend. Prith has got a proven track record in financial leadership, particularly in the building products industry, and that makes him a valuable addition to our team. He and I know each other well from our time at Owens Corning together. So we know we have a great partnership and we know we’ll work forward. So, Prith?
Prithvi Gandhi: Thanks, Julian, and good evening, everyone. I’m honored to join Beacon’s team. The team continues to demonstrate really strong execution, and I’d also like to thank and acknowledge Carmelo and his leadership. It’s made it very easy for me to step in here. And I look forward to meeting and engaging with all of you in the coming days. So, thank you.
Julian Francis: Thanks, Prith, and thank, everyone, on the call for joining us today, and thank you for our team members for their relentless focus on the execution in the field, which is so important to us. We appreciate your interest in Beacon. Thank you.
Operator: That concludes today’s call. Thank you all for your participation. You may now disconnect your lines.
