Russell Shaller: Yes. So we raised prices based on market conditions. And we’re not a cost-based pricer. So we don’t necessarily look at input costs as a direct correlation to increasing prices. With that said, some of the inflation conditions in Europe and some of the lockstep increases in wages also alter customer perception about what price increases they should see. So we do it throughout the year. We tend to be more systematic in January-ish of the year. So we’ll notify some customers prior to price increases. We don’t actually pull the trigger until it gets very close. And so we look at a variety of factors, both competitive landscape and input costs to decide where to go. What you’re seeing in Europe right now, some of which is price increases that have already happened and then we’ll be reevaluating it come the beginning of the calendar year to decide whether additional increases are warranted.
Keith Housum: Okay. I appreciate that. Next, your — can you perhaps touch base on your track and trace initiative in terms of the R&D efforts there and how close you are to commercializing a product set there?
Russell Shaller: Yes. So we’re getting there. I have prototypes on my desk. And I think we’re pretty close. We’re still a few quarters away — the sector right now, and I think you can see it in some of the commentary of other companies. I think the sector right now is a little slow. So in some regards, that’s actually a positive for us because it’s giving us a chance to really make sure that our offering is perfect before we launch it to the market. We’re looking for probably second half of next calendar year to have essentially our full suite of products up and available for our customers.
Keith Housum: Great. And then last question for me. The organic growth you did see during the quarter, was that more volume based versus price?
Russell Shaller: It was volume.
Keith Housum: Okay. Great. Thanks, guys. Good luck.
Operator: Thank you and this concludes the Q&A session for today. I will turn it back to Russell Shaller for final remarks.
Russell Shaller: Great. Thanks, everyone, for your time today and for your questions. Our first quarter was a good start to the year. We performed well, and we have a positive momentum throughout the organization. We’re an extremely strong financial position. We increased our net cash position in the quarter while returning funds to our shareholders through dividends and share buybacks, which provides us with continued opportunities to invest both organically and inorganically to drive long-term shareholder value. The macroeconomic is dynamic and rapidly changing. So we’re focused on controlling what we can control so that we can continue to deliver on our priorities, which are to invest and grow the top line, to further develop our product offering to support our customers’ automation initiatives, to execute operational efficiencies and ensure that we grow profitably and to effectively deploy our capital to drive long-term shareholder value through organic investments, acquisitions and returning funds to our shareholders through dividends and share buybacks.
Looking ahead, we’ll continue to drive profit improvements, and we’ll continue to evaluate our products and our portfolio of businesses. I’m optimistic about the future. I know that our team has the ability to overcome challenges and continue to deliver results. Thank you for your time this morning and for your interest in Brady. Operator, you may disconnect the call.
Operator: Thank you, everyone, for joining our call. You may now disconnect.
