Peter Jackson: The only, the only thing I’d add on the M&A front is we are still at or above our plan that we laid out on Investor Day of $500 million per year dedicated to M&A. So even as it slows now over the long-term, we don’t have any concern over hitting that target.
David Manthey:
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David Rush:
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David Manthey: Okay, thank you.
David Rush: Thanks, Dave.
Operator: We will take our next question from Keith Hughes with Truist. Your line is open.
Keith Hughes: Thank you. On the guidance for the first quarter, can you give us any kind of breakout how much the revenue decline is from commodity deflation versus units, and the kind of value-added comment within that would be nice as well?
David Rush: Well, and then in terms of the breakdown, the commodity prices have pretty well, I would say leveled out based on what we’re looking at been pretty stable. So the decline year-over-year in commodities is meaningful. It will get worse on a comp basis as we go through the second quarter. Last year it peaked in Q2, so certainly a lot of headwind from commodities. And you know, what we’ve seen is sort of that trend down on a year-over-year comp basis that trend down started probably Q3, Q4 last year, probably the best way to describe it. So comps will be most difficult in Q1 and Q2 and get a little easier in the back half of the year. We won’t break down the guide in those sub components, but hopefully that gives you good context.
Keith Hughes: Yes, that’s directly what I was looking for. And I guess the question on cash flow, you’ve played out some M&A targets with the stock where it is now, would you consider buying in excess of free cash flow on other borrowing as we go through this downturn on shares or are you going to be limiting yourself on share repurchase with cash you’re generating?
David Rush: Well, I mean, I think the way we think about deploying capital broadly, right, is that we have an appropriate balance sheet. We’re well structured. As long as we’re in kind of our range of one to two times base business, we’re extremely comfortable. Certainly not intimidated by the idea of being a little below or a little above for a window of time. I think that’s just good management. But we certainly are committed to continuing to deploy capital. We think it’s a responsibility of management. We think it’s a responsible thing to do. We think it’s good for shareholders, so we’re going to continue to stay committed. And we’ll look for opportunistic moments, right? Where in each one of those categories, we think there’ll be times when it might make sense to lean in.
But we’re never going to put ourselves in a position where we put ourselves at risk. We’ve got a lot of confidence in our ability to sort of see what the business is capable of and manage that liquidity and we’re confident we can work well in that range.
Keith Hughes: Okay. Thank you.
David Rush: Thanks Keith.
Operator: We’ll take our next question from Adam Baumgarten with Zelman. Your line is now open.
Adam Baumgarten: Hey, good morning everyone. Just a question on the mix of business. Is there any meaningful impact on margins, either positive or negative from a higher mix of multi-family and R&R revenue?
