Shlomo Rosenbaum: Okay. Great. And then just on a follow-up. Maybe you could talk a little bit about the margin just on a sequential basis of looking at the First Aid and Safety. And then kind of the other division, you had a sequential decline despite revenue going up in the Rental Uniforms you have continuing to go up? Or was there something particular on the insurance side that hit the other divisions? Or is there some particular investments that are going on right now? Just if you can give a little bit of a sequential color on what’s going on with the operating margins?
J. Michael Hansen: Sure, Shlomo. Look, the First Aid margin was at 18.8% in Q4, still a really healthy place to be. And nothing noteworthy other than growth is — organic growth still is very good, gross margin is still very good, and we continue to invest for the future. So nothing noteworthy there. From the all other perspective, the Fire operating margin in Q4 was slightly over 20 and so that’s a great place for us in that business. The direct sale business was 3.5%. So quite a bit lower. And that business can move up and down and have a little bit more volatility than the other businesses just because of the nature of it. We still love the business. It grew nicely, but mix can have an outsized effect on that operating margin and it sort of did in the fourth quarter.
As we move forward, from a First Aid perspective, we still expect the really positive margins that we’ve seen as we’ve discussed a few minutes ago. And we still expect Fire to continue to perform very, very well like it has in fiscal ’23.
Shlomo Rosenbaum: Thank you.
Operator: Your next question comes from Toni Kaplan from Morgan Stanley.
Toni Kaplan: Thanks for squeezing me in. I wanted to follow up on First Aid growth. You talked about the Cabinet business contributing it again, which is great. I was hoping you could talk about, is that sort of an industry penetration is growing? Or is it the product set relatively new. I know you’re investing in it during COVID. Have you been sort of incentivizing your sales force to sell more cabinets? And are you taking share? Just wanted to get a sense on how long the sort of 20% growth in cabinets can continue and if there are any other factors you’d call out as well? Thanks.
Todd Schneider: Thank you, Toni. We — the answer is yes. All the above is what we’re doing. We see a long runway in the First Aid business. We’re — the vast majority of what we sell are people that are do-it-yourself. There’s — as you think about, there’s 16 million businesses in North America, there is a significant opportunity to sell our First Aid cabinet services, but our other services as well, whether they be AEDs, wash stations, those types of items that really have value to customers. And that health, safety, compliance tailwind, we don’t see that changing. People are investing in their organizations, and we see that as a tailwind for many years to come and the market is really, really big. So that’s where we’re — we love the growth that we’re seeing in that business, and we’re continuing to invest appropriately to make sure that it continues.
Toni Kaplan: Terrific. And this should be a short one, but hoping you could talk about maybe the sensitivity of the business from inflation. So presumably, your costs come down as if inflation comes down, so how should we be thinking about maybe like the impact to margin for each point inflation comes down or however you want to frame the sensitivity there? Thanks.
