John Lovallo: Got it. That’s helpful. And then maybe could we talk just about cash flow expectations. It seems like it’s going to be pretty robust here. I mean you’re buying back stock, paying dividends, paying down $700 million in debt. So maybe just your expectations for cash flow and what the expectation for rental investment might be?
David Auld: Yeah, we still expect increased cash flow from our homebuilding operations in fiscal 2023 versus fiscal 2022. We saw our inventory step down slightly this quarter. We will be increasing our start pace as we move into the spring and then adjusting that to what we see in market demand. So we may not continue to see the same pace of cash generation as we did in our first quarter, but we do still expect to see robust cash. And then we’re going to continue to take our balanced approach to deploying that first foremost of the homebuilding business next to the rental business. We will still see a substantial increase in our assets in the rental business this year, we’re not guiding to a specific growth number there quite yet for fiscal 2023 because we’re still evaluating the market and evaluating investments as we move through the year, but we do expect that level of inventory to increase while we see a significant increase in revenues in that business.
And then past that, we will continue to pay dividends and continue to repurchase shares. We expect to repurchase shares at a similar dollar volume as last year, which would indicate greater than $1 billion of share repurchases for fiscal 2023. And then finally, on the balance sheet front, while we’re very pleased with our leverage level, we do have $700 million of senior notes that mature in fiscal 2023, 300 million in February, 400 million in August. And currently, just given the overall environment and our cash flow expectations, we’re preparing to pay those debt to maturities off with from cash. But obviously, we’ll evaluate capital markets along the way to determine whether we want to refinance or not. But right now, preparing to pay those from cash.
John Lovallo: Great. Very helpful. Thank you.
Operator: Thank you. And the next question is coming from Stephen Kim from Evercore ISI. Stephen, your line is live.
Stephen Kim: Great. Thanks very much, guys. Lots of good information. I wanted to follow up on, I think, Matt’s question regarding the cost negotiations, though. I think last quarter, you had suggested that you could see the benefit starting to certainly from repositioning your product at least to benefit you by your fiscal third quarter I was just wondering whether or not that process is maybe taking a little longer or if that was sort of separate from your comments on the €“ the labor and product negotiations. And then in your answer to him, I think you also sort of mentioned or volunteered that you were sort of assuming lumber costs were going to increase. And I just wanted to get a sense, how much of an assumption or — how much of an increase are you assuming you might see in lumber?
Are you sort of just conservatively modeling it might go like halfway back to where it was last year. Just give us a sense for what you’re incorporating in your outlook for lumber, knowing that you don’t know yet, obviously.
