Paul Romanowski: Yeah. Thanks, John. I think we are seeing more normal seasonality this year in terms of just demand traffic patterns. And so, I think our base expectations would be that orders would show a bit closer to normal seasonality going forward. But to our approach in trying to be as consistent as we can and providing starts pace and a consistent level of inventory, we’re still a short supply of inventory out there in the existing home market and in the new home market. We’re going to make sure we’ve got enough homes out there to capture whatever demand there may be. And so, our hope would be, over the longer term, we could see a bit more consistency there. But there still is a natural seasonality and an ebb-and-flow to consumer demand that I think is getting back to a more normal level.
David Auld: And I do believe that we’re going to have a lot more houses to sell this year, given the shortened cycle time and our ability to give people a date certain to close. So, we were limited in the number homes last year. So, the comparison this quarter to last quarter, a year-ago quarter, is probably going to — it’s going to look better than typical seasonality.
John Lovallo: That makes sense. Okay. And then maybe just a bigger picture question. If we look at 2019, D.R. Horton delivered 57,000 homes, in that ballpark, versus the — close to 83,000 homes expected this year. Industry-wide single-family starts were pretty similar in 2019 to what’s expected today. Obviously, Horton and the publics have been gaining share for years, but this is close to a 45%, 50% jump since 2019. So, I guess, the question is, how sustainable are these gains? How important is your build strategy to this performance? And maybe how important is the lack of existing home inventory just to overall homebuilder success today?
David Auld: I think, yes, yes, and yes. We’ve been focused for years now on simplifying this business and creating a level of consistency that didn’t exist in the ’80s, ’90s, or early 2000s. And jokingly I call it building a real business, and I believe we have and are doing that. And coming out of the downturn, there was tremendous opportunity to consolidate market. But we didn’t have the liquidity or balance sheet to do it. So, as we have grown through this last 15 years, 20 years — 15 years, I guess, our goal has been to create a company with a balance sheet and the liquidity to take advantage of any disruptions in the market. And since 2019, it just seems like, at least quarterly, you either coming out of it or going into it another disruption.
So, it’s the power of the platform and we talk a lot about it. I think you’re seeing it play out. It’s people, it’s location, product, it’s just trying to simplify the business and create affordability to a level nobody else can achieve. And that’s going to consolidate these markets.
John Lovallo: Thank you very much.
Operator: Thank you. The next question is coming from Carl Reichardt from BTIG. Carl, your line is live.
Carl Reichardt: Thanks. Good morning, everybody. Bill, you mentioned stick and brick down 4% per foot, I think, year-on-year. Could you break that out in terms of what materials are helping most, obviously, lumber and then labor? And the reason I ask is, I’m assuming that we’re starting to see some leverage from the single-family and multi-family rental platform. Part of the reason you’re trying to grow that business is to add scale in your markets to lower overall construction costs. So, I’m wondering if that’s starting to help there.
