Rob Williams: Thanks, Shannon. Hey Keith, we’ll take one last question, and then we’ll turn it back over to Chuck for closing comments.
Operator: Thank you. We’ll take our final question from Jim Suva with Citigroup. Please go ahead.
Jim Suva: Thank you. And I actually only have one question and that’s on your inventories. While they were up and you talked about a deflationary environment for the need to secure some pretty key components, which is understandable, can you talk to us about when you think you’ll actually kind of renormalize inventory and working capital, or is it just better simply to hold more because with the deflationary environment, you just kind of have to wonder here, but I understand there’s shortages?
Tom Sweet: Yes. Hey Jim. Look, I mean, it is my goal, and I think the goal of all of us here that we need to manage inventories down. We built it over the last couple of years given the supply chain dynamics going through the pandemic. In a deflationary environment, you clearly want to hold less inventory. And so, I’m not going to give you an exact time line on where we — how this thing sort of unfolds. But I think absent the strategic buys we did this quarter, the inventory actually came down quite nicely. The strategic buys we did — made economic sense. And so we — that was the whole point behind that. So, I do think it’s going to be a few more quarters as we continue to normalize inventory. And then, we’ll have to evaluate this as we go in terms of what’s the right level, given the supply chain dynamics, and so, more to come on that.
But in the meantime, over the next few number of quarters, we’re pretty focused on pushing inventory down from a working capital perspective.
Chuck Whitten: Thanks for that, Jim. Before we end the call, I’m going to leave you with a few final thoughts on behalf of the team, and then we’ll wrap. Look, we delivered strong performance over the last few years, and we delivered again in Q3. As we discussed today, Q3 highlights the advantages of our model. We see changes in the market first, and we react and position the business to outperform. So, in Q3, we took appropriate cost action. We drove share gain. We delivered very good profitability. We drove our innovation agenda forward, and we delivered against our capital return commitments. And that’s what we mean when we say that we can deliver differentiated results in any market environment. We do expect the demand environment to be challenging in the near term.
But the long-term trends remain very much in our favor. And importantly, we have a seasoned leadership team led by Michael, Jeff and Tom, who have a strong track record of delivering across these challenging economic cycles. So, we’re going to stay focused on what we can control, and we remain committed to delivering differentiated results for our stakeholders as we did in Q3. So with that, we appreciate everybody joining us today, and look forward to seeing you soon.
Operator: Ladies and gentlemen, this concludes today’s conference call. We appreciate your participation. You may now disconnect at this time.
