Ted Jackson: Yes, you’re learning. You have to understand what the market wants so that you can deliver it. That’s how — you need the experience?
Rajiv Prasad: Yeah.
Ted Jackson: Okay. I have a couple of other questions, but I’ll step out of line. I’ve been on for a while. Thanks.
Operator: There are no further questions at this time. I would like to turn the call back to Christina Kmetko. Please go ahead.
Rajiv Prasad: Yeah, Ted, If you have got some more questions, please go ahead.
Operator: Ted Jackson.
Ted Jackson: Yes, sorry, I just didn’t want to hog up the call. So I want to talk then about the SG&A line, particularly in lift trucks. It was heavy in both Americas and EMEA. And I’m just kind of curious into what drove — relative to my expectations, I should caveat that. And so my question is just kind of what drove the increases? Should I view that as kind of a new baseline going forward?
Rajiv Prasad: There are two key elements. The first one is something that we’ve been saying for a while that we want to find a way to invest more on some of our strategic initiatives. So we are increasing our head count a little bit. But the big element of it was actually incentive comp, which was — incentive compensation, which was paid in March of this year. And two things drove that. Firstly, outperformance for 2023. It was better than we expected. And so the incentive comp program paid out better than we had planned. The other piece was our share price appreciated, and that has an impact on the equity part of our long-term incentive. So both of those elements are actually the larger element. And that is done for 2023. Now, we are accruing for 2024 at the normal rate.
Ted Jackson: Okay. So we could actually see that line item pop down in the second quarter. And hopefully, given the trajectory you’re on and what you’re doing, have the problem of seeing it pop up again, if we get to the end of the year.
Rajiv Prasad: Yeah.
Ted Jackson: Okay. I’m going to leave it at that. Congrats on the quarter. It was really, really super.
Scott Minder: Thanks.
Rajiv Prasad: Thank you for your questions. We appreciate it.
Operator: There are no questions at this time. Please continue.
Christina Kmetko: Okay. With that, we’ll conclude our Q&A session, and we do thank you for participating. A replay of our call will be available later this afternoon. We’ll also post a transcript on the investor relations website when it becomes available. If you have any follow-up questions, please reach out to me. My information is on the press release, and I hope you enjoy the rest of your day. Now I’ll turn it back to Chloe to conclude the call.
Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. [Operator Instructions]. You may now disconnect. Thank you.
