Ramey Jackson: Yeah. Yeah. No. Dan, that’s how to think about it. Like you said, we always have to step up in Q2, because our volume’s larger in Q2 and Q3, so we get the benefit there. I think, one of the things we always talk about is that we’re always looking at opportunities for productivity as well. So, our factories are always looking for opportunities. Our Poland factory in Europe is just finally getting up to speed with the last piece of equipment that’s installed there. So, I think, we’re still bullish in terms of looking at margin improvement for the business.
Daniel Moore: Got it. And then, just in terms of capital allocation, obviously, well below your leverage targets and buying back stock with a lot of capacity left, just you are — talk about the pipeline and maybe kind of level of dialogues around M&A, how that’s — the bid-ask spread and whether you’re seeing more opportunity that could come to fruition in the next 12 months, 18 months?
Anselm Wong: Yeah. It’s still a lot of opportunities out there. I think we’re excited about all the different areas that we’re looking for from an M&A point of view. I think — I don’t think much has changed in terms of what the opportunity is out there. There is opportunities. I think there’s just a balance of ones that are priced reasonably for an acquisition versus some that are still asking for a higher multiple. But I think there’s still, a lot of opportunities that we’re seeing in all the different areas that we’re looking for there. And then, I think, just in general from a capital allocation, you’re right, we just — we’re doing great in terms of generating the cash and just gives us the flexibility to be opportunistic when we need to be.
Daniel Moore: All right. We’ll jump back if any follow-ups. Thank you again.
Ramey Jackson: Thanks, Dan.
Anselm Wong: Thanks, Dan.
Operator: [Operator Instructions] Our next question is from John Lovallo with UBS. Please proceed.
Matt Johnson: Hey. Good morning, guys. This is actually Matt Johnson on for John. I appreciate you taking my questions. I know you guys kind of touched on this already. Just to put a finer point on it, I think at the midpoint of your full year outlook, you have sales of 4%. How are you guys thinking about new construction versus R3 versus commercial on a full year basis within that?
Anselm Wong: Yeah. I think that’s why we kind of started showing the storage together. I think, again, we’re agnostic between how it goes in either one. At least from a high-low right now, what we see in the media thing is new construction is going to stay fairly strong from what we can tell from the backlog. And then, I think, from an R3 point of view, it’s really still that leveling off of the conversion opportunities out there and we’re still hopeful that that’ll come back in terms of opportunity there. But again, overall, we just feel that there’s still that strength and stability in that storage piece.
Ramey Jackson: Yeah. And just on the conversion piece, and I think, we’re on record saying this, it’s more about normalization than it is anything else. Because of the pandemic created permitting issues and occupancy rates in the high 90s, mid to high 90s, I mean, capacity needed to come online as quickly as possible and that was just the quickest way operators could bring capacity online. But in terms of what we’re seeing, it’s really just coming back to normalization and so, we feel good about it, just not at those kind of pandemic levels.
Matt Johnson: Got it. Thanks for that. And then, just if I could touch on input costs a little bit, I think steel prices are down pretty meaningfully year-to-date. So, just how are you guys thinking about the dynamics between price costs through the rest of this year?
Anselm Wong: Yeah. Steel’s actually been falling. It’s down from the beginning, but it’s more stabilized in terms of kind of looking at how it’s been year-over-year. So, the good thing about it is that it’s always going to be volatile, but it’s actually a bit more stable. So, I think that just creates a better environment where there’s not a lot of price that we have to do, because any time you have to do price, it’s not that we won’t do it, we have the ability to do it, but it’s always a tougher one to bring through there. So, I think, if it holds in kind of the air where it is right now, I think, it’ll be a bit more stable market for us from that point of view.
Matt Johnson: Got it. Thank you.
Ramey Jackson: Thank you.
Operator: Our next question is from Brad Hewitt with Wolfe Research. Please proceed.
Brad Hewitt: Good morning, guys. Thanks for taking my questions.
Anselm Wong: Good morning, Brad.
Ramey Jackson: Hi, Brad.
Brad Hewitt: So, curious to hear what you guys are seeing from a backlog perspective. Maybe how has that trended recently, and how far does your visibility extend this year, particularly on new construction? I think some of the public REITs have kind of topped down on the new development side of things, but just curious what you’re seeing from a backlog and pipeline perspective?
