Jeff Hammond: Hi, just on second half aero margins, I think you’re guiding maybe flat to a little bit down, it seems like synergies are building. Just wondering, I think historically your margins have kind of built through the year. Just how are you thinking about maybe any headwinds within second half versus first half aero margins?
Jennifer A. Parmentier: Yes, I would just start with and I can let Todd add on. We had a really nice, aftermarket mix in Q2 and in the first half, it was really driven by favorable spares. So, we didn’t feel comfortable forecasting that into the second half, so that is some of it.
Todd M. Leombruno: Yes. We did call out some one-timers in Q1 that were margin positive. Q2 obviously was another Great margin quarter. Jenny is absolutely right. That mix at 47%. We hope it remains there, but we didn’t feel prudent to guide that way. And again, I just go back to if you look at the second half there, those are record numbers when you look at what we’re guiding to. So, we feel like we can achieve them. There’s just I could see a few more quarters at that level before we get overly confident.
Jeff Hammond: Okay, that’s great. And then just the backlog, I think you’ve said it’s stable at a high level. I think you’ve given some stats around 30% and 50% for industrial and 55% for overall and that was kind of 2x. Are those kind of running at those same levels? Are we seeing any backlog drawdown?
Jennifer A. Parmentier: No, I mean, they’re just exactly what you said. They’re holding steady at those levels. And it is about twice of what we’ve seen in the past. So, we feel really good about the quality of the backlog. I would tell you that, we constantly analyze it and, we do a lot of checks with our customers. But, again, not seeing any major cancellations or push outs at this time, so we think it’s a good quality.
Jeff Hammond: Okay. Great to hear. Thanks.
Todd M. Leombruno: Thanks, Jeff.
Jennifer A. Parmentier: Thanks, Jeff.
Operator: Our next question comes from Andrew Obin with Bank of America. Please state your question.
Andrew Obin: I guess still good morning, still good morning. And yes, and I apologize for the confusion earlier. Just a question on pricing and inflation. I guess our channel work suggests that just generally fluid power pricing is running higher I think than we would have expected. In the new calendar year, what are your expectations? How are your expectations about pricing are evolving any change to your framework? And what does it say about sort of just general inflationary environment for the industrials?
Jennifer A. Parmentier: So, Andrew, this is Jenny. Just kind of a reminder with pricing, we went out early and often, some of these really historical inflationary times over the last couple of years. We are now back at our regular pricing cadence of January and July. And, I would just say that the increase that we just did was very modest. I wouldn’t consider it a higher increase for fluid power. So, and that’s what we barring any major changes, that’s what we expect to see going into the future. So, we still are in inflationary times, and there’s some of those inflationary cost drivers that aren’t going to reverse. So looking forward, this is what we see right now, but we’ll continue to use the pricing tools that we’ve always used in the past.
Andrew Obin: Got you. And just a follow-up I think on Meggitt synergies. I guess just to clarify, you’ve raised the synergies from $150 million to $200 million cumulative. So should we think about it as a pull forward or is the $300 million target going higher because clearly Meggitt has been a big success for you, but just to understand what the formal framework is?
Jennifer A. Parmentier: Consider the pull forward, we originally said $75 million for this fiscal year, now it’s going to be That’s $50 million higher. So we’re in a good position here. We remain committed to the $300 million by FY ‘26. We’re just realizing some of that sooner.
Andrew Obin: That sounds like good news. Thanks so much.
Jennifer A. Parmentier: Thank you, Andrew.
A – Todd M. Leombruno: Thanks, Andrew. Diego, I’m being told that that was the last question in the queue. So, unless you see anything different, we will wrap up just a little bit early. I know it’s a busy day out there for everyone. If you do need any follow ups, Jeff Miller, our VP of Investor Relations; and Yan Huo, our Director of Investor Relations, certainly will be available if you need any follow ups. And as always, we appreciate your attention. Thank you for your support in Parker, and I hope everyone has a great day. Thanks.
Operator: Thank you. And that concludes today’s conference. All parties may now disconnect. Have a great day.
