William Reuter: The sequential commentary about your inventory gains over the last year and which are the toughest comps was very helpful. I was wondering if you could share the magnitude in totality of these gains on an LTM basis. Because it sounds like you think that largely, these are going to be offset with productivity savings. So trying to get a sense of what you’re expecting on that?
Patrick Hatcher: Yes, this is Patrick again. So again, just going back a little bit, we started to see these inventory gains in 3Q ’22 and then they stepped up in 4Q ’22 and then again, in first quarter of ’23. And as George was just mentioning, in this quarter, we actually saw year-over-year gains. We were comping negative. So — we can’t really quantify with you today about what that totality of that is. But — and as George mentioned, we’re not even sure, that the productivity gains that we will see will completely timing-wise offset these inventory gains but we’re both — there’s a lot of opportunity on the productivity side. And we have, in our outlook, said that we’ve anticipate inflation to continue to decelerate and that we will see these inventory comps get tougher. But again, all that’s baked into our guidance.
William Reuter: Okay. And then, you’ve been focused on debt reduction of . Your leverage is now kind of within your target range. Are you at the point where you would look at additional M&A or do the higher interest rates in the current environment kind of discourage this activity?
Patrick Hatcher: Well, yes, as you mentioned, we are within our leverage range and we’re obviously very happy about that. And again, we reduced our leverage to 3.3x in the quarter. When we think about uses of cash, we’re certainly, as I mentioned, focused mostly on investing in the business and building our capacity to support the growth of the business. We’re always looking at strategic M&A. So I’ll leave it there, unless George wants to add anything to that.
George Holm: Well, we’ve always been opportunistic acquirers. And I would say that we always will be — so that something could happen there. We don’t have anything that’s actionable right now. But paying down debt, that’s important to us. So is adding capacity. We would rather reduce our leverage by having more earnings as opposed to reducing anything for that matter. We want to grow. And fiscal capacity, I would say that’s probably the most important thing to us today but we’ll always be an opportunistic acquirer.
Operator: And we’ll take our next question from Joshua Long with Stephens Inc.
Joshua Long: Curious if we can talk about, just the overall strength of the supply chain. It seems like things would be improving. You mentioned a couple of times different improvements in fill rates overall. But just curious if you could contextualize just the overall string business supply chain. And then when we specifically talk about some of those fill rate comments, how do you think about that? Are we — although the fill rate percentage is up — what does that look like in terms of the number of items or kind of the assortment versus kind of pre-pandemic? And is that even an important point kind of in the current environment?
