Joanna Gajuk: Okay. And I guess it also relates to my other question on capital deployment. So this confidence in the deal spending, is that a reason why you did not really buy that much stock in the quarter. I mean it sounds like you before in Q2 you already bought the same amount and maybe it was just timing of things. But anything to read into that? I guess the Q1 the $50 million was the lowest since 2019.
Eric Tanzberger: Yes. I’d answer it two ways. I think we continue to have a track record based on our opinion on the value of ramping up and ramping down. So you’re always going to see some volatility among quarters and quarters as we form that opinion. We definitely believe heavily in the share repurchase program right now. So I don’t want you to take that any differently, including what we did in the quarter and currently what I said, we’ve already done in this quarter already to date. But the second piece to that is, last quarter Q1 of last year, we actually took on debt to do some of the shares and some do some acquisitions and stuff and we paid down debt and it’s about $100 million swing. And that’s kind of where that capital went this quarter where we paid down debt.
And again, I don’t think that’s a pivot in strategy. Three months doesn’t make the year as Tom just said. But from a timing perspective, we continue to have a little bit of a bias towards the 3.5 side of the 3.5 times to four times leverage. That’s not new. That’s what we’ve said. Obviously, I think everyone was in the boat of expecting some floating rate relief, as we went through the year. That relief appears to us and appears to the market as well that if it does come it’s going to come in the back half of the year. And I think that went into some of the thinking during the first quarter. But I’d also reference again the momentum we have in the share repurchase program subsequent just in the first month is very strong. So hear us very clearly about how we view it very favorably at these levels right now.
Tom Ryan: Joanna, just to add a little bit, there’s a technical reason too. Obviously when we’re in quiet periods, we can’t make decisions day to day. We have to put a formulaic number in there and we want to be able to — if it super cheap under formula to buy it, but maybe not as aggressive. And we can’t change that. If you think about the first quarter we go quiet Aaron probably like November 15 it goes all the way to your release earnings. So it’s the longest period of time where you really don’t have a lot of discretion. And so I think that’s probably to Eric’s point didn’t spend as much as you might think. And now that you get into these months it’s shorter windows.
Joanna Gajuk: Okay. Yes. Got it. That makes sense. And I guess if I may just a very last one. Thank you. When it comes to just looking out on the last call you made some comments about 2025 and I guess talking around the production and cemetery presales production you said, you’re seeing great momentum this year and heading into next year. So, should I read into this? Or you kind of feel the same way as you did I guess maybe less than three months ago when you reported Q4 and you talk about returning to 8% to 12% EPS growing 25% kind of any update to that commentary. Thank you.
Tom Ryan: Yes. I just think Joanna, we’d say that, we feel confident then and I’d say I feel a little more confident now because I think the first quarter from an expectations perspective and the trends that we’re seeing are really positive. I also think getting this AG matter behind us and allowing us to transition to our new SCI Direct strategy which should as we get through the first couple of years provide us a real robust growth platform for that business because again, we’re going to generate general agency revenues and be filling up the backlog with much more robust funeral averages. So we really feel great about where we are and are excited about getting into these months. And again, digital leads continue to grow at a pretty pronounced clip.
Our sales teams are super effective, super productive. I think Jerry is running a sales team that’s people lighter than it was before we went into COVID. And as you mentioned we got 9% compounded growth rate over the period with 600 fewer counselors than we had in 2019. And I’d say that’s great leadership in sales, great leadership in marketing and we just appreciate the effort and we’re excited about going forward.
Joanna Gajuk: Great. I like the excitement. Thank you.
Tom Ryan: Yes.
Operator: Our next question comes from Scott Schneeberger of Oppenheimer. Go ahead, please.
Scott Schneeberger: Thanks very much. Congratulations, Debbie, 100 quarters is a lot of quarters, a career well done. I guess, I’d like to start out just funeral volume kind of a high-level question Tom right for you. From the pandemic pull forward we’ve been going through this reversion period. There have been a lot of puts and takes impacting it. Where are we in that? Where — what inning would you say we’re in that reversion? When do you expect maybe we see normalization and maybe some improvement to funeral volume? Thanks.
Tom Ryan: Yes, Scott. I think we felt like based again and this is incredible but crystal ball but we feel like this was the 2024 kind of the last year that we had the net true hangover as you think about the impact. So I think the way to think about 2025 is you still have a few things in your face but they’re so slight that we believe our market share gain and the natural debt rate will overcome it. So as we think about 2025 we feel good about flat to — and again you never know what happens in the flu seasons we feel like it’s a positive comparison as you move out past 2024. And then as you get into the back half of 20s the a lot of things are moving in the direction including demographics. I think you’re through the headwinds of COVID. And again with our growth in preneed we believe continuing to capture market share that should be reflected in our funeral volumes as you think about the back half of the decade.
Scott Schneeberger: Thanks. For Eric one for you. Just and then a quick final one after. But Eric what are you thinking about interest rates in the variable for the back half of the year? Just any change to what you were thinking last quarter’s update. We have a guidance update but specifically on that line. Thanks.
