Anthony Scaglione: Yeah. And the only thing I would add, there Gerry hit all the key points is we’re looking at both the percentage increase in the dollar increase. It’s important as we look at the core in some of these core categories that are low growth or no growth categories that we’re maintaining our fair share, growing them through market acquisitions, but also looking at the overall growth from a percentage and dollar perspective and making sure that we’re driving those adjacencies as appropriate with our customer base.
Joe Gomes: Okay. Thanks for that. On the Federation, kind of maybe lay out what you perceive in terms of adding additional businesses to that segment here kind of in the near to medium term?
Anthony Scaglione: Yeah. Joe, this Federation has been a huge success for us. It’s over a $500 million business. All our Federation partners have done a fantastic job of getting COGS synergies from the business and driving increased profitability. We have a great IRR on all those businesses and we’re super happy with it. We’ll continue to shop and add businesses to the Federation. We’re talking to overpay for it. We have got a great balance sheet. We’re going to continue to do it. We’ve got a big target. And Brian White and teams had have done a great job of managing this business. We have to continue to drive the business, and we think there’s opportunities to grow that in the future. Obviously, we’re not going to give specifics because we want to make sure as we negotiate these opportunities.
And we think we’re a great place for the Federation companies to come to. We give — we love the sales teams stay facing the customers. We let the leadership run the business. We consolidate some of the back-office expense. We give huge synergies to these partners — and so we want to continue to do that. We think there’s multiple opportunities in the next two to three, four years to go off and go do that.
Joe Gomes: Okay. Thanks. And one last one for me, if I may — you revised your EPS range up in the — for the year. I was just wondering what impact, if any, you’re calculating in there regarding future buybacks in the second half of the year.
Anthony Scaglione: Yeah, we’re staying disciplined with the capital allocation that you saw in Q2. So we’re expecting at this point to be at a pace roughly at the same dollar amount, which was roughly about $30 million. And we’ll look opportunistically as we close out Q3 and whether it alter that pace going forward, given where we are on the balance sheet, liquidity and cash flow perspective. So there’s opportunities for us to revise that. But at this time, our guidance assumes a similar pace of what you saw.
Gerry Smith: I think the majority of the driver of that is really operating EBITDA performance, operating income performance confidence. So we affirm that confidence of EBITDA and AOI. And obviously, yes, back helps, but primary percentage of that is just strong operational excellence and driving performance, low-cost business model.
Joe Gomes: Okay. Great. Thanks for taking my questions. Congrats on the quarter.
Gerry Smith: All right. I want to thank everyone for joining the call today. I want to just highlight that, again, I’m really proud of the team. Thank you team for strong operating results and demonstrating operator excellence in our 5C culture, a 25% increase in EPS. We reaffirm our guidance on operating income and raised EPS. Our share repurchase program is strong. Our balance sheet is strong, great performance by our bar and ODP Business Solutions team — and obviously, we’ll continue to drive a low-cost model, our operational expense across the business going forward and look forward to talking to everyone in Q3. Thank you. Have a great day.
Operator: Thank you for your participation. This concludes today’s call. You may now disconnect.
