Neil Ashe: Yes. So not surprisingly, we get this question a lot. So let me kind of break it, as I did in the first question, break it down into its component parts. So — and specifically, now we’re talking about the electrical distributors. So there’s two parts to their business. There are — there is the project business which they’re staging and storing for delivery to job sites that’s basically kind of a fee-for-service business. And then there’s — so they own inventory for that but that’s attributed to existing projects. As we said last quarter, we think there was more inventory in their system because of that and that will work its way out as the projects are executed. The second is the inventory that they buy for resell which is our Contractor Select portfolio.
We continue to see, as I indicated earlier in the comments, we continue to see strong volume there. So that short lead time, high turns kind of inventory and that’s performing pretty well. Digging in deeper to the channel which is — which would — which is a different perspective is our OEM business, where obviously, we — you can see in the disaggregated revenue that, that business was down year-over-year. We do think that, that is a combination of a few things that our customers burning off inventory that they bought earlier which is destocking and then a couple of other things. So net-net, the — if we’re talking about the distributors, they are — our Contractor Select portfolio continues to turn over which would imply that their inventories are fine.
Ryan Merkel: Got it. That’s helpful. And then my second question, in some of the channel work that we’ve done, we heard about shortages of switchgear and then also a positive outlook for infrastructure work. Can you just comment on those two items, please?
Neil Ashe: Yes, I’ll start on switchgear and then Karen can talk about the infrastructure. So on the switchgear, that’s largely what’s holding up the stage in store orders. So the switchgear lead times continue to be far in excess of what the lighting lead times are, for example. So that’s why these projects are kind of inconsistently executing. And I believe that the consensus is that, that won’t improve until kind of later in the calendar year.
Karen Holcom: And then on infrastructure, Ryan, as we’ve said before, we do think this is a place of opportunity for us and we are starting to see some green shoots in the infrastructure projects. But it’s still pretty early. We’re going to continue to position ourselves for — to be on project specifications which will eventually turn into bids and then orders down the road.
Operator: Our next question comes from Joe O’Dea with Wells Fargo.
Joe O’Dea: I wanted to start on revenue mix and trying to kind of understand your views on the percent of revenue that’s most exposed to credit availability and interest rates. So I think about the exposure as being roughly 50% kind of new construction, 50% renovation. I think you’re roughly 20% kind of Contractor Select. And so trying to think as you’re talking about some of the projects and what you’re seeing in terms of maybe evidence of some slowdown in ordering. Just what part of the portfolio, what part of the revenue you think is maybe most exposed to some of these slowing trends?
