Operator: Our next question is from Brian Tanquilut from Jefferies. Brian, your line is now open. Please go ahead.
Brian Tanquilut: Hey, good morning. Just a quick question. Steve, how are you thinking about macro in the US? It looks like the US business is holding up pretty well, but as I think about your guidance for the year, how should we be thinking about the assumptions you’ve baked in, in terms of the expected hitting of the recession sometime in the middle of this year? Thanks.
Steve Collis: Yes, we, AmerisourceBergen, I think if we prove one thing, and our industry, in fact, has proved that we are pretty resilient. And what’s important to us is that our — the patients that we ultimately serve are able to access products. And the payer systems, both the commercial and government systems, continue to work very well. And I think I’ve told the story many times and in 2009, which is my first year running the full-on drug wholesale business in that time, and of course, the whole world was melting down. And we had less than $4 million or $5 million in bad debt. So but key for all of our businesses, whether it’s Europe or US, is continued patient access to care. And in many cases, we are working with single-payer systems.
But I just want to stress that one of the beauties about AmerisourceBergen is we go through many cycles, but the core and the specialty businesses and the manufacturer services we provide are so fundamental to the health systems. And then we are also very good at adapting to whatever changes we need to make. So I would say COVID is an extremely applicable application of that. We really were able to adjust so many of our businesses to go virtual and really had one month of disruption, I would say, because of just so much of the economy moving inside. But other than that, I have to say that AmerisourceBergen has proven through all sorts of cycles that we are very resilient and carry on producing earnings and cash flow, which is very important.
Jim?
Jim Cleary: Well, Steve, I would just echo that. From my perspective, it’s just one of the €“ just one of the wonderful things about our company and our industry is our proven resilience.
Steve Collis: Well, that wraps it up for today. And Jim, thank you for ending on that keyword, resilience. I would say that we had an excellent quarter, and I’m excited about the Cencora name change. And whether we’re talking about AmerisourceBergen or in the future Cencora, we are highly differentiated and well-positioned for long-term growth anchored in our core distribution and specialty services and also with our very high potential customer base. And we’ll continue to benefit from growth in the pharmaceutical market, driven by patient demographics, prescription utilization trends, and continued innovation. Thank you for your time today. It’s been a pleasure spending this last hour with you.
Operator: Ladies and gentlemen, this concludes today’s call. Thank you for joining. You may now disconnect your lines.
