Brent Yeagy: No Jeff. You’ve been doing this long enough to know how it works. And I would say that is a generally good approximation for how the world works.
Jeff Kauffman: All right. And then ASP was pretty strong a little stronger than I was looking for both in truck bodies and in trailers, which is great. But I would assume with raw material costs coming down at ASP levels off a little bit. Could you give us an idea of what trailer ASP might look like without the mix issue of tanks being a little bit stronger and give us a feel for what was driving the higher truck body ASP?
Mike Pettit: Yeah. I would say — I’ll start with trailers. I would say as you think about, obviously, we have a long backlog business. So the price that shows ASP that shows through in the revenue for the quarter comes in at all different times over the last year or so. So you would see some ASP reduction as we go through 2024. I think you’ll see volume increase in ASP come down as we go through the year. For truck bodies there can be some mix in that business. But generally speaking I think it just — it represents what we’ve been saying a more stable borderline strong demand environment in that business that is able to have pricing stability. So I wouldn’t expect as much of a pricing move in truck bodies as we go through the year. But for trailers you will see a step down as we go through Q2 and the second half of the year.
Brent Yeagy: And this general commentary Jeff is that — and I would just say pricing across all the segments minus, maybe platform Trailers. The overall pricing resiliency has I would say, net, in some cases exceeded our expectations for the market that we’re in. And I think a big part of that is, we’re seeing the actual value of the product shining through and the nature of the portfolio changes that we’ve made and kind of channel movement really starting to have an impact on pricing which mutes the effect of just more of a dog-eat-dog pricing environment that you might expect in the past. We’re just doing a little better in how we manage it.
Jeff Kauffman: Okay. Great. And as you mentioned Brent, I’ve seen these things a bunch of times, but sometimes you forget. And then lastly, very impressive margins in Parts & Services, the gross margins pretty strong, but the operating margin flow-through was a lot better than I expected which is fantastic. Is 21% which I don’t remember seeing on an operating margin basis is this a new level that we’ve reached because of what’s changed in Parts & Services? And is this more sustainable? Or was there something that helped that number a little bit in 1Q?
Mike Pettit: Yeah. I wouldn’t guide to something over 20%, Jeff. We have been saying high-teens upwards of 20%. And that’s — I would maintain that. So we had a really strong margin performance in that revenue stream in Q1. And while it is outsized compared to the rest of the portfolio, I wouldn’t want to model something above 20% going forward, while that may be something we can do down the road in a few years from now I would still say high-teens up to 20% in the business.
Jeff Kauffman: Okay. And then final question, you talked a little bit about how Trailers as a Service is going to be accounted for. Could you just — could I ask you to go back and repeat what you said, because I wasn’t entirely clear. You talked about the lease expense and the revenue. I wasn’t really sure where that’s going to show up.
Mike Pettit: So from a revenue perspective, we will — you’ll see how or many months in service the unit is in the field that will show up as a lease revenue coming through. And if it will — and then the capital expense will show up as a revenue-generating asset in our statement of cash flows.
Brent Yeagy: So Jeff that will come to, Parts & Services.
Mike Pettit: Yeah. Is that your question?
Jeff Kauffman: Okay. That was my question. Yeah, Parts & Services.
Mike Pettit: [indiscernible] Parts & Services, I’m sorry.
Jeff Kauffman: Okay. Awesome. Well, congratulations challenging environment, solid results, best of luck. Thank you.
Brent Yeagy: Thank you.
Mike Pettit: Thanks Jeff.
Operator: There are no further questions at this time. So I’d like to hand back to, Ryan.
Ryan Reed: Thanks, Kevin. Thanks, everybody for joining us today. We’ll look forward to following up during the quarter. Have a great day.
Operator: That does conclude our conference for today. Thank you for participating. You may now all disconnect.
