“When we talk about the shape of the year for the negative 2 high end of the range, we would expect that the second half would be better than the first half, really due to lumber normalization in the second half on a year-over-year basis.”

In context

“en we will talk about the shape of the year. The negative 2 was really built on flowing through the Q1 performance, adding the Q1 lumber impacting the guidance, adding a little further lumber pressure that we will see in Q2. We think that there could be 120 basis points of comp pressure in Q2 based on current lumber price. And then that negative 2 scenario also reflects our share of PCE, which shifted at a more accelerated rate than expected in the first quarter sort of holding at that rate for the rest of the year. So those are the underlying assumptions in the negative 2 is. The negative 5 case simply takes that PCE share shift assumption, our share of PCE and assumes that we revert back to 2019 levels of PCE share by the end of the fiscal year. So that would imply the negative 5% case. When we talk about the shape of the year for the negative 2 high end of the range, we would expect that the second half would be better than the first half, really due to lumber normalization in the second half on a year-over-year basis. The vast majority of lumber pressure year-over-year exists in that first half. So as that normalizes in the negative 2 case, second half improves versus the first half. In the lower end of our range, we would expect the first half would outperform the second half, again, due to that assumption of continued acceleration in our share of PCE. Steven Zaccone: Great. Thanks for all the details on that. And then I wanted to follow-up on the comment about this being a transitional period for the consumer. In the context of the question is how do you think about this year as a potential trough in demand for home improvement versus it potentially being a multiyear trend and maybe 2024 is another step down. And I know you’ll have a – there is a lot of moving pieces, and you’ll have an Analyst Day i”