“Now, obviously, we think that that will increase.”

In context

“so much home equity built up, you know, our consumer has a job increasing wages. Increases of home equity are up as much as 50% since the end of '19. Why haven't we seen the larger remodeling cycle, particularly as people stay in their homes? And again, we cited the increased engagement in Q4 of 2024 and how that continued into the first quarter of 2025. But we've yet to see that large project. The large project generally requires some sort of financing. And while there are literally trillions of dollars of equity available to be tapped in the homes, I think there's still enough macro uncertainty. And again, those stubbornly high interest rates that, you know, people are painting again and working in their yards and doing smaller projects, but just have not engaged in the larger projects. Now, obviously, we think that that will increase. We cited last quarter that we're at now a net cumulative shortfall of about $50 billion of home improvement spend on housing. So we're very much looking forward to it as much as you are, when people tap their equity, gain the stronger macro confidence, and engage in those bigger projects. Christopher Horvers: Thank you. And then my follow-up is on the SG&A line. SG&A, I think, grew 12% year-over-year this quarter. That was a pretty sizable step up from the underlying growth rate of the past few quarters. Can you talk about, you know, was there anything one time in that that maybe the street missed, and how are you thinking about, you know, SG&A growth as the year progresses? Thanks very much. Richard McPhail: Yes, thanks, Chris. So we did -- as we've said, operating expenses can show a li”