Ted Jackson: Shifting over next question, kind of sticking in the broader themes. I was at Modex this week and, I got a couple of questions around things that came out of that. One is spending three days there. It was amazing to me how much demoing, how much floor space was taken up by automation and robots. And clearly, that’s a trend. It’s not that it’s not much of a secret. But as you think about the move towards automation and the move towards more robotics, how does that– does it challenge you in terms of your ability to find the kind of technician that would service that? Is it does it make it harder for you to recruit? I mean, I could see that being the case. I could see it making it easier for you to recruit. And then kind of my tie in question to that is, is that I know that you guys have some exposure and do some distribution around some robotics and some automated products.
From where you sit is where you sit is where are we within kind of the deployment of that kind of technology? I mean, I know we’re early innings, but I mean, is this stuff actually really getting deployed. What kind of in your material handling’s world, what kind of like, how much of the pie does it take?
Ryan Greenawalt : Let’s start with the first piece of the question. So we see automation and robotics as an opportunity in our core business segment, which is as we highlighted today, we really think it’s all about product support in the aftermarket. And we think that that same thing will play out in robotics and then other advanced material handling solutions. The question of technical aptitude or ability or how recruitability is actually it’s the second — it was the second thing position you positive, which is that it’s actually easier. It’s harder to train someone to be a fully functional heavy diesel engine mechanic that works on all types the breadth of heavy equipment that we have in our portfolio. That’s harder to train and takes longer to train than some of these electric material handling machines, which is there’s less diagnostics.
It’s going to be more component replacement. It’s just it’s a different skill set. It’s going to be more happening with a laptop than with heavy tools and machinery, I guess, is the best way to delineate the two. Then just what’s the sorry, Ted there was a multipart question. What was the second question?
Ted Jackson: Well that goes into, like you know, I mean, I’ve seen some of your all marketing literature that you have around it. And you guys do have product offerings in your — what do yo call it?
Ryan Greenawalt : Where we’re at in the lifecycle. It’s just getting started.
Min Cho : [indiscernible] robotics and automation.
Ryan Greenawalt : to robotics and automation.
Tony Colucci: It were early innings. We’re early days and there’s a lot to come and we we’re well positioned, but we’re just scratching the surface. And we’re excited about that we have allied lines and we have some parts of our portfolio that are more emerging technologies. But what we’re really excited about is what Hyster-Yale’s working on that they’re our flagship partner and you can see their commitment to that market and being innovators. And we’re excited to be part of that. And we’re feel like us in a couple of our other peers in their dealer network are really well positioned to capitalize on that.
Min Cho : I spent about an hour and a half in their booth this weekend. They had a good story and they had a nice demo of some stuff in there. My final questions, which are really just kind of nitpicky and really for Tony, but this, Tony in ‘24, you hit part of it with regards to what you’re expecting for rental equipment, but what’s your CapEx for ‘24 going to be ex-rental?
Tony Colucci : $10 million is a good number for that figure. This would be for things like leasehold improvements at a branch, parking lot, a new roof this kind of stuff. Refurbishing office space if needed, cranes, et cetera. $10 million, not a bad is a — is a good number there.
Min Cho : And then my last question, which is really nitpicky is I just — it’s more out of curiosity. On the cash flow statement, what is gain on bargain purchase of business?
Tony Colucci: Gain on bargain or gain on bargain purchase is brought to us by general accounting principles and fair valuing of assets in purchase price allocation. It effectively is saying, Ted that the assets that were purchased in the Burris transaction were worth more than we paid for it. And there’s obviously judgment that comes into that different factors that I won’t get into, but that’s what that was.
Min Cho : Well again, congrats on the quarter in the year. I look forward to 2024.
Operator: Thank you for your question. There are no additional questions waiting at this time. That’ll conclude the conference call. On behalf of the company, thank you for your participation. You may now disconnect your lines.
