Kathryn Thompson: Hi, thank you for taking my questions today. Just following on the theme, and we’re hearing some other companies talk about the concept of value over volume, which you have been in your journey, are ready for much of this year and in last year. As you go down that path, it’s not just bidding on projects better and smarter, but could you clarify, are you seeing any changes in mix to improve that overall margin quality? So in other words, are there certain areas or segments of inspection and service that you’ve just decided as a firm, hey, this isn’t this just is worth it, and/or are there other areas where you are increasing focus because of favorable profitability?
Russell A. Becker: So, Catherine, no disrespect, but we do not use the word bid, at APi, and —
Kathryn Thompson: Yes, understand.
Russell A. Becker: I understand, if there’s a word that I don’t like, that would be number one on my list. I have a few other ones I could share with you sometime offline, but that would be one of them. And I would say that, when I look at the businesses there, like international, we just have some poor performing, customer contracts and things like that. So, I’d say that the focus there is more around the customer. And in certain cases, we’ve had to be aggressive about taking price, under prior ownership, they weren’t as focused on prices, we have been based on price. And so there’s a little bit of, there’s a little bit of end market focus and there’s also an element of just customer focus, when I think about our international business and, we just continue to be able to grow that business organically even with some of that customer pruning that we’ve been doing in it.
In Specialty, I would say that it’s more, because our offerings in Specialty are very fairly diverse. I would say that just across the board, it’s I like the end markets that we’re in. So, I don’t think it’s an end market focus. It’s more about making sure that we’re focused just on the right client that’s going to value the services that we bring, so that we can actually get paid a fair price, for the work that we do. The reality of it is, is that if we wanted to turn the spigot on, we could turn the spigot on and we could do, we could do more much more work than we are doing, but the margins just wouldn’t be in the same place. And we would, payment terms would be different and all that other stuff that comes with that. And so for us, an element of this is, is being focused on payment terms and making sure that we’re getting out in front of some of those things, so that we can continue to focus on not only the 13% but also on the 60% and the 80% free cash flow conversion.
And that’s a component of this as well. And then when I think about our domestic safety business, I’d say there it’s all about end markets and making sure that we’re focused on the right place and really dedicating our resources to data centers, semiconductors, healthcare, and those end markets. So it’s a little bit different based on those three kind of buckets, but that’s really how we’re looking at it.
Kathryn Thompson: Sounds great. And one follow-up, this is something that we’re finding with other companies broadly in the construction value chain, that with the mega projects and the more complex, not just construction, but ensuing service of a certain metric projects including data centers. You’re finding that the end customer candidly just needs more complex needs, which means that there are only certain companies that are able to meet those needs. And so it’s disproportionately benefiting certain types of companies versus others. Would you say that given, your overall range of service and high quality, are you able to win more because of complexity of projects?
