Operator: Our next question is from Chris Snyder of UBS.
Christopher Snyder: I kind of want to follow up on some of the prior commentary on margins. If I look at ’23, it seems like at the midpoint, the guidance with EBITDA margin up 70 or so basis points year-on-year. And then the 25% target implies up at least 100 basis points kind of per annum the year after. Can you just maybe provide some color on what is kind of driving that post ’23 reacceleration, whether it’s productivity or it sounds like some of the Chubb synergies are kind of back half ’23 weighted?
Kevin Krumm: Yes, I can take that, Chris. So with respect to 2023, the primary drivers of our margin expansion, and I think your math seems directionally correct when you look at the full year guide at the midpoint, is going to be continued delivery of our value capture opportunities that we talked about in November. And it’s going to be the stickiness of our pricing and our continued focus there that Russ has talked about earlier on the call. And then the last component of it will be, I guess, what I referenced earlier on the call, which is the expectation that in 2022, our price pass-through was — while we were able to pass it through, there was a margin drag primarily on the project business. And I think in 2023, if pricing comes down, we should get some of that gross margin back.
Christopher Snyder: And then maybe for the follow-up, something more kind of thematic. We’re seeing a very high level of investment into the U.S. economy, whether it’s reshoring, stimulus — or sorry, infrastructure kind of bills on behalf of the government. Can you kind of talk a little bit about what that means for your business? I think we always kind of think about the drivers here being the installed base, which is kind of an influx of capacity expansion. Kind of — what kind of opportunity does that provide?
Russell Becker: Well, I mean, kind of two different things. I mean, like when I think about reshoring and things like that, my brain immediately jumps to the semiconductor space and the level of activity that you see going on with the Intels of the world and Micron and some of those other folks, and the capital spending that they have going on in the United States is very, very robust. And I would say it’s so robust that firms like ours have to make sure that we’re disciplined that we don’t overextend our resources actually and make sure that the project-related opportunity that we do pursue, we have the capacity to do and do very well. And these are sophisticated customers and being able to deliver a high-quality end product is something that’s very important.
So we’ve been really disciplined in making sure that we don’t overextend in those spaces. When I think about the infrastructure bill, I think about it more from the whole concept of a rising tide floats all boats. And a lot of the project-related opportunities that will be funded by the infrastructure bill are things that we would not be interested in pursuing. However, our peers in the industry and our competitors in the industry are interested in pursuing that. And as they pursue some of those related opportunities, it creates more space for us with our existing customers to take share, to increase pricing, to improve our margins. And that ultimately is a benefit to us. The real broadband spending at the federal government moving forward with is something that aids our business and specifically a couple of our businesses.
But in the scheme of things, it’s not a huge driver of revenue in our Specialty Services segment.
Operator: Our next question is from Andy Kaplowitz of Citibank.
Unidentified Analyst: This is (inaudible) on behalf of Andy. Can you update us on what you’re seeing in Europe and China? And as we think of your 2023 guidance, what is (inaudible) for these regions? Are you baking in a recovery in economic conditions? Or given the nature of your work, you think you can get to your guidance even without a significant step-up in economic activities there?
