Garik Shmois: That’s great color. I appreciate that. I just want to follow up on the inorganic growth opportunities. I think just to be clear first off, the stronger inorganic growth in Construction Products, that assumes the acquisitions in both the fourth quarter and the recently announced one. I guess that was in the fourth quarter as well, in south Florida. So, just want to confirm that, and it doesn’t include any new acquisitions. And then just as a follow up to that, just how are you thinking about acquisitions more broadly within Construction Products? Maybe talk about bolt-ons as opposed to new platforms. Are you in the markets that you want to be in now or are there other regions that you want to expand in? and just maybe speak to how that looks in 2024.
Antonio Carrillo: You’re correct. The guidance on the first side does not include any new acquisitions. Last year, we had very little inorganic EBITDA coming from previous acquisitions. So, this year, we expect a little more because we made them at the end of the year. And these acquisitions, it takes time to integrate them. There’s some integration costs and things. So, normally it takes a little time for them to start being accretive. But we do expect them to be accretive to our margins in 2024. On the future acquisitions, I would say, I’ve said it before, but it’s – do we like bigger ones? Of course, we like bigger ones. They’re not available. And most of the time when we see something bigger, we’ll be interested in that.
As you’ve seen some of the multiples that are being paid for the larger ones, one of the things we believe is, we believe in buying in disciplined capital allocation. And we’re buying these acquisitions at multiples that we believe are good and generate value for our investors. So, we’ll continue to look for acquisitions. On the bolt-on side, larger also if we can find them at reasonable prices. And we are still looking for additional platforms in other regions. We still have several regions we’re interested in where we do not have a presence. And so, but today, we have a lot more opportunities to redeploy capital than we had five years ago when we were only in Texas. Today, we can redeploy it in California and Arizona, in Texas, in Florida, along the Gulf Coast in Tennessee.
So, we are building a nice platform that we can expand, and we need to get good at buying these small opportunities at reasonable prices. We also see opportunities to really pull capital in Engineered Structures. There’s gaps in our product portfolio that we need to fill. We can do it organically or inorganically, and we’re working both sides of the equation. So, I think you’ll see us continue to be active on the M&A market.
Garik Shmois: Sounds good. Thanks for that and best of luck.
Operator: Thank you. We have no further questions at this time. This will conclude the Arcosa fourth quarter and full-year 2023 earnings conference call. We thank you for your participation. You may disconnect at any time.
