Bob Wrocklage: I think, I’d augment kind of that first capital allocation priority of organic investment in the business, everyone always thinks of innovation as being R&D, but we equally think of innovation in the space of operational efficiency and capacity expansion. And so, we’ve been investing over the last several years to be able to drive higher capacity and output, which of course allows us to then deliver on those higher order rates and higher growth numbers that you’re asking about. So, it’s equal parts, but it’s contributory from innovation as well as operational efficiency focus and capital investment to support capacity.
Operator: The next question comes from Andrew Krill from Deutsche Bank.
Andrew Krill: I’ll ask first, just sales have been very strong for several quarters in a row and I think you’re on track for strong double-digit growth in 2023, and that’s on top of basically double-digit growth the prior two years. So, I’m just wondering, is the kind of historical, like mid to high single digit growth rate for this industry? Do you think it’s structurally moved higher or should we expect to kind of go back towards that range again?
Ken Bockhorst: Yes. So, if you rewound a couple of years ago, we used to refer to it as mid-single digits. So, we have changed into that high single digit mode. And as you know, we don’t provide guidance in the quarter or the annual basis. Things can tend to be uneven at times, but for the most part, through the strategic cycle, we’re really comfortable thinking in the high single digit range year-over-year.
Bob Wrocklage: So, when we say high single digit over the strategic cycle, we’re talking 5- or 10-year cycles. So, to get a compounded annual growth rate of high single digits, there may be years that are up 15, 16, and there may be years that are only up 5. So we’re simply talking about that trend line over a CAGR style. So, I do think — again, we don’t guide obviously, but I think the ability to sustain double-digit growth even in this market, it’s not doable, repeatable every year, annually over that strategic cycle.
Andrew Krill: And next just on like capital allocation, any update on how you’re thinking about your approach there just as your cash balance continues to grow, and maybe an update on like the deal pipeline, anything you’re looking at? Thanks.
Ken Bockhorst: Sure. Yes, so deal pipeline remains strong. We have, as we’ve always maintained over the last several years, a really healthy target rich environment of companies that are in this water quality space. We’d be certainly interested in building that out more, software side, anything that has global footprints in the select regional markets that we’re looking at, similar to what ATi, s::can and Syrinix have brought to us. So, good funnel. We remain disciplined. We think we have a really good idea of where value does get driven within our industry, and that’s where we’ll continue to look for value creation opportunities and M&A.
Andrew Krill: And if I could sneak one last quick one. I think last quarter you noted that book-to-bill was over 1. Can you give an update on that for third quarter?
Ken Bockhorst: Well, yes. So, as I talked about with that improving lead time situation, we had a really strong order period that we’re really proud of. We just had an exceptionally strong shipment period that was slightly better, and I do mean slightly.
Operator: [Operator Instructions] The next question comes from Tate Sullivan from Maxim Group.
Tate Sullivan: A couple of things. Good morning. Impressive expense control. I mean, your revenue growth exceeded my expectations but expenses were under. Can you just talk about maybe the composition in selling and administration expenses? Is R&D at higher levels than historically to enter more water quality — real water quality markets and any integration expenses? It’s just, I continue to expect you to have more expenses, but it seems like you manage it quite well.
