Thomas Johnson: Hi. Thanks and congratulations on another strong quarter here. To start, it would be helpful if we could maybe get some incremental color on the demand outlook. Obviously, language on year-over-year comps. This is reasonably conservative, but constructive, although you did mention record fourth quarter exit ordering. And it’s pretty clear that recent results have been delivered in the face of some pretty strong operational headwinds, which we kind of would assume are easing in 2023. So what are some of the underlying assumptions that are kind of causing that conservatism on the 2023 outlook just on a year-over-year basis?
Kenneth Bockhorst: Well, I’ll go first, and I can see Bob chomping at the bit here to get into. But if you — I’ll bring you back to Slide 6. And if you look at the upper right corner, we’ve got the chart there on utility growth remembering that utility is 85% of our revenue. And even in 2020, the COVID year, we grew 4%. Last year, we grew — in ’21, we grew 9%. This year, we grew 14%. So we are absolutely excited about the market. The market is great. We continue every single quarter to have record shipments and the backlog has increased every quarter. The bid funnel is strong. We’re winning more than our fair share of AMI in this market. So we feel as great as ever about the utility market, which is the largest portion of our business. And we feel really good about our ability to grow 10% in flow instrumentation, that other 15%. So we don’t feel challenged by markets. We’re just saying perhaps maybe the rate of the percentage of growth may not be 14% again, right?
Robert Wrocklage: So that’s the clear takeaway should absolutely be here. Optimism about the outlook moving forward. But just incrementalizing on a year where you just delivered 12% growth to think that, that rate of change on a law of big numbers is going to be in excess of what we just delivered. The conservative comes from just anniversarying the increases of 2022. Still a very robust growth, but just not at the level of in excess of what we just delivered.
Kenneth Bockhorst: Yeah. And to be very clear, I mean, we are very confident in 2023 and the longer term with what we see in the markets.
Thomas Johnson: Understand that. Thanks for the color. Just shifting to capital allocation here. Really helpful information on Slide 7. And clearly, you’ve put some capital to work in the first quarter of the year, but still sitting on pretty high levels of cash here. So just from an M&A perspective and maybe the pipeline of deals there. Post this recent acquisition, what other areas are you focusing on for inorganic growth here in the near term?
Kenneth Bockhorst: Yes. We’ve built and have maintained a really interesting funnel of companies that are in the water quality space, software space, much like Syrinix, the recent acquisition. And anything that brings some sort of a global customer base and footprint with it is in that target zone. So we remain disciplined. We look for value. I think we certainly have found that with the three acquisitions we’ve done in the last 26 months. So we’re not in the mode of just trying to get bigger because we can, but there’s certainly a number of interesting opportunities out there for us that we continue to work.
Robert Wrocklage: So the laneways Ken mentioned, are the same as they’ve been really for the last couple of years. And you can tell that those laneways are very core to where we play today. So this idea that perhaps with the available cash, we all of a sudden, stray far from the fairway in which we operate right now. That’s most not likely. We’re staying very core to where we play in those laneways are unwavering really over the last few years.
Thomas Johnson: Understood. Thanks for the helpful responses and I’ll pass back.
