John Barnett: Bill, this is one of these areas where companies have existing relationships, right? And they may have a nearshore, offshore resources working. And what we’ve had to do through this process is start with a few people, right? build our reputation with our current customer base and with the goal of proving our capabilities and getting more work from them.
Bill Donohue: That is helpful. And I do want one point of clarification from your opening remarks. You had talked about learning the capabilities and the ability to tie pricing to an ERP system, that was Arroyo. Is that correct? Or was that another part of the business and I just missed what you were saying.
Beth Garvey: Tried to tie business — I’m sorry, I’m struggling with that segment.
Bill Donohue: So you had referenced that one of the capabilities that you have learned that you have from one of the acquisitions was the ability to tie pricing to our ERP system?
Beth Garvey: I’m sorry. So there are companies out there that do pricing tools like manufacturing pricing or how to price this product, right? And we have the ability now to do connections with — the Royal team has built connecting tools that take a ERP system and tie it to a manufacturing pricing tool, right? That capability of feeding that into an ERP system has been lacking. And so we’ve done a really good job of being able to build that out.
Operator: Our next question comes from Brian Kinstlinger from Alliance Global Partners. Please go ahead with your question.
Brian Kinstlinger: Great. Thanks for taking my question. Sorry, I joined late, so I’m not sure if this was asked. Can you talk about your current appetite for M&A with your recent transactions and solid cash flow trends? And then maybe can you speak to valuation expectations for private companies and how they may have changed over the last few quarters? .
John Barnett: Yes. I think right now where we’re at, at making two very large acquisitions going through our realignment process and where we are from a leverage standpoint. We — unless something that was really a good fit came up. We are looking at acquisition opportunities as they come up. But I highly doubt that we would pull the trigger on anything, except something that was exceptional at a low price this year. This year, we’re really focused on execution. We’ve done the alignment. We believe we have some final — finally have some tailwinds from the economy behind us, and we need to focus on driving business and full adoption of selling in what we have acquired across our sales platform.
Operator: Our next question comes from Mike Taglich from Taglich Brothers.
Michael Taglich: I hope I didn’t miss that. One question. Is there a high low on the growth range on the Property Management business and then the tech business for this coming year?
Beth Garvey: In percentages about how high we think — are you asking for guidance?
Michael Taglich: Are you going to beat inflation or not in tech? Are you going to beat inflation or not in real estate?
Beth Garvey: I feel very good about 2024.
Michael Taglich: All right. You want to give a little more specific or you don’t feel like it?
Beth Garvey: I feel like we have great momentum going in our professional group. We have had numerous conversations with a lot of customers who are starting to break free with what they have going on. I was traveling last week with the professional team and with wildly overwhelmed with the positivity that was coming from our customers. So I feel very, very good about what is happening in that area. And I think from the property management group, as we continue to move forward, I know the interest rates for some of these mortgage leases that are coming up. I know there’s been some conversations about some concerns out there with owners of the properties in that. So we’re just going to watch that. And so — but all in all, I think that the restructure that we have made through the last couple of years with the systems and with the realignment of our teams, I feel very, very good going into 2024 about the potential of our growth.
Operator: Ladies and gentlemen, with that, we’ll be ending today’s question-and-answer session. I’d like to turn the floor back over to Beth Garvey for any closing remarks.
Beth Garvey: Thank you, everyone, for your time today, and we appreciate your continued support. We look forward to updating you with our first quarter results in early May. Have a great day.
Operator: Ladies and gentlemen, with that, we’ll be concluding today’s conference call and presentation. We do thank you for joining. You may now disconnect your lines.
