We absolutely do not believe we’re losing business we want because of this pricing discipline. In fact, if you look at our volumes and how they trend with respect to construction activity in the context of permits, completion, starts, et cetera, our declines are not as bad as market declines. In fact, they’re much better. And so, stated differently, we’re trending favorably. So, in that statement suggests that we’re not losing the business, we don’t want to lose. So I think we have figured out, and look, there’s always room for improvement, but I really believe that our focus on commercial excellence, operational excellence, pricing and procurement excellence really puts us in a position to grow share in a way that’s profitable and a win-win for our customers and our suppliers and ourselves.
And look, if you look at our Q2 numbers, we underperformed in Q2. That’s on me. Transition, got the eye off the ball, underperformed in Q2. But in Q3, we got our act together and our teams executed successfully to make sure that we’re both doing well volume-wise on a relative basis and while maintaining a discipline around pricing for the service we’re actually providing.
Kurt Yinger: Got it. Okay. No, that’s super helpful color. On the capital allocation front, I mean, recognizing the desire to reinvest in the business, which you guys have a lot of capacity to do, as well as grow the platform. I mean, just with the opportunity set that you see out there, how do you kind of weigh M&A versus buying back your own stock at these levels, just given kind of where you’re trading on a valuation basis?
Andy Wamser: Yes, Kurt, it’s a great question. I would say simply, when we look at where our business is trending today, let’s say, trade on a multiple basis, and we think about our long-term prospects, we feel really comfortable in terms of being able to buy back our shares at these levels. I mean, it’s certainly sub five times multiple. So we feel really good about that. And then in the context of M&A, it’s frankly, it’s hard to find deals that are trading in this sort of five times, or even slightly below area. So I will say that it’s not mutually exclusive because when we – if we look at the interim year in terms of what we’re able to do there in terms of centralize some of our processes and bring it into, I’d say, to the Blooming family, that’s turned out to be a terrific deal for us, especially when you look on a synergized basis as we look back over the last year.
Now, if we could find another Vandermeer, by all means, we would do that. But in the context of where the balance sheet sits today at 0.5 times, we feel really comfortable in terms of where the business has normalized because then we have visibility to year-end. So we feel comfortable in terms of whether balance sheet will end at year-end. We think it is appropriate now for us to do this new authorization because we don’t need to have the leverage at 0.5 times. So — but we think it’s appropriate, effectively considering how we’re trading.
Shyam Reddy: And as it just to add on, as it relates to M&A, I mean, let me reiterate. That it is a core element of our growth strategy, in addition to making investments to grow the business organically. So there’s opportunity out there, though our initial excitement has been a little muted by the bid-ask spreads. However, we’re now seeing that bid-ask spread start to compress, which means the outlook for M&A remains strong in our view. The pipeline is robust. We’ll continue to work it. The multiples are high, but like I said, they’re coming down. And once these 2023 numbers come in, I think there might be some opportunities that we can take advantage of. But like I said, and as we’ve alluded to, we will be very disciplined in the type of deal we do from a risk return standpoint, also the multiple we pay in light of the overall capital allocation strategy.
