And then we take a look at whether or not the market is 2-step distribution friendly and in particular with respect to the products we carry and then we make decisions based on that opportunity. And then at the same time, we have a very strong set of private label products, both EWP and millwork, for example, as well as which are complemented by an incredibly strong structural products business. So between the 2, we feel like we have the ability to ramp up a greenfield probably more so than others maybe. And at the same time, again, just being very thoughtful about where we start and how we progress over time.
Kurt Yinger : And is that a situation where I guess, when you go to a new geography, even if you’re servicing it maybe from a further location already, where you would need to displace a competitor with an existing vendor for the most part? Or given that you’re already servicing it, is there not a whole lot of discussion that’s required with your vendor partners in evaluating that type of expansion?
Shyam Reddy : No, there would absolutely be a discussion because the way that it typically works, your vendor part — our vendor partner relationships are tied to specific markets. And so most — the markets we’re looking at, if they’re going to be 2-step distribution friendly and have strong housing starts, for instance, and most likely, in fact, in every market, there will be competitors there. The good thing is, unlike others, we actually have our own private label brands and a strong structural business that we can start with. And then with our existing suppliers have very strong partnerships, where we believe they would be supportive, if not out of the gate than over time. I’ve actually already had a few conversations with a couple who said they would be very excited about supporting greenfield opportunities.
So as the opportunities further ripen, those conversations will become more serious. But even if they take time, I’m very excited about the fact that we can start those projects with our private label brands as well as our structural business.
Kurt Yinger : And then Lastly, I mean M&A is also an important part of the strategy. Can you just talk a little bit about what you’re seeing from a valuation perspective and how that stacks up against your appetite to perhaps be more aggressive buying back your stock at these levels? Yes, I’ll leave it there.
Shyam Reddy : So let me take the M&A part, and then I’ll let Andy comment on the capital allocation. But as it relates to capital allocation at a high level, we clearly take it seriously and are disciplined in our approach with returning capital to shareholders being one of the core elements of that strategy. As it relates to M&A, we still believe the outlook is good, which is why it’s part of our growth strategy and it’s in a very efficient way of developing new markets. That said we are pursuing a roll-up strategy that rinse repeat given the dynamics of the 2-step distribution space. So our M&A March has historically been slow and will continue to be slow and steady and disciplined on the types of businesses we’re targeting and ultimately acquiring and keeping an eye on the specialty product mix and geography as 2 of the primary drivers.
Now with the 2023 numbers in, as you might expect, the bid-ask spreads are continuing to compress. So from a valuation standpoint, the multiple should be based on 2023 EBITDA which will I think bring a sense of conformity logic and rationale back to valuations. So again, it remains an important part of our strategy. We’re starting to see opportunities be more realistic over time without — again, without compromising our desire to be opportunistic and buy companies at a level that makes sense for our business.
Andrew Wamser : And then, Kurt, as it relates to share repurchase. I don’t think it’s an either/or situation, I think, given where the balance sheet is, I think we have the opportunity to do both. We said that we’d be opportunistic on the new current plan that was the new $100 million plan for the additional $100 million that we did end in Q4. In total, we did about a little more than $12 million in total share repurchases in the fourth quarter, we have $91 million left on the current authorization and we’re going to be opportunistic. But I don’t think it’s an either/or in terms of share repurchase or M&A.
Operator: With that, I’ll hand the call back to Tom Morabito for any closing remarks.
Tom Morabito: Thanks, Regina. Thank you again for joining us today, and we look forward to speaking with you in May as we share our first quarter 2024 results.
Operator: And that concludes our call for today. Thank you all for joining and you may now disconnect.
