Alex Rygiel: You sure did. And then just one last question. Coming back to kind of multifamily and single-family residential construction, there seems to be maybe a little bit of concern that multifamily residential might start to slow down going into 2024. What are your views on that?
Bruce Labovitz: We are seeing some slowdown. Multifamily is a fairly small part of our overall portfolio. A large part over the past couple of years has been the build-to-rent, which some could maybe characterize as horizontal multifamily. And we are really starting to see, and frankly, it’s more anecdotal, maybe the [indiscernible] that we are hearing from our clients, we feel very optimistic that that market is getting ready to heat back up. And the elements of the residential market are generally countercyclical to each other in that housing demand remains, although the distribution of it may change. So at some point people don’t want to buy a house, they want to rent until they decide to buy a house. And so we are agnostic to which component of residential is working at any given time because the overall market is what we are serving.
Alex Rygiel: Very helpful. Thank you very much.
Bruce Labovitz: Thanks, Alex.
Gary Bowman: Thanks, Alex.
Operator: Your next question comes from the line of Oliver Chornous with D.A. Davidson. Your line is open.
Oliver Chornous: Hey, guys. Thanks so much for having my call. I’m on for Brent this morning. Can you hear me?
Gary Bowman: Good morning.
Bruce Labovitz: Good morning.
Oliver Chornous: Yes, I was wondering, you guys had real strong cash generation in 3Q. Do we think that, that’s going to continue in 4Q?
Bruce Labovitz: We think that we are on a good path for positive cash generation, whether it continues at the exact pace, fourth quarter is always a little bit tougher of a quarter for us. Just the calendar can interrupt a business that is human-driven and with the holidays. I think it will still continue to be strong in the fourth quarter. That will be exactly — the third is exactly predictive. The fourth might be a little lighter, but I don’t think it’s meaningfully different.
Oliver Chornous: Awesome. And what organic growth rate is embedded in the guidance for 2024? Which areas do you anticipate seeing some contraction in ’24, if any?
Gary Bowman: 10% to 12% is currently inferred in that guidance. Areas of contraction, we are really not programming areas of contraction per se. We feel like the interest rate sensitive areas of our business, say, the residential has, we’ve seen the contraction are on the rebound there. We haven’t programmed necessarily a strong rebound, but no contraction.
Bruce Labovitz: Yes. I think it’s important to characterize the way we look forward as you ask organic. At some point, we take the mix of everything that’s in the stew and grow it year-over-year. And so we don’t really break it out like what’s acquisitive, what’s — there’s no new acquisitions, obviously. And we sort to say, okay, the base of business we have, based on when we bought it and how it annualizes and what we think it can grow at.
Oliver Chornous: Okay. And you guys indicated earlier, I guess there’s no plan for some huge pending M&A that would then kind of separate the overall growth from the organic numbers pretty significantly?
Bruce Labovitz: Well, I think we would say that there is always upcoming acquisitions in our pipeline. So, we don’t include any acquisitions that haven’t closed in the guidance at the time that we issued the guidance. I would not suggest that there won’t be meaningful acquisitions in the future that will impact the guidance when it occurs, but it is not contemplated and included in it today.
Oliver Chornous: Sure. Awesome. Thanks so much for your time, guys. I will jump back in the queue.
Gary Bowman: Thank you.
Bruce Labovitz: Thank you.
Operator: There are no further questions at this time. Mr. Bowman, I turn the call back over to you.
Gary Bowman: Thank you, Alisa. I want to just wrap up by thanking everybody at Bowman for their hard work, dedication and — which turned in a good quarter. Looking forward to the same coming up in this quarter and next year. Thanks all of our owners for the faith you show in us and looking forward to seeing everybody at upcoming conferences. And by that time of the year, everybody, have a good holiday till we talk to you again.
Operator: This concludes today’s conference call. You may now disconnect.
