Robert Keane: Well, it’s a good question. Let me start out by saying we do not anticipate material M&A in the near term because of EBITDA expansion bringing net leverage down. But if you look at from a longer-term perspective, yes, we do think there are a lot of advantages that could derive value. And they are certainly in tuck-in acquisitions as well as in larger acquisitions €“ it may not be so obvious, but we have made, I don’t know if Sean, you can tell me over the last five years, six, eight €“ that are or investments that are relatively €“ really relatively small, often well under that have gone very well. Is that rough number correct before I go on?
Sean Quinn: Yes, that’s right, Robert, yes.
Robert Keane: Okay, great. Going back to MCP, at this time, our focus is very much on internal leveraging it in the businesses we have €“ in January, Pixartprinting, which is the largest part of print group and print group is doing very well, including Pixart doing very well. Pixartprinting migrated Italy and Italy is their largest revenue country. And the last country that migrated to MCPs e-commerce tools. They’ve migrated France and Spain and the UK and others previously and that migration. So again, we’re really leveraging MCP on the assets we have today. As the future M&A right now. The size really depends on vertical integration into a supplier. And they’re relatively easy, nothing’s easy, but relatively easy to extract value from those long term.
Meredith Burns: Great. Okay, Sean, quick one for you. How much cash do you need to run the business?
Sean Quinn: Yes, we haven’t provided a specific number of kind of minimum cash. So let’s say, we have €“ at the end of December, it’s $230 million of liquidity that is sufficient including any kind of working capital outflows that we normally €“ seasonally have in Q3. So that remains sufficient. That revolver is there too if we need it during the quarter in terms of just movement of cash around the business and kind of timing there. But that liquidity is sufficient and then we expect that to build over time given the guidance that we released. So no specific number there. But liquidity that we have is sufficient, again, including any outflows from working capital in Q3.
Meredith Burns: Great. Okay. So let’s get into the outlook. So first on revenue, you called out that overall trends have improved in January. Anything more to call out there? Can you give us a sense of how much constant currency revenue growth has accelerated relative to the first half of the year?
Sean Quinn: Yes, the €“ so we didn’t give a specific number, but we said it was higher than 9%. We were at 5% consolidated organic constant currency in Q2. So that’s the acceleration. And it’s above 9%. Yes, I think the thing that I would call out is really Vista in those numbers. There was improvement elsewhere too relative to Q2, but Vista was really the one to call out. And I do think as we track through the March quarter, there’s a few things at play there. One is last January and February, there was quite a bit of COVID impact on demand, especially in Europe. So that’ll have some impact just in terms of the comps. And then as I mentioned before too, we had the site launch of our U.S. market in the €“ roughly the third week of February last year.
And as we talked about throughout last year, when we did those migrations, they would have an initial impact on revenue, and then we would grow from there. So we’ll be lapping all that, which will help to support higher growth rates as well. And then, the last thing is just again, from a mixed perspective that Vista acceleration in growth in January is helped by the fact that the mix shifts back to small business products and they’ve been growing more strongly.
