Frederic Bastien: I can confirm that the demand for engineering services is unlike anything I’ve seen in my 20 years covering the space. So I’m pretty bullish on that particular end market. Now given this, are you not tempted to dial-up sort of the M&A on that particular sector? And just I mean, I know you’ve been quite active there, but I think I am took a focus, took a large part of your efforts and attention in 2022. So how do we think about that particular sector and the growth prospects in the next couple of years?
Jay Hennick: Well, you’ve known us a long time, and we try not to sleep too much. But engineering and project management has gone from virtually nothing in 2018-ish to something that’s approaching almost $1 billion in revenue for us. We are actively looking to augment those operations virtually around the globe. You saw the first significant acquisition in Australia during this past year. There was also an acquisition in the UK during this past year. So we are very active and if you have any opportunities that you think we should take a look at, we’re always open to speak to anyone you want.
Frederic Bastien: Noted. Thank you, Jay. The other — more like a — the other question is more along the — more clarity around that, Christian; you noted you guided towards a 20% to 40% decline in capital markets. Do you expect that to be evenly weighted between Q1 and Q2? And then, secondly, are there regions where is it evenly spread among your three regions? Or will one region feel it more in particular?
Christian Mayer: Well, Frederic, I’m not sure I want to get into the particulars around Q1 and Q2. Let’s just say that we think it’s going to be down 20% to 40% in the first half. But as we’ve said, those were strong quarters last year and tough comparatives. And as it relates to the regional question, I think you’ll see the Americas be down significantly year-on-year because they had very strong performance in the first half of 2022. And when you look at EMEA already had challenges last year with the situation in Ukraine. So we don’t expect the year-over-year grants in EMEA to be that significant. And as you look at Asia-Pac, we had the COVID issue in Asia in the first half of last year that was impacting our activity levels. So I don’t think the variances there are going to be as significant either. I think it’s really going to be focused in the Americas.
Frederic Bastien: Okay. Thanks. That’s helpful. Pretty consistent with what I was expecting. Thanks. I’ll leave it, great results, great guidance, very happy.
Jay Hennick: Thanks, Frederic.
Operator: Thank you. This concludes the Q&A session. I’d now like to turn the call back over to Jay Hennick for any closing remarks.
Jay Hennick: Thank you, operator, and thanks, everyone, for participating in our fourth quarter and year-end conference call. We look forward to speaking to you again at the end of the first quarter and we’ll see how we do in Capital Markets. Have a great day.
Operator: Ladies and gentlemen, this concludes the conference call. Thank you for your participation, and have a nice day.
