Bruce Young: Yes, so we’re very interested in doing good M&A deals. And the challenge that we’ve seen with inflation, many of the small competitors haven’t done a very good job of getting their rates up with inflation. So their cash flow margins are down substantially. And the value of their assets are either holding strong or going up in value with the increased cost of new assets. And so, it’s been difficult for us to buy them at the right values. We think that will start shifting during the year, but we always have an appetite for that. We’ve created a balance sheet that puts us in a good position for that, and we’ll just be thoughtful about doing the right deals.
Unidentified Analyst: And then related to the UK pumping segment, how are you thinking about growth this year? And do you have any concerns about the delays or cancellations in the high-speed rail project over there?
Bruce Young: Not at this time. We feel really good about our workload for the UK going into 2024. The HS2 project that we’re currently on or the portions that we’re on, they’re locked in. And so, we expect that to continue strong throughout this year. And we’re finding a lot of other infrastructure dollars that are being spent in the UK as well on other types of projects that are helping that growth. Now the commercial markets in the UK are a little flattish, very similar to the US, but the growth potential on the infrastructure work is really the great opportunity we have in the UK for 2024.
Unidentified Analyst: Thank you.
Bruce Young: Thanks, Andrew.
Operator: Thank you. [Operator Instructions] Our next question will come from the line of Steven Fisher with UBS. Please proceed with your question.
Steven Fisher: Thanks, good afternoon. I apologize, I missed the first part of the call, so not sure if you covered this or not, but in terms of the drivers of the commercial softness, it sounds like how much of that is financing availability, and perhaps actual level creating a challenge versus any other factors? I think last quarter you had said it was a little bit more challenging for some of like smaller warehouses and things to get financing. So how much is that still a factor? Has that intensified? Is it weakened? Maybe talk about that a little bit, please.
Iain Humphries: Yes, it seems like it stayed fairly close to the same quarter-over-quarter for us. We watched that fairly closely. We do anticipate as rates come down that should get easier for those projects to get funded. And we expect to see some positive impact from that in the second half of the year.
Steven Fisher: Okay. And then I guess just in terms of seasonality in the near term, obviously, we’re in a well through your first quarter. So anything to call out about what’s been happening over the last couple of months? Curious how these rate increases that you’re trying to put through, how those have been received, and just anything for modeling purposes we should be aware of in terms of near-term seasonality?
Bruce Young: Yes, Steve, good question. I mean typically the seasonality is going to be quite consistent as we go through Q1 through Q4. What we expect actually is maybe a slightly stronger second half than the first half. With the expected change in rates, we’ll see some of those light commercial projects come online. So where we’re usually as you know sort of 45-55, we think it might be 54-56 with a stronger back half the year just with that impact.
Steven Fisher: Okay. And how have the rate increases been accepted by the marketplace?
Iain Humphries: Yes. As you know, rate increases are always challenging, especially in a market that we’re dealing in today. We’re having good success. We do believe we provide a great service. We’re a great teammate to our customers and it’s really on us and our sales team to go out and prove out that value.
Steven Fisher: Okay. Thank you very much.
Bruce Young: Thanks, Steve.
Operator: Thank you. At this time, this concludes our question-and-answer session. I would now like to turn the call back over to Mr. Young for closing remarks.
Bruce Young: Thank you, Camilla. We’d like to thank everyone for listening to today’s call, and we look forward to speaking with you when we report our first quarter fiscal 2024 results in March. Thank you.
Operator: Ladies and gentlemen, this does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
