Ned Fleming: Well, I think the big thing is this continues to be a very large growing market. And with Washington on what they have done with the Infrastructure Act, it’s even larger, but it also continues to be highly fragmented with a lot of family businesses, that has not changed. So we have lots of opportunities inside our footprint and just directly beside our footprint. I think the other piece that I would not get confused by is one of the things that’s happening is as we vertically integrate and we participate in more of the value chain from rock to road, it creates more acquisition opportunities. Some of the best what we would think of as greenfields or acquisition opportunities are things like new liquid asphalt terminals, businesses that we buy, it may only be in the grading business and we bring them into the asphalt business and we get another crew.
So the vertical integration throughout the value chain has given us opportunities that really are very — not just revenue enhancing, but some of them are just margin enhancing, quite frankly. So I think as these families get older and you move from the first to the second to the third and many times, we’re talking to families in the fourth and fifth generation, we see more opportunities and a longer runway ahead of us than we’ve seen before, quite frankly. So I think the big picture opportunity, particularly with the demand rising like it is in pretty much every state. I don’t know about you but I don’t go anywhere that the roads are really good and that’s going to continue to create demand and opportunity for us.
Brian Russo: And then just real quickly, any quick comments on the weather you’ve seen January to date with the understanding of the seasonality in the business? Just trying to get a better feel for kind of where you are and under recovery of costs, fixed costs, et cetera.
Jule Smith: Brian, I saw an analysis this morning that I thought was pretty accurate that said, January has been what you would expect in the winter. It’s been wet in some places, dryer and others in our footprint. So it’s about what we expected in January, nothing out of the ordinary.
Operator: Our next question is from Brent Thielman with D.A. Davidson.
Brent Thielman: Alan, the guidance for the full year includes an interest expense component to it that would imply kind of a higher quarterly run rate that we saw in the first fiscal quarter. I’m just wondering if that’s based on an assumption for higher rates or do you expect to tap the credit facility and add more debt just to fund the growth you’re seeing? Or maybe it’s both?
Alan Palmer: I mean, obviously, we indicated we borrowed a little over $50 million in this quarter, and that was at the very end of this quarter. So that will be debt that we’re paying interest on the rest of the year. It has anticipated increases for the portion of our debt that is not covered by the swap. But we’ve got $300 million that fixes the rate on that much of our debt, but any incremental debt that we have borrowed, which is what we borrowed in the fourth quarter. But the guidance does not anticipate any future borrowings for internal purposes or for acquisitions. It does — we’ve talked about the liquid asphalt terminal, there is a small amount of borrowing that we’re likely to do as we finish it up. But our normal CapEx, we pay that out of our internally generated cash. So pretty much the debt that we’ve got on the books now will carry. But again, it is higher in the last three quarters because of the borrowing that we did for the Ferebee acquisition.
