Mark Witkowski: Sure, you know, it’s two locations up there, but I’d almost consider it, if you’re trying to estimate relative size about one location would be equivalent of what we typically would do. And then we have gotten into geosynthetics and light fabrication, and we’ve been able to utilize that. If you look at some of the acquisitions we’ve done in the last few years, we started with a small geosynthetics branch in Indiana. We have since built our presence with a number of acquisitions up and down the eastern seaboard out into the West Coast with California and then have organically opened a few other locations, as well as we utilize those products be able to pull through our branches and continue to serve existing customers through their other channels. So we see it as a margin accretive opportunity to continue to add value into our existing customer base and that
Dave Manthey: Well, thank you.
Steve LeClair: Thanks, David.
Operator: Our next question is from the line of Nigel Coe of Wolfe Research. Nigel, your line is now open.
Nigel Coe: Thanks. Good morning, everyone. Just want to go back to the margin guidance for 2023, and I think, Mark, you might have mentioned that most of the price cost, sort of, normalization occurs in the next 12 months. So just wondering if the 12.4% midpoint guide, is that a good base for 2024? And are we now at a normal base that’s open ?
Steve LeClair: Yes, Nigel, that’s how we’re thinking about it right now. We expect some of that normalization to start happening as we get into Q1 and Q2 and probably the biggest headwind in Q3 going into 2023. But really feel like at that midpoint, we’ll be able to get back to our typical, kind of, value creation growth off of that 12.4% EBITDA margin at the midpoint.
Nigel Coe: Okay, that’s great. And then, obviously, a lot of free cash flow in your guide for next year, roughly several (ph) of free cash flow. You mentioned the dividends, I’m just wondering what we’re thinking is around the potential dividends next year, would that be a relatively modest dividend? I mean, any thoughts around that? And then just to understand your thought process on deployments, would you expect to deploy the bulk of that $7 million in either M&A buybacks and dividends?
Steve LeClair: Yes. Thanks, Nigel. The capital allocation is really a function of the cash flow, as you mentioned, we’ve been able to generate and really our confidence in it going forward for the long haul. So we’ll still have organic growth in M&A is our key growth priorities. And as we mentioned, we think we can continue to do those at least at the level that we’ve done historically. But given the cash flow that we expect to generate, we really feel like we can balance that and return some capital to shareholders through either share repurchases, which could take various forms and potentially a modest dividend. So that’s how we’re thinking about it right now. We’ll go through and assess those alternatives and try to optimize those returns to the shareholder base.
Nigel Coe: But right now, debt reduction is the priority.
Steve LeClair: Not currently given where our leverage is. We’re pretty comfortable where we are at 1.4 times, we’d be comfortable going up to 2 times to 3 times depending on what opportunities they’re available for us. But right now, I think the opportunities we have for growth and return of capital present better return capabilities.
Nigel Coe: Great. Thanks. Yes, thanks very much.
Steve LeClair: Yes. Thank you.
Operator: The next question today is from the line of Joe Ritchie of Goldman Sachs. Joe, your line is now open.
Vivek Srivastava: Hi. Good morning. This is Vivek Srivastava on for Joe. My question — my first question is on the total addressable market, it was interesting to see your TAM from the point of IPO, which was around $27 million is now around $40 million. Can you talk about what are the factors driving the increased TAM? How much of it is due to pricing? And where have you gained market share? Because even your market share is higher now in this market and if you are number one in the market share now?
