I think the way we’re thinking about BEAD is we’re encouraged that at least some industry analysts have about 40% of the $12 billion that are actually in ILEC footprint. So I think we’ll see some good opportunities with the ILECs. And then with respect to others that have expressed some pretty active planning. So I think there’s lots of planning going on. It’s kind of amazing, Frank. I looked this morning, there’s 19 states that received $1 billion or more of allocation. So lots of capital coming to the market — coming to the industry over the next couple of years.
Operator: One moment for our next question. And that will come from the line of Alex Rygiel with B. Riley Securities.
Alex Rygiel: Steve, it looks like capital allocation priorities change to be as M&A as this quarter appears to have moved ahead of share repurchases. Can you touch upon that a bit?
Steven Nielsen: Yes. I think, Alex, we’ve always had an opportunistic approach to M&A. This wasn’t a deal that we found in the last 3 weeks and closed. We’ve been working on this for a while. We’re always looking forward to have an opportunity to buy well-run family businesses. This is a business that just celebrated its 46th anniversary. So it fits a profile that we’ve been successful with in the past. So I think irrespective of where we were on share repurchases or organic growth. This is a deal that when it presented itself, we were very interested in completing. I think we’re going to be opportunistic on where we go with the cash flow that we have. We’ve always tried to increase the intrinsic capability to grow when there are periods of time where growth moderates a little bit.
And I think — if you think about after this deal, we’ll still be nicely below net leverage of 2x. So we’ve still got plenty of room to grow given the strength of the balance sheet and the available liquidity that we have.
Alex Rygiel: And then specifically to [indiscernible], I’m assuming they are bringing in a backlog here. Any chance you could quantify that? And then as it relates to the macro M&A, can you address purchase multiples today relative to a number of years ago and how they might be — might have changed?
Steven Nielsen: Yes. I think what we can say is we’re working through the details. Certainly, they do have plenty of backlog. We’re working through the details right now and we’ll have those backlog results included in our October quarter. This deal was certainly within our historical range. Clearly, as interest rates have gone up, we factor that into our valuation but we feel really good that this is a deal that was good for us and good for the sellers.
Operator: One moment for our next question. And that will come from the line of Eric Luebchow with Wells Fargo.
Eric Luebchow: Great. Thanks for the question, Steve. So just wondering if you could provide any more color like you did last quarter? So two of the customers you talked about that declined pretty substantially on a sequential basis. If you strip them out, it looks like all your other customers grew over 15% sequentially. So any kind of way to disaggregate your guide for Q3 between those two customers that are moderating spend and some of the other customers that continue to grow pretty nicely.
Steven Nielsen: Yes. I think at a high level, Eric, what we can say is that the adjustment that we saw sequentially is moderating, certainly and that the growth rates as we go into October for everybody else continues but the course off of a bigger base growth at the at the rates that we’re seeing requires hard work by everybody and we’re working hard to do better if we can but there’s certainly lots of opportunity.
