Shyam Kambeyanda: Yes, so–do you have the number, Mark?
Mark Barbalato: It’s low single digits.
Shyam Kambeyanda: But what we are seeing is a significant amount of investment that is going in and activity as a result of it. I mean, yes, there may be–I’m not sure of the upheaval that you’re speaking of, but what we do see is a significant amount of offshore investment that’s going on in Europe, that’s going to continue probably for the next decade. We’re seeing renewable energy peak its opportunity also in the Middle East. We’re seeing obviously the U.S. also engage hard on that particular aspect, along with South America, so our opportunity list, and something that we’ve talked about at our industrial shows called adaptive welding for that particular category, is actually gaining a ton of traction. We’re seeing some excitement around that field, where we’re displacing a few incumbents, and so we like the space, we like the efforts our team has put in, in terms of the technology that we have, and so it’s a growth driver for ESAB.
Sherif El-Sabbahy: Got it, thanks so much.
Operator: Your next question comes from the line of David Raso from Evercore ISI. Your line is open. David, your line is open. We’ll move onto our next question. It is from the line of Rob Jamieson with UBS. Your line is open.
Rob Jamieson: Morning guys. Congrats on the good quarter. Just real quick on the end markets, I think your exposure to auto is pretty small, probably low single digits here in the U.S. Is there anything baked into your full year [indiscernible] UAW strikes as it’s related to your consumables business in the Americas?
Shyam Kambeyanda: No, we actually have very little auto exposure in the Americas, and so as a result, we really saw no impact of the strike. But that being said, we do expect to continue to sort of work that aspect of the channel and continue to have growth opportunities there.
Rob Jamieson: Got you, okay. Perfect, thanks. Then just a couple on free cash flow – I mean, look, another strong quarter here, and Kevin, I know you mentioned the use of AI and what that’s doing for working capital. Just curious if there is opportunities to use similar technology across the rest of the organization to maybe become more efficient on sales initiatives or leads as you’re trying to grow your equipment business. Then I guess another question on net leverage being sub-two turns by the end of the year, just an update on the acquisition pipeline and prioritization there. Are you still looking to expand the gas control business, any other areas of the portfolio that you’re looking to fill? Thanks.
Kevin Johnson: Yes Rob, I think we’ve spoken a few times that we are piloting some projects in AI that are supporting the cash side of the business, but we’ll probably talk a little bit more in detail about some of the activities that we’re doing at our investor day in December. But AI is something that we’re looking at across the entire business, and the areas that you mentioned are areas where we are definitely focused and see significant opportunity in this evolving AI world to get even more benefits in the future, so definitely at the forefront of our mind and definitely something that we’re working on across the wider business. In terms of the M&A and the funnel, I’ll maybe hand over to Shyam.
Shyam Kambeyanda: Yes, we actually have a very strong M&A funnel, very balanced. We’ve got a lot of opportunities on the gas control side, as well as some opportunities to create more strength within our fabtech business, and so yes, we’re actively working it. The funnel has never been stronger. It just comes down to us executing based on timing on a few of them, and so we’ll see when those happen. We continue to expect to be a compounder in our category. Our intent is to create a less cyclical, higher margin, better cash flow business and begin to shift ESAB to a narrowly diversified premier industrial. I think we’re well on our way on that particular front and you’ll see that our acquisition strategy will fuel that direction.
