Ian Hudson: Yes. I think in a perfect state, Steve, I will — I will caveat this by saying our guide wasn’t a perfect state. But in a good state, we typically with the backlogs where they are right now, we typically can generate some decent operating leverage anywhere from 20% to 30%, I think we’ve seen in the past. So I think we would be expecting somewhere within that range from an operating leverage standpoint for both groups.
Jennifer Sherman: But again, when we put the guidance together, we did not assume a perfect state.
Robert Barger: Sure. I Understood. Yes. I know, there’s still challenges out there. And going back to the conversation on cash flow conversion, over 5 years, you’ve averaged 97%, free cash flow conversion has been around 66% with the last 2 years below that. As you pursue this acquisition-driven strategy, should we assume that you just become more capital intensive over time? Or will there be opportunities to kind of take some of those acquired assets and consolidate them? And just can you talk about how you think about that?
Ian Hudson: Yes. I think, Steve, the last couple of years have been unusual because that it would include 2 large building purchases. So we bought both University Park and our Elgin facilities. So that’s caused our CapEx to be elevated the last couple of years. So that would be — if you normalize for those 2 things, which we wouldn’t expect to recur going forward, I think that would be more in line with what we would expect.
Robert Barger: Okay. And if I look back at the acquisition track record, the deals have gotten a little more expensive, trending closer to 2x price to sales. Has the margin profile gotten better as well? Or are you just seeing more expensive deals because of financial conditions or scarcity value or whatever the case may be?
Ian Hudson: I think the couple that we’ve completed in the last couple of quarters, I think the margin profile is attractive, and that’s really what’s been of interest. And when you look at it on the percentage or a multiple of sales, that’s what’s driven — driven that increase. But I think the margin profile of what we’ve acquired in the last several quarters is towards the upper end of that target range, and that’s one of the things that when we look at increasing those target ranges for ESG. That’s one of the factors that is in play.
Jennifer Sherman: Yes. And I’ll add there. If you look at the last couple of acquisitions, they have been sustainable through cycle margin profiles. So we like that part of — we like that part of the business. And we also believe that the aftermarket parts of those businesses, is an important part of the valuation equation.
Robert Barger: Understood. And I know this can be tricky to know for a private company, but — or before you drive synergies, what has the cash flow profile or the cash flow conversion for those acquisitions mirrored what you target for Federal Signal? Or is there anything that can keep you from getting there?
Jennifer Sherman: It absolutely mirrors what we target for Federal Signal. All of these businesses have been relatively low CapEx. A great example would be Trackless. They’ve invested in best-in-class equipment. There’s very little investment that’s required on our part in terms of to grow that particular business.
Operator: The next question is from Chris Moore with CJS Securities.
Christopher Moore: Maybe just back to the revenue guide for a second, so the organic range is 6% to 16%. Is there any significant difference in the assumptions in the overall health of the economy at the lower and higher ends? Or is it really more just a function of how the supply chain treats you?
