Jeremy Rakusin: Michael, yes, it’s Jeremy. Investments on track, we are probably two-thirds of the way now in terms of onboarding our branch network. We said this would carry on through this year and likely into part of ‘24. And then after that, we will evaluate the opportunity for reaping the benefits of that investment. So, I suspect at some point in ‘24 and into the later years, we will see that. And we will get greater clarity as we go through budget and strategic planning reviews in the next couple of months with both restoration as well as all of our other businesses, clarity on ‘24 and beyond.
Michael Doumet: Very helpful. Thanks guys.
Jeremy Rakusin: Okay.
Operator: Please standby for the next question. The next question comes from Tom Callaghan with RBC CM. Your line is open.
Tom Callaghan: Thanks. Good morning guys. Maybe just one on my – couple of my questions were asked, but maybe if you could just some comments on the acquisition pipeline you guys alluded to prepared remarks there. I know you are a little more active towards the end of last year and early this year. But kind of where it stands right now maybe relative to last year, and is there a specific focus, or is it kind of broad-based across the restoration and residential side of things?
Scott Patterson: The pipeline is solid. Relative to last year, your – I mean I am just thinking back, we did close some fourth quarter deals last year. So, we – it’s I think it would be close to where we were last year at this time. But it’s generally in line with where we have been. And Jeremy talked about our spend this year. We are very comfortable with what we have accomplished so far. It’s right in line with where we have been in the last few years. And our pipeline is in decent shape. I don’t know whether we will close in the fourth quarter or whether that will leak into next year. But we have got activity and it’s balanced across both divisions.
Tom Callaghan: Got it. That’s very helpful. And maybe just one follow-up piece on the residential side. You have talked about the success with the re-pricing there on the renewals. Just curious, has that impacted retention rates at all, or are those held in – or holding pretty steady?
Scott Patterson: No, retentions at our long-term historical rate, it’s about the same as it has been in the last several years.
Tom Callaghan: Awesome. Thanks. I will turn it back.
Operator: [Operator Instructions] The next question comes from Frederic Bastien with Raymond James. Your line is open.
Frederic Bastien: Yes. Thank you. Good morning. Scott, you have been – just a follow-up really on the M&A questions here. You have been quite active and successful at consolidating restoration and fire protection in recent years. As you look forward, how far are you from where you would like to be? I mean just wondering if you can continually double perhaps triple the size of these businesses in the next 5 years or so.
Scott Patterson: In the case of restoration, I would say that our activity would be slowing. Our footprint is starting to fill out. And we will become more of an organic growth engine as we have been and are at FirstService Residential. We still have white space that we are focused on. But I would see the next few years won’t be as active as we have been the last 3 year. Century Fire, we still got lots of white space and regions to grow into. So, I see that being – continuing to grow sort of at the same pace as we have been. But in both cases, Frederic, you know that our first focus is on organic growth. Are we winning day-to-day at every branch, that’s our first priority, and it will continue to be that.
