That’s how we benchmark in our capital location whether we should look into our own — investing in our own business, through buyback or invest in growth in M&A. When we take over a company. We grow them faster. We gave them more capabilities. We gave them new relationships. There’s a lot of cross sell opportunities. So those are the things we are cultivating right now. Today, the number — the sellers are not as many out there, the multiples of the expectations of the private sellers has come down some, but not as much. So that’s the part that we have to be always mindful of. There’s a financial numbers behind those, it should make sense for our shareholders.
Jason Seidl: Makes sense. Gentlemen, appreciate the time as always.
Baris Oran: Thank you.
Operator: Thank you. Our next questions come from the line of Ravi Shanker with Morgan Stanley. Please proceed with your questions.
Ravi Shanker: Great. Thanks everyone. Bill, maybe for you, another question on the pipeline,your business, obviously, kind of impressive brands and names on there, but with the distinctly consumer/retail tilt. Is that a deliberate decision? Are you guys prioritizing consumer retail over industrial, what’s the ecommerce mix there? And kind of where do you think that end market kind of pie chart looks like maybe three years now?
Bill Fraine: Yeah. Thank you, Ravi. I will tell you that, ecom is a lot of what we see today because they’re working to restructure their supply chain. So that’s the big difference. What they’ve seen is, is there are definitely winners in the market who are doing very well, and their supply chains are different and further advanced than others. And so they’re trying to get there. That’s one big part, I would say. So, we see a lot of that, but definitely not to take away from anything else. Aerospace is on fire right now as you’d imagine with the return of flying on planes as we all know we’re doing today in crowded airports as we’re seeing today. So you’ve heard us talk a lot about Boeing, but a lot of aerospace work. A lot of industrials work.
Industrial is very hot right now. We’re seeing a lot of that happening for us. Food and beverage, some big closes in there. You’ll be hearing more and more as we get to the quarters. We just can’t mention some names, but probably when you get up every morning and you do something you do every day on the way to work, we’re doing a lot of work with big companies that we’re growing accounts with. And so I would say that all of those, all areas are, and if you look, the big thing that’s exciting for us is a huge portion of our pipeline is new logos. And that’s a big benefit. People who haven’t outsourced business before are coming to us to outsource because they realize they can’t take the quantum leap they need to take without coming to an expert, right?
They just don’t have that experience in-house. It doesn’t exist. They don’t have the time to learn about automation. They’re not automated today. So that’s a big piece for us. And finally, it’s take over in place. And we talked about some of those and that’s just where we are talking to our existing customers and non-customers about the cost benefits and the bottom line value benefits of us taking a site that they’re already running today. Never mind the secondary part of, then we can take it and we can, reset it for the future over time. So the example would be we get two or three sites, over time we may turn those into one site and we may automate the sites. We may make whatever we decide to do, but the benefit they get right away is cost off the book.
The benefit to get long-term is a company that’s bringing them more and more value and creative ways.
Ravi Shanker: Got it. That’s super helpful. And kind of that also touched on the I wanted to follow-up on, which is the — you mentioned the ecommerce guys are transforming their supply chains. We’ve obviously seen the leading ecommerce retailers the U.S. and the world kind of completely restructure their supply chain, move to a more kind of regional local type model. How do you see that evolving? What role does GXO play in that? Does that mean kind of more warehouses and more inventory to store? Does everybody else follow? Just maybe unpack that a little bit and maybe the role that automation plays in that as well?
