Matt Summerville: Great. Thank you for that detail.
Operator: Our next question comes from the line of John Franzreb with Sidoti & Company. Please proceed with your question.
John Franzreb: Good morning, everyone, and thanks for taking my questions. I’d like to start with the M&A environment. Considering you’ve made a couple of acquisitions in the past year, what are your thoughts about additional M&A versus taking maybe some time to digest what you’ve got before you go again in the M&A market?
Kim Ryan: Yes. I would say that €“ I would say a couple of things. I think we’ve been very clear that we are €“ we have our guardrails set up. We work very hard to stay within those guardrails, comfortably within those guardrails. And so you should anticipate that our priority is focusing on our integrations, achieving the synergies of those integrations and making sure that we continue to pay down debt and get back comfortably within the guardrails, that will be a priority of ours. We don’t jump into and out of the M&A market. As you can imagine, that targets that we identified and executed on this year are things that we’ve been looking at for years as a part of our long-term growth strategy. And so we don’t jump in and jump out.
I would say that we are very focused. Our priorities are investing in the internal opportunities we identified in the business that we’ve been discussing, paying down debt and getting these integrations done in the fashion that you would expect and that we previously demonstrated with prior acquisitions. And we do not expect to €“ in the near term, we don’t expect to be doing a lot of other transactions until we’re back within those guardrails.
John Franzreb: Great. And in regards to repurchasing stock versus paying down debt. I guess, firstly, how much is left in the authorization? And what are your thoughts about spending capital on reducing debt versus buying stock?
Bob VanHimbergen: Yes. So just maybe give you some background, right? So through the €“ throughout this last year, we’ve been pretty active in share repurchases. And so we’ve bought close to 5 million shares back, really for about $200 million. We did execute about $37 million in our fourth quarter. Remember, our price had bounced around in that kind of high 30s to low 40 range. But we had to do that. That was the opportunistic opportunity we had just because of our €“ the way our debt structure worked, John. So we had fixed debt, and we did a €“ we would have had prepayment penalties had we paid down debt. So really buying shares was the best alternative for our shareholders. To answer your first question, we do have $125 million left on our authorization as we move forward.
But as you think about our guardrails, as Kim mentioned, after the Linxis transaction and Peerless transaction, we’re going to be just north of our net leverage guardrails of 1.7 to 2.7. And so near-term, we are going to be focused on paying down that debt and really putting a pause on share repurchases here.
John Franzreb: Great. And I might have missed this in the prepared remarks, but what’s the backlog look like ex-acquisitions on a year-over-year basis?
