Bob Pragada: Yes, got it. Okay. In infrastructure, the opportunities continue to grow. I’d say broadly driven mostly in the U.S. but we’re seeing this and Steve talked about the international — I’m sorry, Kevin talked about the international business but heavily geared towards transportation and water with a growing profile around energy transition. And so those are kind of the 3 main areas. Environmental continues to be robust. So, we see those — I mean, the pipeline growth I talked about before, has been really, really strong. On the acquisitions, that’s a business where StreetLight Data probably was the last — the one that we did, it was a smaller acquisition. And we are immediately seeing fit that we had anticipated in the deal kind of thesis around StreetLight all around that data-enabled data in driving a different type of solution for our clients.
They had clients before, predominantly the state DOTs in the U.S. but that’s been expanded with our relationships. And then we’re seeing private sector utilization too, as private sector firms have looked at the use of data in order to cite different investments that they’re making from a capital project perspective; so very positive news on that front.
Operator: Your next question is from Michael Feniger with Bank of America.
Michael Feniger: I believe you’re guiding 2023 growth mid-single digit or high single digit on a constant currency basis. You’re citing some really robust sectors, EVs, life sciences, reshoring, hydrogen, autonomous. So what isn’t growing that fast in the portfolio? Does it just take longer? Is there momentum the project ? Does organic growth profile actually reaccelerate further in 2024? And in 2024, you get just better operating leverage off that type of growth with higher utilization? How should we kind of think about that as we move forward into 2024?
Kevin Berryman: Well, look, if you think about the high single digits in terms of constant currency growth, I think that’s pretty strong actually. And look, I think that the bottom line is — for example, Bob just quoted the pipeline growth in the United States of near 20% kind of growth in the pipeline. It just takes a while for that to kind of be won and then start to build the burn associated with it. So you’re relying on your clients as much as you are anything else to be able to execute against that. And they’re sometimes not as quick as we are ready to execute. So look, I think it’s a growing momentum. And I think we’re being prudent assuming how that’s going to build over the course of 2023.
Bob Pragada: If I could add, Kevin, while we’re adding on those end markets that do have a quicker burn profile, all 3 of us today talked about the growth in advanced facilities where that has been a catalyst for growth. So though the top line might be in those numbers that were quoted, I did think — we did say on a constant currency basis, our bottom line growth would be double digits. So I think there’s some real optimism in the portfolio.
Operator: Your next question is from the line of Gautam Khanna with Cowen.
Gautam Khanna: Congrats, Steve and Bob.
Steve Demetriou: Thanks.
Gautam Khanna: I wanted — just following up on some of the recent questions. Can you frame recompete exposure in fiscal ’23 and maybe even opine on at that CMS and wherever you think it’s noteworthy percentage of sales up for rebid? Or if there are any lumpy individual contracts that are up and maybe the timing of those?
Bob Pragada: Sure. I’d say that the recompete exposure in ’23 is moderate to low. We — it’s predominantly in our CMS business and we’ve already gotten some real positive indications of some of those larger ones that are — I say there’s only a couple. So I would not characterize that as a big exposure in ’23.
Kevin Berryman: The only one that — we’ve called out the one at Kennedy which is — that’s a big one but we feel good about our position there.
