Daniel Moore: Thanks again. I guess, just pulling on the string of M&A since that’s the priority. In terms of opportunity, what’s kind of range of deal sizes are we looking at? And just remind us what a typical valuation range looks like?
Anselm Wong: As you know, we don’t kind of disclose the size of the deals, but I think what I can tell you is that some of the deals we’re looking at are probably on the smaller to midsize area that makes sense for us that will help us accelerate certain areas in our business. And again, we don’t disclose kind of the metrics. But I think what you can expect is we’re looking for accretive acquisitions within that 18-month range period there. Hopefully, it will be faster than that, but that’s kind of what we’re looking at.
Daniel Moore: Helpful. And then, Nokē, obviously continue to see good traction in terms of installs. Has the last two deals that you announced, have those sort of woken others up at all? And just talk about the cadence of dialogues, both with larger REITs and as well as independents last six months relative to maybe the prior six to 12?
Ramey Jackson: No. Look, there’s certainly a snowball effect to the market when we make those announcements and those partnerships. Very proud of kind of where we are, continue to innovate on the back end, investing in that vertical heavily right now, as you can see, still in conversations with the largest operators. When you kind of see the labor cost issues that they’re having, it puts the solution at centerstage. So, yes, we’re excited about the momentum and continue to innovate. So, happy where we are right now.
Daniel Moore: Helpful. And maybe one more for Ramey, just cash flow, obviously, exceptional this year. Just talk about your outlook for CapEx for 2024 and how you’re thinking about working capital and what free cash flow potential can look like?
Ramey Jackson: Sure, Dan. I think if you looked at what we did in 2023, we were very happy with what we did in terms of working capital and cash flow. I think CapEx outside of what I mentioned about the West Coast operation, that will probably have it a little higher than what we saw in 2023. But outside of that, there’s not anything else that’s sizable that would impact it. I think the other thing in terms of working capital, I think there’s still some improvement that we can get there in terms of our receivables area that we’re working on. But I think the amount of improvement that we got this year is a good trend that we’ll continue to stay on and focus and continue to improve.
Daniel Moore: Got it. Very good. Look forward to seeing you down in Temple in a month or so. thanks again.
Ramey Jackson: Sounds great.
Operator: I would like to turn the call over to Ramey Jackson for closing remarks.
Ramey Jackson: Okay, great. Thank you, everyone, for joining us today. We appreciate your support of Janus International and look forward to updating you on our progress. Have a great day.
Operator: This concludes today’s teleconference. You may disconnect your lines at this time and thank you for your participation.
