We say, “Okay, maybe some of this is going to slow down, and it’s not.” It’s just not slowing down that quote activity still remains very high. That would be something that we would might consider kind of a leading indicator, and it’s not turning on us. But what we are seeing is that quote-to-order conversion time, it just continues to be lumpy and it’s lumpy on the longer end. But we’re also aware that, that could change like that. And we have had some customers inquire and say, “How quickly?” And so we’re ready on both sides is what I would say.
George Gianarikas: Thanks. And maybe as a final question, you guys have done an admirable job bringing down the debt, paying off maturities. Now you’re at a very reasonable level of leverage. You continue to generate strong free cash flow. How do you — how should we think about the M&A opportunity as you discussed in the past and the instrument through which you’d make that happen? I mean, if you’re seeing any sort of macroeconomic impact, I’m sure others are as well? And so any broad characterization of what’s going on in the M&A market would be appreciated? Thank you.
Jim Clark: Yes. I mean, I will break that up into two pieces. First, we are very committed to doing something from as much as we’re going to grow organically, which will likely be the larger part of our own total growth story was equally as committed on the M&A side. And I would sum it up and say we’re in a really good position, I think, not just from a debt standpoint but we are right now in our current leverage in cash flow, but also our partners, both our financial partners and our broader M&A partners. And then lastly, I would say the activity level and the willingness to have conversations that are more grounded and realistic have been — have exponentially improved. It’s not just been a small tick. It’s been a big tick.
And I will say that I enjoy this environment much more. I think the conversations are more grounded. I think that the companies and the opportunities we’ve been looking at have been much more — much more well thought out. And the management teams on the other side are much better prepared in the meetings. And we’re able to construct and look at opportunities with a lot more data and a lot more kind of forward look than in the past. So, I would just say we’re very committed to it, and we’re going to continue to look for that right opportunity. And I’ll also underline, as we’ve said before, we’re very disciplined. It’s got to work for us and for the other company and as a whole. And we’re excited, though, I would say that.
George Gianarikas: Thank you.
Operator: Thank you. Next question comes from the line of Rick Fearon with Accretive Capital Partners. Please go ahead.
Richard Fearon: Good morning, Jim and Jim, and congratulations on another very solid quarter. Particularly those program wins, the 7,000 petroleum units and 1,400 unit entry into Central America, Jamaica. It really speaks to the durability of LSI’s model and a lot of the initiatives that you set in place a few years ago, Jim. So, great to see tangible results, and I have to believe that, that new business should help smooth some of the cycles that you’ve talked about today in the same way that having multiple industry verticals probably does. But anyhow you’ve kind of given a lot of good color on that. I just — my main question revolves around the M&A. And while the new product development is really impressive and impactful, I have to believe the de-levered balance sheet has really opened up some exciting opportunities for acquisitions.
