Jim Galeese: One has a higher gross margin rate than the other, but the other may have a lower OpEx Sameer, as you know. So, they wash out as you know, at the bottom operating margin, they are pretty close.
Sameer Joshi: Yes. And we have discussed this in the past. Thanks for that.
Jim Clark: Just to further that one other – just one other comment. I don’t think you are ever going to see the gross margins kind of equal walk. It’s just not they are fundamentally different businesses, and it’s just a different structure. So, I think it’s really important to look at that top line and op income. That’s your true measure.
Sameer Joshi: Understood. And then just last one. How big is this refrigerated display for the R-290, how big is that opportunity that you are looking at right now?
Jim Clark: Well, I mean I think it still fits within the whole refrigerated – portable refrigerated display market. It’s just that we think that it’s a leading edge, if you will, technology and it could create a lot of opportunity for us to take additional share. The market is bigger than we buy a magnitude bigger than we serve.
Jim Galeese: And the mobile refrigerated display market continues to grow.
Jim Clark: To grow, right. So, our thing is always about we have to earn every project we take. And once we get that, we get a tremendous amount of customer loyalty, and we do – we hold it in very high regard to make sure we hold on to that, the stickiness we have with our customers is demonstrated through our continued performance and our customer list. But we have to go out and – the market is much bigger than us right now, and we need to go out and fight for every new opportunity there is. And once we get those opportunities, we do a pretty good job of holding on to them. But nobody is going to be – the opportunity is not going to be beating down our door. We still need to go out and earn every dollar.
Sameer Joshi: Thanks for that color and thanks for taking my questions. Good luck.
Jim Clark: Alright. Thank you, Sameer. Thanks.
Operator: Our next question comes from the line of Rick Fearon with Accretive Capital Partners. Please proceed with your question.
Rick Fearon: Hi. Good morning Jim and Jim, and congrats on another fantastic quarter, nice job backfilling on the menu board business. Just a couple of questions regarding M&A, you have already come up. And my only question is a little more specific about the acquisition philosophy, Jim, mostly regarding your sort of buy versus build considerations, maybe specific to some product extensions like security, or as you get into the new refrigerants right now, I mean this is – the success, yes, with REDiMount, the opportunity the R-290 seems to represent. It’s just exciting what you are doing internally and good acquisitions are hard to find. So, it would be interesting to hear what you are seeing on the M&A side versus how much growth you think you guys will accomplish organically?
Jim Clark: Well, good morning Rick and thanks for joining the call, and thanks for the comments. First of all, if you look at the fast forward plan and you look at our prior plan, our 2025 plan, both of those have a component of organic growth and M&A. And between 2019 and 2020 – in the end of this 2023, we led with organic growth and M&A was a piece of that. In our 2028 fast forward plan, we still have organic growth as the majority contributor with M&A as a minority contributor. They are close, but for sake of discussion and alignment in the business. We want to – the real discipline and the real execution comes around organic growth, and we want to make sure that we are balanced in that. In terms of the make versus buy and that type of thing, it varies by market, right.
