And this company and this management team is dedicated to generating cash across the entire business cycle. We grew our revenue 2% quarter-to-quarter, generated over $100 million of revenue — sorry, of cash flow from operations. That’s a great story. And as we go to ’24, we’re not giving guidance on this call, but we certainly expect to generate a significant amount of cash next year as well. So we’ve got a much improved balance sheet. We’re at a record low for net debt as a public company. So all these things around destocking and getting our own house in order as it relates to inventory should be very positive for investors because we’re going to be generating a lot of cash. And I think ultimately, that’s what investors want to say.
Chris Dankert : Yes. Understood. And I guess maybe if I could zoom out even further for just a moment. I mean, this time next year, we’re going to have some of the capital structure issues a little bit more decided. But no matter what leverage is going to be quite low. I guess any thoughts on just capital deployment priorities once we kind of get through some of the pending issues there?
Rob Saltiel: Yes, that’s a great question. Thanks for asking it. Because we were getting questions a year ago on capital allocation, and those who will remember or pull up the transcripts will recall that we said we need to demonstrate that we will generate cash even as the business grows. Well, it looks like we’re doing that. And the fact that we’re able to generate cash across the cycle gives us more financial flexibility. We would really like to get back to M&A to grow this company. This company hasn’t done any significant M&A since 2014. We want to be thoughtful about how we grow our business, we want to make sure that we’re getting into businesses that we feel like we can compete with, effectively, we can add value to, based on our existing either product mix, customer mix, geography, what have you.
But we want to make sure that we’re very disciplined about that M&A. We haven’t had really the flexibility to think about M&A in a big way because we’ve been heavily levered. We think that that’s actually been a detriment to the company’s ability to trade in the market because people were concerned about overleveraged, especially as we were going into the pandemic. But this company will now have more financial flexibility going into ’24 than we will have had probably in our entire existence as a public company. And we will continue to scan the market for attractive M&A for ways to profitably grow our business.
Operator: There are no further questions. I’d like to hand the call back to Monica Broughton for closing remarks.
Monica Broughton : Thank you for joining us today and for your interest in MRC Global. We look forward to having you join us for our fourth quarter conference call in February. Have a great day.
Operator: Ladies and gentlemen, this does conclude today’s teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.
