So I mean, it’s just — it’s an overall good market. And I just think that our processes and our procedures help us along with that. And then, we’re out there for the first time, what in like three years with promotional rebates coming from the manufacturers as incentives. So that helps a lot, too. So I think that those two things are helping OneWater kind of buck the industry and gain market share.
Noah Zatzkin: Really helpful. And maybe kind of relatedly, I know you touched on this, but just in thoughts — in terms of your thoughts around M&A, just given relative outperformance taking share, like is the pipeline more full than it was three months ago? Or how do you think about the opportunity in the next year?
Austin Singleton: No, I think the pipeline is kind of held steady, just like it didn’t jump up, it didn’t decrease. It’s just kind of been steady. I think when you look at the pipeline, the main driver behind the pipeline, which is what we said since day one, it’s an aged industry with no exit strategy. And so, as every day that goes by, things change. For us, as we look at the pipeline, we are a little bit more probably cautious right now than we should be because we feel like there’s still some room for some other — for the dealers that we’re looking at to normalize. These next two quarters, like Jack spoke about earlier, we need to adjust those margins to what they are today because they were higher in the first two quarters last year of the way we look at it.
And some dealers are just still convinced in their head, no, they’ll hold, they’re going to come back or whatever. So, there’s all these little things that kind of really need to normalize. And so, we do have a couple of guys that we’re talking to that have kind of come to the realization that, hey, yes, I’m not going to have as much EBITDA. So, our approach is our multiple really hasn’t changed. It’s — we’re trying to get to a normalization and make sure that everybody is comfortable with how we look at, what we’re paying a multiple on, and that’s normalizing the higher interest rates on floor plan and across the board, making sure the margins and stuff are in-line with what they’re going to be on a yearly basis. So that brings their number down even further than they are.
And then, the biggest issue that we’re wanting to make sure is we don’t want to go buy somebody and have to clean up 27 weeks on hand of outdated inventory. So that inventory things got to kind of flush through. And I think that’s what’s given us a little bit more of a pause right now or continue in the pause that we’ve been on is we know that three months from now, six months from now, things are going to look a lot different and that money — that is going to come back — the EBITDA is going to continue to kind of normalize on a year-to-year trailing 12. So, we’re looking at some stuff and we’re just not rushing out there to just jump in and do anything right now.
Noah Zatzkin: Very helpful. Thank you.
Operator: Thank you. [Operator Instructions] I’m not showing any further questions at this time. I’d like to hand the conference back over to Mr. Austin Singleton for closing remarks.
Austin Singleton: Well, I don’t really have any closing remarks. We just appreciate everybody on the call, and thank you all.
Operator: Ladies and gentlemen, thank you for your participation in today’s conference. You may now disconnect. Everyone, have a wonderful day.
