Oliver Davies: Hi, guys. Thanks for taking the question. Just firstly, just what are you seeing in terms of the international markets that you operate in? And is growth kind of higher or lower out in those markets than it is in the US?
Kenneth Krause: Those markets continue to be very attractive for us. We continue to grow our business. And in fact last year we made significant acquisitions in the UK market. We build out our platform of businesses and services that we’re providing in the UK because we view that as a very attractive market. We’ll continue to deploy capital internationally, but I have to remind you also that the US is our largest market it’s our fastest growing market and it’s highly fragmented. So it provides us tremendous amount of growth opportunities as we go forward. So we’re pretty bullish, we’re pretty optimistic and we feel like we’ve got a great growth plan that spans the globe.
Oliver Davies: Okay. Thanks. And then I guess on the termite side, I’m assuming a decent amount of that grows from ancillary sales. So what are you seeing on just the termite business?
Kenneth Krause: We don’t break out the termite business from the ancillary, so it’s hard to report that. But what I would say is we continue to see demand for the termite business. A lot of people look at the non-residential — or the residential housing market and get concerned about a slowdown in new housing starts and such. And while we are managing through the challenges associated with higher interest rates, we’re seeing good growth come through that business.
Jerry Gahlhoff: And we have great performance driving the sales of our termite baiting programs to customers as well. We very good take rates on that. It’s got very high customer retention and we try to make sure we bundle that with all our service offerings.
Oliver Davies: Thanks so much.
Kenneth Krause: Thank you.
Operator: Thank you. Our next question comes from the line of Brian Butler with Stifel. Please proceed with your question.
Brian Butler: Good morning. Can you hear me?
Jerry Gahlhoff: Yeah, we can.
Brian Butler: Great. Thanks for taking the questions. First one just on the organic growth. Can you provide maybe some color on how much maybe was cross-selling versus price and how that opportunity for cross-selling looks going into 2023?
Kenneth Krause: It’s hard to parse it down into that level of detail. But what I can tell you is when we look at the overall growth rate of roughly 10 or so percent, you back off just over 3% of that for acquisitions so you arrive at about 7% or so of total growth. As Jerry indicated, last year we pulled the price increase forward a bit. So we actually saw a little bit more of pricing not only from pulling it forward, but because we were passing along a higher pricing — price inflation to our customers. And so if you — if — we had talked previously about passing along roughly a 4% price increase, we probably realized something in the 2% to 3%. So you could see that our underlying real growth rate is in that 4% to 5% is what we estimate. And it’s just an estimation, but that’s what we’re estimating that our underlying growth rate is without price.
