Neil Hunn: Yes. I would characterize it. Our software businesses are playing out — about as we expected coming into the year, right, expecting a little bit of a slowdown. So you see delayed decision making that has pushes out net new sales, but it also has the impact of having higher gross retention, because decisions are being deferred. And then also just the amount of expansion activities that we have activity we have with our customers is a little bit less, as our customers are just more cautious as they look forward. So that’s playing out about as we expected. It’s not acute and any one of our businesses is just sprinkled across the universe of our portfolio. Relative to TEP, I mean, it was just fantastic. We had a lot of demand in the medical businesses remains very strong especially at Verathon and CIVCO, a lot of supply chain clear up in the first-half, especially in the second quarter.
And we called out very rarely do we call out the three small businesses that we did on the slide, but they had just terrific supply chain sort of performance and operational performance in the quarter.
Deane Dray: Yes. That’s really good to hear. And just as a follow-up, can we talk about the impact AI is having and how you’re evaluating M&A candidates. So is there an eye towards the barriers to entry Roper is focused on these deep domain expertise types of deep vertical. So how do you look at where and how AI might be a threat to these? How do you look at the candidates in terms of where and how AI might advance their business model and just what has changed there?
Neil Hunn: Yes. I think it’s certainly a consideration today. We’re computationally, AI has been a consideration for a few years. Generative is newer this year. I think the thing that is nice about our portfolio, our M&A strategy is it just happens to play into the strength of where generative AI and computation AI is best suited. So more verticalized, more application-specific, more intimacy with customers. And so our M&A approach is well suited given the development of these technologies. And as always, you’ve heard us say this for decades, we’re looking in our capital deployment. If there’s a zero in the Monte Carlo, we can envision a doomsday, then we’re out. We’re just not going to lean into that. So we’ll look at — we always look at that. And to the extent we can dream up as zero in the Monte Carlo, because of generative computational AI, then we’re not going to consider it in any way. So that’s not a new thing for us. Anything to add, Jason?
Jason Conley: No, I think that’s right. And any sort of content type business, we’ve always steered away from, and I think this is just accentuates that with the advent of AI and Generative AI.
Deane Dray: Thank you.
Operator: Thank you. And the next question comes from Joe Vruwink, Robert W. Baird & Company.
Joe Vruwink: Great. hi, everyone.
Neil Hunn: Hey, good morning.
Joe Vruwink: Hey, good morning. If I go back to last quarter, I think you referenced the Leadership Summit and the business unit presidents coming together. This quarter, there was an announcement about iPipeline and Vertafore partnering together on product. Is it may be possible to connect these two things together? So by doing more to share best practices across the operating divisions, can Roper actually uncover incremental product opportunities and maybe offering a broader suite when it comes to certain end markets that are jointly served today?
