Those don’t typically go up in a few months. It’s typically a longer process. And so we’re typically at the tail end of that process. On the other side are things like fare collection or some other areas. So I do see it hitting a lot of areas. I would also say on the cooling side, we’re seeing some pretty interesting pockets in a couple of areas. We are seeing batteries being quite intriguing. We’re seeing semiconductor and data center activity as being very healthy, and those typically have a lot of needs for our type of cooling equipment. So I’d say that’s an area that I think is seeing some benefit from some of the government funding. It’s something that should be out there for a number of years. Paul, what €“ I think what I want to bring up is always radio detection.
Radar detection, as you know, we’re the leader in underground scanners. That’s the part of our location and inspection platform. That’s really a good proxy for economic activity because you have to scan before you dig for Google Fiber or whether you’re putting in gas lines or whether you’re putting in non-resi buildings or hospitals, educational any type of activity bridges you need to scan typically, and that is a net driver of end market demand for us. So the more general activity, you’ll see some of our infrastructure technology get pulled along with that. CUES is our last one that I’ll highlight, which is robotics for water and wastewater applications. And we have seen some monies that have gone to the municipalities there. We haven’t seen that converting into orders as of yet.
We are seeing some programs where there is some opportunities. So if you look at it across the portfolio, I do think this will be a net benefit to us over the next couple of years. We do see some areas we this provide some nice demand support for us.
Bryan Blair: All helpful detail. And if I can ask one more, the tone on your M&A opportunity is unsurprisingly positive. Any additional color you can offer there in terms of the progression of your M&A pipeline, any shift in composition of the funnel, seller expectations, actionability over the near-term? Anything along those lines would be great.
Gene Lowe: Yes. Brian, I’d say that overall, we feel really good about our strategy. So, for each of our six platforms, we have very detailed growth plans, and we’re executing against those. In terms of the activity level, I would say it is a very healthy level of activity. We did see some slower level of activity than some of the COVID years, but I would say that’s not the case right now. We are seeing very healthy levels despite where interest rates are today. So, we are very pleased. We haven’t seen €“ it’s interesting. We always get the question on multiples when things are very high, they are going up and they are €“ when things are going the other way, they are going down. We are very disciplined on our multiples. As you know, we have acquired some really good companies to put the engineered products, leading positions, typically 20% EBITDA, sometimes more good growth rates.
And on average, we have brought these in at around 10x to 11x. And we don’t see any material change in that profile. We have always said, if you look at a larger opportunity, you could get a higher return on some of those. But where I sit on our growth opportunities for €˜23, I think we have a very attractive set of growth opportunities. But having said that, as we always caution, we are going to be very disciplined here and we are going to be very careful. But I would say we are feeling very positive on the program.
Bryan Blair: Understood. Thanks again guys.
Operator: Thank you. Our next question comes from the line of Steve Ferazani of Sidoti. Your line is open.
