Gerry Sweeney: Understood. I got it. I appreciate it. Thanks for your time and congrats on a nice quarter.
Lee Rudow: Yes, no problem. Take care.
Operator: Thank you. Our next question comes from the line of Mitra Ramgopal with Sidoti & Company. Please proceed with your question.
Mitra Ramgopal: Yes. Hi. Good morning. Thanks for taking the questions. First, just a couple on the acquisition front. Lee, obviously, it’s a big part of the growth strategy. But as you look in terms of an environment, rising interest rates, how comfortable are you in terms of levering the balance sheet up or being aggressive on the M&A front and while trying to balance accretion from any transaction you might consider doing?
Lee Rudow: Right. Well, it’s an interesting question. I mean, typically, our line as it stands today allows us to lever up to about 3 times. We’ve always been more comfortable in the mid-2s. There have been times in the last five to seven years when we’ve lingered more around 2 times, 2.7 times, I think at one point, we’re at 1.6 times now. So anywhere in that range, Mitra, I think we’re comfortable. We have a shelf in place. I mean there are other — depending on our strategy and how well we execute it and the changes in the market, the availability of these acquisitions, I think there’s variety of ways to get them done even using stock as currency. I mean, it’s just different methods that we talk about and we’d use them and deploy any of those if it made sense. So I think we’re well capitalized in that sense. And as far as the market and acquisitions, yes, we — it’s fairly dynamic for us and we are kind of doing our thing. So no issues.
Tom Barbato: I would just add that assuming we continue to make good decisions on acquisitions and we’re adding businesses that are contributing well from a profitability standpoint. That mitigates the impact from a leverage standpoint as well. And I think we’ve demonstrated the ability to do that consistently over time.
Mitra Ramgopal: Thank you. Thanks for that. And then just trying to get maybe some color on, if you look at acquisitions like Tangent, obviously, it got you into some new geographies or new markets, Indianapolis and Huntsville. Just curious if maybe a year later you have been able to really benefit from that new geography in terms of growing the local business beyond what you might have expected?
Lee Rudow: Yes. The best way to answer that Mitra is to start off by talking about discipline. We are disciplined buyer of companies in our business space. And by the time we make a decision to say whether it’s a small company, midsize or a little bit on the larger size for us, they have to fit our strategy. They have to satisfy our drivers. And so, we kind of get a pretty good feel upfront what degree of success we’re going to have. We just have to execute well. We’ve got a great track record here of doing well in that respect. And so I just want to make that general comment. When we look at Alliance in Ohio, when we look at Tangent with the two territories they brought us and E2B in Cleveland. All these deals have done rather well for us.
I mean, not all of them are exactly the same, but I would characterize them generally as good to very good to excellent deals. So you can see NEXA at the top excellent and you’d see . They’ve satisfied the drivers. We’ve done well executing. We’ve done well with the integration. It’s always our idea to parallel plan to integrate. And so, we’re really satisfied and we’re going to keep this going. We got a great track record and a great team working on this. So yes, we’re satisfied with the results. And we expect it to continue.
