Mark Morelli: I might add, it gives us a really good setup for 2024. I think we feel like there is some healthy demand here. We’ve got a great product lineup. I think our price cost is not too out of balance here. So I think we feel like we’re in a good position, bringing inventory down as well. So we feel optimistic entering the new year.
Rob Mason: Understood. Mark, just around that, the commentary kind of referenced previously just around how you’re monitoring the impact of higher rates and thinking about the dispenser business, in particular, just given all the refreshes, the rebrands and new site builds, etcetera. I would think all the permitting involved, there is probably good lead time on that as well. How far out I guess, how much visibility forward visibility do you have into some of that activity? And yes, that’s the question.
Mark Morelli: Yes. Well, first of all, this is where we’re positioned really strong. We’re – we lead with the leading players in the market, the large regional national players are really in our sweet spot. And so we have very regular conversations with them. As you can imagine, they have a lot of cash to put to work from their balance sheet. They have been making outstanding margins on fuel as well as in-store sales are going up. And so they are a very successful business models and they continue to build out their footprints. And so the visibility is well into next year, as you can imagine, you don’t do a site approval, you don’t arrange these things they look out. In many cases, even more than a year they are working on building out and buying.
The location is very important to them, too, and making sure they are buying the right locations. And supply chains have certainly eased, but their activity continues to go forward. And this is where we base some of our visibility on where we feel really good about our position and our setup. Now it’s hard to say what’s going to happen in the macroeconomic environment. But also this – the footprint that we have has been pretty resilient in prior downturns.
Rob Mason: Just last question around the alternative fueling area, CNG was noted as a strength perhaps this quarter, but just how should we think about the timing and the influence of the hydrogen aspect of that business in terms of a ramp? And I’m curious as well how you think that mix would look over time from just the dispenser side versus maybe more of a total turnkey solution that you also highlighted.
Mark Morelli: So it’s mostly, as you can imagine, compressed natural gas, renewable natural gas today. We’re just launching hydrogen offerings. I think it’s early to market with we view as a leading offering that focuses on high reliability on the dispenser side, but also the turnkey solution is also pretty innovative. And folks need this. They have been asking us for this solution for a while, pull this into this space based on our high reliability and based on our ability to provide products that address safety and regulatory challenges that are very similar to compressed natural gas. So it’s really in our sweet spot. So we feel pretty good about that going into next year, a lot of government funding behind this bipartisan support.
It’s also internationally. It’s not just in the U.S. So there seems to be quite some legs. It’s interesting, when folks look at our business, they should really think about this energy trilemma we talk about. And the sustainability theme means not just electrification, but certainly, we think there is a lot of legs to renewable natural gas also to the hydrogen, and we’re very well positioned here to lead. So we’re optimistic that you’re going to see more of a growth on the hydrogen as we get into next year. It’s been more than 20% growth in the quarter, and it’s been doing pretty outstanding over the last year as well.
