Angel Castillo: Hi, thanks for fitting me in. Just a quick one, I just wanted to make sure, I guess, I understood correctly. It sounds like — just looking at the slides, I guess, the average VAPS rate was down $274 for modular from $277. And I guess, as I recall from the third quarter, it sounded like you had seen kind of a strong inflection in your delivered rates. So just kind of trying to understand the bridge to that fourth quarter decline. And then as we think about the comments in the slides that talked about an LTM delivery rate that’s expected, or I guess it’s down 7%, and won’t really inflect that until kind of the second — or the middle part of 2024. So just trying to understand that and bridge to the $480 number that you talked about earlier.
Tim Boswell: Right. The $480 is the delivered rate that we’ve achieved through the course of February so far, and I think that was more like $450 or so in the month of January, so ramping up significantly relative to where we were performing in the second half of the year. And assuming we sustain those levels, which are in line with the historically, our historical highs going back to 2022, that LTM rate as reported under kind of prior quarter’s methodology would inflect in that kind of Q2 time frame. So, I think it’s just a reflection of you need more of that performance under kind of today’s penetration rate to flow back into the LTM and offset some of those weaker periods post the CRM cutover in Q2 of last year.
Angel Castillo: Got it. So I guess for the current VAPS rate of $274, was that just essentially the flow-through of the CRM still kind of impacting?
Tim Boswell: Yes, the $274 was up 8% year-over-year. And so that’s going to be a reflection of the increasing low penetration primarily in that number. And that’s probably the biggest driver.
Angel Castillo: Got it. And maybe just a quick housekeeping one. Just in terms of the sequential step-up in new and rental unit sales for the fourth quarter, could you just give us a little bit more color on that and also your expectations for 2024?
Tim Boswell: Yes. It’s probably two drivers, primarily. Given where fleet utilization levels are at, all else equal, we’ll be a bit more opportunistic with some of the rental fleet sales. One of the acquisitions that we executed, I want to say it was the August time frame of last year, has some niche manufacturing capabilities, serving primarily the education market on the West Coast. And the full quarter contribution of that business is flowing into the new sales revenue line for purposes of Q4. So I think that kind of Q4 mix is probably a reasonable indicator of how we’re operating going into 2024. Sales are inherently a little bit lumpier in terms of when they fall, so that mix could fluctuate over the course of a given quarter overall for the year. Like I said in my prepared remarks, I think there’s some growth opportunity across new and used sales for purposes of 2024.
Angel Castillo: Great, helpful. Thank you.
Operator: We have now reached the end of today’s call. I will now turn the call back over to Nick.
Nick Girardi : Thanks, Amy. Thank you all for your interest in WillScot Mobile Mini. If you have additional questions after today’s call, please contact me.
Operator: Thank you, ladies and gentlemen. This concludes today’s conference. You may now disconnect.
