So it’s step-by-step, but there’s many parts of the area that are not tapping the balance sheet.
Ben Nolan: Okay, I appreciate that Mike. And then lastly for me, I was a little bit surprised or I was curious if maybe you could talk me through how you’re thinking about share repurchases. I mean the shares have been somewhat soft, although the results here are reasonably good, maybe not record-setting, but not bad, and it doesn’t seem like that’s being reflected very well in the shares. And then as a consequence of that also in the convertible price, as well as is another alternative. It seems to me as though that is much lower-hanging fruit in terms of capital deployment than making investments outside the firm or acquisitions. Can you maybe talk me through how you think about that and sort of where you sit with respect to the deployment of capital between buybacks and other things?
Ira Birns: Always a fun question to answer for you, Ben. So we always carefully evaluate, say the optimal timing for any share repurchase, the optimal amount of purchases as part of our overall capital allocation framework, right. As you’ll remember, we recently repurchased over 2.2 million shares or $50 million worth of stock just in June when we issued our convert. But look, additional buybacks are always a consideration, alongside our capital allocation decisions going towards organic growth, inorganic opportunities, albeit a great point that the multiples on those are a lot higher right now, as well as dividends, right? So all I can say is this, it’s always a consideration. We don’t necessarily choose a fixed dollar amount at the beginning of the year.
It depends on the world around us and where we see opportunities in either the stock or other opportunities outside the business that may be a bit more expensive on a pure kind of economic analysis, but could drive strategic value to us over the long term. So we have to always provide available liquidity and financial flexibility for those types of investments as well. So at the end of the day, we’re trying to allocate effectively between all those levers to drive the best possible shareholder outcome, but while also maintaining the appropriate level of financial flexibility. So that’s probably the best answer I can give you on that one.
Ben Nolan: If you had to – I’m going to press on that for a second. If you had to sort of look at where we are right now today at today’s share price and then also sort of where relative valuations are for some of the potential targets that are out in the market, how does it stack up based on this moment, would you say?
Ira Birns: On a relative basis, of course, am I supposed to say this. Is there a counsel in the room? Our multiples are ridiculously low, as you would say. The stock opportunity is really cheap, but that’s a key factor, but that isn’t everything, right, when you’re comparing where you’re going to invest your next dollar, right. So short now on a relative basis to different periods in our history, it certainly is more attractive than it was. That doesn’t mean that that translates into every available dollar of cash should go to buying back shares, right. We still have to consider other opportunities as part of our – again, as part of our strategic initiatives, trying to drive further growth and scale. If Pavel is still listening in, in our sustainability-related businesses, there’s a lot of synergistic opportunities in land.
Mike alluded to a small one that we completed recently in North America. That’s a really simple bolt-on to the cardlock business, where they would say at the end of the day, we’re – that’s a pretty solid investment right now considering it comes with literally no cost and only income, because it’s such an easy integration. So yes, on average, it is a better time today than it may have been at other periods in the past. And you’d argue its being more seriously considered, but its being more seriously considered alongside other opportunities as well.
