We’re still looking for IRR targets in the 12% to 15% range, generally. And we’ll continue to do that and we’ve got plenty of capacity. You’ll probably note, that we’ve moderated our share buyback activity, a little bit. Last year, we bought more shares than we bought this year. So that’s the lever, we can certainly pull more actively. And so we pulled back a little bit on that, not over any concern over the amount of leverage. But just the economics of share buybacks become less attractive, with the cost of money and with the success of our higher share price in combination, with the cost of money.
Andrew Nicholas: Great. Thanks very much.
Operator: And our next question will come from Marc Riddick with Sidoti. Please go ahead.
Marc Riddick: Hi. Good morning, everyone.
Jerry Grisko: Hi, Mark
Marc Riddick: So you guys really covered everything else that I was thinking about. But one thing, I wanted to touch on if you had a moment to maybe share some thoughts on what you’re seeing with the client industry verticals and maybe certain areas that — and client demand that you’ve seen and whether or not there’s been much of a shift at all in particularly things like retail, and auto as it relates to the strikes. I was wondering, if there’s anything that — any call outs that you’ve seen in those areas or any others within the client industry verticals.
Jerry Grisko: Yes, Mark. Thank you. Let me just remind you that we’re not overly concentrated in any one industry or any one geography. So the — my comments are all kind of to start there which is no material impact on our business. Our clients as you know, tend to be middle-market businesses. They tend to be a pretty optimistic and resilient group. We go out every quarter and informally survey our offices and ask them to give us feedback on what they’re seeing with their clients. So that’s really the backdrop for the comments, I’m about to make. I would say, that our clients remain generally optimistic about their ability to navigate in this environment although I would say, somewhat tempered from the prior quarters more recent quarters that we’ve talked about it.
Some of the items on their list, on their talk track around of course is everyone else inflation and interest rates access to credit. With all of that said, demand for our services continues to be strong. Our core services and as I commented earlier, we’re also pleased with the demand for the more project-oriented services which can be more discretionary at times. So, across the board very pleased with what we’re seeing, as far as the demand. And as far as industries are concerned, again, not overly concentrated in any one industry. If I had to say as you would expect, the one industry that we’re kind of hearing some notes of caution relates to construction and real estate. And that’s really just the cost of capital and access to capital. Again, not an overly concentrated industry for us, but if I had one area where we’re getting some cautionary notes, it would be there.
Ware?
A – Ware Grove: Yes. The only thing, I’ll add on real estate. And yes, we’ve got our eyes on that. And most of our exposure, if we talk about serving real estate clients, most of the exposure there is on residential multifamily real estate as opposed to commercial. So I wouldn’t consider our commercial real estate exposure to be extremely high, although as Jerry mentioned, we’ve got our eyes on it.
Marc Riddick: Great. And then actually the M&A commentary and we really appreciate you spending time and giving color on that. The M&A commentary was actually somewhat encouraging, even though they’re smaller deals, but there seems to be activity out there. I was wondering, if there are any particular industries that are kind of leading the way on that or is that generally across the board?
Jerry Grisko: Yes, Marc, I didn’t ask that specific question. I think we tend to — just like the rest of our business within that segment of our business our PEA advisory business tends to be pretty broad-based so geographically and industry based. So, I don’t — there’s no concentration that I’ve heard of that’s driving those comments.
Marc Riddick: Okay. Great. Thank you very much.
Jerry Grisko: You’re welcome.
Operator: And this concludes our question-and-answer session. I’d like to turn the conference back over to Jerry Grisko, for any closing remarks.
Jerry Grisko: Thank you. As we always do, I want to start by thanking our shareholders and our analysts for your continued support and confidence in the company. I also want to take an opportunity to thank our team members, who may be listening in today. When I reflect on our very strong performance so far this year, it always comes back to the unwavering commitment among our team members to provide exceptional client service and to support each other in all that we do. The commitment is obviously evident in the results that we posted and those wouldn’t be possible without your dedication and support. So I just want to close by saying, thanks to each of you. And the broader audience, thank you for listening in on today’s call and enjoy the rest of your day.
Operator: The conference has now concluded. Thank you very much for attending today’s presentation. You may now disconnect your lines.
