Steve Sakwa: Great. Thanks. That’s it for me.
Operator: Thank you. The next question we have is from Anthony Paolone from JPMorgan. Please go ahead.
Anthony Paolone: Thanks, good morning. First one, following up on Steve’s discussion on capital allocation. It seemed like last quarter, you were pointing to a pretty sizable M&A deal that you had circled. Did that fall out of bed? Or is it still a potential transaction? Just wondering if you can give us some color there?
Bob Sulentic: Yes. Tony, the – I think the thing that is really important to note, and Emma already alluded to it is – we are talking about big M&A deals now. We’re $1 billion deals, and we’re working on a number of them. We’ve had a steady stream of smaller infill deals. Big deals kind of take on a life of their own. You have to get through agreeing with the other party on a deal, working through an integration plan, working through an agreement that then becomes a definitive agreement and those things ebb and flow. And the notion that they would – you would talk about in one quarter and then with high confidence they would land in the next quarter. That’s just not how bigger deals play out. I will tell you 90 days after we last talked about it, are view of our M&A opportunity is as strong as it was then.
We’ve got several things we’re working on. They’re not going to all make we’re confident though that some things will make and that it will be a very productive use of capital for us over the next few quarters and it will be a very good strategic use of capital for us, which aren’t exactly the same thing. We think we’re going to be able to move our business forward strategically very nicely with some of the things we’re working on.
Anthony Paolone: Okay. Did that temper though, just the amount of buyback to kind of keep capacity for some of these larger deals? Because I think if you look back over the last year or so, you’ve had some pretty strong buyback quarters. And so just trying to understand what to expect on that side?
Emma Giamartino: Yes, Tony. So we’re constantly balancing our capital allocation between buybacks and M&A and looking at our pipeline and the time – weighting the timing of when we think something may get executed. And so that’s what you’re seeing. Through the remainder of this year, we expect to complete about $600 million of buybacks in the second half. We’ve done $100 million in July. And that’s what you’re seeing there is we put a 10b5-1 in place, and that’s really related to where our price goes. So as our price goes higher, we’re buying back fewer shares as you’d naturally expect.
Anthony Paolone: Okay. Thanks. And then Emma, separately, you had mentioned some drags in GWS just the investments you’re making there and that those would persist for the rest of the year. Can you maybe give us some ideas to the order of magnitude and whether or not those are lifted then in 2024, where we see like a pickup?
Emma Giamartino: So those are primarily in my remarks, I commented on. They’re primarily related to our local business. We did a couple of acquisitions, smaller acquisitions, where we don’t normalize integration costs. And you’re seeing those integration costs in the quarter. You’re also seeing investments in our local business as we expand that business outside of their current geographies. So there are some upfront costs required to build out those platforms. You’re seeing that in this quarter, we expect that to steadily alleviate through the rest of the year and to end the year overall with the GWS margin in line with last year. And it’s too early to comment on 2024, but I would expect those absent incremental investment, which we’re always doing, our margins will improve going into 2024.
