Brian Deck: I would say we’d still expect some seasonal uptick in orders in the fourth quarter, whether or not that exceeds revenue and it builds backlog or opposite, it won’t — I don’t think it will meaningfully affect our backlog. We still expect a pretty decent backlog going into the quarter. As I mentioned on the poultry, we actually do expect some improvement in orders in the fourth quarter on poultry, which is good news. So that will help along with some of the seasonal activity. And we’ll see where the backlog shakes out. But as a whole, I think you saw from our release that our backlog is in pretty good shape, decent year-over-year, and it should be in relative similar situation as we exit the year. So obviously, it’s a little too early to talk about revenue and demand for 2024, but we feel decent about our backlog and what we expect as we end the year.
Mig Dobre: No, that’s very helpful. My last question, on capital allocation, you talked a little bit about how you’re looking at various opportunities to deploy this capital. But I guess what I’m trying to learn from you is, whether or not you’re looking outside of the U.S. or if you have a preference geographically at this point? And what are some of the priorities as you look at your portfolios where you would think that incremental assets and capital deployment can really accelerate your business? Thank you.
Brian Deck: Sure. We are certainly looking at both U.S. and Europe, not so much in Asia, maybe some opportunities in South America as that market starts to grow or is growing. But moreover, it’s really about buying really good technology that we can globalize and put into our supply chain system and digital infrastructure, et cetera. In terms of kind of specifically to areas that we’re interested in, because we are a very diversified business, the landscape is actually fairly wide. That said, I would say, areas that we like — generally speaking, we do like end of line. So, we’ve done — had some success with Bevcorp acquisition and some things around that and/or packaging in general can be attractive. There’s kind of a wide range of margin profiles at end of line.
But there are some things that we can feel that we can fit with our structure nicely and be value-added to our customers in fuller-line solutions. So generally speaking, end of line. I still think there’s opportunities in poultry and in pork and protein in general, to add around our current capabilities where we have some holes. And then beyond that, there are some new adjacencies that were not particularly strong in, bakery is one, for example, that we feel that we could add some diversification that the technology is not particularly different, but they’ve got some nuance and niche capabilities that can help that — help us penetrate that market further. So, again, it’s kind of a fairly wide mandate, if you will, given our broad exposure and given our — the strength of our balance sheet.
Mig Dobre: Great. Appreciate the color. Thank you.
Operator: Thank you. We’ll go next now to Walter Liptak at Seaport Research.
Walter Liptak: Hi. Good morning, everyone. I wanted to ask about your comments, Brian, about the book and ship. And if we can just get a little bit more detail about how — what was the trend change? And is it just a temporary change? What happened there?
Matt Meister: Yeah, Walt, it’s Matt. I think from a book and ship perspective in Q3, I think it’s just reflective of the current environment that we’re experiencing, especially, as Brian mentioned, in North America and poultry. It’s a big market for us, and we tend to have some decent book and ship orders that we expect in any given period. And in Q3, just with the current environment, it just was a little bit lower than we would have otherwise expected.
Walter Liptak: Okay. Are we expecting that to — I guess, the current environment hasn’t gotten less volatile with some of the political macro things. But are we expecting things to turn in the fourth quarter, or is this something that we should kind of factor into our thinking from here?
