The company benefitted from approximately 9% revenue growth in the nine months ended July 31, 2023, versus the previous year due to successful acquisitions, new greenfield branch locations, and pricing initiatives amid persistent inflation. We expect full-year earnings to reflect flat to low-single-digit organic revenue growth as demand continues to soften and consumer spending decreases through the rest of the year. With input costs remaining high, it may become increasingly difficult to pass along costs to consumers and customers. In such a scenario, credit quality could suffer; however, we believe SRS can absorb persistent inflation given its product and end-market mix that leans more heavily toward nondiscretionary spending segments. Given these offsetting factors against weaker market conditions, we feel the
