Are there market forces, like Core & Main offering a better value proposition, that could disrupt this? Or is it just a matter of time before the owners of these smaller businesses look to exit, allowing larger players to gain more share? I'm curious about your thoughts on this.

That's a good question. You can look at Ferguson and Core & Main and wonder how anyone can compete against them. But in our business, it comes down to a market-by-market perspective. For example, in Seattle, HD Fowler has been there for at least 75 years and is the market leader. Their share has eroded somewhat, but they carry large inventories, have an excellent sales force, and have established processes. Core & Main can try to compete, but they don't have the same quality of people as HD Fowler, nor does Ferguson in that market. It's more about the people than buying power. HD Fowler, a half-billion-dollar distributor, can buy as well as Core & Main or Ferguson in the Pacific Northwest. This is true for any market. In some markets, Core & Main or Ferguson are leaders, but in others, they might be the B or C distributor, while an independent distributor could be the top in that market.