Howard Rosencrans: Yes. No, no. I had completed the question. Ostensibly, are we talking about $27 million to $30 million per aircraft? That’s again, whether it flows in as working capital or flows in as — but basically in terms of the CapEx, is that what we’re effectively talking about? And then I want to ask you the follow-on.
Quint Turner: Well, we talked about that range in terms of the 767-300s to what investments look like to put them on the ramp in leasable shape.
Howard Rosencrans: Right. Okay. And it’s pretty much the same ballpark for the Airbus, right? Is that fair to say?
Mike Berger: Yes. In terms of — it depends on the Airbus type. And as Rich just said in the past, think of the narrow-body 321 as about two-thirds the about two-thirds the — and then the 330 is about 20% larger than the 767-300s. So it’s going to be a
Howard Rosencrans: So at the end of the day, it all washes out to about the same thing. So that leads me to my real question here. So the market is suggesting or the investment community, or however you want to look at it, is suggesting that now the returns that you’re going to generate are not going to be the returns that you have generated historically. And I guess just to speculate, there’s a lack of comfort with the customers vis-Ã -vis the customers like Amazon and DHL and FedEx and the ones that have been part of your fleet. So how do you give us the comfort level that the customers that you have on the horizon where you’re going to do these placements are going to — have the same fortitude, let’s say, for the sake of conversation, the e-comm growth on an international basis is not as pronounced exactly, that’s going to impact that we assume more your ACMI, which is the ACMI, which is more the volatility side of the business.
But as long as we get the CAM placements there and as long as they’re taking them, then we get the return on the CAM side, and let’s face it, that’s the lion’s share of the cash flow. Since your debt is going up so much over the ensuing couple of years, to me, I just want to — and I think for others, we just want to get a higher level of comfort that the varied buyers that we’re now going to be doing business with are sharply accelerated will be able to comfortably perform in line with the way your Goliath, let’s say, domestic or global players have performed.
Rich Corrado: Yes, Howard. No, it’s a good question. I’m glad you asked it because we’ve made this — we’ve handled a similar question in the past about some of the smaller lessees that we have. There’s a couple of things. One is that several of the lessees that are prominently positioned to take, whether it’s A321, 767s or A330s, also fly for Express companies or fly an Express network that multiple companies may participate in. For example, Cargojet up in Canada. We’ve also got some large companies in this portfolio that will be taking airplanes internationally. DHL is in line for both 767s and A330s from now through 2026. You’ve got a company, ASL, that’s based in Ireland but has several AOCs all over Europe. They’re the largest ACMI operator in Europe, and they fly for multiple Express companies, and they have very strong agreements.
