Justin Clare: Okay. Great. And then how do you think about potentially further expanding that product portfolio, whether it’s in-house development of products or looking at acquisition that could further support your products?
Daniel McGahn: Yes. I think given the fact we’ve had this appetite, we have a demonstrated track record now recently at doing these three deals that have helped expand. The first one was more content for the navy. And then we’ve talked a lot about the last two over the previous couple of years here. We’re known in the market as a good company to work with and potentially be an acquirer. We’re getting a lot of inbound traffic in that. So we want to be choosy about what we do and try to extend the business. We want to grow and if acquiring more content allows us to grow more quickly then we think that’s something that we should certainly consider.
Justin Clare: Got it, okay. And then shifting gears a little bit here. You did mention that lead times seemed to be improving in your supply chain. I think last quarter, you had mentioned things moving from 15 months to potentially under 12 months for some projects or for some products. I was wondering how you see things trending ahead here? Do you see further improvement on the horizon? And then could this enable an acceleration in your ability to convert backlog to revenue?
Daniel McGahn: Yes, I think the potential is there. I think our lead times are now closer to 9 to 15 months depending upon the product line, which means that we can generate orders here this quarter, next quarter and have some impact still on next fiscal year. So I think that’s an important comment to make there. But we see a very robust pipeline of things that we’re working on and trying to close. And we’re — we haven’t figured it out. I’m tremendously excited, probably the most excited I’ve been about the prospects of the business, not just the results.
Justin Clare: All right. Well, that’s great to hear. I’ll pass it on. Thank you.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Daniel McGahn for any closing remarks.
Daniel McGahn: I just want to make a few key points here. Our business hasn’t been this strong, in this strong of a position really ever, when you think about the diversity, you think about the numbers and the performance. The business we’ve been talking about, we’ve now built. We’ve built a business that has generated cash from operations in the past two quarters and expect to do that again in the March quarter. We’ve been able to add new pieces in new markets, and we’ve been able to manage, as we discussed, pricing. We are growing. We think there’s a series of tailwinds driven by climate change that are here to stay, and are driving the new energy part of our business, including the reshoring of U.S. semiconductor capacity and the move to more electric vehicles.
Wind in India appears to be strengthening. We have a new product that’s in our partner’s hands, and they’re about to grow and build their business with us again. It feels much different now. It feels like the wind’s on our back. We also see more ships on the horizon. We have made progress with our development efforts with the U.S. Navy. We see an expansion of this business coming, hopefully, very soon. After all the work the team has done to feel that moment is near, where we know what ships we could go on and see them on the horizon, it’s quite exciting indeed. I can’t stress that enough. Lastly, we’ve been able to successfully integrate multiple acquisitions and believe that could continue in our future to add more pieces to attack our markets with more content, a deeper, broader offering means, as we continue to push for growth.
We can get at it more quickly. I hope after hearing us speak today, you are as excited as we are about our business. For those of you that have asked me why AMSC and specifically, why now, we have demonstrated a business for multiple quarters that generates cash from operations. That business has multiple policy tailwinds. We feel the wind is on our back in India, and it appears it will start to blow harder. We see more ships on the horizon and see a clear path to them. We have successfully integrated multiple acquisitions and hope to continue that in the future. I’m looking forward to talking to you again when we report our fourth quarter and full year results. Thank you and good day.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
