Brad Martin: So Rick, we haven’t provided guidance beyond ’24. And we will provide that here later in the year as well as some of our strategy beyond ’24. But really, our strategy is to continue to deliver on all of the investments we’ve made in the last couple of years with our own self-funded programs. Continue to expand upon those programs with government funded activity. We mentioned in my prepared remarks, the $91 million in ’23, the $155 million in ’22 that was awarded. These are programs being built now in ’24, ’25 into ’26. That’s a great foundation to move forward. We really do like our strategy, Rick. We’ve got international markets, market leadership, positions in broadband. We’ve got gigabit solutions to 70% to 99% of all those markets.
5G networks rolled out. It’s really just in this conversion of this investment phase to moving into our free cash flow generation optimization phase internationally. In our U.S. markets, we’ve got, again, a very strong foundation in carry and wholesale. We have a very large total addressable market for telecommunications in the areas that we serve. And that really is the opportunity ahead of us. Building good infrastructure, taking more of that total addressable share in our two U.S. markets is a great opportunity. And I think we’ve got a great foundation strategy to do it. We’ve got to execute. We’ve got to continue to focus on delivery to be able to deliver shareholder value, deliver value to our customers, and overall value to all of our stakeholders.
Carlos Doglioli: Rick, I just want to add, I think when you look at the business, we’re transitioning. We’ve said we’re going to focus on cash generation. And I think when you look at the level of CapEx compared to prior years, certainly it’s aligned with that. So when you look at our financial framework transition, there’s a couple of elements that are already in place when you think about more of the mid to long-term. We talked about more normalized CapEx levels in between 10% and 15% of revenues. We’ve also signaled that from a longer term perspective, even though we’re experiencing some bumps here and there with our leverage, we’re committed to bring it closer to 2x over time. And I think when you look at those elements, those are all pointing to cash generation down the road.
I think the other element that we have to complete, is the piece of all the margins and that’s going to be the focus for the coming months. As I mentioned in my remarks, I’ve been closely focused on margin improvement opportunities. We’re currently at the 20s in adjusted EBITDA. So there’s certainly room for improvement there. And we all understand that there’s short term opportunities. There are things that might take a little more time, but there’s room there. And that’s where we’re going to find the additional financial strength to improve those return to shareholders. It’s critical.
Richard Prentiss: All right. And to echo Robert’s comments from earlier. But it’s not just small capital liquid names like 18 Comcast down 7% today. So even large cap companies are having a tough time in the public markets right now when there is competition or when there’s some delays and stuff. So okay, wish you well. Glad you’re focusing on the margins as well as the pretty cash flow.
Operator: Thank you very much. This concludes our question-and-answer session. I would now like to turn it back to Brad Martin for closing remarks.
Brad Martin: Thank you all for joining today. We look forward to speaking with you in the months ahead. Thank you again for your time. Take care.
Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect. Have a good day.
