Alex Malfitani: Yeah. Absolutely. It comes down, Mike, if you remember the BRL4.6 billion number, right, it’s a big number for those of us that long for the days before IFRS 16, that’s — most of that number is the rent, right, so if you’re looking on a cash basis, right, the way we talk about our cash gap or our free cash flow, if you include the total rent payments that most of that interest comes from that rent payment is already included in that ramp payment. And since that rent payment is going to go down that interest expense should go down as well. There’s going to be an additional — though, we have a little bit of non-operating lease that that will remain, that interest should stay roughly the same. And then the 2030 note will have an interest component, right. We’re happy to provide that detail once we have it, once we’re all done with this part but the net result should be a reduction in the interest expense.
Michael Linenberg: Okay. So that’s helpful. And then in the release, you do highlight or state that going forward we should see a measurable reduction in CapEx in 2023 and beyond. And the way I think about it is this last year, you saw your lease liabilities go up by BRL1.8 billion, as I sort of tie that to CapEx. Going forward, what is that number going to look like, rather than giving me a CapEx number, what should we anticipate that lease liabilities would grow based on new airplanes coming in maybe ’23, ’24 rough numbers would be great?
Alex Malfitani: Yeah. That’s an important question, Mike. As I always like to highlight that the CapEx that we’re talking about, does not include any new aircraft CapEx because for the next couple of years, all of the aircraft that will be joining the fleet come from lessor orders. So, the CapEx related to new aircraft. The whole CapEx that you were seeing in our cash flow projections were for maintenance and they also had a big component of COVID deferrals, right, stakeholders, our OEMs also provided us with credit to get through the pandemic, they are providing us with additional credit, they are exchanging past dues for the equity and debt structure that we mentioned. So the big reduction will come from the elimination of the COVID deferrals and an additional reduction and the resulting or remaining maintenance CapEx through additional craft from the OEMs. And then, as John mentioned, the credit lines that we are developing together, Azul and the OEMs to make sure that this big part of our financing need is finance, right, because other airlines in the world that maintain their engines, which is the majority of the CapEx here, is engines on RDE1 (ph) as they maintain their engines, they get financing and we’ve been paying cash for all of our maintenance events.
John Rodgerson: Mike, it makes no sense to have the Brazilian development bank financing subsidized U.S. carriers, right.
Michael Linenberg: I hear you.
John Rodgerson: All we do for Brazil, the jobs we create, we buy the aircraft that’s made here in Brazil. And so I think that — I think we’ve got a great case together with GE and Embraer to ensure that there is more financing lines available with the NDS.
Michael Linenberg: And John you’re basically the only one, you are the only Brazilian airline buying Brazil. So just a few more because it obviously an important call. And again, I appreciate that you still haven’t finalized everything, but again, I’m trying to get a sense of some of the impact here, if I look at your leases, on your balance sheet at year end, short-term, long-term, I get to a number about BRL14.5 billion, how much like can you give me just a rough number like what percent is it half, is it 40%, that will tie to this 2030 note and the equity piece? Is it some portion or are you going to tell me all that is affected, I’m just — I’m trying to get a feel for how much of the cap structure actually changes and there is a deleveraging moment year or two?
