John Mengucci: Yes Matt, I’ll start off and I’ll turn over to Jeff. For a long time, we’ve been talking about we are comfortable in everything up to a 4.5 range, maybe temporarily getting a little bit higher than that to do something that was very transformational. What I like about where we are now, leverage somewhere in the low 2s, but I want to tie it to opportunistic and flexible. If we deploy the full $750 million of the combined ASR and open market repurchase, that’s going to still leave us around three times, and it really leaves us considerable capacity for other options. To me, that’s the kind of flexibility and optionality we were looking for. Jeff?
Jeff MacLauchlan: Yes, just to add a little bit to what John just said, you guys are probably tired of hearing flexible and opportunistic, but that really is what this is. We’re in a really nice spot here to operate the company in the near term kind of the mid-2s, which gives us a good chance to–you know, mid-2s to 3, gives us a good chance to have plenty of options as we approach either organic investment or acquisitions. We really are in a nice spot with lots of options, which is just exactly where we like to be.
Matt Akers: Got it, thanks. Then if I could do one more, I guess on M&A, it’s been slower than you sort of have done historically. Could you talk about what are sort of the hurdle rates you’re looking at and where are some of those deals falling short, is it just valuation or just not the right assets out there that are the right fit for CACI?
John Mengucci: There are a few observations we’d make here. The pipeline is not necessarily any smaller. I think we’re starting to see some valuation re-thinking as the market sort of adjusts to the current circumstances. I imagine a lot of that is interest rate driven, or some amount of it is interest rate driven. But we remain very active lookers and we’re going to continue our practice of being very thoughtful and deliberate and strategic, and when the right–that’s the other part of this optionality, right? When the right opportunity presents itself and the right fit and the right time, we’re poised to move with some speed.
Operator: Our next question comes from Bert Subin with Stifel. Please go ahead, Bert.
Bert Subin: Hey, good morning. Thanks for the questions. Just to follow up on an earlier question, if I think about it maybe on a near term basis, the DoD’s L&M budget is expected to grow high single digits, RD&C is expected to grow even faster than that, but your organic guidance is still for low to mid single digits in fiscal ’23. Even if we factor out your Army exposure, at least from our seat, it would seem like higher budgets and easing labor would yield more opportunity just relative to what your view was last summer. Is there a reason that’s not the case?
John Mengucci: Yes Bert, thanks. Look, let me start off with saying that we’re really happy with our first half performance – I mean, 5% organic, 10.4% adjusted EBITDA margin, so I like how that sets us well going forward. We’ve said in the past, we’ve got a large, growing, addressable market, so there’s plenty of opportunity for a $6.5 billion CACI. I like the strong awards that Rob highlighted earlier, we’ve got a nice pipeline. Back on guidance, look – it reflects a lot of different assumptions and scenarios in terms of how a multitude of factors are going to play out, and that’s why we provided a range at the beginning of the year. To put a little color on what goes on here when we look at do we hold our guidance, we had a strong first half, do we narrow guidance, do we raise it.
