John Mengucci: Yes, so if I remember right, Tobey, there’s been talk about it’s a 10% growth budget. We could throw inflation in that, then we have to take out things that we don’t do. We’re always looking at that five-year CAGR budget, and I think we’ve called that growth between 22 and 27, somewhere in the 30% range. Overall budgets in ’23, some are going to grow faster in any given year, but the work that we’ve done says that this is at least a 30% growth market all through ’27. You know, what I like is we have a total addressable market of $260 billion, and we’re a $6.5 billion company. That total addressable market, how I measure it is if we hadn’t done the acquisitions, if we hadn’t been strategically focused, if we hadn’t gotten ourselves into these funding streams, if we had done no acquisitions at all – you know, there are some in this marketplace that don’t do any, then we would have not have positioned ourselves well and been able to drive initial shareholder value.
Look, strategy is a place where we come from, we’re not here by accident. A $260 billion addressable market is almost two times what it was in 2012, so all I can tell you from a macro level, budgets are holding up well enough for us to continue to grow and we like what the future holds.
Tobey Summer: Thanks. Is there anything you or the industry can do to effect change in terms of the chronic and burdensome protests that kind of plague the industry and procurement environment? Just wondering if you see the possibility for change.
John Mengucci: Yes, you know Tobey, I’ve been in this market a long time, I guess it’s almost 40 years now. The federal government provides the protest path, and I will say for good reason. There’s days we’re happy for that process and days we’re not, right – it depends on whether I’m on the left side versus the right. Look, it would be more helpful to us, clearly, if we could come to you all that we win this job and in the next five days, we’re going to see pops in revenue and margin, but that’s just not the market in. The best we can do, as you’ve heard me say many times, is we control what we can control and we work on, that is when we win jobs like EITaaS and it gets announced in the–in our first quarter, right, we pretty much have to recognize that it may be early fourth quarter before we can recognize revenue, and that’s if a lot of other factors stay stable.
On the flipside of that, doing business with the federal government, they’re a well paying customer. I’m not worried about whether 40 million people click on this app. We know what national security needs are, we can be much more strategically focused, and I would say the protest process is just something we have to work through. We have to be reasonable on it, and at the end of the day, you all and our shareholders just have to be patient that these things eventually work themselves out and we all get to move forward. Thanks Tobey.
Operator: Our next question comes from Louie DiPalma with William Blair. Please go ahead, Louie.
Louie DiPalma: Good morning John, Jeff, Dan and George.
John Mengucci: Good morning Louie.
Louie DiPalma: As a follow-up, John, to your reply to Seth’s question, Ukraine has employed a wide range of systems to counter UAS and loitering munitions. Are SkyTracker orders expected to ramp in the future as you develop the software modifications that you referenced?
