Marc Parent: Look, I think it’s going to take time. It’s going to take investment €“ pilots are not the only issue that you’re facing the industry right now. I mean it’s been exacerbated by the fact that the industry was extremely finely honed before the pandemic , then we went back to . And so, we’ve been gradually rebuilding that industry every part of it. So, pilots are one part of it that important parts of one we play in a very big way. And we’re doing our part by helping our customers. We’ve been deploying new demand in terms of flight school activity. We’ve been signing core contracts with them. We’re operating our training centers as mentioned on the previous answer at levels that are on hurdle at least certainly in the United States right now.
So look, I think it’s going to take time, it’s going to take investment. And that’s why I think in terms of our business, I think it’s going to be a good business for a period of time. I’m quite confident in next few years in civil aviation.
Kristine Liwag: Yes. It just seems like there’s no urgency. If I could sneak a second one on…
Marc Parent : I would tell you €“ Sorry to interrupt you, I would tell you that if you were talking with some of the airline CEOs that I talked to a , but sorry, go ahead, Kristine.
Kristine Liwag: If I could ask another one on M&A. When you look at what you’ve acquired over the years, part of that was attributed to your success in some of your competitors basically feeding their territory back to you. If such opportunities exist out there, would you consider levering up the balance sheet even more today? I mean some of those out, are there even any assets available for sale that you could consolidate like you’ve done in the past decade? And if so, to what leverage are you comfortable?
Marc Parent: Sonya, won’t let me. No seriously. Seriously. You see €“ we’re focused on deleveraging right now. We don’t see any gaps in our portfolio. We did very well during the pandemic make the play office during the downturn. I think you’ve seen that we’ve done quite a nice job of deleveraging in this quarter. I see that continuing along in the past that we said that we’ll get to a level 3. So look, we never passed up the opportunity that would be that’s too good to pass. But I think we’ve done a good job. And that’s €“ we’re focused on deleveraging right now, looking to start returning cash to shareholders and continue to be the one priority is to continue to grow in lockstep with demand and that’s largely inorganic.
Kristine Liwag: Great. Well, thank you Marc.
Marc Parent: So operator, that’s all the time we have for financial analysts. I’d now ask you to open the queue to members of the media, if there are any questions.
Operator: Certainly. And we do have a question queued up from .
Unidentified Analyst:
Marc Parent:
Unidentified Analyst:
Marc Parent:
Unidentified Analyst:
Marc Parent:
Unidentified Analyst:
Marc Parent:
Unidentified Analyst:
Marc Parent: Operator, if there are no more questions from members of the media, I want to thank all participants, investors, and members of the media. I would like to remind everyone that a transcript of today’s call will be posted later today on CAE’s website. Thank you.
Operator: Thank you very much. And that does conclude the call for today. We thank you for your participation as you disconnect your lines. Have a good day everyone.
