Operator: We will take our next question from Jerry Revich with Goldman Sachs. Your line is open.
Jerry Revich: Yes, hi, good morning, everyone.
Jim Umpleby: Hi, Jerry.
Jerry Revich: Jim — hi. Jim, I’m wondering if you could just talk about where lead times stand in mining equipment. I know it’s a broad range of products, but can you get us a sense for how far visibility you have? And if you’re willing to quantify the comments you made earlier about really good pipeline just within the context of relative to the really strong bookings rate we’ve had year-to-date, any way to quantify the pipeline versus the bookings run rate we’ve been at? Thank you.
Jim Umpleby: Yeah. So we have been working hard to bring lead times down, as I mentioned. We do feel good about where we are in that process. And so we had over the last couple of years, some real challenges around availability, but it has gotten better in most areas. Probably the area that’s still a challenge is large engines. But in mining we do feel good about where we are in terms of the progress we’ve made around lead times.
Andrew Bonfield: Yeah. And as far as the quoting activity, there is a lot of activity, Jerry, going on. As we’ve said, one of this slight disappoint — was slightly we would have anticipated more of that coming into order rates. There seem to be some slight delay in actually pushing the button on committing to firm orders as we have seen.
Ryan Fiedler: Abby, we have time for one more question.
Operator: Thank you. Today’s final question will come from the line of Steve Volkmann with Jefferies. Your line is open.
Steve Volkmann: Great. Good morning, everybody. Thanks for fitting me in. I just wanted to go back to rental, if I could. And I’m curious, Jim, would you characterize the Cat dealer rental fleets in terms of size? Do they want more equipment? And can you also just comment on what you think the age would be in that Cat rental fleet?
Jim Umpleby: Yeah. One of the things that’s been happening over the last year or so is that there has been some upgrading of that fleet because it had gotten quite old because of some of the supply challenges we’ve had. And so I’m reluctant to characterize the size of that in total. But again, we are working with our dealers to help them grow rental. We want them to have a successful, profitable rental business. And that means having the right size of rental inventory for the amount of business that they execute. So again, it has been a bit aged. It’s improved a bit, but there’s still some room there to have newer machines going into the fleet because it had, again, gotten quite aged. And again, our expectation here is as we grow rental that the fleet should grow.
But again, we want — the goal is not to have higher — bigger size rental fleets. The goal is to have profitable, growing rental businesses by our dealers, which they want to be as efficient as they can with [churns] (ph) and — but over time, that should result in larger rental fleets.
Jim Umpleby: All right. Well, thank you. That was our last question. Thanks all for joining us, and we always appreciate your questions. I’d like to just close by thanking our team for another great quarter. As I mentioned earlier, due to our strong results in the third quarter, we now do believe that 2023 will be even better than we had previously anticipated during our last call, and that includes higher full year expectations for adjusted operating profit margin and ME&T free cash flow. And that reflects continuing healthy customer demand and our strong operating performance. And we’re continuing to execute our strategy and investor long-term profitable growth. And we look forward to updating you again in January.
Ryan Fiedler: Great. Thanks, Jim, Andrew and everyone who joined us today. A replay of our call will be available online later this morning. We’ll also post a transcript on our Investor Relations website as soon as it’s available. You’ll also find the third quarter results video with our CFO and an SEC filing with our sales to users data. Click on investors.caterpillar.com then click on Financials to view those materials. If you have any questions, please reach out to Rob or me. The general phone number is (309) 675-4549. Now we’ll turn it over to Abby to conclude the call.
Operator: Thank you. Ladies and gentlemen, this concludes today’s call. We thank you for your participation. You may all disconnect.
