Operator: And our next question comes from Scott Gruber from Citi. And our next question comes from Marc Bianchi from Cowen.
Marc Bianchi: I guess I want to try to unpack the pro forma outlook a little bit. And then the other question I had was just kind of on the net debt progression. So on the pro forma outlook for $1 billion, am I thinking about it the right way? It seems obvious, but I just want to confirm that we’re talking about the EBITDA guidance that you gave for a standalone Chart, full run rate of the synergies, so $175 million there, and then what looks like the Howden trailing 12 that we got when you first announced the deal of like $340 million. Am I interpreting that correctly?
Jillian Evanko: You are, Mark. Yeah, you’re kind of right down the fairway on that. We we’ve got maybe Howden a little bit higher than that, but call it good. You’re directionally right on it.
Marc Bianchi: If I were to just to try to estimate the synergies that will actually be contributing to the calendar 2023, obviously, it depends on what time the deal closes, but if we assume 45 days, like you said, what would that number look like? I was getting to something that’s like $30 million to $50 million on my head. But I don’t know if you’d care to correct that.
Jillian Evanko: That’s something that we will give very specific guidance once we close, so that it’s extremely clear. But I don’t have any issue in talking about €“ we’ve already identified about 20 plus million dollars of kind of month one annualized synergies that come out. From a growth perspective on the first six months or so, we’ve got about an annualized $70 million, but you’ve got to net some costs with that. So, you’d be more than safe in the $50 million range.
Marc Bianchi: That’s not an annualized number. We’re talking about actually, like, what would flow through the P&L in terms of realization, right?
Jillian Evanko: Correct.
Marc Bianchi: The other one was just on the net debt progression. So, you’ll be $4.2 billion at the time of the close. And there’s a lot of noise with the free cash, as you’ve discussed. So, maybe just to think about the cash progression in a different way, where would you think that that $4.2 billion exits 2023?
Jillian Evanko: Let me make sure I answer what you want me to answer here is, how do we think of — assuming we close in the next 30 to 45 days, what would we see coming out of calendar year 2023 for our net leverage ratio? Am I understanding correctly?
Marc Bianchi: Yeah. I’m asking about it more on an absolute net dollars of net debt basis, that’s sort of how I was curious to hear you respond. But if you’re prepared to respond on net leverage, that works, too.
Jillian Evanko: We put out in the €“ I think it’s in the January 5 deck as well the progression of what we’d see kind of coming out of 2024, which is in that high 2s range. We still see that. And I know I’m not answering your 2023, we’d have to do some specific math on that. But I think, realistically, if I were back at the enveloping, how we see the year’s cash progress and available for debt pay down, we’d be exiting 2023 somewhere in that kind of low 4s range.
