Ryan Sigdahl: free cash flow. So if you think about call it 140 million of recurring maintenance CAPEX and you back out the interest expense, it’s going to be higher tax expense, preferred dividends, etc. Guess how confident are you after kind of fully baked and everything free cash flow generation this year?
Aaron Coley: Yeah, I mean, we feel very confident with that. We’re doing a good job on our balance sheet management. I think we’ve got opportunities there on our cash conversion cycle, but overall, we feel very comfortable with where we’re at and the cash flow numbers that you mentioned.
Jonathan Shepko: Yeah, right. And we’re still — philosophically, we’re still looking at kind of a 30% 70% split, so 70% financed equipment 30% cash pay on that equipment. You know, obviously, the equipment loans, and the cost of the equipment debt hasn’t gone up as much as the spread on our term loan debt. So we still think it’s a prudent way to FUND CAPEX, and we’d rather kind of preserve our cash at least in the near term for optionality. We think that there’s probably better things we can do with that cash that’ll create more outsized growth and return versus the cost of that equipment debt. So that’s our philosophy at least now as it stands today.
Ryan Sigdahl: Alright, thanks, guys. Good luck.
Jonathan Shepko: Thank you.
Operator: Thank you. And I would like to turn the conference back over to Jonathan Shepko for closing remarks.
Jonathan Shepko: Thank you, Michelle. I’d like to close today’s call on Slide 15, with some final thoughts on our 2022 performance and the Daseke opportunity for 2023 and beyond. As the market leading servicer to complex industrial end markets, we delivered solid revenue growth and third consecutive year of record adjusted EBITDA. Our resilient business model includes a diverse portfolio of more than a dozen industrial end markets to expand multiple industry verticals, with unique non correlated drivers that support our resilience and growth. Large and diversified fleet with expansive geographic breadth that serves the unique needs of over 4000 plus customers and a commitment to the financial strength that will continue to provide us with strategic optionality to support growth across cycles.
We funneled our strong cash flow generation into a vector changing opportunity to effect an immediately accretive share repurchase, providing increased ownership to our shareholders and expanding earnings profile of our business. And even in the midst of a challenging backdrop, our current expectations are flat to low single digit growth over record 2022 levels, with intense focus on continuing to build a strong foundation for outperformance when the economic cycle inflects. We remain committed to our fortress balance sheet, the goal to which we initially committed to in 2021, relying on continuous improvement in our business and strategic execution to generate free cash flow that will enable us to accelerate our deleveraging goals. With confidence in our company, our team members, and our perspective results.
We believe we are well positioned as an attractive option for outsized performance within the transportation and logistics industry. Thank you for your time today. This concludes our Q4 and full year 2022 earnings call.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
