So that’s what I say. I think we’ll continue to make progress. It will be uneven on it one quarter forward, maybe next one a little bit backward, but generally in the right direction. I think that’s probably because people in the manufacturing chain generally, companies in the manufacturers generally have gone out and put more on the shelves. And I think there’s going to be a reversion to the mean. And that will happen over some period of time, whether it’s a year or six or nine months or I don’t exactly know.
Gautam Khanna: Thank you, guys. Appreciate it.
Laurans Mendelson: Thank you.
Operator: The next question comes from Josh Sullivan with The Benchmark Company. Please go ahead.
Josh Sullivan: Hi. Good morning.
Laurans Mendelson: Good morning, Josh.
Josh Sullivan: On your PMA HEICO customers, given that the value of the parts offer, and you talked about how customers switch over to the entire HEICO portfolio when they realize the value. But is this impacting airline long-term aircraft fleet planning decisions at all? Are you seeing any data that suggests because HEICO’s PMA’s legacy aircraft can be kept profitable for longer, maybe delaying any retirement decisions?
Eric Mendelson: We have heard at various places that, that is a consideration. I don’t know if that’s also partly designed to get us to manufacture more products for our customers. But yes, we can have a considerable impact on the cost of operation of older equipment. And when our customers commit to us long-term and we give them pricing protection, we can get into an area where our parts can be as much as 70% below the OEM after many years, and we still drive very nice margins and the airlines save a lot of money. So I do think it’s a factor, but I think the larger factor is the overall cost of the aircraft, what they want to do in terms of reliability, fleet simplification, all of that stuff. But there’s no question that we are a major cost driver for them, especially as the aircraft get old.
Josh Sullivan: Got it. Thank you for the time.
Laurans Mendelson: Thank you.
Operator: We’ll take the next question from Louis Raffetto with Wolfe Research. Please go ahead.
Louis Raffetto: Good morning, guys.
Laurans Mendelson: Good morning.
Carlos Macau: Good morning.
Louis Raffetto: Eric, I guess you called out the 23% organic growth for commercial aero. So I guess defense is up even more. Can you just sort of differentiate your defense end market versus that in ETG?
Eric Mendelson: So the defense market that we’ve got, let’s see, the, yes. The defense market was up a greater percentage. We do have a lot of components on €“ in the missile defense area, and we’re particularly strong there. Look, it can bounce around year-over-year. I’m very pleased with the numbers. We’ve made a big push into defense, and we’re doing very nicely. I would say the big difference, Louis, is that the Flight Support defense stuff in general doesn’t have the same supply constraints with regard to certain electronics that ETG has. ETG is get more susceptible to the chip issues. And over on the flight support side, we don’t have a lot of that. So that’s really the main driver there.
Louis Raffetto: That’s great color. It’s glad to hear. I know Defense has been an area that’s probably say underwhelmed, but it’s been a big opportunity. So it’s good to hear that you’re making some headway there.
