David Grzebinski: Yes, well, I’ll let Raj chime in here a bit too. We still have liquidity available on our revolver and our debt-to-EBITDA is fine. We’ve got plenty of borrowing capacity, and to your point, we do – we’re going to have a lot of free cash flow this year and we’ve been aggressive buying our stock. We like our stock where it’s at. Particularly when we look at, the next three to five years, it’s going to be – it’s going to be a good run, so we’re happy to buy back our stock. That said, we always like those inland acquisitions, but we’re not going to lose our price discipline. We’ll be very disciplined, they’re hard to predict. We did pick up, we bought some barges from a competitor last year as well. We’ll look for those one-offs. Predicting a big deal, that’s a lot harder. I would just tell you, we’re going to stay disciplined. We think we’ve got good borrowing capacity in any event, and, we also like our stock, but Raj, you want to add anything?
Raj Kumar: Yes, David, thank you. Thanks, Jonathan. I think, you saw last year in ’23, we dedicated about 80-plus percent of our free cash flow towards share repurchase and, to David’s point, it’s very difficult to predict any M&A. We always look at it, we’re very, very – we have a rigorous approach towards looking at projects and M&A opportunities, but barring anything that’s attractive, I think you can continue to see us progressing that trend of share repurchases similar to what we did in 2023.
Jon Chappell: Okay. Thank you, Raj. Thanks, David.
David Grzebinski: Thanks, Jon.
Operator: And our next question will be coming from Greg Lewis of BTIG. Greg, your line’s open.
Greg Lewis: Hi, thanks, and good morning, everybody.
David Grzebinski: Hi, good morning, Greg.
Raj Kumar: Good morning, Greg.
Greg Lewis: David, and I guess this is for Raj, too, I did want to ask about, I guess, the decision to kind of reintroduce full-year earnings guidance. I mean, like it seems like we pulled it away a couple of years ago. I mean, David, you’re talking about a, I guess a multi-year run in terms of the operating environment. Is that kind of the genesis for what drove the, the full-year earnings guidance back into the equation?
David Grzebinski: No, I mean, we – you notice this is not numeric and we’re not giving quarterly, we debated a long time about whether we should give number but, I think in the kind of the environment, that there’s a lot of moving pieces, we thought it would be good to give a little more specificity on it. Just at the outset of this year, I don’t think, we’re going to give quarterly guidance or anything like that or even a numerical EPS. It’s just kind of – we wanted to set kind of the range for the year, given everything we’re seeing both at D&S and Marine.
Greg Lewis: Okay. And then, and then we kind of changed – I guess we reported delay days. I guess, they – they were obviously up sequentially because of weather. Any kind of – any kind of way to quantify that EPS impact? Was that, I mean was that a couple of pennies, was it more? Any kind of color around that or that we —
David Grzebinski: Yes, I mean, delay days were up a lot, as you heard, sequentially.
Greg Lewis: Yes, sure.
David Grzebinski: It’s hard to quantify it, it’s – there’s so many moving pieces. So far in January has been brutal at the same – you’ll remember, first quarter of ’23 was a really tough quarter from a weather delay. January is as bad as last year. We’ll see what February brings, it’s hard to predict, but it has a real impact. I mean, you see our margins dip down in – usually in the fourth quarter and the first quarter because of weather. It can be anywhere from a couple of hundred basis points in that range, but, it’s really hard to – to say. As Greg, we have time charters and we have contracts of affreightment and those contracts of affreightment, hurt us a little bit in the winter weather, but they help us a lot in the summer, summer weather.
I would also say that, is that – with respect to the first quarter, one of the things we did see and that’s reflected in our guidance here, is there was a freeze and it impacted some of the refineries and chemical plants in January and they’re still coming out of that. So, that – it’s all, it’s all in there, but —
Raj Kumar: It’s multifaceted.
David Grzebinski: Yes, and that’s why we kind of look at it from – trying to rebase everybody here to look at it from a year-over-year for the whole year average because there’s so many moving parts with weather, lock delays, hurricanes. Hopefully, we don’t have a hurricane this year but lots of moving parts. So I hope that helps, Greg, I wish I could be —
Greg Lewis: Yes, yes, no, on – like I said, yes, I guess, I mean it’s just, it’s just, interesting, because I think it needs – kind of needs to be quantified with those numbers. And then I did, just in terms of the guidance, you mentioned, the potential opportunity in chemicals. Is that a function of – and, I don’t follow the chemicals industry maybe as closely as I should, is that a function of – could you kind of talk a little bit about, broad strokes, what – why we could see maybe chemicals be a little better than – why that could help drive some upside, the high end of the range?
David Grzebinski: Yes, look, in the fourth quarter we saw the chemical industry pull back a little bit, the volumes pulled back a little bit. We haven’t seen China re-emerge in terms of chemical demand, back to where they used to be. So, if that started in earnest again, it would just help volumes. As we move a lot of chemicals on the inland waterways and, it’d just be very constructive for us to see some growth in that end if it came back. Now we are seeing in January, a little uptick in chemical movements, but, it’s kind of one of the things on the margin that could help us and get us closer to that high-end of the range.
Greg Lewis: Okay, super helpful guys. Thank you.
David Grzebinski: Thank you.
Operator: [Operator Instructions] Our last question will come from Greg Wasikowski of Webber Research and Advisory. Your line is open.
Greg Wasikowski: Hi, good morning, Dave and Raj. Thanks for taking the questions.
David Grzebinski: Good morning.
Greg Wasikowski: So I wanted to ask you, David, what are you seeing out there on the order books right now on the inland side of things, and I know rates are still ways off of, making that equation, makes sense to build new, but the movements that you’re seeing out there, does it give you any sense of concern at all or do you think it’s kind of widely understood throughout the industry that, any chunks of orders here would be a function of either, owners biting the bullet for the sake of customer satisfaction or customer retention and/or fleet renewal? Is there – where are we in terms of not necessarily for the economics, but in terms of sentiment and, making sure that nobody panics?
