I would say the R&D investments are on track. The team has laid out a plan. We’re not compromising there. Ensuring that we have the full capability of our software with our hardware is critical as a differentiator for us. And so, we like where that is trending. And then we took out a lot of additional costs in the business to set ourselves up for more streamlined performance going forward. And I think that’ll actually yield better communication flow, clear roles and responsibilities. And so, that’ll – as we optimize that with the team that we have in place going forward, we think we’ll see some continued improvements in our performance. So, solid progress. Not done, Noah, I think is the punchline, and that is an area that gets full visibility from Jim Moos, our Civil leader, and the whole security detection team, they’re all over it.
Noah Poponak: Okay. I guess it’s a pretty good step-up in the quarter sequentially, despite not being to the finish line on all of that. And I appreciate the widening of the margin range and the volatility that’s inherent in what we’re talking about here, but the guidance implies the margin is a decent amount lower in the back half, yet you’re describing getting to the finish line on these Civil items. So, does the low end just incorporate the unlikely but can’t rule it out risk that that customer delay takes a big step backwards? Or is there something outside of the tail that could get you to the low end of that margin range?
Tom Bell: I’ll take that, if you don’t mind, Noah. If I could characterize the widening of the range, that is in my mind more applicable for a business like ours that does products and services and is subject to the timing thereof. And so, I just think a 40-basis points guidance range is going to be the new normal going forward, but don’t read into the 10.1 acquiescence or fatalism that that is the goal. It is certainly not the goal. The team is driving toward the high end, as you would expect the team to do. However, it is consistent with our promises made, promises kept philosophy where I don’t want to put out a range that is – that later I’m not going to be able to hit. So, 10.1 to 10.5 is an adequate and realistic view of the entire range of possibilities we can see at this time, and we’ll keep driving for the upper end of that range.
Noah Poponak: I understand. And if I might just quickly, Tom, appreciate all the color you’ve given here, and there’s a lot of things you’re talking about working on. You’ve had these questions on the financials of the business beyond 2023 and the prior Investor Day-oriented midterm, long-term outlook. How are you thinking about eventually having another Investor Day providing a fresh set of midterm financial goals versus not doing that and just running the business and letting the results speak for themselves?
Tom Bell: The team is already talking to me about when we would have the next Investor Day. So, in my mind, it’s a question of when, not if.
Noah Poponak: Okay. Thanks for taking my questions.
Operator: Thank you. This concludes our question-and-answer session. I would now like to turn the conference back to Stuart Davis for any closing remarks.
Stuart Davis: Thank you, Rob, for your assistance on the call this morning. And thank you all for your time this morning and your interest in Leidos. We look forward to updating you again soon. Have a great day.
Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
