Tom Bell: And on the subject of future acquisitions, you asked about what’s going to be the drive going forward? As I suggested in my prepared remarks, obviously I think having a regular return of capital to investors makes sense to us. So, we’re really focused on executing the work that we have on our plate now before we get back into the market to do M&A. However, when we do, in keeping with the north star that I referenced and a very clear articulation of where we want Leidos to be in 2030 – in 2028 and 2033, which are the two vistas we’re setting out for ourselves, we’ll have very clear articulations of, what are the technologies that we see emerging, what’s the hypothesis of what the customer problems are going to be in the next five, 10 years, how might we either build those capabilities organically or acquire those capabilities inorganically.
But all of those will be tempered with a very clear articulation of affordability, hurdle rates, and a very clear strategic narrative. So, premature to actually talk about what those are because we’re still working out the north star and the vision of what our customers are going to need us to be, to serve them into the future. But those are the kind of things we’ll be talking about.
Jason Gursky: Okay, great. And then as a quick follow-up here, your comments on backlog growth and kind of maybe not necessarily being where you’d like it to be at this point, can you talk a little bit about whether that is a market issue overall and kind of the dynamics going on with your bid and proposal activity and whether we’re seeing either a slowing or acceleration? And then just kind of what you might want to change internally if it’s not a market issue.
Tom Bell: Yes. So, the good news is, I don’t think there’s a negative market dynamic we’re dealing with here. There’s positive demand across all of our customers and there’s great opportunity for organic growth. As I suggested, we have a strong backlog. We have a strong pipeline, and I think the number is something like $26 billion in pending awards. So, the timing of those awards is unfortunate in that the first half of the year has been light. But again, as I referred to in my comments, I think quarterly book-to-bill ratios can become quite a distraction and are actually quite unhelpful. What I’m focused on is building a quality backlog over time with quality wins that speak to long-term growth for Leidos. And I don’t think the BD process here is broken. I know we know how to win. I’m passionate about winning. The whole ELT is passionate about winning and I would not count us out just yet. Chris?
Chris Cage: Yes, Jason, I would – Tom said his remarks that we need to be better. So, that does imply there were some things where we swung and missed on some opportunities, and we would’ve liked to have won those, but be rest assured the team dissects those backwards and forwards anytime we have a loss, right? And there’s always lessons learned moving forward, and we’re not going to win them all. So, there’s that combination, coupled with there are some things that are out there pending, and we’re optimistic that those decisions will come here in the second half of the year. Plus, the pipeline is strong, $135 billion. We expect to put another $20 billion of proposals through the back half of this year. So, very active, and again, our track record over the long haul has been strong.
So, this is – there’s not a fundamental breakdown in our process. We’ve got great people in our business development organization, but we do need to land some of these ones that we have out there for decision right now.
Jason Gursky: Great. Thank you, guys.
Operator: The next questions are from the line of Sheila Kahyaoglu with Jefferies. Please proceed with your questions.
