Saurabh Pant: Hi, good morning guys. I want to just quickly go back on the 2023 guide, adjusted EBITDA up 40%, 50%. I think you said you’re pretty much extrapolating current market conditions, but I think I heard you say pricing is stepping up a little bit in the first quarter, which is again expected rate? But again, if you can quickly walk through 2023, how should we expect activity and even more so pricing moving from the first quarter to the fourth quarter? Because it sounds like you’re assuming things pretty flat, but I want to make sure we understand the assumptions, especially on pricing through 2023 in that guide?
Michael Stock: Right so yes, so pricing relatively – in those numbers, pricing is relatively flat through 2023 activity. Obviously, you know winter quarters are in that 4% to 8% lower activity wise than your summer quarters, which is the standard. You should all be modeling just for winter weather and holidays. And yes, it’s really not a huge amount of kind of fleet number changes. That’s what’s baked into those numbers.
Saurabh Pant: Okay, okay. So like flattish fleet count and flattish pricing after first quarter, right, that’s what you’re baking in?
Michael Stock: That’s what it gives you, yes.
Saurabh Pant: Yes, okay, okay perfect. And then a little bit of a clarification on CapEx. Obviously, the implied number is in that $600 million to $650 million range. It’s stepping down in 2024 that makes sense. But can you quickly walk through the different components in that 2023 CapEx number between maintenance new digiFrac actually any upgrades that you’re doing to the traditional fleets and then anything on the vertical integration front, just so that we can look at the individual components and better understand what part is falling off in 2024?
Michael Stock: Yes, I mean I’d say – kind of maintenance is in that realm of probably $170 million to $190 you know standard, right so, between three and a half from the fleet plus $25-ish million for the other ancillary business lines et cetera. And then really, we haven’t given the breakdown on the other side of it Sara and the majority of that obviously goes to margin expansion projects. Obviously, the big dog in that one is the electric fleet for digi equipment that we’re rolling out. As I sort of alluded to, some of that with supply chain is, in a little bit of an accelerated build the things that will come online early in 2024 as margin expansion for 2024, where the CapEx will appear in 2023.
Saurabh Pant: Okay, okay perfect. And just a quick clarification before I turn it over, should we assume digiFrac build cadence to remain the same in 2024 as in 2023 or should we assume it can change depending on the market conditions?
Michael Stock: It will change depending on market conditions. Obviously as it – it depends on market conditions, whether it’s the earnings that we’re going to end up with EBITDA, the amount we will spend on CapEx and the speed at which we rolled out to digiFrac.
Saurabh Pant: Okay, perfect Mike, thanks for the answer. I’ll turn it back.
Operator: The next question is from Dan Kutz with Morgan Stanley. Please go ahead.
Dan Kutz: Hi, thanks good morning.
Chris Wright: Good morning, Dan.
