Stanley Elliott: Hey, good morning everyone. And thanks for fitting me in. The past two years, you guys had kind of been running at an elevated CapEx number. You’ve done a lot to expand the footprint. Just curious if we start thinking out over the next several years, do we think the CapEx piece kind of moves back to more of what you’ve done historically? Or will we need kind of a continued higher level of spend to support some of the EV sort of facilities that are going to be out there?
Mike Pack: Sure. I can take that, Stanley. I think from a CapEx perspective, certainly, last year was relatively higher with our investments, particularly in NGDV and some of our other facilities – high this year again because of NGDV as well as our Murphysboro and Jefferson City facilities as well as some of the other capacity for fire trucks. I would say next year, we’ll be wrapping up many of those projects, so probably still a little bit higher than typical times, but I would expect once we get into 2025 and beyond, a lot of that electrification infrastructure is going to be in place from a facilitization perspective. So I would expect that to start normalizing. Not really different than what we talked about, about a year and a half ago at our Analyst Day that it would be higher in these first few years.
Stanley Elliott: And I guess because the next question would end up being kind of talk about maybe some of the longer-term plans for the balance sheet, right? You’ll be approaching kind of a net debt neutral in the next 18 months to years. Do you want to carry leverage? Do you want to increase the share repurchase? Just it seems like there’s going to be a lot of free cash flow generating in the next several years.
Mike Pack: Sure. If you go back to really our targets that we’ve talked about for capital allocation, we expect over for the foreseeable future to really operate in that 65% to 75% of our cash deployment to be going towards growth initiatives, whether M&A or investments internally. So that’s going to continue to be a significant piece. I would say this year, it’s obviously been a bit heavier than that with the AeroTech acquisition and Hinowa and some of the investing in the NGDV facility. But again, that’s how we think about it over time. And so I think to the extent that we see, we’re going to continue to look at acquisitions and expect to look for those opportunities. I think from a share buyback perspective, again, going back to our Analyst Day, in periods of higher M&A, you would expect less buybacks, but it’s still a very important part of our capital allocation strategy.
So, in periods when we’re less acquisitive, you would expect to see more share buyback activity. But our target leverage is still two times or less. We’re under that still. So, we certainly have capacity to continue to deploy our balance sheet.
Stanley Elliott: Perfect guys, thanks so much.
Mike Pack: Thanks, Stanley.
Operator: Mr. Davidson, we have no further questions at this time. I would now like to turn the floor back over to you for closing comments.
Pat Davidson: Great. Thanks, Christine. Thanks, everybody, for joining us today. We’re very pleased to be entering the final quarter of 2023 with momentum and a very strong outlook. Please reach out to us if you have any follow-up questions, and have a great day.
