Mike Pack: Well, our expectation is — we have them every quarter. So our expectation is that we’re building in everything that we know. We certainly don’t expect that inflation is going to be lower this year. And certainly, that’s reflected in our estimates. I think the — really, what I would watch with the cumulative catch-up adjustments is the cadence of inflation to the extent we’ve had so much variability over the past year and inflation was so much higher than what expectations were, say, 18 months ago. I think even though inflation is higher now, it tends — it’s not moving at the same pace, and that’s where you that’s where the estimation challenges come in. So I would say, even if inflation is higher, our going-in proposition is that there should be less volatility there.
Steven Fisher: Makes sense. Thanks a lot.
Operator: Our final question comes from the line of Michael Feniger with Bank of America. Please proceed with your question.
Michael Feniger: Hey, guys. Thanks for squeezing me in. Apologies if this was asked earlier, just how should we view the continuing resolution headlines with the Defense and Defense budget. Does that have any impact on some of your programs or just timing of awards that we have to monitor. Curious what you guys are hearing on that front?
Michael Pack: Really, from a CR perspective, that really shouldn’t have any impact on our existing programs. It really, I think, is obviously had a little bit more impact if there is a government shutdown at some point. New program starting up might be effective but affected, but that really in terms of…
John Pfeifer: In ’23, its pricing programs. So it’s not going to impact ’23.
Michael Feniger: Great. Good to know. And then just curious, is there are some signs of Access Equipment used pricing just sliding over the last few months. It’s still elevated but moderating from those highs. I’m just curious, when you look at your backlog and the price increases of the new equipment there, how should we kind of look at used Access an aerial values in that market?
John Pfeifer: Well, used equipment is, I think you have to look at it over periods of time, it’s still elevated significantly versus where it normally is. So the fact that it came down a little bit. At this point, we don’t think it means much. I think we need more data points to see a little bit more of a trend before we can make much of it. But just the moderation right now is not something that we think means anything at this point in time. And when I say that, Michael, I’m really talking about that because of the continued strong demand that we feel from the market and from our customers. And I’m talking about longer-term demand too, not just the here and now demand.
Michael Feniger: Make sense. Thank you.
Pat Davidson: Thanks, Mike.
Operator: Thank you. Mr. Pfeifer, I would now like to turn the floor back over to you for closing comments.
John Pfeifer: Okay. Thank you, everyone for joining us today. We’re committed, of course, to driving long-term profitability and growth as we continue to innovate, serve and advance our company. Stay safe, healthy, and we look forward to speaking with you throughout 2023.
Operator: Ladies and gentlemen, this does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.
