Justin Roberts: I think at this point, it’s we’re not necessarily ready to get into that much detail. I would say that we will — we do see a relatively consistent pattern of that each quarter over the next four to five quarters based on production schedules and backlog.
Bascome Majors: Thank you for that. And now that most of the supply chain issues in Mexico and the U.S. are behind you fingers crossed. Is Europe accretive to the overall manufacturing margin, or are those pretty even?
Lorie Tekorius: I would say yes, it is accretive. As Justin said, it’s accretive even when you take into consideration the fact of the waiting. I mean, North America is one of the largest freight railcar markets in the world. So it’s going to be hard to for Europe to up in that. But they’re definitely accretive to our margins.
Bascome Majors: And, you know, lastly speaking, can you talk a little bit about the willingness to risk longer term capital from some of your leasing customers. I know you don’t have the same length and duration and size and multi years are some of your competitors, but just what’s the appetite for the leasing companies as we look out the next 6, 12, 18 months? How was that sales channel work, and do you expect that to be supportive of a fairly steady production rate for the industry over the next year or two? Thank you.
Justin Roberts: That’s a great question, Bascome. I just going to see if Mr. Comstock can handle it.
Brian Comstock: Yes, thanks Justin and thanks Bascome. One of the areas that I think I report on this maybe last quarter as well as we are seeing an increased interest by the operating lessors. They are traditionally in the market, but over the last couple of years due to COVID and other reasons. There’s been a little bit of a pullback, we’re seeing more and more confidence on the operating lessor side, which is driving as you suggest more stability in the manufacturing as well as some of this order pipeline, and we think that’s going to continue to build momentum throughout the rest of this year into next year.
Bascome Majors: And from the syndication channel, any comments on that customer? Are they starting to get comfortable with the cost of capital and rising interest rates? Just you know, do you think that is a growth opportunity, or at least an opportunity for stability in your business as we look out 6, 12, 18 months?
Brian Comstock: And Justin, I can grab this one as well. Yes, we do. You know, the returns are still very strong. As you know, interest rate pressures have put a lot of — really a lot of pressure on that side of the house. But the deals that are coming in all hurdle have the appropriate internal rate of returns. And so as a result, we’re seeing more and more interest. In fact, we’re seeing even some new entrants that are inquiring about coming into the space. So we feel pretty good from the liquidity standpoint. And long term we think the syndication customers are pretty comfortable.
Bascome Majors: Thank you for your time.
Operator: Our next question will come from Ken Hoexter with Bank of America. You may now go ahead.
Ken Hoexter : Great, good morning. So if I could just kind of follow on a little bit on Bascome’s question there. Lorie, maybe talk a little bit about the balance of the least fleet versus the build for external sales and manufacturing. It seems like we’ve got a lot of volatility where maybe it’s you’ll get the consistency after you get the ramp up. So are you getting closer to the full ramp up on that production for the internal build versus external sales? I just want to understand how we should think about that given the build to revenue, kind of take follow through?
