Chuck Prow: Sure. As Shawn indicated, I mean, we’ll ramp through the year. The margins on the retiring programs are higher, because they’re at the end of life cycle. And with such a large percentage of our backlog in the early stages, we’re seeing the predictable ramp in the profit margins post sale and into the base years. And, frankly, we’re thrilled at the rate and pace that that’s occurring. It’s just — again, that’s such a large quantity of new wins over the last three years, which we’re thrilled about, frankly. Both Naval Test Wing Pacific and Atlantic are performing exceptionally. I couldn’t be more thrilled. I couldn’t be more pleased with the team. We’re hearing this directly from our clients. We’re not talking to ourselves on this as I’m sure, you know, because you follow the industry very closely.
The development of pilots to be fully capable is a significant, significant measurement for both our Navy and Air Force clients. They can train pilots quickly enough to meet their needs. And, again, we’re pleased and privileged to play an important role in, again, picking up the pace — the rate and pace by which pilots can be trained.
Sahej Singh: Sure. Thanks, Chuck. That’s helpful. And, I guess, following up on one of the questions that was asked on INDOPACOM, I was reading that the Pacific, excuse me, Deterrence Initiative should grow to about $14 billion in FY 2024, something around that. And just curious if you think there’s upside to that if budgets are appropriated soon. And what do you think that could look like?
Chuck Prow: I think a — way to look at that is the performance that we posted in the second-half of the year. The fact that we booked more revenue in the second-half of the year than the first-half, even though the exercise was in the first-half of the year, that is directly attributable to the PDI, the Pacific Deterrence Initiative. Again, the op tempo is high. The budget is a reality, because these are — in many cases, new requirements. But again kind of working through the muted new award environment, but the ability to grow on contract is a good balance and again a bit a long way of answering your question, but we remain very bullish on growth in the breakout region.
Sahej Singh: No, thanks. That is helpful. And then maybe, Shawn, just one last one for you, just for the models. How are you thinking through interest rates, especially as it’s concerned, the deleveraging process?
Shawn Mural: Yes, so we’ve made tremendous progress in deleveraging. We’re obviously very focused on that. As we go into 2024, you saw where we think we’ll be at less than three at the end of 2024. From an interest expense standpoint, it’s comparable to what we had in 2023. We will look at opportunities as interest rates change. And as that leverage ratio comes down, we’ve taken advantage of improved grid pricing previously. We’ll look to do that again, kind of as appropriate, and improve upon our position as we go throughout the year. The team did a great job, couldn’t be more happy with, you know, the cash that was delivered in the quarter, and We’ll look to continue to do those things throughout the year.
Sahej Singh: Well, thank you. Congrats on the great quarter, guys. And we’ll talk to you next quarter.
Shawn Mural: Thank you.
Chuck Prow: Thanks.
Operator: [Operator Instructions] It appears that there are no further questions at this time. I would now like to turn the floor back over to Chuck Prow for closing comments.
Chuck Prow: Thank you very much and thank you all for your questions. We’ve just completed what we think to be a very, very solid year and we look forward to talking to you again at the end of the first quarter. And we may see you at all the conferences here in the not too distant future. Talk to you soon. Bye.
Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
