Shawn Duffy: For a trend, yes.
Ric Prentiss: Right, exactly. Okay, good. Yes, because in the shareholder letter, I picked up that the EBITDA was excluding the litigation and so the revenues excluded us. On growth in fiscal ’25, is there any way to tease out kind of a zip code? Are we talking low-single-digit, mid-single-digit, high-single-digit teams? What should we think about, what does grow revenue and EBITDA in fiscal 2025 mean? And that would be, I think, a 12-month over 12-month comparison also?
Mark Dankberg: Yes, Ric, we are not commenting on that at this point. I think we are looking at next quarter. I think next quarter will give you more clarity. It’ll be closer. We’ll be closer to it and we’ll be on a given better range.
Ric Prentiss: That helps a lot. And then piggybacking on first question a little bit there, I mean for a long time, heck even when I was in the industry, I used to think of satellite, the best use of bandwidth, the best staying for your buck was to go after these better margin areas, we call it the game, government, aviation, maritime and enterprise. As you think about how you’re running the business. Is there a different way than just lumping a lot of stuff into satellite services that might be more informed to help us understand the businesses or how you manage the business both in financials and on metrics, because it does feel to me like the government, aviation, maritime, and enterprise are probably the better segments to go after, but it’s hard from the outside really modeling it and understanding it.
Mark Dankberg: Yes. So, I think, Rich, if I’m understanding your question, it’s just how are we thinking about things looking forward with this segment. And I think one thing, you can see the service growth in our government business, so, I do think you get some insights there. But I think the way that, we look at the business going forward. I think that’s something we’re going to continue to think about as the business evolves.
Ric Prentiss: And last one from me is. As we think about the zip code thought, fiscal 2016 seems a long way away and appreciate the thought of what happens from fiscal ’24 to ’25 on CapEx. We get the question a lot about what is maintenance CapEx versus kind of the growth CapEx as you put satellites up there. So anyway you can kind of help us start thinking about what an ongoing maintenance level is for the business and then also, what ’26 directionally might be in total CapEx?
Shawn Duffy: Ric, I think the best way to think about that is just what we’ve talked about is as we get the satellites into service. We’re going to continue to see the CapEx tick downward. And so, that’s what we would back from ’25 to ’26 as well. Our maintenance CapEx or I should maybe a better way to say it is, our satellite CapEx is the dominant part of our capital spend. And so as we finish off on those fleets, that’s how you’re driving that efficiency downward going forward.
Mark Dankberg: I can add a little bit. The maintenance CapEx, think about that. The dominant factor is the per capita subscriber bandwidth consumption, net of ARPU gains. So that is most evident in the consumer markets. In these mobility markets, it’s still present and things like when you think of, in flight connectivity and passenger video consumption, you’ll see some of those same effects, but not to the same extent that you’ll see them in residential. So, those are part and if you look at kind of our history, having been in the satellite services business for over 10 years. One of the things we we’ve been able to do is still get greater productivity out of our satellites largely from migrating a lot of the bandwidth from mobility, from residential to mobility.
And then the other thing that we’ve done in general really well is improve the yield of the satellite. That is the gigabits per megabyte investment in the satellites or the satellite utility by better matching supply and demand. So you have to kind of look at all those factors to end up teasing out maintenance CapEx from growth CapEx, but we’ve been able to drive growth from our CapEx, I think to a pretty high degree, and I think we’ll do even better, on a go forward basis with the emphasis on mobility.
