Matthew Giljum: You know, one thing I’ll add, Chris, we’re — as Paul said, on the cash balance, we’re at the level we wanted to be at, and I think I was pretty clear in my prepared remarks, we don’t see the need to build that here in 2024. Maybe one data point, as we look at the capped call, which is going to be something similar to a share repurchase, the break, even if you look at where we’re at today from a share price perspective, and where we would need to be in 2025, to make this a better bet to do it today, currently sits at a little less than $200 a share. And if we look at it that way, and we look at our plans, we look at what we think we’ll be able to achieve in terms of capital returns over the next couple of years.
We think it’s better to do this today. And so, you know, taking that and translating it to share repurchases. We think we’re in a position that in today’s share price environment, we’ve got a lot of a lot of cash we’re going to generate, to buy back shares. And then if we do see a pullback and in the world where we don’t have a pullback would be one of the first times I think we’ve seen something like that in a long time in our business, but we don’t see a pullback, we’re going to be spending 100% of the cash flow, as we sit here today, returning that to shareholders.
Chris LaFemina : And is there a kind of number on a pullback that you’d be looking for — certainly I know, you answer that question, but you know, your stocks down 15% from its recent high, is that enough of a pullback or does it have to be much more significant than that?
Matthew Giljum: I don’t think we want to get into, where we’re going to be a certain price points. I think where we sit today what the stock has done in reaction to this, I think we’d be fairly active in the repurchase program.
Chris LaFemina : Excellent, thank you.
Operator: This concludes our question and answer session. I would like to turn the conference back over to Mr. Paul Lang, for any closing remarks. Please go ahead, sir.
Paul Lang: Thank you again, for your interest in Arch. As I noted earlier, we remain focused on pursuing operational excellence delivering on our volume and cost targets while driving continuous improvement across the portfolio. At the same time, we continue to reward shareholders to our capped return programs. We’re intensifying our focus on share repurchases, and opportunistically shrinking our diluted share count over time. With that operator we’ll conclude the call and we look forward to reporting the group in May. Stay safe and healthier, everyone.
Operator: Thank you. The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
