Jeff MacLauchlan: Sure Rob. The mix operates in two dimensions, and I think oftentimes people kin of hear fixed price and they think higher margin, and they hear cost-plus and they think lower margin, and that’s really not always the case. We have plenty of higher margin cost-type work and we have some important fixed price work that’s also slightly lower margin, reflecting a lot of real business factors, risk and whatnot. It’s still good work for us but it doesn’t necessarily have the same margin. There are some lower margin fixed price sales in the second quarter that you see reflected in that mix.
Operator: Our next question today comes from Peter Arment with Baird. Please go ahead, Peter.
Peter Arment : Yes, good morning John and Jeff. John, maybe just to touch base, first a clarification. Is there a deadline date on the GAO when we’d see a resolution on the Air Force contract? Then just as a second question, photonics obviously has been a huge focus for you and the war tech continued to pick up. How does the runway look regarding scale? I know you just mentioned space is going to continue to be big.
John Mengucci: Yes Peter, thanks. Let me try to unpack that. First off on the Air Force contract, look – we’re very, very pleased, as my prepared remarks mentioned. The protesters were unsuccessful, we were successful at holding onto that award. We have a lot of confidence in the Air Force seeing us through with us. We’re ready to go. We are very well staffed and already have had discussions with our customer, so we would expect this ought to be wrapped up in the April time frame, Peter. It will not and is not planned to be a large contributor of revenue in FY23, but we clearly would expect as we get things ramped up and started up to see this deliver in FY24. On the space front, where we are with our optical comms business, look – I’m very happy with where we’re at.
I’ve been very transparent. Picking up the photonics business of LGS and combining that with the SA Photonics business really is the best example of putting, I guess, . I really like what that’s going to deliver to us. We’re going to continue to invest in it, so you all are going to continue to see us investing in that area. That’s a good decade-long, nice growth business for us at better than average margins. I think we’re on the right path to get onto that on-ramp at the right time and we’re really working on expanding into–you know, already into future related markets that are going to include some airborne systems, potted and non, and then really working on pulling the synergies together between LGS and our SA Photonics business. Peter, you had one other question on that, and I didn’t catch it.
Jeff MacLauchlan: I remembered Air Force contract and space.
John Mengucci: Okay. Thanks Peter.
Peter Arment: Thanks.
Operator: Our next question comes from Matt Akers from Wells Fargo. Please go ahead, Matt.
Matt Akers: Yes, good morning. Thanks for the question. I wanted to ask about capital structure and your target leverage. You’ve been running kind of two, three times the last several years, but interest rates were very low. Does that change at all given where rates are now, and do you think about the mix of variable rate debt any differently now?
