Matt Elkott: Okay, that’s helpful. And then, Matt, I think it might have been over a year ago when you guys filed for tank car authorization from the AAR. Can you update us on where that stands if you’re still pursuing tank cars and how that would fit into the five thousand car capacity you have? Would it mean incremental to that or would it be you have the existing footprint to the flexibility to switch some of the existing five thousand car capacity to tank cars?
Matthew Tonn: Yes. So a couple of things, Matt. We’ve got multiple tank car designs that are AAR approved. We’re watching that market very closely and we’ll enter at an appropriate time with the right customers that really fits with our capabilities. So there’s more to come on that. It’s the question you asked, Matt, on the capacity wise. So we’ve got a current capacity between states about five thousand units a year, which were forecast in between four thousand and forty four hundred this year. If tank cars we can include in that five thousand and there are some opportunities for with additional CapEx to increase beyond that five thousand for any additional tank cars as we see fit. But the short answer is yes, they could fit in the five thousand. There’ll be some CapEx to support that. But if we needed to, there’s an opportunity to flex higher than that if the demand would justify it.
Matt Elkott: Makes sense, Nick. Thank you. Just one last question on the broader market. It is good to see rail service improving and that eventually should be a tailwind for a shift from the highway. But as you guys I’m sure would agree that rail velocity improving could be a headwind in the intermediate term to rail car demand. Are you expecting that to be a factor any time in the coming few quarters where we see, you need fewer rail cars to ship the same amount of freight and that could be a headwind to orders?
Matthew Tonn: Yes, I think I would I would go back to my earlier comments on the overall market and the efficiency that the railroads bring versus trucking. Right. I know you’re familiar with the ability for railroads to carry a ton of freight, four hundred and fifty miles on one gallon of diesel. And I think that’s a compelling argument and continues to be one of the most efficient modes to carry freight. I don’t I see where you’re headed. I will tell you that I think the only real impact we’re seeing is it’s just taking a little bit longer as customers make decisions as they analyze their fleets and what they need. But I think the better story is that the growth opportunity as service metrics continue and improve present a really compelling argument for shippers to look to growth and maybe taking some of that freight off the highways. We see it as an upside, not really as a near term downside. And I would say our inquiry levels support that.
Matt Elkott: Got it. Just one last follow up related to interest rates. It’s been somewhat of a roller coaster ride with interest rates over the last few quarters here. Have you seen any can you attribute any orders or lack thereof or cancellations or conversations you were having with customers and they want to pause now because of interest rate concerns?
Matthew Tonn: Yes, I would I would say that that from the lessor community, which is obviously watching that closely. If you talk to the lessors, they’ll tell you that from a majority perspective, each are in the 98% of utilization of their fleets right now. And which is great. But what is happening is related to interest rates, I think, is the fact that they are all looking very carefully at any speculative bill. So I think that’s where you’re seeing you’re seeing some more discipline in the marketplace is that previously we had seen significant ramp up of bills based on speculation. And I think the lessor community and the shippers as well are a lot more careful about speculating on the demand for rail versus not having a lease in hand before they make that decision.
Matt Elkott: Great. Thank you guys very much. Appreciate it.
Matthew Tonn: Thanks, Matt.
Operator: Thank you. This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
