Matt Elkott: Congratulations. That’s definitely merited. I like seeing that. It’s certainly helpful. Okay. So yes, I get to see the EBITDA guidance. Is there any way you guys can give us maybe at least directionally where you think because the capital structure side has been a bit complex, obviously, what — directionally, what the interest expense line might look like in 2023?
Mike Riordan: Sure. So, as you’ve seen in the release, we traded out our — we issued the preferred stock and traded out for the term loan. Both of those are relatively close in the rates. As we mentioned, the dividend is 17.5%, which from the 10-K filing, you see it’s pretty close to the interest rate on our term loan now. But the key there is it’s trading a variable structure for a fixed structure. And then, in addition, we’re going to see a lowering of our borrowing costs and interest expense related to the reduction in ABL fees, which is approximately $3 million a year on an annual basis as part of this refinancing.
Matt Elkott: Okay. Got it. And I guess, share count that — any color on the share count? Is there any volatility there?
Mike Riordan: There shouldn’t be any volatility on the share count.
Matt Elkott: Okay. And then, switching back maybe to some operational stuff. I know you guys have a tank car authorization or application in progress here. Is there any update on that? And can you give us a bit more color as to what the end markets for that tank car might be when you eventually get it? I know this is not a near-term thing. It’s a long-term thing. But any color on the end markets and update on where it stands?
Jim Meyer: Yes. Matt, this is Jim again. So, I guess, the first update is we now have AAR approval for 3 tank car designs, 3 car types that really are the core of the market, if you will, and cover a disproportionately favorable percentage of the tank car market. So, we’ve got designs approval this year. As we’ve already noted, our factory is essentially full. And so, we don’t expect to be building tank cars in the current calendar year. And when we do move into that direction, we’ll obviously talk about it at that time. We’re not prepared today. In terms of how we enter it, which I — in terms of the subsegments of the market, obviously, we would like to do so in the nonhazardous cargo space, vegetable oils and other types of liquids that obviously prevent — present a significantly reduced risk profile.
So, it’s — at this point, it’s about timing and sequencing with our other priorities, including the continued building out of the campus and how we choose best to use it near term as well as partnering with the right customers. When we enter it, we want to believe that we’re entering and investing in it with a long-term relationship.
Matt Elkott: Okay. Yes, that’s helpful. So no flammable liquid tank cars, I guess. The…
Jim Meyer: Not — our goal would be not to enter into the market and the flammability.
Matt Elkott: Okay, so initially not in that market. Do you think the push to move up the date for the retrofitting or replacement of the non-DOT-117 cars, do you think that could create opportunities in nonflammable liquid tank cars that you guys can take advantage of maybe next calendar year if everybody else is busy making DOT-117J or DOT-117R, you might have an opportunity in the nonflammable liquids area?
Matt Tonn: Matt, good question. I’ll just say that we believe that that regulation is likely to occur, and that will probably create some opportunities for us. And to Jim’s comments, we intend to be prepared for. But I do believe that it’s going to have an impact on the demand for cars that are in the nonhazmat service, which would bode well for a year ago.
Matt Elkott: Okay. And then just one follow-up. I know Justin asked about this, but the supply chain issues easing in beyond 1Q. Can you just give us an idea on what the supply chain issues are? Are they labor and components? Some of the other builders have had issues on those two fronts. And do you expect the easing to be sudden and dramatic? Or is it going to be a gradual process, meaning even 2Q is not going to be optimal, and then we’ll head towards a more optimal space by the end of the year?
