Steven Frankel: Good afternoon. Good morning and congratulations again on Concorde and this new close. Given this shift in dynamic towards high school, could you just remind us what the adult high school military mix was in FY ’22 and what that looks like in €˜23 for UTI?
Jerome Grant: Sure. Thanks for the question Steve. I actually had add that. It’s — if we got €˜22 ended up being overall, so all-in including MIAT was about 42% adult, 44% high school and about 14% military. MIAT is more skewed toward adult. So if you just look at UTI, it’s more like 40%, 45% and 15% or 20%.
Steven Frankel: And then how’s that likely to look in €˜23?
Jerome Grant: Yeah. So you’d probably shift about two points toward high school and out of adult one to two points.
Steven Frankel: Okay. And then in terms of Concorde, obviously, you’ve got some investments in synergies that are going to be pushed out. But in terms of what’s going on the ground, does their business look incrementally stronger or incrementally weaker than six months ago?
Jerome Grant: I would say it’s relatively — add a little bit of a waiver maybe early in the calendar year, this year, but then they’ve done pretty well the last few quarters. They had good growth in their business, in the trailing 12 month period through 930 (ph), both in revenue and starts and we feel good about some growth there as well. They’ve had some program expansions that they’ve been working on the past two years. So a few programs dental hygiene in particular that are ramping and fill very nicely. So we feel pretty good. It’s a different market, adult, female and primarily local, in fact almost all local. So it’s a really different dynamic than the UTI business.
Steven Frankel: diversification is great. And then from a regulatory standpoint, are there any programs or campuses on the Concorde side where there’s some concern in terms of where they are relative to where they need to be?
Jerome Grant: They have one or two campuses where their 90:10 ratio and again that’s measured at the OPEID level, they — Concorde operates with 12 OPEID. So there’s a few of them that have multiple campuses, but many of them have a single campus. And they had a few that are in the mid to upper 80s on the 90-10, but this program expansion I mentioned contributes nicely to bringing that down and they have some other strategies where sales, we’ll see some improvements in those ratios. But so no concerns, it’s some things that are being managed, but no concerns.
Steven Frankel: Okay. Great. Thank you. I’ll come back in the queue.
Operator: Thank you. And ladies and gentlemen, our question today comes from Raj Sharma with B. Riley. Please go ahead.
Raj Sharma: Hi. Good morning. Thank you for taking my questions. I wanted to understand the guidance, the adjusted EBITDA guidance for €˜23. So the core UTIs business that are margin pressures and I just wanted to understand if you could provide more color on, you’re getting those margin pressures because the adjusted EBITDA guide is kind of flat to less to €˜22. But then how do you — how do those pressures revert and help you get back to the — getting to your $700 million and $100 million EBITDA a year earlier?
