“we do expect a significant portion of that increased debt to be short-term debt”

In context

“t me do a couple of things to think about there, and we're obviously not going to talk specifics. But looking at models that have been out there, there are a couple of things to highlight for everybody. First is, synergies. As Lal mentioned, we are expecting synergies to come with this transaction. The second thing would be the seasonality of the AspenTech business. This is a process we've begun that will be one that takes months, not weeks to complete. And obviously, as AspenTech talked about on their call yesterday, and as their seasonality has traditionally been, it's weighted toward the back half of the year. And then the third thing that I would point out is that our modeling shows a closing balance sheet with increased debt, obviously, well within the metrics of the A2A ratings, but we do expect a significant portion of that increased debt to be short-term debt. And interest rates, while being persistently high at the long end of the curve, we do expect some decreases in the short end of the curve that we've modeled in. Operator: Our next question comes from Steve Tusa from JPMorgan. Please go ahead with your question. Stephen Tusa: Just a quick one on the details. The backlog, you said that was up $150 million sequentially for the core, ex-T&M, or was that sequential? Or was that year-over-year? Mike Baughman: That's year-over-year, Steve. That's year-over-year. Stephen Tusa: Okay. Okay. Got it. And then -- sorry, just can you just walk us to that like neutral impact from Aspen for this year? Lal Karsanbhai: I'll take that one, Steve. No, I'm not going to go into the details of outline categories of synergies in my previous comments, but I'm no”