I think the term "run-rate" can carry multiple interpretations, of which yours is likely the most conservative.
Another valid interpretation would be: "in the context of extrapolating future performance, the run-rate takes current performance information and extends it over a longer time period.
As such, Gen. Bucha could have intended to imply that the 4th quarter result was the (("current performance" factor) x4)) = $66M -- thus it would be $16.5M.
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