And in some days, it approaches 100% or more. So like this is the future. We’re excited about it. I think what we’re going to have to get used to at ABM is that with these big chunky projects, it could be lumpy. And the timing is just going to be tough when you’re dealing on a quarter-by-quarter basis. So kind of we’re learning that as well as we go along.
Samuel Kusswurm: Got you. Thanks for the insights, Scott.
Scott Salmirs: You got it.
Operator: Thank you. The next question is coming from Faiza Alwy of Deutsche Bank. Please go ahead.
Faiza Alwy: Yes, hi. Good morning. So I wanted to follow up on that line of questioning. You mentioned a few things, Scott, as it relates to the ATS delays. You mentioned sort of higher interest rates and potentially lower ROI, the government permitting issues and the delay around EV charging installations. Can you help us think through sort of each of those factors like how much has that been an impact this year? And when do you expect each of these to resolve, so I have a follow-up after that.
Scott Salmirs: Yes. I mean, why don’t I focus on EV, maybe that would be helpful because I guess I just discussed the RavenVolt and microgrids. But with EV we had talked before Pfizer about the fact that we are shifting our strategy away from dealerships and more towards bigger fleet projects, big infrastructure projects and our pipeline is bursting with those projects, right? And that’s going to — we have line of sight to ’24 for that. But our bridge to that was on a dealership with a big OEM and they shifted their production goals for this year. And because of that, the bridge that we had got a little fractured for the rest of this year because they’ve pushed out their rollout on the dealership side. So we’ll see that coming to ’24.
And that’s why we feel so confident about ATS in ’24 between the microgrid projects that are getting pushed into next year and the dealership program that’s going to ramp up on EV, we feel great about it. But it put pressure on the remainder of ’24 and that’s why you saw pressure in Q3. Yes. So that’s kind of the EV story.
Earl Ellis: And if I just add to that. If you look at our longer-term financial goals, which Scott just mentioned, will probably get pushed out a couple of years. A lot of what was driving those benefits were really driven by our ELEVATE initiatives. And the good news is the benefits associated with ELEVATE are still very well intact. In fact, we’ve already probably reaped about 50% of those benefits to-date. Now some of the headwinds we’ve actually seen in the business that Scott alluded to, so the interest rate, the softness that we’re seeing in CRE, the continued wage inflation that we’re experiencing, some of those things will continue. So if I break it down, the interest rates, we believe, have kind of like plateaued, and we’ve now built that we’re going to be building that into our projections to come.
CRE, we expect softness to continue into 2004. And the wage inflation, the teams have really done a great job in counteracting that with price increases. So the good news is that some of these headwinds that we’ve seen that have actually offset the benefits with regards to ELEVATE will subside. And therefore, we still are expecting to hit those long-term ELEVATE benefits, however, probably two years out.
Faiza Alwy: Okay. That’s really helpful. I was going to follow up on that. I guess if I think about then your comment that 2024 EPS might be below $23 million, if ATS is going to sort of see this recovery and interest rates have stabilized, it seems like it’s more around wages in the commercial real estate market, I guess, what is your opinion on the commercial real estate market? And sort of what inning are we in, in your opinion?
