George Sakellaris: Yes. I think the project business is a . That’s going to grow even — 12 to 13 CAGR, if you were to take it from ’21 going forward rather than taking it from last year to go forward. And then after that comes from the asset and the O&M. The O&M is growing very well, and the other business, as well.
Tim Mulrooney: Got it. Okay. Thank you very much.
Operator: Thank you. Once again, one moment. Following next question — our next question will come from Kashy Harrison of Piper Sandler. Your line is open.
Kashy Harrison: Good afternoon, everybody and thank you for taking the question. So I guess I just wanted to — just a quick question on the 1Q guide. $230 million of revenues implies a pretty big ramp into 2Q, 3Q and 4Q to get to the full year guide of $1.5 billion. I think you indicated there are some push outs behind us of Q1, but can you maybe share some more details on what exactly gives you the confidence in that big recovery as we think about 2Q, 3Q, 4Q? And then maybe just share some color on how much of the revenue guide is already secured by the 12-month projects and O&M backlog?
Mark Chiplock: Yes, I mean — Yes, this is Mark. So I think, again, as we’ve talked about before, our confidence in anything that we guide comes from the visibility that we have from the backlog. On the project side, so we have better than 80% of the project revenues coming from are either contracted or awarded. And then from a total revenue perspective, more than 70% is coming from what we consider contracted sources. So I think we have really good visibility in terms of how that will — how we’re able to achieve that ramp throughout the end of the year. There’s always some amount that’s going to come from pipeline, but again, I think we have decent line of sight to what those opportunities are going to be. So we’re going to be able to fill that in between Q1 and the end of the year.
Kashy Harrison: Helpful. Thank you. And then as my follow-up, just a quick question on cash flows. So 2022 adjusted cash flow from ops was $100 million use of cash. I’d imagine that was driven by the Edison project. So with the billings looking to go out in the summer of the year, I was wondering if you could just maybe give us some color on how you’re thinking about adjusted cash flow from ops in ’23 based on the midpoint of your guidance?
Mark Chiplock: I mean, we haven’t generally guided to that. But as Doran was saying, we expect to wrap these projects up by the summer, and a lot of that is tied up right now in the unbilled revenue. Everything to date that we have been able to build contractually, we have been paid for. So we would expect those cash flows to come in soon after the projects are completed, which I think should directionally should point to a much improved adjusted cash mass number.
George Sakellaris: Yes. I mean there’s — as we talked about substantial completion being the next important building points, depending on when we — if we can get the weather to continue to operate in California, we wrap these projects up. I think with the payment terms, you might see some of the cash flow actually coming in beginning Q3,depending on when the bills go out. So I can’t say that it would be a specific quarter here, but that’s the timeframe we’re talking about and you’ll see that kind of turn around.
Tim Mulrooney: Got it. Thank you.
Operator: Thank you. One moment please for our next question. Our next question will come from Joseph Osha of Guggenheim Partners. Your line is open.
