David Watson: Yeah, the permitting reform in the Mountain Valley Pipeline or MVP should indirectly be positive for Argan over the long run. The permitting reform should help speed up the development process and the associated costs and should result in gas-fired and renewable project EPC opportunities for us. While the permitting reform does not address transmission lines and pipelines, which it really needs to do, the addition of the Mountain Valley Pipeline is positive, there have been certain developers who have announced projects that in the past are located near it and the opportunity for others to be located along the Mountain Valley Pipeline path makes a whole lot of sense as access to fuel source with minimal additional pipeline infrastructure is key for any gas-fired power plant development. So I see it as a positive for potential customers down the road.
Chris Moore: Got it. And maybe just one last final one on cash flow. So cash flow generation, if you guys are often you picks up kind of early in a project sometimes a little access at the end. How should we think about fiscal ’24 versus fiscal ’23 and Q1 certainly is much stronger than I think it was negative cash flow from operations of $1.2 million negative versus almost $40 million. When you look at — think about fiscal ’24 cash flow from operations, how do you think about it versus that ’23 negative $30 million?
David Watson: That’s a tremendous question and our top line cash flow numbers are always difficult to model out because they are very much driven by the contractual terms of our major projects. With the start-up Trumbull, the cash flow has been positive, but keep in mind, we’re always making significant commitments on behalf of our customers, but as projects progress towards the later stages, cost and cash outflows are typically greater than cash inflows, which is what we experienced in fiscal ’23. So, it depends on the timing of new major project starts this year, where we based off of our visibility do expect new jobs over the course of the year and especially towards the later half of the year and that should result in greater cash balances for Argan overall.
Chris Moore: Got it. All right. I will leave it there. I appreciate it.
David Watson: Thanks Chris.
Operator: We have reached the end of the question-and-answer session and I will now turn the call over to David Watson for closing remarks.
David Watson: Great. Thanks John, and thank you all for participating in today’s call. As a reminder, please vote your shares and come join us at our Annual Meeting of Stockholders this June 20th at our Rockville, Maryland offices just outside our nation’s capital. So with that, we look forward to speaking with you again when we report our Q2 fiscal 2024 earnings. Have a great evening.
Operator: This concludes today’s conference and you may disconnect your lines at this time. Thank you for your participation.
