Aaron Spychalla : Understood. Thanks for taking the questions. I’ll turn it over.
Operator: Thank you, Mr. Spychalla. Our next question is from line of Brent Thielman, D.A. Davidson. You may proceed.
Brent Thielman : Hey, thanks. Good afternoon. Hey, can you — well, I just wanted to confirm the 2024 ebida target is 100 to 110 ex-Bright Lube and Climate Bright?
Kenny Young: That’s correct. Yep.
Brent Thielman : Okay. And I just — again, another clarification, I think you said $5 million to $7 million against that potentially in costs just in support of Bright Lube and Climate Bright. Is that the right sort of baseline?
Kenny Young : Yeah, that I think that’s say below 10, but somewhere in that range. I think it’s a good number, if it will tweak and very little bit depending on the project financing and how we, we deal with that on these projects as they continue to advance and the timing of some of the state funding that we’re anticipating, as well as other SPB level and investors that would be investing in those projects. So there’s just an element of that tiny piece and how the revenue flow between the project’s back to BW would take place, which could plus or minus those expenses from a EBITDA standpoint. But and it’s a little early to predict precisely how that will work and the timing of that. But we see that pathway unfolding. So just give you some range. That’s kind of how we’re thinking about it.
Brent Thielman : Okay, that’s helpful. And I guess, I mean, particularly in regard to some of these moves to boost the cash flow of the business. Can you talk about what sort of your expectations are assuming kind of this 2024 EBITDA target range, should get some benefits from this overall strategic realignment. I assume there’s less drag from certain operations as a function of this. How should we think about that ’24 EBITDA converting into cash flow?
Lou Salamone : Yeah, Brent, from our standpoint, the emphasis on the thermal business, and what we’re now what we also called power business, which generate much more cash flow than newbuild projects. We should start seeing a better conversion that we’ve had in the past, from adjusted EBITDA to the cash. Some of that cash will be used, as Kenny talked about, to continue to expand our Bright Lube penetration. But we should be able to convert a much higher percentage than we’ve converted and have positive cash flow coming into the second quarter of next year. Conversion rate would probably be — I’ll be a little bit broad on that because of CapEx, but the conversion rate would probably be in the 60% range with respect to cash.
Brent Thielman : Starting 2Q is that Bright Lube.
Lou Salamone : Yeah, I’d say middle of Q2, we’ll start seeing that. Plus Q1, as you know, Brent Q1 is always a slow quarter for us, as well as others in this industry.
Brent Thielman : Yeah. Okay, and then I guess, just in regard to some of the financing, that you’ve done here recently. Maybe your thoughts, next steps just related to the capital structure that you may or may not need to take, I guess in order to sort of support the ongoing kind of financing commitments you’ve got out there support the growth of that company’s support Bright Lube. Do you feel like the capital structures in place? You can do all that at that stage?
Lou Salamone : Yeah, I think the committed financing that we talked about earlier, for the $150 million for the senior credit facility, which will be both what I’ll call the letters of credit facility, and the revolver certainly helps our capital structure, as does the lower interest rate. And as Kenny mentioned, we’re kind of looking at some of the strategic areas that may not fit with our new direction, and that may generate some cash.
