Allan Merrill: We’re still probably 30 days wide of the pre-COVID, and I’d like to get about half of that back this year. I don’t know that we’ll get it all back because I think there’s some structural delays built into the municipal processes. They haven’t staffed back up. The flip side is there’s not a lot of multifamily or commercial start activity. So I think on the trade side, number of crews, quality of crews, I think that’s where the opportunity is. But targeting to get back at least a couple of weeks this year.
Jay McCanless: Okay, that sounds good. Thanks for taking my questions.
David Goldberg: Thanks, Jay.
Operator: Thank you. And our final question in queue comes from Alex Barron from Housing Research Center. Please go ahead.
Alex Barron: Yes, thank you. Yes, I wanted to ask about the DTA and expected tax rate. Maybe Dave, do you still expect it will take a few more years before you completely use this up? In other words, I’m trying to figure out if the tax rate is going to stay low for another two, three years before it resets back up?
David Goldberg: Alex, good question. We do have a slide in the presentation in the appendix that kind of go over GAAP tax expectations and cash tax payments for some detail. But I would tell you yes, we think we’re going to be using our tax benefits for ’24, ’25 and potentially into ’26. And then what you’ll see as you get into we’ll start to use the tax benefits that we’re generating for energy efficiency tax credits as we’re closing the home. So it will be much more simultaneous like most builders. So yes, I think we’ll have a lower tax rate. We talked about the midpoint of the 15% to 20% range in ’24. And quite frankly, I think from a statutory perspective on an ongoing basis, we’ll be below kind of normal factory levels because we’re generating tax credits and using them in ’26 kind of real time.
Alex Barron: Got it. And then I was hoping you could comment on thoughts around share buybacks given your stock is still trading below 1 times book.
David Goldberg: Absolutely, Jay. I would tell you, and we’ve kind of talked about this before, we’re confident in our balanced growth strategy and the ability to generate sufficient liquidity to really support our growth aspirations and continue to delever our balance sheet. As it relates to share repurchase, I would tell you, share repurchases are clearly an attractive use of capital depending on share price. But right now, our highest priority is clearly growth and debt repurchasing.
Alex Barron: Got it. Alright, thanks and best of luck.
David Goldberg: Thanks, Alex.
Operator: And currently, I’m showing no other questions in queue.
David Goldberg: Okay. I want to thank everybody for joining us on our fiscal fourth quarter call, and look forward to talking to everybody in three months on our first quarter call. Thank you very much for your time this evening.
Operator: Thank you all for participating in today’s conference. You may disconnect your line, and enjoy the rest of your day.
