Brian Butler: Okay. That’s helpful. And on EnviroSource on that, that contract yet to be finalized, I guess how delayed is that? I mean, EnviroSource has been a long process. Is that now, a late 2023 or 2022? How should we think about that piece of business?
Jonathan Batarse: Well, let me talk about EnviroSource as a whole and then we’ll talk about this specific opportunity. So, we love the technology. It works, it has great applicability and a lot of different areas can help solve some problems for our utilities. Great to work, we have to have a balanced risk approach with the utility partner. In this particular contract, there was too much risk, economic risk that we were bearing around construction and really offtake risk and those type of things, which with the inflationary market that we’re in put pressure on pricing, put pressure on financing, put pressure on schedule, and then again, the long-term risk that we have with the offtake. So, I can’t answer when this project will or will go forward, but we are continuing to progress conversations with a couple of other customers that, I can’t commit to a timeline, but those conversations are a little bit more in the balanced risk approach.
So, as we continue to move those conversations forward. We hope to have good news in the future that, that we have other EnviroSource opportunities that are getting or nearing the finish line.
Brian Butler: Okay. And then on ERT, can we maybe look at what contracts that have been awarded, I guess what opportunity or what potential EBITDA can be generated from that piece of business and cash flow? Because they’re not always linked, but what over the next, I guess year, maybe longer just kind of put that in perspective on the magnitude of that ERT and maybe any help you can give on timing of some of those flows.
Joe Skidmore: Yes, I can speak on the ones. I’ll start with kind of the ones that we have currently signed to date and that are in our and our book of business right now. So essentially we, as you all are aware, we have the Gibbons Creek, Avon Lake and Cheswick ERT project. As we look at Gibbons Creek, that’s kind of wrapped up in terms of the scrap sales, whereas Avon Lake and Cheswick, we are ramping up. So, as we look to kind of the remainder of this year in terms of opportunities it’s going to be limited to those three projects with obviously Avon Lake Cheswick providing some of the cash flow, whereas Gibbons Creek we’re still performing those remediation activities. And so as we look at the three collectively, we’re looking at a pretty much a breakeven adjusted EBITDA and cash flow for the remaining of the year.
If we look into 2023, we will be both €“ we will have contribution adjusted EBITDA wise and cash flow. But the majority of those will be from those three projects.
Jonathan Batarse: Yes. As we look to the future ERT opportunities, we’re actively pursuing, identifying and pursuing and working on again, the next generation or the next life cycle of ERT projects. But right now I can’t commit to when one, when the next one will be awarded the timing of that award, the magnitude of the award. But it continues to be a priority for us. Because we see a lot of value in what we can bring to our utility customers and helping them remediate these properties and manage that environmental risk. It’s good for the customer, it’s good for our utility partners, it’s good for us. So, we’re excited about the ERT project, but can’t commit to the timing of the next award.
Brian Butler: Okay. And then one last one maybe on accounting, just on a fully, if everything is converted, what would be the fully diluted share count post? All the capital adjustments you’ve made here?
Joe Skidmore: Yes, Brian we’re working through the, I guess detailed analysis of that, but overall we’re looking at about 6,500 shares fully diluted after, if we can assume €“ convergent of all the preferred stock in place.
Brian Butler: Okay. Thank you very much for taking my questions.
Jonathan Batarse: Thank you.
Operator: There are no further questions at this time. I will turn the call over to Jonathan Batarse for closing remarks.
Jonathan Batarse: Thank you everyone for joining today. As I said earlier, this is an exciting opportunity. Personally, it’s an exciting opportunity for the team here at Charah. We look forward to creating value for our shareholders as we focus on, again safety for our employees, growing our business by continuing to partner and provide excellent service to our customers and creating stability and our profitability going forward by increasing our commercial rigor on new opportunities, ensuring we’ve got the proper tools and processes in place to, to identify and mitigate risk at the project level. And again, ensuring that we have the most efficient cost structure possible, so that we can improve profitability and be competitive in future awards. Thank you for your time and your continued interest in our business.
Operator: Thank you for participating. This concludes today’s conference. You may disconnect at this time.
