We think — not initially and not in the first six months of a year. Once we establish things there, and start pursuing business using PERC team to help them. I think we’ve got a chance to very significant growth in Colorado.
Gerry Sweeney: Got you. Fair to say PERC brings technology, reference accounts, Ramey as well as consolidated water. Ramey brings 100-plus customers and customer relationships and sounds as though the growth of Colorado is going to drive either upgraded or enhanced wastewater and water recycling and other facilities. Is that a fair way of looking at it?
Frederick McTaggart: Yes. I think there’s needs there that are being unmet right now in the market, and we’re going to go in and try to meet those needs, particularly upgrading facilities. There’s needs to upgrade facilities to meet the tighter nutrient removal requirements that were enacted, I think, about a year and a half, two years ago. And then Colorado has also recently enacted direct potable reuse legislation, which opens up a whole new opportunity there for PERC, because they’re experts in that sort of level of treatment of wastewater.
Gerry Sweeney: Got it. Staying with PERC for a second. Could you – I think you did $20 million in recorded $20 million in revenue in the quarter from the project back to the annual something like $45 million or $46 million? So that leaves just over $40 million left or maybe just under $40 million, because of 82. Is that – am I roughly in the ballpark with that?
David Sasnett: Yes, you are. I mean we’ve been very transparent in how much revenue we’ve recognized on this project.
Gerry Sweeney: Yes.
David Sasnett: Literally from the date that we started construction. So, if you go back and just simply add the numbers from last year as reported in our 10-K and then add in this nine months for this year, you’ll have what percentage of the $82 million we’ve recognized to-date. And the remaining revenue, Gerry, will be recognized in the fourth quarter this year and in the first two quarters of next year. And then after that, the project will essentially be done.
Gerry Sweeney: Am I correct that a large portion of the project is scheduled, to be completed this year with – I don’t want to say tag ends, but with the remainder next year?
David Sasnett: Yes. I think that’s I don’t have the exact construction schedule in front of me as we speak, but there will still be a lot of progress made in the fourth quarter of this year.
Gerry Sweeney: Got it. And I know this may be a little forward-looking. It sounds like – you’ve been executing very well. Margins are above trend as far as you can tell, do you think that can continue?
David Sasnett: No, I don’t think it’s going to continue. I think, I would be surprised that there is a significant amount of further margin adjustment in future quarters. I think we’ve got a really good handle on the cost necessary to complete the project. So, I don’t think there’ll be – cumulative type adjustments of any significance going forward. That’s what you’re asking.
Gerry Sweeney: Yes. I just wasn’t sure if it would stay – I think it came in around 30%. I wasn’t sure if it would trend down. You were just – I’m not sure if you had a good run things were ahead of schedule or ahead of margin, and maybe they kind of revert back down to more previously projected levels is what I’m really at?
