Steven Nielsen: Alex, as we’ve talked about before with backlog, it’s calculated looking backwards. We’ve had strong growth. So that’s not necessarily reflected in the backlog. I think we were encouraged with the awards that we had this quarter. I mean we had some — a broad set of renewals as well as a little bit of new work with Lumen, nice new locating agreement with AT&T as well as other renewals with other customers. So we feel good about the opportunity set in the business again, hard to not be encouraged when you have a customer last week outline their fiber plans in 30 markets across the country.
Alex Rygiel: And then you lowered our CapEx budget this year. Is this due to difficult supply chain or a softer demand outlook?
Steven Nielsen: No. We have $80 million of equipment on order and we’re looking at an order on one particular type of equipment that would be the largest, I think, probably in the company’s history. So we have lots of appetite for equipment, just a little bit slow to arrive. But we’ll be happy when it gets here.
Operator: Our next question comes from the line of Adam Thalhimer with Thompson Davis.
Adam Thalhimer: Nice quarter. Steve, in terms of the wider range of outcomes next year, are you trying to say that you see a scenario where revenue is down? Or it’s just hard to tell how much it could be up?
Steven Nielsen: Adam, we’re not giving guidance again. I guess what I would say is if you think about when we had this call a year ago, the Fed was still buying mortgage and government securities and hadn’t raised the rate. The rate was effective — the Fed funds rate was effectively zero. And so if you think about the cumulative effect of all those increases since then and one probably coming up. I’m not a Fed watcher but probably another one coming soon. We just want to make sure that people say — understand that there’s a little more uncertainty as we go ahead. We’ve got lots of opportunity but we’ve also been around enough to know that when the cost of capital goes up, it can have an effect on economic activity which may affect our customers.
I mean we’re encouraged; we work for big customers. They have long-term programs. We — we’re working on a program now that’s coming on 2 decades of continuous employment on that fiber program and they’re — actually that customer is accelerating right now but we just want to make sure we have a prudent expectation for next year.
Adam Thalhimer: And then related to that customer you just mentioned, are you — or the large — the large program from them that was outside of their traditional footprint, was there still a negative impact from that in your third quarter?
Steven Nielsen: Yes. There was still an impact. It will be less in this quarter and we think it will be immaterial next year. The year-over-year growth was really driven by increased activity around fiber deployments in their footprint as well as the addition of another state that we started during the quarter. So happy with the progress there.
Adam Thalhimer: Okay, great. And then, the last one for me. Can you comment at all on Brightspeed, I didn’t see any awards from them in Q3? There were some in Q2. And I’m just curious if that over time could become a top 10 customer.
Steven Nielsen: Well and one way to think about it, Adam, is we had just, call it, $8 million of revenue in the quarter because the deal closed at the beginning of October. So there was only a month of activity for modelling purposes. If you look backwards, about 20% to 25% of our historic Lumen revenue is associated with what’s gone to Brightspeed. So I think if you can do the math, I think it will definitely be a top 10. We’ll hope they get even bigger. We’re ramping up activities with them right now.
