Shai Even : So first, I think that we do still have like the proceeds from the tax exemption for the Bond, Mississippi plant available to us. We haven’t used the proceeds. And we do have that part of the restricted cash that we’re holding at the end of the quarter. We have cash available for the Epes plant and for the Bond plant. At the end of the quarter, that was about $153 million. We do have the potential of coming back to market to the capital market for the issuance of additional tax exam bonds for the Bond project. However, we’ve seen like the market conditions now and where our bonds are trading. And we think that will not be prudent to come back to the market. Now as a result, we’re talking about, as Thomas mentioned, the flexibility that we have with the timing of when we’re going to make a decision on when are we going to spend additional funds and make a fun decision on investment in the bond.
So, we’re going to look at what Thomas mentioned already about how we’re executing our plan, looking to see our cash flow from operating activities in 2023, looking at our forecast for 2024, and then make a decision about the timing for bond and the potential timing of coming back to the capital markets for additional tranche for the — of tax-exempt bonds for — or potential tranche for the Bond plant using the potentially the tax-exempt market.
Elvira Scotto : Okay great. Thank you very much for that.
Shai Even : Thank you, Elvira.
Operator: Thank you. Our next question will be a follow-up for Jordan Levy of Truist.
Jordan Levy : Hey. Just a quick follow-up. I appreciate you didn’t have any additional deferred growth — deferred margin transactions this quarter, which is good to see. Is it fair to say you don’t anticipate any more of these transactions as we get into 3Q and 4Q?
Thomas Meth : Jordan, we — our forecast does not include any incremental deferred gross margin transactions.
Jordan Levy : Thanks, appreciated.
Shai Even : I would point, Jordan, in regard to the one-time gross margin transaction, we did have like cash collected of about $8 million that is not part of our CFFO for the quarter, but it’s part of financing activities. I would say that the way that we are looking at that, we’re looking at that more like an additional $8 million. That should be like from an economic perspective because it’s a collection of sales to a customer that should be viewed as a type of cash flow from operating activity.
Jordan Levy : Thanks, I appreciate it.
Shai Even : Thank you.
Operator: This concludes our question-and-answer session. Now I’d like to turn the conference back over to Thomas Meth for closing remarks. Please go ahead.
Thomas Meth : Well, thank you for taking the time to join us today. We look forward to connecting in the coming months to continue updating you on our progress, particularly around our — on our cost reductions in operations, and wish you a great rest of your day.
Operator: Conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
