Unidentified Analyst: Okay. That would make sense. And just my final question is — the stock price is down almost 80% since its IPO. Have you or the Board of Directors considered possibly selling the company since the assets of the company appear to greatly exceed the stock price, the stock valuation?
Dan Hedigan: Robert, once again, I appreciate that question. I think how I would comment on that is that the Board is always looking at any type of opportunities that come their way to really enhance shareholder value. And so that — whereas it’s not something that we have on the table. We can — we will consider all alternatives that may be presented to the Board. But at this point, we kind of — we know that we want to look at opportunities to enhance shareholder value. And so something like that came up, we would always look at those alternatives.
Unidentified Analyst: Okay, great. Those were my questions. I appreciate you answering them. Thank you.
Dan Hedigan: You’re welcome.
Operator: And our next question comes from the line of Arun Seshadri with BNP Paribas. Please proceed with your question.
Arun Seshadri: Yes. Hi. Thanks for taking my question. Just a couple from me. Your cash balance guidance for the rest of the year, exiting 2023, does that include the Valencia land sale completed or expected to be completed post Q2, and then also the land parcel sales, as well as, I guess, the third land sale contract that you expect to close in Q3?
Dan Hedigan: Yes, it does.
Arun Seshadri: Okay. Got it. Thank you. And then as far as capital expenditure for the back half of the year and then capital expenditures for next year, do you have a rough sense for where they could shake out from where you stand right now?
Dan Hedigan: We really think it will be similar to the first half of this year is what we estimate. Once again, we’re in a pretty good land position in Valencia from a standpoint of where we’re at, and in Irvine, we’re in a really good land position from a standpoint of finishing. So I would say comparable over the same six-month period.
Arun Seshadri: Similar. Okay. Got it. Thank you. And then SG&A, a nice reduction again sequentially. Do you think there are further opportunities in SG&A reduction, or should we expect this type of run rate for, I guess, the next few quarters?
Dan Hedigan: Well, I will just tell you, we are always going to be very focused on managing our SG&A. But I do think that we’re kind of getting to kind of a run rate. I think what number you’re seeing there is kind of closer runway, right, that we think we’ll look going forward, but we’re going to continue to always look at opportunities to improve on that number. It’s something that’s — once again, it’s — I want to talk about the three things that we’re trying to focus on; we really are focusing on revenue, manage our SG&A and managing our capital and really kind of keeping our heads down and running our business. And so we’ve got everyone heading in that direction.
Arun Seshadri: Got it. Thank you very much and nice job this quarter. Appreciate it.
Dan Hedigan: Thank you.
Operator: And we have reached the end of the question-and-answer session. I’ll now turn the call back over to CEO, Dan Hedigan, for closing remarks.
Dan Hedigan: Thank you. On behalf of our management team, we thank you for joining us on today’s call, and we look forward to speaking with you next quarter. Thank you, everyone.
Operator: And this concludes today’s conference, and you may disconnect your lines at this time. Thank you for your participation.
