Ahmad is going to act as a facilitator and he played a similar role at phase between 2017 and 2020. So I think we feel good about the team that we have, and we want to take our time in getting the CEO in place. In terms of CFO, Cathy is a very accomplished person to take that role. And we will decide on a replacement, either internal, external or to have Cathy going forward in the subsequent months. Hopefully, that answers your question.
Jon Windham: Yes, did. Appreciate it. And then on a completely separate topic. Obviously, there’s, I think, a healthy amount of skepticism around the $1.6 billion backlog. It’s essentially the same size as a competitor that has 13 times the annual revenue. Is there any thought about taking an opportunity to provide more transparency, specifically what’s in the backlog, like specific projects? Is there anything that stopped the company from disclosing specific projects? Again, I think just a little bit of comfortability with just a portion of the backlog would provide a lot of peace of mind for investors. Just your thoughts on that, and I really appreciate taking the questions. Thanks.
Bill Michalek: We’ve actually gotten that question recently and have — we actually did some work on that for doing that. We didn’t present it this quarter given the changes that we announced, but that’s something that over the next few months is something we can either put out or mentioned in our next call. But it’s definitely something that we’re looking to do in some
Jon Windham: Great. Be well.
Bill Michalek: Thank you.
Operator: Thank you. Please standby for our next question. Our next question comes from the line of Julien Dumoulin-Smith with Bank of America. Your line is open.
Alex Vrabel: Hey, guys. It’s Alex Vrabel on for Julien. Maybe just actually a follow-on to that question on sort of the makeup of the backlog and the opportunity, I’ll frame it as, I guess, to provide a little bit more transparency. I know you guys obviously talked about UFLTA or I guess, non-UFLTA orders, but also international as sort of being a shorter cycle, faster ramp than some of the stuff you’re seeing in the US. Just curious what’s the status of that piece of being? Clearly things still look a little bit challenged. And just curious, I mean, as far as the slippages, are you seeing the same thing internationally versus the US where obviously the rate environment is still high, but a little bit more muted depending on kind of where your exist? Thanks.
Patrick Cook: Yes. I mean I think if you look — thank you for the question. I mean, I think if you look in the regions in which we operate, obviously, the US is the largest portion. That’s where we’ve had the longest kind of sustained presence and some of the new geographies that we’re seeing, certainly, there’s interconnection and financing challenges. We haven’t seen it to the extent that we’ve seen it ultimately in the US but that’s a function of kind of our early entrants into those markets. So we haven’t been in them for four or five years, where you’re working on large 500, 600, 700-megawatt projects traditionally in places like Spain and Italy, where there’s not a lot of free use land. Most of the projects are sub-100 megawatts. So those move forward then take the PO a little bit faster. But if you look at places like Australia, they have interconnection issues ultimately as well. But it’s more exacerbated here in the US that we’ve seen.
Alex Vrabel: Got it. Makes sense. When you guys think, I guess, moving forward, I mean, clearly, some recovery contemplated for Q1 at least. I think what’s interesting is you guys, obviously, to your point, Patrick, started as the 2P company sort of shifted to doing both at this point and also sort of broaden the commercial base outside of the US. It seems to us that there’s a little bit of a — I don’t know what you’re on call it a flight to quality or to certain EPCs or players in the space. There’s a little bit of a have and have not. I’m curious, I mean, as you guys look to sort of reposition the business for growth off of a higher margin base, how do you think about sort of targeting that more directly? Is it — we just need to win more 1P? Again, is it, hey, international looks more attractive than the US. How would you sort of frame the strategy from here? I guess, beyond converting the existing backlog?
Patrick Cook: Yes. No, it’s a great question. I mean I think, obviously, we’re very excited about the US market. We’re excited about the 1P pioneer that we have to offer. And certainly, the top EPCs are the ones that are getting a majority of the business, and we’re penetrated with those accounts. And the one nice part is we’re able to sit down with those top-tier EPCs and ultimately, developers and really design a project that’s agnostic between 1P and 2P and really maximize the site based on the goals of that EPC or developer. And I think that’s been a differentiator for us. Continuing to expand, I mean, double down in the US continue to win projects. That’s what we’re — that’s a big focus for us. But continuing to grow our footprint internationally as well.
So if you think about how we — our boots on the ground strategy for the US, you win several projects and then they grow and get bigger and you’ve developed kind of a base load revenue and you’ve got kind of a fact pattern out there. We did the same thing in Australia, where we’ve done over two dozen projects there, and we’re relatively well penetrated. We recently won awards in Spain and Italy, and we plan on delivering those in early 2024. So that gives us a stronger foothold in Europe and a proof point for us to build a base around. And then also, as Bill mentioned, continuing to expand in markets like South Africa, where we’ve delivered several large projects and expect to continue to grow that market ultimately as well. And the commonality amongst those are its markets in which our value proposition of constructability and quality hold true, and that allows for the margin expansion.
We’re not looking to participate in markets where we aren’t able to achieve profitable growth. And that’s echoed by the comments that Shaker made in his opening remarks.
Alex Vrabel: Got it. That makes sense guys. Appreciate the time.
Operator: Thank you. I’m showing no further questions in the queue. Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. You may now disconnect. Everyone have a wonderful day.
