Vincent Arnone: I would say, Jim, that for Q4 for APC likely to see a little bit of a downtick there. We did have the favorable impact of a call it ancillary revenue, a scenario, if you will, in Q3, that did give us a little bit of a bump up on the APC merge inside. So I would think that would revert back to more traditional 35% levels in Q4 and CHEMTECH, given the fact that we are looking at a little bit of a reduction in revenue in Q4 from Q3, I’d say flat to a little bit lower for CHEMTECH.So on a way to average basis, yes down – down from Q3.
James McIlree: Got it. And as far as I know you’re reluctant to talk too much about 2024, but at least conceptually as DGI ramps up next year, will that require a significant or a meaningful increase in either R&D or sales and marketing in order to support that business?
Vincent Arnone: I definitely envision that we are going to be adding some resources for DGI in 2024. The pace of business opportunity will drive the level of that resource add. Right now, Jim, I wouldn’t call it a material number as I see it today.Couple of $300,000 on an annualized basis relative to how it would roll out and impact 2024. Somewhere in that range as we would look to add a couple of individuals throughout the year. We’d be looking at some field resources, perhaps some sales resources well to support that business development.
James McIlree: Is it fair to think of it as success based or success based with maybe a couple of months lag?
Vincent Arnone: I would say it’s very fair, yes.
James McIlree: Okay great and then my last question is, can you discuss the maturity of your investment portfolio just broad brush, are you extended out a long period of time or is it, call it, 18 months, 24 months for?
Vincent Arnone: Yes understood. When we first started putting our portfolio in place, we had laddered the investments from a minimum of 90 days maximum of 36 months and so, as they’ve expired, we’ve reinvested, but trying to keep a similar, call it, range of expiration window. So some of the earlier maturities that we had, obviously, were at, when we put them in place originally, we’re at some of the lower rates, but we’ve replaced them with maturities coming at this point in time, averaging 5% or a little more than 5% on some of those items as well. So today, we’re probably a weighted average of somewhere in the 4%, maybe a little bit more range, but as we have some of those early maturities start to drop off, I think that our weighted average is going to pop up as we move throughout 2024.
James McIlree: And with the recent decline in long term rates, do you have to mark-to-market any of those or as long as you have indicated they’re going to be held to maturity, you don’t have to mark them to market.
Vincent Arnone: Yes, held to maturity is basically how we’re accounting for these. So we do not mark-to-market.
James McIlree: All right. Fantastic. Thanks a lot. Appreciate it.
Vincent Arnone: Thank you Jim, appreciate it.
Operator: This concludes our question and answer session. I would like to turn the floor back over to Vince Arnone for closing comments.
Vincent Arnone: Thank you, Kat. I’d like to thank everyone for joining us on the call today. We were pleased with our third quarter performs here in 2023. Looking forward to what’s hopefully going to be a strong end of 2023 and an excellent beginning to 2024. Since we won’t have our next conference call until approximately early March of 2024, again, thank everyone for joining to our shareholders and investors, other stakeholders. A good holiday season to everyone and Thanks for your support and Fuel Tech appreciates it. Thank you.
Operator: This concludes today’s teleconference. [Operator Closing Remarks].
