Jeffrey Peck: I don’t know. Yeah. So, what we’re really talking about there is the combination of our commercial and our industrial teams. When we went through 2021 and acquired a few entities, we had separate commercial teams at each of those operating companies. So, during 2022, we reassessed. And in 2023, we pushed the initiative to consolidate those teams into one operating segment. What that does is that really allows us to flex that labor based off of project volume and labor needs, as opposed to having that labor underutilized in an operating segment if the project volume wasn’t there. So, we do feel very strongly that that will enhance our margin moving forward and really allow us to better utilize and flex that labor pool, which is the core of the business and the installation of work that they’re doing.
Noel Parks: Great. Thanks. And you also mentioned that the residential business generates a lot of referral business and how that in turn helps the customer acquisition cost. Is that something that is always from the case or you’ve seen that more recently?
Jeffrey Peck: No, that’s always been the case. We’ve — one of the things we loved about SunCommon when we made that acquisition was the way they treat their customer, which generated a lot of referrals and a low customer acquisition cost. And so, we continued continue to see that trend with them, both in the Vermont, the New York markets where they operate.
Noel Parks: Gotcha. Gotcha. And I guess turning back for a second to the commercial and industrial business, I — with the divisions being combined, as a practical matter, are there really just not particularly meaningful differences between the two business lines at this point? Or I totally understand what you’re saying about combining the labor forces you can I guess move people across what used to be the two divisions. But going forward, I guess, maybe thinking about from a sales and marketing perspective, essentially are they — do they comfortably fit as sort of, I guess, the single strategy in terms of how you approach customers in each of those?
Jeffrey Peck: Yes. So, what we’ve done is by combining the commercial and — the two commercial themes into our C&I, one C&I division, is we’ve reduced redundancies and it allows us to flex labor through what would’ve been various organizations throughout one organization to create improved efficiencies and then align the sales process throughout the company as well. So that you — we’re really moving from multiple companies to one entity solution here. And so, we align every — we want to align productivity, align sales with the operations and engineering teams, and create efficiency throughout the organization.
Noel Parks: Great. And would you say that the sales process and sales cycles for them are essentially the same at this point between an industrial site as a potential customer and commercial location?
Jeffrey Peck: Yeah. The residential is the shortest, commercial is a little bit longer, and then industrial to utility, I mean, really by the size of the project. Typically the projects are longer to get through the process. But really, our focus is to accelerate the transition to solar energy. And with that, by combining these teams, we believe we’ll move projects through the process quicker sales through design and engineering, and into operations to be installed and shorten the time period from sale to installation.
Noel Parks: Great. Thanks for the extra detail. That’s all for me.
Jeffrey Peck: You’re welcome. Thank you for joining us.
Operator: Thank you. Okay. As there are no further questions in queue, I will hand the call back to Jeff Peck for any closing comments.
End of Q&A:
Jeffrey Peck: Thank you everybody for joining the call today. We appreciate your time to allow us to share our progress and performance. If there any further questions, please feel free to reach out to ir@isunenergy.com. Thank you, and have a good day.
Operator: Thank you. This concludes today’s conference, and you may disconnect your lines at this time. We thank you for your participation.
