And I think we’ve made a ton of progress on that and we’re really excited about the short list of companies that it’s a lower down in the funnel. It is — it’s a good time to be buying, right? I think if you can raise the money and I think that as it’s the only silver lining of the massive drop in the stock prices and the public equity valuations of the solar companies is that that trickles down to the valuations of the private companies as well and so if you’re a consolidator it’s a great time to be buying if you have confidence in your ability to identify and diligence the right companies and then go fundraise for it. I think we’ve mentioned this before, but in fundraising the whole point of being public was to use stock to be able to be a currency in M&A and also to raise the cash for the cash consideration with the stock price where it is right now it’s just too dilutive to do that, so that’s not what we want to do, so we’re thinking about debt as the tool to do it.
I think it’s why it’s been so critical to get, I mean, when you’re our size and starting out every acquisition is critical, but the Hawaii acquisition was key this was our first one, the SUNation acquisition was key, because it tripled the size of the company and got the company to keep it positive and generating cash and then that puts us in the position of the next acquisition is totally accretive and falls straight to the bottomline, because we’re looking at healthy well-run businesses that have strong bottomline and EBITDA we think we can raise debt off of those multiples, but we have a few different capital raising tools at our disposal.
Jeff Grampp: Great. And maybe just a quick follow-up on that Kyle, are you seeing — you guys as you mentioned, you get mark-to-market every day with a public equity, private companies don’t. Do you feel that there’s a sufficient narrowing in terms of buyer-seller expectations to where there’s transactions to be done or does some more market therapy need to kind of matriculate through on the private side?
Kyle Udseth: No. I think we’re getting really good feedback. Like we have constructive conversations with people, there are different value or consideration levers in a deal, cash upfront, seller notes, earnouts, like, what their roles are of individuals going forward, stock, right? So there’s a lot of different tools in the toolkit and I think different sellers have different motivations or put different values on those things. So I think we — there’s a lot of ways to negotiate in a kind of mutually beneficial way. And I think in terms of just where overall multiples are at and where upfront cash consideration is that, I think, the adjustment is there, we’re at a really healthy place and then as a public company these acquisitions are probably going to be material and just the size you’d look at and so there’s an audit component that has to happen there’s a fundraising component that has to happen.
But it’s a good environment for doing what we’re trying to do, I’d say.
Jeff Grampp: Okay. Great. Thank you guys for the time.
Kyle Udseth: Thanks for joining.
Eric Ingvaldson: Thanks, Jeff.
Operator: I am seeing no more questions in the queue. Let me turn the call back to Mr. Udseth to conclude the call.
Kyle Udseth: Thank you, Operator. Before we conclude, I wanted to mention a few upcoming events, next Thursday the 16th, Eric and I will be joining James West of Evercore for a virtual fireside chat at 2 Eastern. Then later this month on November 30th will be in New York for the Bank of America Flagship Renewables Conference and we’ll be joining Julien for a fireside chat at 4 Eastern. And then we’ll be attending the Janney Clean Energy Investment Symposium in New Orleans, December 5th through the 7th. I know I’m going to eat well on that one it’s an amazing food city, definitely need to pack the running shoes for sure. We look forward to connecting with anyone who’s able to attend those events and please reach out to your contact at those firms if you’d like to schedule one-on-ones.
