Brent Thielman: Okay. I appreciate that, Ken. And then this might be for Tom, but how — I mean how are you sort of working to manage the pipeline business in terms of size going forward? Is there sort of a revenue number out there that you see as sort of a cap for the business or you want to be a cap for the business, just given how you’re kind of refocusing towards some of the other areas of the company?
Tom McCormick: Yes. I’ll be surprised to see that business grow more than $400 million, $500 million of revenue a year. I think it’s a good size — that would be a good size for us. We are overhead in those businesses. We talked about the business unit overhead is low. So it doesn’t cost a lot to carry it. We can get them through some downturns when they do that, they don’t — if they make the right decisions. But I don’t see us having a big push. You may see a jump based on a large project award tied to carbon capture or something like that, but on average, it would be less than $500 million per year.
Brent Thielman: Okay. And just lastly, Ken, I’m sorry if you said it, but just the target leverage objectives by the end of the year. And I guess, also any sort of specific debt reduction objectives by kind of year-end 2023?
Ken Dodgen: Yes. By the end of 2023, we’re targeting to be kind of in the 2.5 range, plus or minus. And it’s going to be predominantly through scheduled principal payments and then other debt — extra principal payments and debt pay down, we’re able to make with cash flow from operations.
Operator: Your next question is from the line of Bill Dezellem with Tieton Capital Management. Your line is open.
Bill Dezellem: Thank you. Tom, in your opening remarks, you made reference to having line of sight on the solar business through 2026. I didn’t catch if you were saying you had line of sight on strength through 2026 or actual growth over that time period. Would you please provide clarification on what you were trying to say there?
Tom McCormick: Yes. I’ll tell you, we’re tracking about just under $9 billion of projects that we’re pursuing that are in various stages of either being bid or contracted with the clients that we have history with and experience and relationships with that will take us through 2026. So we have right now under contract, I think our backlog is about $1.3 billion, but we have a number of projects that are in LNTPs so we’ve got — even if I count under — if I say, assume the total value of the contract, not the LNTP, the total value of those projects, we either have under contract or LNTP is $2.8 billion, $2.6 billion. We have another $1.7 billion of projects that we were told that we were sole sourced. And then there’s another $3 billion or $4 billion of projects that we’re bidding that would take us all the way through 2026.
So there’s roughly $8 billion that we’re in various stages of that we’re comfortable we’re going to win our share of that work. And if we do, that will fill us up not only were filled for 2023. We’re already actually working on building backlog in 2024, but that would take us through the balance of 2024 and 2025 and 2026.
Bill Dezellem: And do you see each and every year from 2023 through 2026 as growing? Or do you see a period where that solar revenue ends up flattening out?
