Melissa Cougle: Good question. And yes, we actually saw a nice big release. We had done some automation, where we were pushing through sort of invoices automatically with customers and saw a nice big release early in the year. What we didn’t anticipate is over the summer that we basically hit a wall as we ran out of on several of our biggest customers. And things really got spelled out in getting those POs replenished. And by the time we noticed if you will, we were in remediation mode, but these things just take a couple of months to sort themselves out. So, I do think we’re going to get back right here in the fourth quarter. Fourth Quarter is always tricky, because everybody sort of manages their cash at year end. But we certainly have seen the contract asset, more running into AR and more collections and really we had sort of our best collection week just the week before last.
So we certainly see it trend back in the right direction. If that holds, we’ll get to a really comfortable place for year-end. It’s just there’s a little bit of anybody’s guess depending upon who wants to squeeze cash at the end of the year.
Don Crist: Completely understandable. Thanks for letting me back in. I appreciate it.
Melissa Cougle: No problem.
Operator: Our next question comes from William Kim with [indiscernible] Asset Management. Please go ahead.
Unidentified Analyst: Hey Stuart, Melissa, how are you?
Melissa Cougle: Morning.
Stuart Bodden: Good morning.
Unidentified Analyst: Good morning. You mentioned one in your call I think in your prepared remarks regarding the intrinsic value of your shares looking like attractive for repurchase. I guess how are you viewing intrinsic value? What do you I guess what was the thought process between in determining what do you think intrinsic value is squaring?
Melissa Cougle: Yes. So, we had an initiative we kicked off this year. I’ll take this one. I guess it’s a passion project of mine. We had an initiative we kicked off this year to actually do some intrinsic value work. So, we actually did a multiyear model built out our first ECS. We started with just kind of a three-year view and we’re adding on to five-year view. So, we’re driven by that. That’s how we get to intrinsic value assessment and then we also synthesize that. So, what happens is there’s some upside? What happens if things continue to languish? So, we build a fundamental model that we think is here is our best guess of what we think the world is going to play out to be and here’s a much harsher view and here’s an upside view.
And then we try to triangulate between those as well as sort of where the share price is at say. And every quarter we’re now refreshing if this is actually the second quarter we refreshed it. So, we’re really proud to get it done and then we kind of sit back around the table Stuart and I on how we want to think about share repurchases through that lens and then we also make an approach in the proposals to the Board to the same extent.
Unidentified Analyst: Got it. And then as a separate follow-up change in the Board. Is there something that prompted that? This is just regular retirement? How does that kind of come about?
Stuart Bodden: No. That William was just part of a kind of ongoing reprice process that we undertook. So, there was — again, it’s been sort of been in the works for a while and planned just to make sure as part of good governance we’re kind of keeping good turnover to the Board.
Melissa Cougle: Yes, I mean you saw — I’ll add to that. You saw us do a little bit earlier as part of proxy. We made some initial changes. These have been discussed sort of at a high level back then and we’ve been working towards — our Board hadn’t — we had outside parties institutions point out our Board lacks and diversity, number one. And then also frankly had not had any turnover in it. So, we thought it was appropriate to kind of start that process.
