Ben Andrews: And so what this ballpark is the revenue stream going to those subcontractors?
Brad Vizi: Well, in terms of the – it is pretty significant, right. So we have – but it is all pass through.
Ben Andrews: So that doesn’t show up your income statement, but then their liabilities or their equipment will show up on your balance sheet?
Brad Vizi: No, not the equipment. The equipment never hits our balance sheet. Essentially, because we never take inventory It is never our equipment. At all stages, it is owned by our client. So, we are basically moving the equipment and paying for the equipment, but we don’t own it. So the equipment itself never hits our balance sheet. So, we get a payment in from the client. And then, we get like milestone payments essentially, and we certainly manage those contracts so that we are paid upfront. So we are not putting out huge sums of money for equipment and construction. So the money comes in, we order the equipment, we do the work, and then eventually we pay for it. And then more money comes in because these are typically multi-year contracts, they go from anywhere from two to five years.
Ben Andrews: So a liability then would already be revenue earned by that subcontractor?
Brad Vizi: Not necessarily. Some of it may be earned, but some of it may not be.
Ben Andrews: So you can book out further than 12-months.
Brad Vizi: Yes. Obviously, we are not booking any revenue until we actually earn it. Based on the progress of the contract and based on the amount of engineering that is been done. So, we do make a small percentage on the equipment and the construction as well. And that also hits our income statement as revenue.
Ben Andrews: Regarding share issuance, it looks like there was a fairly large share issuance in the quarter maybe 10% of the market cap. And it was clearly larger than any vesting schedule of what was already out there in your queues, what went on in the quarter?
Brad Vizi: Yes, I don’t have the exact share numbers in front of me then, but I believe that we had about a 100,000 shares issued to probably 20 employees under long-term time-based restricted share awards.
Ben Andrews: Yes, maybe I read it wrong then, because I thought it was 800,000 shares.
Brad Vizi: No, definitely not.
Ben Andrews: Because you finished last quarter a little under eight million shares and I thought I saw 8.8 million shares out right now.
Brad Vizi: No, it is 7.8, Ben.
Ben Andrews: I’m sorry. I misread it.
Brad Vizi: No problem. I have the queue in front of me. As of yesterday, we had seven million 8.32, 3.93 outstanding for all your hard work.
Operator: Our next question is going to come from Bill Sutherland with Benchmark. Your line is open.
Bill Sutherland: Following up on Ben’s question on the shares. Is that still at the top of the capital deployment list for you guys going forward?
Brad Vizi: Look, I mean, we always pretty much anticipate having some form of a buyback in. Naturally, as we take in shares and volume decreases, the magnitude of buyback is inevitably going to wane. However, as you see, we continue to be active. We continue to be quite optimistic about our ability to deliver value, at the company. And so, it is safe to assume we are very much committed to deploying capital through that medium.
Bill Sutherland: It is certainly been very effective. Fred zooming out a little bit on Engineering and thinking about aerospace getting back on its feet and the opportunities, particularly as you brought it out, into defense. But the other areas as well, I mean, how should we think about the kind of intermediate growth for that group overall Engineering?
