Praneeth Satish: Okay. No, that makes sense. And then I’m just curious if you could talk about the process that you went through to get the – that ITC transferability deal done since you guys were one of the first, I guess how onerous was this process is, does the infrastructure, is it in place across the industry to kind of scale this much higher in the coming years? And I guess, how would you compare the complexity of this deal versus of ITC transfers versus tax equity?
John Berger: I’m going to say one comment, because Rob won’t do this, he’s modest, but no, we were the first. There’s only one first. We were the first and he did it. Rob, you want to finish answering the question?
Robert Lane: Yes. It was hard. And like I said, you had to get a lot of folks to come to the table and a lot of folks to agree to the process. I say that we – the buyer who we partnered with though was a wonderful partner. And what you always end up doing is you end up having four or five law firms involved, and every one of them is trying to protect their client. And – but not every one of them is familiar with tax equity or with the IRA. And so you end up with a lot of different folks trying to get a lot of different points in. But we had a great buyer and they had a really good counsel that was they could see the clear path to the finish line and everything that was required. That’s not – I don’t think that’s necessarily common.
But I think that what is good is that we now have the blueprint. We now have the model for exactly how it works. And so being able to go to subsequent buyers with that same blueprint, with that same model is incredibly valuable. It’s just one more piece of a corporate secret sauce, if you will, that we intend to continue leveraging.
John Berger: One thing I would add is that service is a key part, and we’ve talked about this. We are a service company and that is not prevalent outside maybe one or two other competitors in our space. So that’s something that somebody’s going to have to really build. That’ll be interesting. That is a massive heavy lift that takes years, lots of capital and a lots of great talent. And so that’s another competitive edge. And really being able to offer leases PPAs and so forth.
Praneeth Satish: Makes a lot of sense. Thank you.
John Berger: Thanks.
Operator: We have time for one more question. So our final question comes from the line of Jordan Levy with Truist. Jordan, please go ahead. Your line is now open.
Jordan Levy: Good morning all. I appreciate you squeezing me in here. Just wanted to touch briefly on the service segment for next year. Seems like sort of overall customer growth is kind of the main lever that you can move around here. But just curious after another good quarter in that segment, how you’re thinking about that into 2024?
John Berger: Yes, Jordan. The opportunity there is immense. This industry has not done what I feel is a good job of taking care of the customers. I think that we can do a lot better and we can do a lot better as a company and we will improve, continue to improve, I promise you that. But there is an enormous amount of opportunity because frankly, really nobody else focused on it at all. And again, building out the operations and logistics and capabilities is a huge lift. And this is not just installing this is a different animal altogether from just plain installation. Not that the installation’s easy. Our value dealers do a heck of a job on that, particularly our larger dealers. And when you look at the barrier to entry on a scale service operation across, something as vast as with Guam, Saipan, Hawaii, all the Puerto Rico and all the way from Texas to Maine, that is a – I’m not aware of anybody else that’s even close.
So it’s an enormous opportunity. We see a lot of growth. I think it’s what may be approaching probably 3 million customers of opportunity and growing fast. And again, is people feel like they need to move over to lease PPA that’s going to be even more of an opportunity is somebody’s got to do that work and the service work. So we see a lot, I think we’ve been very modest in all of our forecasting for 2024. And that is also a very modest forecast.
Jordan Levy: Thanks so much for that. Nice quarter.
John Berger: Thank you.
Operator: Those are all the questions we have time for today. So I’ll turn the call back over to John for closing remarks.
John Berger: We are focused on liquidity, profitability, and cash flow. We’re going to continue to execute by raising prices, reducing working capital, and reducing operating expenses. We clearly see a growing value wedge driven by monopolies raising prices and falling equipment prices. I look forward to speaking with you again in the New Year when we can further discuss our continued execution. Thank you.
Operator: Thank you everyone for joining us today. This concludes our call. And you may now disconnect your lines.
