Julio Romero: Makes sense. I’ll pass it on. Thanks very much.
Santiago Giraldo : All right. Thanks, Julio.
Operator: Our next question comes from Jean Ramirez with D.A. Davidson. Please proceed.
Jean Ramirez: All right. Thank you for your time. You mentioned that over the 18 months period for backlog, two-thirds is commercial. Can we – how much of the remaining is vinyl? And in terms of the cadence of growth, what is the step up look like in Q4 and throughout 2024?
Chris Daes : Just to kind of clarify something two-thirds of the backlog is related to multifamily and not single-family residential nor vinyl. Everything that you see reflected in the backlog is strictly on the commercial side with two-thirds of that being multifamily, right? So that’s the way to look at it. So to your second question, no, no vinyl is included in that backlog and for that matter, no single-family residential revenues are included in the backlog because that is very quick and it’s very spot in nature. So you get an order and it’s out there out the door in four, five weeks. So a lot of it gets worked intra quarter. So all of what you see from a backlog perspective is related to the, to the commercial segment. Sorry. And you had a follow-up to that. Could you repeat?
Jean Ramirez: Yeah, I was that, first of all, thank you for the clarification. I was just focusing on the single-family residential product. And I know you already mentioned that it’s not in there. But what sort of expectations in terms of growth, do you have for Q4 and into the first half? Just kind of want to get a sense of what you’re seeing in sort of what are you expecting in the first half of ‘24?
Santiago Giraldo : Well, we won’t want to go into too many details in ‘24 until we’re able to formally complete our budgeting process. So you’ll hear much more details after the Q4 call. As far as the Q4 projection for residential as I was saying earlier, we’re expecting that to be, kind of flattish sequentially. So, for modeling purposes again, if you look at the previous quarters, they’re being kind of stable, quarter-over-quarter and that’s what we would be expecting in Q4, as well. Again, this is vinyl related revenues are not really going to start hitting the P&L until the first quarter, second quarter of next year. So you don’t have the benefit of that in 2023. So we’re still, just projecting that based on current orders to be stable sequentially.
Jean Ramirez: Got it. And if I could just ask one more. Are you seeing any, are you continuing to see any pricing pressure in the residential?
Santiago Giraldo : I’ll let, Jose to take that.
Jose Manuel Daes : No, we haven’t seen. Like I said before, the pricing has been study. Only there is a couple of minor vendors that had to reduce the prices by 5%, 10% in order to get an invoice. Otherwise, they will go completely zero.
Jean Ramirez: Got it. Thank you. Well, I appreciate the time.
Santiago Giraldo : Thanks.
Operator: Thank you at this time, I would like to turn the call back on to Jose Manuel for closing remarks.
Jose Manuel Daes: Thanks everyone for participating on today’s call. We are very, very excited. We cannot tell you enough about the future of the company. Our sales are increasing by the day for next year and we hope to give you much better results. Thank you.
Operator: Thank you this does concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation and have a great day.
