Tara Hemmer: Sure. There’s really two other components. The first is we really improve the quality of material that’s generated. So we’re able to sell some of the material at higher price points. So really moving mixed paper into higher grades and we get a price premium. That’s been demonstrated in all of the automated MRFs that we brought online. And then also we’re increasing the capacity at these facilities quite significantly and so we’re able to bring in more volume and that’s going to be a great example of how we can tie that back to our customers and grow recycling volumes and also grow our collection volumes too.
Jack Wilson: Thank you very much.
Operator: Thank you. Please stand by for our next question. Our next question comes from the line of Noah Kaye with Oppenheimer. Your line is open.
Noah Kaye: Good morning. Thanks for taking the questions. So the really strong flow through into free cash flow performance. Can we just walk through how we get that improvement of $100 million? It sounds like obviously there’s the operating performance, maybe also some tax items going on and then some working capital improvements. How do we think about the delta?
Devina Rankin: Yeah. So it really is an EBITDA story and the EBITDA dollar growth that we are projecting of $100 million is expected to flow directly through and the reason you don’t have a tax offset there from the higher earnings is because we have $25 million of incremental expected ITC. So those two kind of offset each other such that our outlook for cash taxes is effectively flat. So, EBITDA is what drove our outlook for $100 million increase in free cash flow for the year. I would tell you, I do expect some upside from that potentially, because we had such a strong quarter from a working capital perspective and certainly stronger than we expected. So, in my experience, you have to wait to see whether that’s timing related and so we didn’t incorporate any working capital benefit in the revised guidance.
Noah Kaye: That’s really clear and helpful. Thanks, Devina. And then a question that might not have a clear answer, but on PFAS, it seems like the EPA regulations kind of played out as expected, although pretty inequitable to have exemptions for municipal but not private solid waste it seems. I guess two things. One, can you talk about your expectations for costs, impacts, if everything kind of stands up the way it does as written today? And two, your thoughts on how that might potentially change, whether with congressional action or any further action on the part of EPA?
John Morris: So, no, I would tell you we’re obviously, that’s a topic we’re following. I’m sure the whole industry is following very closely. There was some language in the last release from EPA that had some language about some protection for the landfill, but candidly, it didn’t go far enough to give us a lot of security around the topic. So we’re going to stay close to that. And as you can imagine, we’re very vocal in all the right offices to make sure that we find a pragmatic approach to handling this, because it is an issue that obviously has to be managed. I would tell you that landfills, both C and D, are still considered to be very viable, long-term responsible repositories for PFAS, so we still see it as an opportunity.
The CERCLA designation, which gives a little bit more latitude on the Superfund side, actually, we see that as an opportunity for some of, in particular, DoD sites that are going to start getting cleaned up. We’re already doing some of that work now. And then lastly, I would tell you on the cost side, a little hard to predict now. What I will tell you is very encouraging, though. When I was with our post-collection team in the last few days, there’s a lot going on on the technology front that we think we can bolt-on to our post-collection sites to be able to really effectively manage that at a cost that we can pass on to the customer. So hopefully I captured it all.
Noah Kaye: Yeah. Thanks very much, John. Appreciate it.
Operator: Thank you. Please stand by for our next question. Our next question comes from the line of Tony Bancroft with Gabelli Funds. Your line is open.
Tony Bancroft: Hey. Thanks so much. Congratulations, Jim, Devina, and John, and that team on a great quarter. I just — longer term, what do you — is there — are there any opportunities maybe through something transformational, either be it like these large regionals that are still around that everyone talks about or maybe something in a different line of business? What is your sort of longer term outlook on the business and any interest in other, maybe other opportunities?
