Donovan Schafer: Okay, that’s helpful. And then so — on the same — following along the same thread, you talked about being approached by other top tier renewable energy investment funds about doing something similar on more BESS projects. Is your expectation that anything there — is some of the interest here coming from this unique structure doing development as a service, and so agreements with them would likely be in a similar type of an arrangement, or is this more just a unique case with Matrix and some of the other ones from Emeren legacy?
Yumin Liu: It’s different. Definitely, we are considering the similar type of Matrix structure that’s a DSA structure, and as we do have a big storage portfolio, as you see, by the end of Q3, we already accumulated over 10 gigawatt hours of advanced storage portfolio. And we have projects in all the major market in Europe and U.S. and China. And we do want to develop partnerships, including the DSA type of partnership or even possibly joint venture type of partnership with some major players in the market. And this are being worked out. We hope we can present you guys some good news in the next two, three months.
Donovan Schafer: Okay, that’s helpful. And then again, I’m just digging further into this theme of these DSA agreements and what you’ve done with Matrix. How does that tie into your talking about a goal of monetizing 400 megawatt to 500 megawatt per year. Is the 400 megawatt to 500 megawatt goal starting in 2024, is that just in reference to solar project capacity, or does it include projects like these? And in that case, then, do you include it on a megawatt basis for 2023, or does it not get included till 2024 because you’re getting this DSA revenue? Just trying to think of how to tie — how these types of arrangements are tied together with the 400 megawatt to 500 megawatt goal per year?
Yumin Liu: Okay, it’s a very good question. In fact, that our 400 megawatt to 500 megawatt goal or monetizing 400 megawatt to 500 megawatt does not include any storage. All the DSA, no matter in megawatt or megawatt hour counting, is not in this 400 megawatt to 500 megawatt counting. As — go ahead.
Donovan Schafer: And are the 400 megawatt to 500 megawatt, is that strictly project sales or will there be cases where you’re counting megawatts, but it’s including — you’re doing EPC services? Or is it more COD, more NTP because, of course, that can have a very big impact.
Yumin Liu: 400 megawatt to 500 megawatt is mostly talking about our solar projects. Those are either the NTP/RTB sale or COD sale, or we put into our IPP portfolio, those with so called monetization. And those 400 megawatt to 500 megawatt will be from the 3.5 gigawatt portfolio we are building up. And storage, as I mentioned earlier, starting 2024, even won’t be able to be conservative on the storage front it looks like it will contribute a minimum 15% to 20% of the top line, bottom line to the company. But that’s not counted in this 400 megawatt to 500 megawatt monetization.
Donovan Schafer: Okay. And then just real quick, I’ll ask about for the buybacks. You did $4 million in this quarter. How are you thinking about buybacks going forward? Because on the one hand, we’ve talked before — in the past before about how it’s nice to have cash on the balance sheet when you’re interfacing with grid companies or utilities and give yourselves that credibility that you’re not a company that’s here today, gone tomorrow, the healthy balance sheet on the one hand and then, of course, on the other hand, the stock price is so low right now versus your tangible book value. So that could make 1 argue for more buybacks. So I’m just curious if you can give any color of how you guys are thinking about things right now.
Ke Chen: Yes, Donovan, we’re very confident about our future, so we continue doing a buyback. So in Q4, until yesterday, we bought additional 700,000 shares, so we’re very confident. Secondly, we’re also very confident about our cash level going back up from Q3. We are again collecting cash payment in Q4. So our cash level should going back up at least double digit number here. And so we’re confident we can do both.
Yumin Liu: And let me add some color on this one, Donovan. Let me add a couple of points on this one. That the starting Q4, not only we are seeking a very strong Q4 and even Q1 next year, but also we are looking at a very healthy balance sheet. That is cash flow positive — operating cash flow positive will be achieved starting Q4, and going into Q1 next year. That is very — we feel very comfortable by presenting those operating cash flow positive situation, plus a very healthy balance sheet, which will start collecting cash from old friends in the U.S. and Europe specifically in the next 5 to 6 months. And that will enrich our balance sheet all the way up from the current level.
Donovan Schafer: Okay, that is very helpful. Okay, great. I appreciate all the color you guys. I’ll take the rest of my questions offline.
Yumin Liu: Thanks, Donovan.
Ke Chen: Thank you.
Operator: Thank you. Next we have Amit Dayal from HCW. Please go ahead.
Amit Dayal: Hi, guys. Good afternoon. Thank you for taking my questions. So, just on this cash topic, guys, how much are you expecting to collect over the next two quarters in cash?
Ke Chen: Again, we are expecting here at least $20 million to $40 million minimum.
Amit Dayal: Okay, alright. Thank you. And then just in relation to the guidance, you’re saying three closings pushed out to 1Q ’24. Does that amount to roughly the $30 million to $40 million that you were previously expecting to come through in Q4 ’23?
Ke Chen: Amit, please repeat your question about the revenue number again.
