Adam Goldstein : Hey David, this is Adam. So no, we have not seen an impact from the broader EV market slowdown impacting the EV tall supply chain. I think that’s probably because the volumes that we are working with are much smaller and we use different suppliers. So for example, I don’t believe anybody like in the EV space is using Honeywell or Safran or Garmin as examples. So we have not seen any impact from that.
David Zazula : Great. And then if I could just squeeze one more in a little. You had talked about airworthiness and progress there. Is there anything you talk about specifically in terms of the battery certification plan? I understand your batteries may be a lower risk of certification than some other designs that are out there, but any color you can provide on the battery certification process.
Adam Goldstein : Sure. We’re still super happy with our choice to use [inaudible] cells. We think that basically provides both, a more robust economical system, as well as a safer system, so super happy with that. Can’t give you any updates on the battery certification details, because that’s still a working area for us in that area.
David Zazula : Thanks, Tom. Will get back in the queue.
Operator: Our next question is from Austin Moeller with Canaccord. Your line is now open.
Austin Moeller : Hi, good evening.
Adam Goldstein: Hey Austin.
Austin Moeller : So just my first question here, with the announcement of the India agreement, does that essentially bring your backlog if you include United to around 500 aircraft? And should we expect at some point that you’ll be able to draw some pre-delivery payments off that backlog to generate some cash?
Adam Goldstein: Hey Austin, this is Adam. So we don’t quote a backlog from the different agreements that we have. Really, the strategy that we put in place for especially the international side has been to partner with some of the largest providers, the governments, the regulators that will allow us to launch these networks. There certainly is the potential for additional pre-delivery payments that come forward, but a lot of the market is still developing. And so we’ve focused very heavily on the partnership side to develop those relationships so we can figure out the most efficient way to really just deploy the vehicles as they come off the manufacturing lines. As we continue to mature those relationships, we will certainly provide updates and keep you up to date.
Austin Moeller : Okay, great. That’s helpful. And then just if we think about the regulatory side of the equation, what is the latest that you’ve heard in your conversations with FAA officials on the number of pilots that will be required to operate the aircraft and pilot training relative to what’s already permitted with helicopters? Thank you.
Adam Goldstein: Yes, so we haven’t heard any updates on the progress of the SFAA. So I think you’re referring to the content in there that referenced potential need to have dual flight controls for some aircraft. Just to make sure you have the right context there, that was not around the commercial operation of these aircraft as much as the training capability for pilots. So we shared our position along with GAMA and the rest of the industry on that. The FAA is now in the rulemaking process for that. So no update to share, and obviously can’t speak on behalf of the FAA.
Austin Moeller : Okay, great. Thank you for the details.
Operator: Our next question is from Josh Sullivan with Benchmark. Your line is now open.
Josh Sullivan : Hey, good evening. Just on the InterGlobe shared model, the InterGlobe shared model, how should we think about that flowing through Archer’s revenue model? I think it mentions financing for 200 aircraft, but it sounds like there’s a shared service aspect to it. Give us a little color on how that might flow through Archer’s model when it’s executed.
Tom Muniz: So there is a – you know, we’ve talked about our overall operating model where we have the ability to sell planes and then we have the ability to operate planes ourselves. In the international markets, it will likely be a mix of shared operations as well as selling planes. So the InterGlobe relationship is still early and we don’t have any additional color to provide there, but there certainly is an opportunity for the ability for us to share in the operations there and we work with them to stand up the entire air taxi division.
Josh Sullivan : Got it. Maybe one for Mark, just on the non-reoccurring costs that you’re expecting to tail off in 2024, what should we expect the cadence of that to look like and maybe the magnitude as well?
Mark Mesler: Yeah, we talked about it previously. We’ve, I mean, the cadence is generally after the, the first half of the year, we’ll see that. It’ll start dropping off at the beginning of the year and then tail off such that at least as the current pace is, that they will drop off by the end of the year. Clearly, that’s dependent on timing of execution with our supply chain and partners, etcetera. But I’d also like to highlight that as those drop off, we will be investing in other areas of the business, clearly as we’re ramping up manufacturing and quality, we’ll be investing into the six for materials and the six conforming aircraft and other areas of the business.
Josh Sullivan : All right. Thank you for the time.
Operator: Thank you, Josh. There are no further questions at this time. So I’ll turn the call back to Adam Goldstein for closing remarks.
Adam Goldstein : Thank you, everyone who has joined the call today, as well as the entire Archer team for the relentless execution in what has been another great quarter. Our production designed aircraft Midnight took flight for the first time and we’re on track to rapidly advance to full wing-borne flight over the coming months, paving the way for us to begin for credit testing with the FAA. Our commercial team is now in full swing, both domestically and abroad, from our U.S. launch cities with United Airlines to our newly announced international launch markets of India and UAE, to our industry-leading contract with the U.S. Air Force. We ended the quarter with nearly $600 million in liquidity, and I couldn’t be more excited about the quarter ahead. Thank you again to our team and everyone on the call today.
Operator: That concludes today’s conference call. Thank you for your participation. You may now disconnect your line.
