Nipul Patel: Thanks Tristan.
Operator: Thank you. [Operator Instructions] The next question we have comes from Jordan Levy from Trust Securities. Please go ahead.
Jordan Levy: Afternoon all, and I would just echo everyone’s comments Nipul. Thanks for everything. Maybe just to start sort of on — I’m curious how all these dynamics in the market right now with the project delays and that sort of thing, if that’s had any influence on what you’re seeing from a landscape perspective and just a broader update there from what you’re seeing?
Kevin Hostetler: No. There’s nothing we’re seeing that’s different from a competitive landscape. What we saw earlier in the year was much more price aggression some of our competitors. I think that’s abating somewhat now as we get into the back half. Outside of that, not really seeing any changes in in market dynamics are noteworthy.
Jordan Levy: Appreciate that. And then maybe just as it relates to the new product rollouts in 2024, how should we think about that in light of the IRA guidance? And is it beholden to kind of the same factors we’re talking about for the broader order book?
Kevin Hostetler: New product development going into next year? Look, I’m — one of the areas, I continue to be most excited about is the amount of effort that we’ve put into our accelerated new product development. We talked about a little bit on the last call, we still have several exciting announcements to make in terms of new products that come out, both in Q4 and then into next year. And I would just say, just stay tuned and let us get through our timing internally and we’ll make those announcements as appropriate. But there are some exciting things going on here in Q4 yet and then again into next year.
Jordan Levy: Thanks so much for everything.
Kevin Hostetler: You’re welcome, Jordan.
Operator: Thank you. The next question we have comes from Brian Lee of Goldman Sachs. Please go ahead.
Brian Lee: Hey, guys. Good afternoon. Thanks for taking the questions. Nipul, you will be missed. Pleasure working with you. Best of luck in your next venture. Brian, I guess, a question I had, and I apologize, I had to jump on late if you already covered this. A couple quarters ago, you mentioned $150 million being pushed from 2023 to 2024. At the midpoint, there’s about another $150 million not quite coming out of the guidance revenue-wise. So, is it fair to assume, do you have visibility that that’s roughly $300 million of revenue which has come out of this year is firmly in 2024? Do you have that visibility and timing commitment from these customers that you’ve seen slip into next year? Or is there some of that where you’re having to go back and rewind the business or you’re waiting to make sure that these customers are still going to move forward with their products?
Just wondering how much of this is just timing versus some of this stuff actually maybe just moving out into the right and not going back.
Kevin Hostetler: Yes, Brian, I think that’s a great question. And I’ll tell you, it’s 100% exclusively timing. We’ve not had project cancellations at this point. The bulk of these have slid to the right. But historically, if something would have slid to the right, it would have slid to the right weeks or maybe six weeks. What’s happening now is they’re sliding to the right certainly three months, four months. So, we do have visibility to these next year. As I said, none of them have been canceled. We’re not renegotiating rates on these for our products. So, this is simply about getting financing, getting supply of panels, getting supply of labor, and or getting a revised PPA or connection date. That’s what we’re doing. But none of these products have been canceled.
Brian Lee: Fair enough. No, that clarification is super helpful. I guess the second question I have is just around, I know you alluded to it in a prior question, but maybe just diving into it a bit more, if you could elaborate. On a quarter-to-quarter basis, I know we shouldn’t get too infatuated with the bookings number and sort of what the implied share as those are between you and other Tractor players in the space. But over the balance of this year, there’s been a couple of push-ups for you all that maybe others in your peer group haven’t been seeing. So, the natural question is, are there changes you’re seeing in the competitive landscape market share-wise? Anything that is notable, just given this is a couple quarters here where you’ve had some issues around timing, whereas maybe some of your peers haven’t had as much of that through the balance of this year?
Kevin Hostetler : I think there’s a few things to think about. The first, what I’ll tell you, is I think market share flexes from quarter-to-quarter quite a bit with the inclusion of one, two, or three projects when you’re looking at the increasing size of the utility scale landscape here per project. So, that’s certainly something. I think there’s a secondary component, which really has to do with the percentage of business that’s domestic, U.S.-based experiencing these, versus international. And we all recognize that we have a higher percentage of domestic revenue in our business than maybe some of our other public peer companies. So, if you were to sit here and talk about this in Q1 or Q2, you would have been looking at us and our publicly traded competitors and looking at us within a half of a percentage point of market share domestically, right?
And I think that was indicative of a strong gain in 2022 for Array and a rapid loss of market share for one of our competitors. Right on the back of that, what we saw was some really aggressive pricing in the market and we chose to hold our discipline in price. And I think that still, in my gut, was the right decision to not dilute our value proposition, dilute our price. And I think that will serve us well in the maintaining of margins and hitting our margin aspirations as we finish this year and turn into 2024. So, outside of that, no different dynamics that really I want to talk about. I don’t think there’s any real changes. Look, as it relates to new product and software, every quarter one of us is one up in the other in a small percentage, back and forth, back and forth.
