Operator: Thank you. We will go next now to Mark Delaney at Goldman Sachs.
Mark Delaney: Yes. Good afternoon. Thanks very much for taking the question. When you think about the pricing and what that means for margins, do you think you need to do another round of price increases in order to reach your longer term margin targets, or do you feel with the pricing you have already done and potential for some of these other impacts to perhaps things like supply chain that you can €“ you get that continue done or are you going to be around? Thanks.
Rex Jackson: Sorry, I didn’t catch the tail end of the question due to the reception, but on the basic question of are we anticipating further price increases, I think the answer to that is TBD with a shading in the direction of not in the near-term because we just did €“ we did one early last calendar year and then we did another one that was larger, but North America hardware solution specific in June. And we are seeing the impact of that begin to roll through. We have seen about half of it in Q3. We would like to see the rest of it in Q4 and Q1. And so we think that will have a beneficial impact on our gross margins. And then beyond that, we have got a lot of operational improvements that we are doing is the PPV and the PPV and logistics situations ease.
I think we can get where we need to be through more traditional means, right, just improving our costs and improving our expenses, etcetera, versus going for further price increases. We do like most software companies. We do have an automatic increase situation on software. So, there is a built an escalator there. But in terms of broad-based price increases, I don’t see one on the table in the near-term.
Operator: Thank you. And that concludes our question-and-answer session this afternoon. Mr. Romano, I will hand things back to you for any closing comments.
Pasquale Romano: Well, I just wanted to say, first of all, thank you for everyone for the thoughtful questions. I appreciate it very much. I want to reiterate my usual thanks for our team here at ChargePoint. They had to work very, very hard to pull off the quarterly results. I know they are all very proud of their accomplishments and are looking forward to not only wrapping the year up in Q4, but to the road ahead in 2023 for us. I think it’s really, as I have said in my remarks, the number of makes and models across the board in both passenger cars and the fleet segment really €“ it’s a really stark difference than it has been even a year ago in terms of availability. And as those things reach some reasonable level of manufacturing maturity, I think you will €“ we will all be very pleasantly surprised with the pace of adoption and relative to the installed base in this market.
So, we are very, very excited about the future. And again, thank you all. We will see you at our last earnings call of the year next time, and we will sign off for now.
Operator: Thank you, Mr. Romano. Ladies and gentlemen, that will conclude ChargePoint third quarter fiscal 2023 earnings conference call. We would like to thank you all so much for joining us and wish you all a great evening. Goodbye.
