Alex Vrabel: Hey guys. Thanks for having me on. Just one other one for me and I am just curious if you can comment, I know it’s relatively fresh. But just on this e-RINs news that came out today, just curious if you can kind of clarify how you guys are positioned around that, what you expect. I know the details are very, very fresh. But just curious any color you can offer at this point?
Pasquale Romano: So, I haven’t had a chance, given that we have been a bit pre-occupied with the goings on of this call today to really circle with our program people here to get a full impact statement. But what I can say is that the current LCFS program credit that we take advantage of or the proportions that we can take advantage of that we share with certain customers, that’s in the other line, on the revenue line. And where e-RINs will show up for us will be in that line if we can take advantage €“ in the scenarios where we can take advantage of it. I will remind you that we are not a station owner in general. There are occasions we are, but it’s not material or our business model. And so we have to analyze the scenarios and where that €“ where those credits go, whether €“ what percentage you are going to go to us, what that will look like in the long-term, and how much we will administer on behalf of our customers, but largely benefit our station on our customers, so too early to give you a full answer.
But if you look at the other line, you will get a pretty good indicator of what LCFS has done.
Operator: Thank you. We will go next now to Steven Fox of Fox Advisors.
Steven Fox: Hi, good afternoon. Just had a couple of quick questions on gross margins. One, you mentioned how your €“ some of your backlog is still on old pricing versus new pricing. What’s the difference in sort of the expected margin on the backlog that’s sort of more favorable versus less favorable? And then I just want to make sure I am clear on the gross margins going forward. With the full year guidance, are you implying that the gross margins for Q4 might be down from Q3 or just that you are going to be below the full year guidance? Thanks.
Rex Jackson: Yes. So, let me take the second one first. The €“ what we expect to have happen is continued sequential improvement. So, if you look at the years so far, we have gone €˜17, €˜19, €˜20. And so for Q4, we think we will improve on €˜20 given mix and the other things that we have to wrestle with on PPV and that sort of thing, it’s getting hard to put ranges on it. But we definitely see that going up in Q4. But we did want to let people know, being transparent, that the €˜22 to €˜26, which we thought we could get to is not mathematically likely, so we are taking that off the table. We do expect to get better Q3 to Q4. And then as far as the backlog is concerned, we burn off a significant amount of backlog every quarter, so it’s reloading.
So, we did our price increases in June. And as you can imagine, that takes a while to work through the system in terms of you have got a bunch of quotes out there and now you have to go when you are doing new quotes and you put the new pricing in, so it takes a while for that to go through the system. It always related to hardware in North America, keep that in mind. And so we are rolling through the older commitments. And as I have said earlier, I think we will probably bang through the older pricing over the next couple of quarters, Q4, Q1, so that will be fully on the new pricing. In terms of how the margins improve there, we haven’t given out a figure on what the price increase level was, but it was significant, right. And so, it will have a very, very nice impact on margins when we roll that through increasingly through the next six months.
