And because the supply chain crisis has certainly smoothed out. But I think equally importantly, our investments in supply chain management, not only in our own staff, but process improvements with our CMs, that’s dramatically improved the linearity of build. So that’s much less of a factor now. With a few hotspots — and the last comment I’ll make is while Rex commented on continued limitations, the limitation ceiling keeps rising. It’s just that the growth rate has continued to rise. So we maintain some limitations because we have to mitigate limitations on a few components that limit us, but we also have to exceed our growth rate. And that’s — I’ll remind you, when you’re doubling effectively, which is what we did year-over-year. And we had a very consistent growth rate quarter-over-quarter, if you look at a given quarter to the year prior.
That’s a huge issue. You have to overcome a growth rate and do better on top of that, which we think we’re putting in all the mechanisms necessary to do it going into this year.
Operator: We’ll go next to Steven Fox, Fox Advisors.
Steven Fox : I just had one question. After listening to the prepared remarks, I mean, you made a lot of progress on the ecosystem in the past year. And so with a lot of major names, and I’m just curious why at this point, not more on the expand piece of land and expand as opposed to adding smaller customers that on a time line basis, maybe you do better with scaling established customers and also helping improve the margins, et cetera. I was just curious how you would react to that question.
Pasquale Romano : So it doesn’t improve the margins because cost of sales is not a component in margins. And with the expand piece is limited by, again, the attach rate to vehicles. So we’re expanding effectively with the net new vehicles in the serving sphere of our customers within any geography. And you can’t push them past the utilization boundary. They’re not going to lean in — they’re not going to — we can’t push the lean in to an arbitrary degree. Also, if you look at the dividend that pays forward, the new customers, the dividend that pays forward. We have an incredibly low churn rate. On customers, and that’s been a historical asset for the company. And since we do want to take a — we don’t want to stall our future growth.
So we’re not going to shift emphasis. We’re going to maintain the emphasis on a balance between new customer add and expansion in the similar proportions that we’ve had before. I will tell you that our channel sophistication is improving continuously. It’s something we’ve invested in since the beginning of the company. And that should, over time, remove a lot of the pressure on both sides of that equation, both the land and the expand. The USPS deal was a good one. That was done in conjunction with one of our distribution partners. And it really helps on an ongoing basis to have partners that are co-investing in big deals like that.
Operator: We will now hear from Alex Vrabel, Bank of America.
Alex Vrabel : Just I guess to follow up one more time on this sort of coiled spring idea or the difference landing and expanding growth. I mean, I guess, doubling that back into this idea of operating leverage, when we think about the trajectory here kind of later into the year, early into ’24 as you guys get closer to that cash inflection. Is there, I guess, an expand element that sort of helps you out on the OpEx line? I guess I’m just sort of thinking like lower S&M per unit or however you want to think about that, given sort of this dormant fleet story that’s sort of waiting in the background, if you will.
