Quinn Bolton: Hey, guys. I wanted to follow-up on the AI question as well since it’s obviously, I think, very topical for most investors. Alan, you’d mentioned that the quantum computers and a quantum sampling of data can provide better results. I guess I was wondering or hoping you could expand on that a little bit more. I mean, I think for classical training, obviously, you’ve historically started with the data set that you use to train the model. So, I’m just trying to figure out how does quantum sampling and quantum production of data samples, how does that sort of apply versus, I guess, maybe historical training when you start with the initial set of data that you initially used to train the model? And then I’ve got a couple of follow-ups. Thanks.
Alan Baratz: Yeah. So, Quinn, there’s probably a longer discussion here that we’d be more than happy to have with you. But the idea is the following. When you train a model, what you’re trying to do is create a computational engine that basically is able to generate data with the same distribution as the distribution of the input dataset. So, you’re really trying to build a computational engine that matches a distribution. However, there are only so many degrees of freedom in classical distributions, but quantum distributions have more degrees of freedom. So, if you could build the model against a classical distribution with — sorry, against a quantum distribution with more degrees of freedom, potentially, you can get a better fitting model, because you have those additional degrees of freedom to match against. And that’s what the quantum distribution gives you, and that’s why we say better or more accurate models.
Quinn Bolton: Got it. Makes sense. Thank you. And then, John, obviously, you’re not sort of giving bookings guidance beyond the first quarter, a pretty nice step up in bookings in Q1. Wondering if you might be prepared to comment. Do you expect that bookings growth to sort of continue to grow sequentially through the year? I know it can be lumpy. So, just trying to sort of think about what sort of shape you expect the bookings through 2024? Thank you.
John Markovich: I can speak to the year, Quinn. Certainly, we’re expecting an increase on a year-over-year basis. But based upon the composition and the types of contracts that we’re negotiating, that could vary from quarter to quarter.
Quinn Bolton: Perfect. Thank you very much.
Operator: Thank you. Our next question comes from Kevin Garrigan with WestPark Capital. Please go ahead.
Kevin Garrigan: Yeah. Hey, Alan and John, thanks for taking my question. You had recently announced a partnership with NEC Australia and entering the Australian market. I know the U.S., Europe and China are really trying to develop quantum computing technology, but any other geographies that are really looking to develop quantum and that you guys are really looking to expand into?
Alan Baratz: Yeah. So, we are already in Japan, North America and Europe. And, frankly, our business is quite strong in both Europe and in Japan. And so, from an Asia Pacific perspective, Australia is the next logical place for us to go. I will tell you, we have Leap access in India, but we don’t really have a kind of full-court press currently on trying to sell commercially in India. And there are a couple of areas in that region that we will likely never or at least not for the foreseeable future enter China is the primary example of that, simply because of the geopolitical issues associated with that and the fact that Quantum is a sensitive technology for the U.S. and Canadian governments.
Kevin Garrigan: Okay. Perfect. Thanks, Alan. And then just as a quick follow-up, just kind of wondering if you could comment on the competitive landscape, more kind of new companies. Every week, you see a new quantum computing company that kind of pops up with the next big quantum technology. So, are you seeing any increased competition in the quantum annealing market?
Alan Baratz: No, not in the annealing market. And as we said in the past, it will be hard for anybody to compete with D-Wave in the annealing space. A, we’ve got a 15-plus year head start and we’re not standing still as witnessed by the recent availability of our 1200 qubit Advantage2 processor. And B, we’ve got a huge patent mode with over 200 U.S. granted patents, over 500 worldwide patents. So, we don’t expect to see much competition in the annealing space, which is great for us because there’s an important class of applications, business optimization that really only annealing can address from a quantum perspective, and that pretty much makes that market ours.
Kevin Garrigan: Yeah. That makes a ton of sense. Okay, awesome. Thanks, Alan. Thanks, guys.
Alan Baratz: Thanks.
Operator: Thank you. Our last question will come from Craig Ellis with B. Riley Securities. Please go ahead.
Craig Ellis: Yeah, thanks for sneaking me in guys, and congratulations on all the progress in the quarter, things like Zapata and AI, and appreciate all the financial transparency. Alan, I wanted to go back to one of the comments you made in your prepared remarks. The point that Advantage2 has 100,000 problems already submitted. So that seems like just a remarkably high number, which would seem to be very positive for how customers would want to engage in that technology. The question is, as those problems have come in, have you been able to analyze those by end market, existing new customers, any other parameters that give us a better sense for how that problem set is distributed across existing or potential new customers or verticals?
