Operator: We’ll take our next question from Andres Sheppard with Cantor Fitzgerald.
Andres Sheppard: Congrats on the quarter. It looks like the stock is reacting very well. So, congrats again on the news. Most of our questions have been asked, maybe touching on revenue guidance once more. It’s a pretty decent range on the guidance. So, maybe if you could just help us better understand kind of what are the main assumptions driving this variance? And also, what kind of seasonality might we expect? I think historically, Q1 has been a little bit on the lower end, but it sounds like it’s progressing well with the network throughput. So, just wondering on seasonality there as well.
Olga Shevorenkova: Sure. So, the first — on the first question on the range, it is mostly informed by the timing of eXtend revenue and namely PFJ contract execution and to be more precise, the timing of the charger delivery on our facilities. This is when they change title, as I mentioned in my prepared remarks, and we effectively record revenue. We do expect to start seeing NEVI qualified chargers being delivered end of the year. But depending on specifically how many chargers will hit us this side of the year versus next side of the year, just to give a little more detail, we will see a different revenue number. That is the main factor in the range. And then you have other factors which are also important, but maybe less in magnitude, which is actual construction time lines for PFJ contract.
And then on the core business, it’s EV sales. So, our retail business is quite correlated to a number of electric vehicles on the U.S. roads. And depending on how many will be sold to the market this year, it will create some volatility. And then on top of it, we don’t know what’s going to happen with LCFS price, and we would have baked in there as well. So, all of those factors do affect the size of the range. And then, do you want to repeat the second question? Sorry
Andres Sheppard: Yes, no problem. The second is just part on seasonality, what kind of seasonality?
Olga Shevorenkova: Yes. So you know what, it is interesting, because every year, we — there is a seasonality pattern, which is a normal seasonality pattern on how EVs are driving, so — not EVs, it’s all cars are driving, and that’s a stable pattern and you could see how FQ1 is a little weaker, picked up by the summer, then you again see a pick up around like holidays later in the year. However, every single year, there are some factors which are overriding the seasonality or come on top of seasonality. Last year, for example, the Q1 was even worse than seasonality would suggest because there were some COVID spikes and people were like restraining themselves from going out. This year, we see a lot of growth because we see actually pretty strong sales in Q1 and pretty strong sign-ups on the EVgo network and a kind of marked seasonality.
My perspective, and I’m looking at this number pretty much daily that for such an early-stage high-growth industry, we won’t be seeing stable seasonality pattern for a while because you would always kind of have some other factors overriding the seasonality or coming on top of the seasonality which masks it a little. But we will continued to monitor and report back to the market and explain why and what is happening. But you’re absolutely right, it’s — the last Q1 didn’t see as much of growth versus previous quarters we probably would see this one.
Andres Sheppard: Got it. That’s very helpful. Olga, I appreciate all that context. Maybe as a quick follow-up question for Cathy here. I’m curious, there’s been some consolidation in the sector. I’m curious to maybe get your views on M&A or if you might expect any further consolidation in the sector, either this year or next year? Thank you.
