Operator: We’ll take our next question from Alex Vrabel with Bank of America.
Alex Vrabel: I hate to sort of go back to something we’ve talked about already. But just on sort of the capital markets future here. Olga, can you perhaps just help a little more as far as you mentioned the line of sight on the next two years. If I take just the $140,000 million number you mentioned per stall and just assume half of the sold year to do this year are within, I guess, your core business model that would take sort of half your cash position away with the EBITDA burn as well. What — I guess, is there any further color you can offer? And also to understand, is there any use of the ATM, I guess, embedded in that statement that you made earlier?
Olga Shevorenkova: Yes, sure. So, — we spent roughly $200 million last year on CapEx and the majority of it was growth CapEx. So a lot of stalls we plan to put in operations this year were already pre-spent money last year, including prepaid equipment and some of the construction as well. So — and that’s normal for our business. You have to spend money kind of sometimes up to 3, 4 quarters earlier than the stalls go operational. So that might affect your math. So, we’ve already done quite a bit of work last year was a big push year for us on that front. The second point, when we think about our capital needs, let us not forget that a lot of times when we deploy our assets, we do take advantage of incentives, which exist and now with 30C coming in place and other incentives available that does affect CapEx quite a bit.
So, it’s not overall capacity, it is offset by certain incentives. On ATM, we did raise $10.4 million end of last year. And we continue to be opportunistic. We — ATM will not probably be the main source of our capital. However, when the situation permits and there is an open trading window, we will take advantage of it.
Alex Vrabel: Got it. That’s actually super helpful. And then, maybe one for you, Cathy. I know you mentioned there’s obviously a litany of things going on in Washington as far as the moving policy pieces. I think the key piece of drama this week is really the EV tax credit and certainly some gyrations we can see there. I mean how, I guess, important is that or not to what you see as far as future demand trends? I know there’s a lot of debate about what may or may not qualify. Just curious kind of on your perspective, given how close you are to the issue over many years.
Cathy Zoi: Yes. Well, actually, Alex, I’m going to take the opportunity to introduce my marvelous colleague, Jonathan Levy, to answer this one, Jonathan. Jonathan and I got to know each other in that Washington world, and he’s our Chief Commercial Officer, and he’s going to be joining us for these calls going forward. So I want you guys to get to know him. This is totally in his zone. So, Jonathan, over to you.
Jonathan Levy: Yes. Thanks, Cathy. And I guess, you may be referring in part to some of the comments that made yesterday at a conference that I was speaking at, but we are expecting the clarifications from treasury on the 30D vehicle tax credit for some of the minerals content requirements. I think there’s a couple of things here, right? A lot of that has to do with where the automakers are planning some of the components and what happens with their supply chain. What we’re seeing near term, though, is demand from consumers is such that you still have reservation, availability. And I think that demand continues to outstrip the supply. Obviously, the tax credit can continue to be a really big tailwind, but we’re also as excited about the commercial and Used tax credit, and the commercial credit doesn’t have the same restrictions that they Used and the 30D credits have.
Alex Vrabel: Yes. No, that’s super helpful. And welcome to the team, Jonathan. I look forward to connecting forward.
