Operator: We’ll take our last question from Bill Peterson with JP Morgan.
Bill Peterson: I wanted to kind of come back to seasonality and first clarification. On the network throughput, 20% higher, does that mean we should assume the network throughput in the first quarter is around, let’s say, 17% or so? And then, I guess, related to that, revenues have somewhat lagged network throughput. I wonder if you could kind of unpack how to think about that. I guess, related to pricing, you might probably — either subscriptions, pay-as-you-go, different type of, I guess, charging needs that people are employing. So, try to unpack those for us would be very helpful. Thanks.
Olga Shevorenkova: Yes. So, we won’t comment on Q1 results just yet, stay with us. That comes relatively soon. But the 20% number on average daily volume is a good proxy for quarter-over-quarter sequential change. On pricing — or sorry, on revenue lag and throughout, not sure, maybe you clarify what you exactly mean. But our retail business is — there is no live, it’s exactly we recorded revenue and getting cash pretty much the moment the person charges. So there is no lag there at all.
Bill Peterson: I think the network throughput was somewhere north of 70% growth and the revenue was around 60% — I don’t know, 60%, 69%. So I’m not saying lagging, I’m talking about the revenue growth, it doesn’t exactly match the network throughput growth. That’s what I meant by that. I’m trying to understand how to model that moving forward.
Olga Shevorenkova: Okay. So thanks for clarifying. It depends on kind of what kind of revenue you’re taking into account because we have retail revenue, you have commercial revenue, you have OEM revenue. Commercial revenue, the definition for kilowatt hour pricing would be lower because these guys get volumetric discount. So the moment that revenue line in proportion growth to the total revenue, you will see that effect, which you are mentioning. And the same, if you include LCFS pricing into this, that same concept, LCFS pricing went down quite a bit year-over-year. So, I don’t know which particular revenue line you run your numbers on, but that contributes to that effect as well.
Bill Peterson: And then obviously, it’s a wide range for the year, largely on eXtend. But I guess, can you help us understand, how we should have it run through in terms of, let’s say, the gross margin? How does it flow through the P&L? For example, if you come in the low end of the range, I presume your actual gross margin would actually be higher. But can you help us understand the — how that flows to the P&L, that would be helpful as a reminder?
Olga Shevorenkova: Yes. That’s a good question. We do not guide on adjusted gross margin. However, even within eXtend, kind of different pieces have slightly different margin and depending if you have more charging revenue versus construction versus pre-engineering, the margin mix might change. So, I obviously do have certain forecasts which I look at, and it’s not necessarily that if you end up with a lower revenue number, your adjusted gross margin would be lower. There could be some other facts into play — or so, it could be higher, could be some other effects into play. But again, we just don’t guide to adjusted gross margin. And we’ll be informing the market throughout the year as we go and explain which forces exactly play into a specific number for the quarter end results.
Operator: And that does conclude the question-and-answer session. I’d like to turn the call back over to Cathy Zoi for any additional or closing comments.
Cathy Zoi: Thank you. Well, thank you, everyone. In closing, let me just say that 2022 was about growth and execution at EVgo, culminating in the company achieving the high end of our revenue and adjusted EBITDA guidance and continuing to lead in the EV charging sector in the U.S. As we continue to expand as one of the largest fast charging public networks in America, we look to leverage our operational expertise from our decade-long track record and continue driving operational efficiency, deploying capital that meets our robust return requirements. I look forward to sharing our Q1 2023 results very soon. Thanks everyone for joining us.
Operator: And that concludes today’s presentation. Thank you for your participation. And you may now disconnect.
