Joe Osha: Okay. Thank you very much.
John Carrington: Thanks, Joe.
Operator: Thank you. Next question comes from the line of Kashy Harrison with Piper Sandler. Please go ahead.
Kashy Harrison: Good evening and thanks for taking my questions. Just two for me. First one is on the gap gross margins for software and services. Looks like it got quite a bit better year over year and I think quarter over quarter as well. Can you speak to what the driver was of that improvement and how sustainable the current software gross margins are?
Bill Bush: We think that it is sustainable first. And I think that the reason for that growth is a combination of effects. But principally, it’s the newer, i.e., within the last couple of years, software contracts coming online and being fully effective, while the older what we call the host customer systems falling off. And so that mix is continuing. And I think the other part of it, of course, is the continued impact of the growth in the solar part of the business on the services.
Kashy Harrison: Yes, that’s helpful. Thanks. And then my next question is on the booking side, specifically 23.8 mil. I get that it’s lumpy, it’s FTM but that’s still a pretty big drop from the 364 last year. And so I was just wondering if you’d share some context on what happened with bookings this quarter. Are you are you seeing anything change in the market or was this about in line with what you expected? I know you shifted away from quarterly bookings. Just any sort of color on the market would be great.
John Carrington: Yes, actually, John Carrington here. Look, I’d say a couple of things. It is lumpier for sure, as we have expanded into the larger scale front of the meter storage projects. The timing of these bookings certainly moved around. It’s exactly what I saw when I was at First Solar, incidentally. And so I’ve seen this this playbook before. And I would also add that our project size has tripled over the past two years. And we have a substantial number of projects that are advanced stages of negotiations that Bill mentioned earlier or expected to close in the near term. So I think we feel good about the total year, as we mentioned, the commercial momentum. And we remain confident in achieving our $1.5 billion to $2 billion bookings target for the full year. But, yeah, it’s just landing the plane every quarter on a bookings metric is tough as you get bigger and bigger projects.
Kashy Harrison: Got it. Thank you.
Operator: Thank you. There are no further questions at this time. I would like to turn the floor over to John Carrington for closing comments.
John Carrington: Thank you, Ranjeev, and I want to thank everyone for joining our first quarter earnings call. And we look forward to speaking with you during our second quarter earnings call, which will take place in August.
Operator: Thank you. This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
