John Carrington: Thanks, Brian, John Carrington here. And we’re really excited about it. I think you’re talking about top five developer also some — a developer that has an extensive and growing pipeline. I would say that, our view is this is the first of many of these kind of multi gigawatt pipeline that we intend to collaborate on with our services and software strategy. And again, it also we intend to include our modular ESS solution. On the timing side, look, I would say these are becoming much larger projects, which do tend to take longer. So we would expect that this pipeline, in particular, is a multiyear pipeline. I like the fact that, it is multiyear because we’ll do others like this, and it’s just shows the continued strength, we believe, in our services and software offering.
So there’ll be more of these as we go forward. But I think it’s a multiyear deal. We just signed this. And so we’re now kind of looking at the pipeline and assessing both the timing and what we can provide and where. But it’s a really exciting announcement for us. We’ve had a lot of discussion on software services only. And here is a very significant announcement in our view, specifically on that objective as we talked about really since our Analyst Day.
Brian Lee: Yeah. No, that’s great color. I guess you had a huge bookings quarter here, so kudos to you on that. Maybe just some follow-ups. Did — it doesn’t sound like you’re based on the timing of you just signing this deal, but did SP Power factor into those bookings at all? If not, when do you expect you’d see first bookings from that new relationship? And then given the sort of record bookings here, were there any of these multi-gigawatt framework type customers that you haven’t been able to announce yet that actually are in the bookings already but just haven’t been in the press.
Bill Bush: Yes. So Brian, thanks for the question. First part of that is that the bookings that we recorded or referenced this quarter don’t include any bookings from SoftBank Energy. In general, those are longer lead projects and we’ll start seeing bookings in 2024 for those and then revenue thereafter. But these are large CISO 100 -plus size 100 megawatt hour size plus projects. So they’re going to be a lot bigger than an average. As far as the other aspects of your question, I think that when we’re I mean — and really, what SoftBank Energy is it’s — I think it’s a software and service play for us — moving us into markets that we have not traditionally played. And I think it’s a real shot in the arm for the Athena platform.
John Carrington: Hi, Brian, just to add on that, the other string of deals that we announced in this quarter that 200 to 313, the 1.3 gigawatt hour, that portion of those represents a partner we’re working with around the same templatized approach to software services. So — this model seems to be working.
Brian Lee: Okay. No, that’s great. And then the sort of reiterations around EBITDA as well as the view here that you’ll be positive in fiscal 2024 on adjusted EBITDA, maybe I know you’re not going to give full guidance metrics because we’re not there yet in the calendar. But as we think about you transitioning into becoming a positive EBITDA company going forward, starting next year, can you just, at a high level, give us a sense of are you embedding gross margin expansion off of this year’s level? Is it just purely scale driven higher volume and revenue growth that’s getting you to the adjusted EBITDA positive view for the full year, kind of maybe some of the workings around how you get to that outlook for next year without maybe giving us the exact ingredients. Thank you, guys.
John Carrington: Yes. So as you mentioned, I think we’re going to stay away from full year guidance for next year. But I think kind of starting with this quarter, in particular, I mean, we’re really close to breakeven. I mean, at $900,000 negative. And that’s a dramatic improvement from the third quarter, really not a significant amount of additional revenue growth, which is primarily hardware driven. So I think cost control continues to be a big part of what we’re doing. And I think as part — as you start thinking about 2024, I think we’re going to continue to see software growth, which is, in general, is going to be high-margin revenue. And so I think you’re going to have two parts there. You could have more hardware sales.
I mean I think we’re expecting to do more of that next year. But more importantly, more software and services, Mike and his team are doing a lot in terms of expanding our Proserve [ph] initiative. And so you’re going to see margin expansion from that standpoint and more volume just in general. So I think the combination of those two top line items with continued cost control in 2024. I think you’re going to see — I mean that’s the pathway for a positive EBITDA a year for us.
Brian Lee: All right. That’s great. Thanks, guys. I’ll pass it on.
Operator: The next question comes from Joe Osha with Guggenheim Partners. Please go ahead.
Q – Joe Osha: Thanks. It’s a mouthful to be here — how is everybody today?
John Carrington: Joe, good to hear from you.
Q – Joe Osha: Yes. Couple of questions. First, just looking at the working capital accounts, I mean there have been some really dramatic swings here, particularly guys made some good progress drawing that inventory number down, still quite a beefy receivables number. Just wondering how I should think about these in Q4? Just in general, how these numbers are likely to trend over the course of the next several quarters as your business continues to grow? And then I have another question.
Bill Bush: Sure. Thanks for the question, Joe. First, I would — so I would say that we’re — the first part of that, of course, is that we reiterated the guidance of around $150 million at a minimum cash level. So, that would indicate from where we are today, we were going to be a cash generator in the fourth quarter, which means that we expect to effectively do at least two things. One would be to continue to drive inventory down much like we did between Q2 and Q3. And then we’re also going to be able to drive down receivables as well, which would be the — ultimately the cash collection. So, the balance sheet should continue to strengthen and have more cash on it relatively than what it does today.
