Pavel Molchanov: Thanks very much.
Operator: Thank you so much. Your next question comes from the line of Philip Shen of Roth MKM. Please ask your question.
Philip Shen: Thanks for taking the questions. First one is on ADT, congrats on getting that locked in. Can you help us understand when you expect that to be finalized? And then how much volume could that contribute in ’23? And then what else could you guys do with that partnership? Thanks.
Peter Faricy: Thanks, Phil. Yes, we’re quite excited. I mean, for those who know the history of ADT, they’re a leader in safety and security. They’re one of the oldest companies in the United States. They’ve got a great brand. We’re looking forward to working with their team. They’re new to solar and we have this opportunity with leases to start with to really help them grow their business. And particularly with the popularity right now of leases, I think we’re in a good position to really help them grow their business starting this year and for many years to come, we would hope. I would expect that deal to have not really a material impact this year. If it does, it will be a small impact and really I think the opportunity for us to go bigger together is in 2024.
We’d love to be able to be their partner on the loan side. And so we’re working through that. And I would expect the deal to be finalized within the next few weeks, no more than the next month or two. But both parties are excited and interested to work together. I think this is just the beginning of different ways we can partner together and look forward to sharing more news as it comes about soon.
Philip Shen: Great. Thanks, Peter. Second question here on liquidity balance sheet. You started the year with $314 million of cash. I think you’re currently at $114 million. Can you talk about your runway, quarterly burn, your long-term debt increased meaningfully as well? Can you talk about covenants at all? Is there any risk of tripping anything there? Thanks, Peter.
Peter Faricy: Sure. Well, as I mentioned in our revised 2023 guidance, we do expect cash from operations to improve in the second-half of the year. Beth, do you want to talk a little bit about our plans there?
Beth Eby: Sure. So to address where we started the year, one of the big things that happened early in the year was the repayment of the — a large convert, and we drew down on a revolver unsold some Enphase shares to cover part of that. So that’s one of the big reasons for the drop in the overall balance. From a plans going forward standpoint, we absolutely have a plan to improve our cash flow by reducing inventory and improving our receivables practices. We’ve got sufficient liquidity in place and do not need further debt.
Philip Shen: Great. Thanks guys. Welcome, Beth.
Beth Eby: Thank you.
Operator: Thank you so much. Your next question comes from the line of Kashy Harrison of Piper Sandler. Please ask your question.
Kashy Harrison: Good morning. Thanks for taking the questions. So Peter, maybe the first one for me. It sounds like you’re implying that you don’t expect the reduced platform investments to have an adverse impact on customer growth during 2024. Did — if I inference correct? And if so, can you just help us understand what the expected return from prior platform investments was supposed to be? I’m just trying to understand what return you expect when platform investments rise and how I should be thinking about ramifications from less platform investments? And I have a follow-up.
