Rob Mason: Yes. Good afternoon. I just had a quick question, Tom. I think you mentioned that you expect cash to be at the low watermark. Obviously, you build €“ inferring, you build cash through the year. Just was curious if you could speak to how the cash flow profile should play out this year. I am just curious how lumpy the payments from your customers could be on a quarter-to-quarter basis. Just how we should think about free cash flow generation through the year or cash generation through the year? And then secondarily, with the push on outsourcing that you have had, has there been any change in how you view CapEx or the capital intensity from maybe the plan when you first came public?
Tom Ernst: Yes. Thanks for the question, Rob. So, you are correct, our cash flow from the customer payment side is actually quite a bit lumpy. We tend to have large milestone payments from our customers that are far fewer, therefore lumpier than our vendor payments, which are much smoother, as well as our revenue is quite a bit smoother. So, the quarterly performance on the cash, you definitely could potentially see up and down sequential type of quarters. That being said, we feel confident enough to say that our starting cash position, which was of $353 million to start Q1, is our low watermark for the year. Shifting to your CapEx question, we anticipate that our CapEx will be relatively light. Our operating plans for this year, our CapEx is essentially associated with office equipment and a little bit of engineering test tools.
That being said, as we think about kind of the mid, long-term, there is definitely the potential that we could have projects where we do use more CapEx. But in the near-term, we expect to be pretty CapEx light.
Rob Mason: Do the contracts for newer customers, maybe like the ones you just brought, the one that you just brought on, does the cash flow €“ the upfront cash flow, upfront payments, does that continue with new contracts as well?
Tom Ernst: Yes. Rob, thank you. We don’t like to speak to specific new customers. But if I generalize across our near-term pipeline, in general, yes. We anticipate that we have a strong working capital positive relationship across the life cycle of our projects with our customers. That doesn’t mean in the future that we won’t support a customer that wants to pay more perhaps and have a more even or even slightly negative cash flow. So, we will reserve that opportunity for later. But for now, our business is constructed with strong positive working capital.
Rob Mason: Great. I will get back in the queue. Thanks.
Operator: Thank you. One moment please. Our next question comes from the line of Joe Giordano of Cowen. Your line is open.
Joe Giordano: Hey guys. Thanks for taking my questions. So Tom, when I think about this quarter versus last quarter and your actual results versus what you guided, like can you maybe contrast us how you formulated the guides? And last quarter, obviously, it was like a substantial massive beat over the top end. This is still very strong over the top end, but the magnitude is very different. So, like how €“ when you formulated those initial estimates versus what came out, like talk us through how those were different.
Tom Ernst: Yes. Maybe just one observation to give you a little context as to how we think about it, we are beginning to benefit from having more systems add up. Therefore, the variability and volatility and what we predict is lessening, right, so less variability. We are able to get a little bit tighter range. I think you can see that implicit in the guidance still is, our guidance ranges are narrowing a little bit as times move forward. So, thinking back to Q3 and Q4, where you saw some pretty significant top line beats, I will point back to the words we used at the time. As we are compressing schedules and we are kind of hitting key milestones a little bit more rapidly, that led to some pretty strong outperformance. Well, now we are getting a little bit more spread across these systems. It’s just a bit more predictable.
Joe Giordano: Yes. That makes sense. As you guys have been adding at an accelerating rate here, you added three a couple of quarters ago, then four and then five and six. Like is there like a target that you are trying to get up to? Is it 10? Like how many can you guys theoretically even put into production in a quarter? And how many do you even like want to?
Tom Ernst: Right. So, we are not looking to add an additional system each quarter, if that makes sense. But our goal is to enable the right ecosystem of outsourcing partners that manufacture everything we do, right. SymBot’s cells, partners that install and run the projects for construction and installation, and then to be a fantastic manufacturer and designer of these systems that enable those partners to have this business scale so that we can do multiples of what we are doing today. Our focus is on scaling this business to really address the massive TAM that exists. So, I won’t predict how many that gets to, but we do believe it’s many multiples of what we are doing today.
Joe Giordano: And then maybe last. Rick, when I speak to clients after having the initial discussion about the technology itself and the markets you serve, it always comes back to the share structure and liquidity. And just curious for your comments on how you see that now and where you would ideally like to see that potentially in the future, if it’s different than it is today?
Rick Cohen: What’s the question, the share structure?
Joe Giordano: Like liquidity is always €“ the liquidity of the shares is always like the first question I get asked from clients. I am just curious if you have any comments on where that is now. And is it optimal? Is it how €“ do you plan on €“ are there things you can do to address that?
