Bill Roeschlein: We have been thinking about this frequently. And our inventory position of sixty-one-point-four-and change should be at $30 million or below. $30 million or below gives us $50 million a quarter or $200 million in revenue at a 1 turn per quarter. So at least $30 million is where inventory levels should be, which would generate cash of $30 million, obviously, for us. From there, we can [Technical Difficulty]. But the fact that we’re – again, we’re thinking – that’s how we’re thinking of being able to support $50 million in revenue. But then, again, we don’t want to come up short when the market turns. We want to be able to respond and take advantage of the market upturn.
Operator: [Operator Instructions]. Our next question comes from Gus Richard with Northland.
Gus Richard: I’m just wondering if you could talk a little bit about your market share as we went through this shortage period beginning of 2022. And as it was a shortage, your revenues ramped relative to your competitors a little bit faster. And then it’s come down a little bit faster. And I’m wondering, is it a reasonable assumption that, before that surge in demand, that you had X percentage of market share relative to your competitors. Are you [indiscernible] to that level or coming back to that level? Could you just talk a little bit about that?
Bill Roeschlein: We don’t look at every competitor in the landscape, and there is a lack of third party data to tie that all together. But within MLPE, you look at SEDG, and we look at what they report. And we do note that, in 2022, they only had 23.8 million in MLPE units. And as we disclosed, we had 2.6 million. That was 11% of SEGE’s total. We also look at 2023 with some [Technical Difficulty] forecasting done by the analysts. With SEGE, it’s somewhere around 17.3, 17.5-ish. And we sold almost 4.2 million units. That puts us at 24% of the MLPE units that SEDG had. So, clearly, we’ve gained share.
Gus Richard: Now, post that bubble, are you going to maintain that share, you think? Or are you going to kind of go back to where you were before? Or is it somewhere in between? And then, I’ve done the math on this, it feels like your revenue is kind of stable around or sell out, if you will, demand around 20 million to 25 million, are those numbers kind of correct? And what do you think your end state market share might be?
Bill Roeschlein: I don’t know if I can give you full answers on those questions precisely. Again, I don’t [Technical Difficulty] third party reports that put the largest amount of share with SEDG and Enphase and but we are third, but a distant third. But as I just mentioned, we have gained share, and we believe will continue to gain share, as we’ve outlined in this call and in our release. And that, along with just the greenfield revenue coming from GO ESS and our software EI, that’s completely new revenue. So, we went from 2.5 million in GO ESS to more than 13.5 million. And so, that’s 100% market share gain. That’s all new stuff. So the combination of our base business MLPE, as I mentioned, goes from 11% to 24%, and when tack on going from two and change to 13.5, that’s very significant. So I don’t really see a world where we’re not gaining share.
Operator: Ladies and gentlemen, this concludes the Q&A portion of today’s call. Thank you for joining us today for Tigo’s fourth quarter and full-year 2023 earnings conference call. You may now disconnect.
