Sara Wang: Thank you. And just a quick follow-up. On the operating cash flow for 2022, it seems it was RMB2.6 billion. So, how shall we think about the operating cash flow level for 2023? Thank you.
Tim Chen: Yes. I would say that, look, the working capital points will not move very, very much. So, you are looking at underlying EBITDA as a good proxy. So obviously, we have given some guidance on EBITDA. I think you can use that as a proxy on where directionally we expect operating cash flow to go as well.
Sara Wang: Got it. That’s clear. Thank you.
Jeff Dong: Thank you, Sara.
Operator: One moment please. Our next question comes from the line of Edison Lee of Jefferies. Please proceed with your question.
Edison Lee: Okay. Alright. Thank you. Hi Tim and Jeff. Thank you for the presentation. I have two questions. Number one is, on this new customer side, you have signed up for over 100 megawatt. So, based on your comment a little bit earlier, I assume that the 3,000 that you are including in your 2023 guidance is not related to this customer, I just want to confirm that. And also could you give us some color on the pricing and also on the potential for follow-on orders for this particular customer in the same region or in the same data center companies? And my number two question is, is it possible for you guys to give us an update on your joint venture IPC fund with government and in fact is that being factored into your 2023 guidance or how much of that is being factored into that automatically? Thank you.
Jeff Dong: Hi Edison. Let me answer your questions. The first one, in terms of new customers. Yes, it is. We included 3,000 companies this year, which is from the first phase of the new customer.
Edison Lee: Sorry, yes. So, can I confirm that this 3,000 cabinets will be delivered towards the end of the year, so that’s why the financial contribution in 2023
Tim Chen: Yes. That’s correct. It’s Tim here. That’s correct. We are expecting that these will be delivered at the very tail end of the year. And so I don’t expect, at least from my side, any meaningful financial contribution probably a little bit at the very beginning of it. But really, the meaningful contribution will be in 2024, first quarter.
Edison Lee: Sorry. Can I also follow-up with just one related question. So, will this 100 megawatts be fully delivered within 2024 or it’s going to go into 2025?
Jeff Dong: It’s going to be divided into the different phases. The first phase will be this year and early next year, we will deliver like one-third €“ sorry, two-thirds and the remaining will be delivered in the next year.
Edison Lee: So, it will be completely delivered in 2024?
Tim Chen: No, sorry. The first phase, the first part is going to be mainly in the 2023 into the early part. But the balance, we will need to see whether the customer will give us the heads up. So, it depends on their move-in rate. If their move-in rate is very, very strong, they may give us an earlier go ahead, in which case, yes, it would be in 2024. But if not, it could actually drag into the outer years?
Edison Lee: I am sorry, I want to further clarify because I think that’s an important point. So, this 100-megawatt contract you already signed the MOU with the customer. However, the timing of an increase is actually not specified in the MOU. Is this understanding correct?
Tim Chen: Only part of it is specified and the balance is not. The indications that they have given us €“ yes, yes, correct.
Jeff Dong: Tim, let me put this way. Edison, we will be fully delivered within the 3 years for the MOU with the customer.
Edison Lee: And in the same location, right? All this capacity is in the same location?
Jeff Dong: Yes, same location. Yes.
