Mac Whale: Hi, Just a follow up on the Euro 7 LPG business you talked about in 2025. I am just wondering if you can give us the basic underlying assumptions on that forecast and how are they compared to today. I am assuming you have things in there like truck sales cost, LPG-diesel spread, that type of thing. I just want to understand what you have put into your model in that timeframe.
David Johnson: Yes. So, maybe it’s a two part question, Mac. So, with respect to the Euro 7 that we have been talking about primarily this was on the light-duty side, and this a new customer for us. And what we see with the Euro 7 is that we have been awarded more of the total models that this OEM makes. And so therefore, our volume will grow. What exactly the market is in 2025, ‘26, ‘27 timeframe as the Euro 7 comes into play and how that – how the business looks at that point in time is maybe anyone’s guess. But definitely, our customer says it’s up to the right, the market is growing. People are asking for and demanding these low cost to acquire, low cost to operate products. In terms of the trucking market with the Euro 7, I think that no one sees this really as a barrier to further growth of clean fuels in trucking, whether that’s natural gas or hydrogen.
So, we respond to the regulations is no problem. And again, the driver in the second half of this decade are the CO2 standards starting in 2025 and then going on 2030, 2040. And that applies also to cars, as well as trucks, and really driving customers to look for cleaner fuels that they can use with our technology.
Mac Whale: So, is the projection then one based on your view of a certain number of vehicles have to be cleaner of a certain amount. So, it’s top-down on an emissions basis rather than a bottom-up looking at particular customers and sort of a production schedule. Is that how you are doing that? I am just trying to figure out €40 million is a pretty precise number. I am just wondering what goes into that.
David Johnson: I see the 40 – okay. So, basically this is the calculation based on combination of units and selling price. And it is an expectation put on us by our customer. So, there is always a chance to exceed that. There is always a chance to fall short. But that seems to be an appropriate number for us. It’s very meaningful obviously for our P&L and of course our top line. And so we are – yes, it’s a combination of factors. In the end, Mac, we look at all the factors in the marketplace. We listen to our customer. We will make our own judgment, and then we do some rounding, so that it sounds good and easy to remember.
Mac Whale: Okay. But it’s based on reaching certain points like cost points? I am trying to figure out like we have our own forecasts, and I am trying to figure out whether your €40 million forecast is consistent with assumptions that I am using. So, maybe it is, maybe it isn’t. So, I am just trying to figure out how much of that do I incorporate into a model because it’s a good number to have that you have put out there. I just want to make sure it’s based on things that I am thinking are aligned with my own thoughts.
David Johnson: Yes. I am not sure how to advise you and how to do your model in this regard. But I can say that this is our calculations based on our read of the marketplace and our work with our customers. So, I think it’s a good number.
Mac Whale: Okay. Great. Thanks. That’s all I have.
David Johnson: Thanks Mac.
Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Mr. David Johnson for any closing remarks.
