Good afternoon, and welcome to the Bloom Energy’s Third Quarter 2018 Earnings Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Mark Mesler, Vice President of Finance and Investor Relations at Bloom Energy. Please go ahead.

Thank you very much. Good morning all, and thank you for joining us on Bloom Energy’s third quarter 2018 earnings conference call. Our first is a publicly traded company. To supplement this conference call, we have posted to our Investor Relations website, our Q3 2018 shareholder letter, as well as some supplemental financial information that will – we will periodically reference throughout this call. Please note that this call contains forward-looking information regarding future events in the future financial performance of the company. We caution you that such statements are predictions based on management’s current expectations and beliefs. Actual results may differ materially as a result of risks and uncertainties that pertained to our business. We refer you to the Company’s SEC filings, including the Company’s quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2018. These documents discuss important factors that could cause actual results to materially differ from those contained in the Company’s projections are forward looking statements. We assume no obligation to revise any forward-looking statements made on today’s call. During this call in our Q3 2018 shareholder letter, we refer to GAAP and non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles, a reconciliation between GAAP and non-GAAP is included as part of our Q3 2018 shareholder letter. Joining me on the call today are KR Sridhar, Principal Co-Founder and Chief Executive Officer; and Randy Furr, our Chief Financial Officer. KR and Randy will review the operating and financial highlights of the quarter and then we will take questions. I will now turn the call over to KR.

Hello, this is KR, and good afternoon to all of you. Welcome to our Q3 earnings call, our first as a public company. In fact, it was during Q3, July 25 that we completed our successful initial public offering on the New York Stock Exchange. I’m gratified by the response we have seen from the investment community, because it tells me there’s clear understanding for the need for always-on clean power in our digital world and how Bloom Energy plays a unique role in providing a viable solution. So how does this energy landscape look like? We live in a digital economy and electricity is the lifeblood. We see that the centralized electric power grid that we have relied upon for over 100 years is not keeping up with the new demands and we see disruptive such mounting. Power service outages will significant risk to the global economy and to our society. Simply put, we need reliable and resilient always-on electricity. This need is driving the transformation of the $2.4 trillion global market for electricity. And we at Bloom Energy, offer a capability no other company or technology can provide. Today, we live in a post climate change world. While it remains imperative to combat the causes of climate change. We also have to become resilient enough to address the disruptive impacts that are already occurring. They’re all too familiar with the tragedies of major hurricanes that are occurring more frequently and with greater severity than ever before. 100-year weather events seem to occur annually these days. Such events expose the vulnerability of the centralized grid as power lines come down and major power outages, compound misery, certain health, disrupt society and impact our economy. It also gaining an understanding of the risks of cyber attack on our critical infrastructure.…

Thanks, KR. Throughout my prepared remarks, I’ll be referring to the slides in the earnings call presentation that Mark referred to earlier. First, some highlights. Note that all profit numbers that I reference will exclude stock-based compensation onto Slide 3. In summary, a very respectable quarter acceptances were 206 systems. Record revenue was $190.2 million, up sequentially from 12.6%. Gross margin came in at 20.8%. Our operating income was $5.6 million with adjusted EBITDA coming in at $15.1 million. EPS was a loss of $0.13. And we ended the quarter with $412 million in cash and short-term investments and this excludes $36.7 million of PPA cash. Before I dive into the numbers, I’d like to spend a few minutes at a high level on an overview of Bloom Energy’s business model and some of the accounting. We view ourselves as a technology company that provides a solution. And that solution is providing clean, reliable, resilient and affordable power to our customers. We provide a perspective customer with a competitive proposal that provides an energy solution that is cleaner, more reliable, and generally less expensive than the grid. Where sites, where we can provide this value proposition, we executed contract with the customer. The execution of the contract results in an order and that order is entered into backlog. We generally book orders from our customers for multiple sites at one time, and these sites are most often deployed over multiple quarters. As such, orders in any one quarter tends to be lumpy. So keep in mind that orders tend to be large and lumpy or as system deployments were acceptances, as we refer to them tend to be more linear as we deploy the systems out of our backlog. In addition, historically we’ve experienced a bit of seasonality to our…

[Operator Instructions] Your first question comes from Michael Weinstein from Credit Suisse. Your line is open.

Hi, guys.

Hello, Michael.

So, could you first off just discuss a little bit more about the acceptances and where there the levels that are coming up in the fourth quarter guidance. And I guess, for overall 2018, more like in the 800 range versus – it was probably a little below expectations at this point. Just wondering, if you mentioned the delays – project delays and things would have been different without those delays. What can you say about, how this will affect acceptances in 2019, as some of this just being pushed into 2019, so that 2019 acceptance rates will be higher than expectations.

Yes, great question. So look, I think when it comes – we were a bit light in Q3, which we talked about here. And then when it comes to Q4, some of those acceptances in Q3 got pushed to Q4. And I think normally, under normal circumstances here, we’re probably looking at a bit higher in Q4. But bear in mind, Q4 for us we have a lot of customers that are seeing the data center business or in the retail business and there’s a fair amount of blackouts in Q4, plus we’re often challenged with the weather certainly on the East Coast. And from the estimates that we put out there, the outlook of going forward, we just didn’t feel comfortable with just taking all that and increasing the amounts in Q4. On top of that, there was one acceptance that is in the neighborhood of about 50 systems that could make the quarter and could not and we just felt like it was a little bit too risky to put into the outlook and we took it out. So the combination of not being able to kind of taking some of the ones that pushed from Q3 into Q4, not feeling comfortable to increase Q4 and that one order out there provided that the outlook that we have for Q4 is to be a number that would be sub 900 for the year. With respect to how does that impact the outlook for 2019, look the fact that some of these orders are pushed into 2019 is certainly going to help from the backlog point of view. We’re not anticipating, at this point, although we don’t guide our outlook more than one quarter at a time. But we’re not anticipating that’s going to increase that overall number for 2019, nor are we necessarily saying that it’s going to decrease any numbers that are out there for 2019. So we think it’s just going to help with further backlog for 2019, but we’re not increasing or decreasing our expectations right now for 2019.

Yes. Relative to – related to the same thing, if – you explained that a lot of the permitting issues and things and construction delays are somewhat unpredictable. And I’m just wondering would it make sense to maybe acquire a construction company or some another company that has more expertise in this area? And then the second question I have, and I’ll just ask it now and then I’ll get off is, can you talk a little bit about the gross margins, because the number for third quarter is about 21%, fourth quarter prediction is what’s the route also about 21%, what point do you think you’ll be getting up to that 30% level that you’ve talked about over the long-term.

Yes. So look on the first part, look, we’re continuing to tweak and tune recipe there for acceptances. We are definitely improving. I know it might not appear that we’re perfect and we’re not, and we’re continuing to improve. We do look at different options when it comes to contractors. But bear in mind we operate in 10 or 11 different states, including international markets and finding one construction firms going to be able to do an acquisition and it’ll solve all those problems. This is not necessarily going to solve everything. On top of that, we are kind of creating an industry here. We – each time we go into one of these jurisdictions, territories, we have to educate the local authority who’s the gas company, electric company and the people who are building in the permit. So it’s just part of the cycle. But clearly the message is received. We need to get better at that.

This is KR. Let me add one more thing. When we go to Korea, we do have a construction partner and they do all the construction it is SK, our partner in Korea that has all the construction. That will be our model internationally. Domestically, we do use construction firms as we have. But a lot of these projects in its early days as we are continuously innovating as being in the loop as extremely important. And it is not just construction delays, it is sometimes driven by customer mandates like what Randy alluded to the hospital does not want you to do it at the time frame that you can, but at the timeframe that they want to shut down. Or like Randy mentioned, two of our large sectors retail as well as data centers during the holiday periods all the way from Thanksgiving to New Years, they would not like to see any construction happened in their sites. And these are irrespective of whether it is a construction firm doing that or us doing that. So that’s an added color.

With respect to gross margin that, that’s a good question as well. And look, we are continuing to improve there. And again, we had the mix issue for Q4 here. But even if you take a little bit margin hit on the Korean part, you still increased the margins domestically. You’re kind of getting to that, kind of midpoint of the guidance that we had. I think, look, if we were running at full capacity utilization today, we’d be very, very close to our targeted margins. We’re just not there. We’re continuing to increase that at numbers more in the 500 kind of acceptance a quarter kind of build rate. But given what our outlook that we have here in the future, we think by this time next year will be somewhere north of 25%, maybe closer to 30%, but probably not the 30%, certainly by 2020 we’ll achieve that targeted margin.

Thank you, Randy.

And our next question comes from Stephen Byrd from Morgan Stanley.

Hi, good afternoon.

Good afternoon. Hello, Stephen.

I wanted to just talk about your raw materials costs and occasionally we’ll get questions about whether or not, any kind of international trade issues may cause either issues – either with cost or availability and then any of your raw materials. I know this has come up in the past. So just wanted to get your latest thinking as to whether you’ve seen any impacts, if you have how you’ve addressed them just love to get heads up on this.

Yes, Steven, [indiscernible] the conversation here, but I’ll go and take that because I’ve done fair amount of work on this, but certainly KR happy as aware of it as well. Look, I don’t think there’s any secret on a world basis the commodity prices have increased. But nevertheless, we’ve done a good job at continuing through the things I mentioned in my script to drive our overall cost and certainly our product cost down. And the thing that’s clearly all over the press these days are the tariffs and how is that impacting. The thing before I specifically answer the question, what I will say is it at Bloom, we employ a supply chain strategy that, that employs multiple suppliers for the various components that we buy outside. And generally, we try to put those suppliers in different locations of the world, often one, that could be, say in China for low cost, another one might be in Taiwan and another one here in the U.S. or Japan or some friendly place. Obviously from time that if you employ that strategy, there might be a cost differential, but you do have options and that options is to move from one region to another if there’s a reason to do that. Clearly the tariffs here in China has caused us to really fine tune and focused on our supply chain strategy. We have less or about 20% slightly less than 20% of our total bill of material today is sourced in China and could be subject to the tariffs. So if you were to say kind of if they were 10%, and you still bought 20% there, you can see that’s in the neighborhood of 2%. With that and talking to our supply chain folks, they can clearly mitigate that. And the way they mitigate that is that even though there might be a small price difference between say a China and Taiwan, it isn’t that much of a price difference. And they can just increase the allocations from one region to another to mitigate that. So we’ve kind of analyze the impact to Bloom on a cost of goods sold basis. And we said, look, it’s probably about 1%, but if we want to be conservative and say it’s somewhere between 1% and 1.5%, that’s what the tariffs we think could ultimately impact us and we put it in that category. That’s again a percentage of our cost of goods sold there.

That’s super helpful. And then just as we think about potential use of capital, you’re obviously underutilized at this point, you have a lot of excess capacity in terms of manufacturing. But you’ve also had some really good success in Asia and I was just curious if that causes you to think about deploying capital in some way shape or form, in Asia or elsewhere, but broadly, obviously you’re in a good position, you have a lot of excess capacity. Curious though, if you – if there’s been any change in terms of your thinking on uses of your excess capital in your cash.

No. Look our number one priority is to fill the sites we have. We still have tremendous opportunity to grow in Delaware. And that’s an important site for us and we plan on growing in Delaware. And I’m a. So now we’ve got a tremendous investment in our facilities and what month today, and our number one goal is to utilize that leverage that into further costs down.

And the marginal cost associated to get that leverage once we start shipping those many units and the absorption benefits we get is pretty phenomenal. So to Randy’s point, that’s our number one goal and we’re very focused on that.

That’s very helpful. KR and Randy, thank you.

Thank you.

Your next question comes from Paul Coster from JP Morgan.

Yes, thanks for taking my question. So acceptance is the slipping relative to our expectations. And I’m just wondering if this is having any impact on customer satisfaction, on order intake. Your larger customers cutting back on their deployment expectations knowing the lead time is stretching out and the complexity of these deployments is escalating. And then the related question to that is what can you do about it and outside of recruiting more people, because you can send to scale massively. Is there anything you can do this systemic we bring down the lead time on the installation?

Yes. Paul, this is Matt Ross. Good afternoon. I’ll start off by addressing your question. This is your link between the rate of acceptances and customer satisfaction. If we really don’t see any connection between those, to some degree, some of those delays are related to customer preference as Randy had already identified their blackout periods or preferred dates for tying in assistance, particularly in the healthcare and data center sectors. So I wouldn’t draw any link between the rate of acceptances and customer satisfaction, nor does it have any impact that we can see on the pace for new POS. I don’t see it like there.

And in terms of this cycle time for – from the time we had a firm order to actually turning the system on and converting that to an acceptance fall. We have in multipronged strategy that we have taken. This is clearly an area, we as a company want to both become predictable and improve. Given that these are construction projects and multiple of construction projects, there’ll be certain level of uncertainty. But using that uncertainty as we marched forward is very important to us. And we’re doing everything we need to and we have a multipronged strategy including acquisition of skills that you’ve talked about are all key parts of that strategy. So your question is right on and we’re doing everything we can in this area, right now it’s a big area of focus for us.

Just one other question – sorry, just one other question. And so you’ve got obviously strong demand. You’re unable to meet it as strong as you’d wish. In view of that, I mean have got an opportunity to start picking off market segments that are easier to address? Market segments for which the deployment complexity is a lot less? And is that part of your focus it seems now on going after, for instance, the biogas market or some of the underserved markets elsewhere, where they’re just easier to not just to sell into but also deploy into?

Look, the answer, Paul, in my opinion – we’re pursuing the other markets because you look at KR is better to talk about this, but you look at 10 years down the road the importance of the number of things that we’re doing today is just extremely important, and that’s why we are going down the road. In terms of the acceptances, look I want to stress, we have to get better at hitting any outlook that we have out there. But there is just a lot of this that this just without our control and we don’t know it going into the quarter. There’s a massive fire and they send all the crews that are going to do the tie ins or do the inspections up to deal with that, and there’s nobody here to do that. There’s not anything we can do about that other than say we’re just going to have to anticipate. There’s going to be more fires or more hurricanes or more strikes at utility companies or these things that happen. And maybe that’s just what we need to do is just ultimately be more conservative. But that’s really the issue. It’s not like our customers are upset. It’s not like we’re losing business. It’s not like there’s an easier path to go down here. Can we get better at our processes, people, equipment, tools? Absolutely and we’re going to do that and we have gotten better. It will tell you, our – I mean, despite being a little light in Q3 in terms of this number, we still pretty much come pretty close to the midpoint of our guidance in terms of revenue here. So we’ve gotten better but we still need to get better. And I think it’s going to just all boil down into even more conservative entering the quarter and that’s a lot of what use are reflected in what we’re telling you for Q4.

Okay, thank you.

Paul your question on market segments again understand the following that biogas [indiscernible] We are not the focusing some area to do biogas either the [indiscernible] strategy. And the important thing is biogas really, if you think of a zero carbon base load and if you think of the emerging load and think of taking what would otherwise be a liability, it’s a fuse problem. A big centrifuge convert as to fuel and provide clean electricity in places that otherwise will not get served and the size of that market is enormous, but it’s a longer-term future. And we are doing the right things today. So a few years from now, we can play a very important role in that market. However, we are not doing that at the expense of our C&I market. And within the C&I market, these delays are location specific. They are depending on the circumstances, and I’m going to walk through that, specific and not really customer specific. So it’s not like we can take one particular segment and make it better. To explain that further, we were hit with the perfect storm in Q3, and that perfect storm was multiple hurricanes, forest fire out here, those two distracted our utility partners that had to go tie in enormously. On top of that and when that gets pushed out, unfortunately, it happened in Q3, and you come into Q4, Q4 for all practical purposes, is a short quarter for us because of the blackout periods in with like most of our customers. There’s not enough make up time to be able to catch up to that. So one thing we are doing, and you will see us already acting, Randy mentioned that with respect to our international markets and other things, we are creating diversification in our portfolio as quickly as we can so the profiles look very, very different for each of these segments we address. That diversification, and reducing the percentage that we have to convert by having a larger pool, are the two things that will get us there. We are committed to doing that, we will get there.

Excellent, thank you very much.

Your next question comes from Colin Rusch from Oppenheimer.

Thanks so much, guys. With the management changes at the Power Secure division within the Southern Company, doing that they’ve been an important partner for you. can you talk about what your expectation is for how the relationship moves forward and any change you’ve seen already?

Sure. I’m more than happy to discuss that. Our first point of contact at the senior level, and it is that generally my first two clients to say are we serious, are we going to grow? Are we going to be there for the long-term was Mark Lantrip and he now has taken over as the CEO of Power Secure. So I would say if anything, these changes have further strengthened our relationship and we look forward to a great relationship.

Okay, great. And then can you give us the assumption on stack life for the warranty approval and pricing and service for the installs during the quarter for both third quarter and then what you’re expecting for the fourth quarter?

don’t discuss stack life by the quarter because what we deploy today has an expected life for it and that life is going up every quarter. But remember, our service is for all the systems out there that have different legacies, depending on when they were shipped with very different lifetimes. So if you look in metric to look at how our systems performing in the field, a proxy to that will be our service cost and what you’re looking at. And I think Randy can add more color if you want to that particular area just tell us what you’re looking for.

Okay. I’ll take it offline guys. Thanks so much.

Okay.

Thank you, Colin.

Your next question is from Tahira Afzal from KeyBanc.

Hi folks.

Hi Tahira.

Hi Tahira.

I guess first question is on the construction side. From all my companies that have reported today and the one I’m at today, it seems like construction neighbor, even electricians is going to be died from several years to come. So given that potential risk, I know you guys are looking at mitigating elements and strategies. But should we be using sort of the acceptance rate year-on-year trend you’re sort of indicating in fourth quarter really as a good benchmark, which is more like 25% year-on-year growth versus maybe at a 40% that myself and consensus might be building.

Yes. Look, it makes it a little bit – great question. I love the question. The problem is we don’t really provide an outlook more than one quarter at a time. But I think I said earlier, look, I wouldn’t necessarily change any of the expectations you have for Bloom in the future. Yes, we certainly have our challenges. Look, if you think about it, Bloom has a great product, it’s in demand, we provide a very compelling value proposition, it’s very, very simple. We provide you clean, reliable, resilient power and we’re going to save your money. So what’s the challenges? The great thing is we have a great set of operations folks that do a terrific job. In fact, my 3.5-plus years here, we have been delay on one delivery that I can think of and quality has just been phenomenal. So just a great hats off to our ops team for that. The challenges obviously come down to once we hit the systems shipped from our site, once they arrive in the field, they’re just getting a commission. And it’s really not that last part that that I mentioned. Although sometimes, there is an inspection or something that comes due that inspectors later have to do something else. But generally, it’s just getting to that point. So look, we’re a small player in a very large industry of the construction industry, we should be able to get what resources we need to get this done in a timely manner. We do have the demand. So again, I wouldn’t go off and significantly change your expectations for Bloom in terms of growth. But clearly, the limiting factor will be the construction and getting these sites installed into the field, and that’s the bottleneck in the company today.

And Randy, to add to what you said, that’s a great question. We should all be thinking thankful that we have a construction Bloom but we also acknowledge that have a construction Bloom and that means finding that kind of talent that you’re talking about, plumbers, electricians, contractors, they’re all busy, right? So one of the things that we are consistently doing is reducing the amount of fieldwork and increasing the amount of things that we can do at Bloom, including facilitating as much simply as some of installation get and stuff like that. So the actual amount of time an electrician or a plumber has to be in the field to connect all our systems is as low as we can. So while we can’t change of the macro economics, we can buy engineering and technology, reduce the amount of tag time, the touch time, that is needed for somebody to do this in the field. So that’s how we are trying to address it. We are problem solvers, we are trying to figure out creative ways to solve these problems.

That’s exactly pretty helpful. Thank you. I guess as a follow-up, obviously free cash flow in the quarter was slightly disappointing. Randy, it seems by your comments this might be a 1 quarter blip perhaps. Or should we be resetting our free cash flow trajectories?

Look, it wasn’t materially off from – I mean it was down a little bit. I mean it was less than $1 million negative of free cash flow. And as we pointed out, we’re going to go from a little over 200 acceptances to midpoint’s 250 acceptances, that’s going to take a little bit more working capital to get that done. So my view, honestly, is that there’s nothing unusual there. It’s really just kind of timing here. We don’t – it’s not a number that we provide an outlook to. But it shouldn’t be anything, in my opinion, should give you concern. With that said, we do sell under a variety of models from time to time. If we have a customer that’s buying directly as we call it a CapEx customer, the vast majority of that money comes in on a net 30 basis. That’s different than a PPA, or a leased deal that comes in very quickly right after the sites are commissioned. So cash flow from quarter-to-quarter could vary but on a long-term trend, our – we should be generating enough cash in this business to fund our working capital growth. So you shouldn’t see us be a big user of cash. And I think last quarter’s a pretty good example of that. Thank you.

Got it. Thank you very much, Randy.

Thank you.

Your next question comes from the line of Julien Dumoulin-Smith of Bank of America. Your line is open.

Hi, this is actually Eric on for Julien. We just wanted to touch upon primarily the growth rate and how you think about that beyond 2019, both for deployment as well as revenue given the previous cadence expressed of about 30% revenue growth longer-term. As particularly beyond 2019, and what level do you assume comes from – in terms of how you think about it cost reductions versus the ITC through 2023 if you guys have a safe harboring plan and how you do it beyond that? Thanks.

Yes. Eric, look I’m going to do the best job. I cannot answering that without breaking my rule of giving more than one quarter kind of outlook at a time. So look, cost down I can’t emphasize that enough. I can’t emphasize how it’s a way of life here at Bloom. And if you look at – I think I mentioned it in my script, the three prior years, it’s been 27% per annum in terms of our product cost down. And our goal is to continue to drive cost down in the future. There is – there are the normal things that I mentioned, a lot of those in my script. But there’s a big step function here, and that’s each time a new generation of product comes out of Bloom. And the next generation of product that we have, which is honestly, it’s not going to be out there, it’s north of 18 months, somewhere between say 18 months and 24 months, that you’ll see this next product. It’s a big step function. It’s – if you just – if you look at the footprint, we’re going to produce a minimum of 50% more power in that same footprint, which is essentially the same price to build. In fact we think it will be less because there’s fewer moving parts. There’s moving parts, I’m sorry. There’s fewer parts in the newer system than there will be in the current generation. So given that it’s 50% more power, a huge step function. So we continue to see our ability on the long-term to innovate and drive cost down very consistent with what we’ve been able to do on the past. And as I mentioned earlier, as our capacity utilization moves up, that’s further going to help via tailwind for that cost down. As our cost down – come down, that will enable us to enter additional markets and make our targeted margins. In addition to that, it will let us to make higher margins in the markets we serve today. So we think the long-term is still pretty positive. We’ve set targets of – long-term targets of 30% revenue growth and 30% margin. We think both of those are achievable. It will vary from time to time and quarter-to-quarter. For example, growing revenue 30%. If you’re increasing the percentage on a year-over-year of the business that we do in Korea, might make that revenue growth a little bit challenging because there’s no install in Korea and there’s no cost of install either. So but the margin, it won’t impact, in fact it might be a slight tailwind improved the margin, the gross profit would be the same. But we’re still optimistic that long-term, there’s going to be opportunities for us to achieve our long-term goals here.

And then in addition to everything Randy said, also remember that we are improving the capability of our systems. So for example, less than three years ago that we started the microgrid solution which is for resiliency. Today, over 10% of our deployed fleet is microgrid solution. As we move more and more further into a post-climate change world where resiliency becomes important, it’s a brand-new market. Electrification of automation – sorry, electrification of transportation is going to create a huge demand in inner cities that is going to be a new market. So there are – even within our existing market segments – sorry, existing market geographies, there are going to be new segments that we are going to break into as our capabilities go and increase, as our costs come down and as the grid becomes less resilient and more expensive.

Great. But could you also discuss the implications on growth as the ITC steps down. Are you just expecting to shift more towards international, if I’m understanding correctly.

Yes, absolutely. Look, our cost down is on a faster curve. You just do the math here. And we continue – even if you were to take it to only 25% cost down, significantly reduced what we’ve been able to do in the past. You’ll certainly see that we’re going to be able to reduce our cost at a faster way that we’ll be able to mitigate the impact. Bear in mind the ITC roads off to a not all at once it has a step function there. And we think that given our trends on cost down, it’s a fact that we have a new generation of product coming out before that ITC rolls off. We are confident that that’s not going to impact overall growth rate or ability to achieve our targeted margins.

Right. I’m thinking more so rather than offset the incremental opportunity granted by the ITC to improve economics kind of stepping down, but, okay.

There are no further questions at this time. I’ll turn the call back over to the presenters.

Thank you so much. We really appreciate you all participating in our very first call and we appreciate you taking the time. And look, at the end of the day, our mission of clean, reliable, always-on electricity in a digital world, that always-on resilient electricity being provided at a cost that’s affordable is what separates us from any other distributor energy platform. And we are excited about this opportunity, and thank you for taking the time. And I’m sure with many of you, we will be in touch with you before the next call. Hope to see you here at Bloom or in one of the meetings. Thank you, all.

Thanks, everyone.

This concludes today’s conference call. You may now disconnect.