We will share our view on the way that the post-cookie world will exist and AdTheorent’s role in that and why we believe that we have an opportunity to take full advantage of those changes that are happening. We’re not waiting for Google to make those changes. We’re actively working on building a future for AdTheorent that gives us the advantage of being a machine learning company in a world dominated by ID-based, one-to-one targeting. And I think it’s a great, great opportunity for AdTheorent and a great time to be a stakeholder in AdTheorent for that reason.
Jim Lawson: Next question, please.
Operator: Thank you. And our next question comes from the line of Michael Kupinski from Noble Capital Markets. Your line is now open.
Michael Kupinski: Thanks for taking the question. I just have a couple of things. One that you had mentioned about all the new products and initiatives that you’re bringing to the market and so forth. And in terms of your guide in the fourth quarter, I was just wondering if it was a way to quantify the new products and the take rate of those new products relative to your guide. I’m just trying to get a sense of the tone of the marketplace, the advertising marketplace versus some of the new initiatives that you have and just trying to kind of gauge what the key drivers are across the marketplace.
Patrick Elliott: Thanks for the question. Yes, we’re very encouraged by our return to growth in Q3, and then we see persisting in Q4 and into the future. We do believe that this is primarily driven in this macro environment by our new product initiatives and our investments in our key strategic growth areas, including health and audiences, self-service, CTV. So it is difficult. We haven’t provided a lot of detail on parsing between growth from new initiatives versus other. But I could say a majority of our growth is from our new initiatives. A rebound in the macro environment would be a bonus for us. In Q3, not only were our number of active customers higher, our average spend per customer was up 7% year-over-year. So that is indicating that what we’re doing with our customers is resonating.
Jim Lawson: I would add to that that we also have a lot of confidence that our margins will continue to remain strong and potentially get even stronger as we go with these new offerings. With the ability to utilize algorithmic audiences, utilizing our tools and our platform, utilizing the data that we have rather than over-relying on purchasing third-party audience segments, it’s incremental margin for us. We’re excited about that. And I also think that the use of those and the adoption of those that we’re seeing in self-service has been very, very positive. Seeing the adoption by a self-service user who can either choose or not choose to use an AdTheorent-based audience, I think it’s quite impactful and an indication of the future margin improvements and sustainability that we see at this point, given our new offerings.
Michael Kupinski: Thanks for the color. And just one more further question. Just talking about, as you indicated, the rebound. We’re still waiting for a rebound in the total ad market. There’s been some reports out there that the advertising environment is being fueled by the largest advertisers in that there’s still a large number of smaller advertisers that are still struggling and not really spending. Is that the sense that you have? Or in what regards were you referring to just a rebound? Just an overall volume increase or it’s just the breadth of advertisers? I’m just trying to understand that what you’re seeing.
Patrick Elliott: I mean, specific to us and as Jim mentioned earlier, as we go into Q4 and then into 2024, we do have higher level of confidence in the sustainability of our second half growth persisting in ’24 because we’re having better discussions. We’re seeing incrementals come through already in Q4. And our spend commitments from our existing customers, the visibility into their spend for next year is at a higher level than it was last year at this time. So there is some incremental visibility and positivity there that we’re seeing kind of across our customer base. But I would say that, as we pointed to, the areas of bigger growth, health, self-service is where we’re seeing our areas of investment really materialize.
Jim Lawson: I would also add that, a lot of that, the answer to your question depends to some extent on the verticals that you’re talking about. I mean, with health and pharma, we saw a lot of demand in government, CPG really strong, and we’re really pleased with that. There was some weakness in banking, financial services and insurance. There are a number of, I think, offerings and products that were challenged or under pressure because of high interest rates and other macro considerations. But I think the bottom line is, we feel really good. We have a very diverse set of vertical clients. We have large clients. We have more large clients than we’ve ever had. We have a great middle market base, independent agencies and brand direct relationships that are really strong and growing nicely.
