Ramesh Srinivasan: Yes, George. So the Asia competitive market continues to be very tough because, again, very well entrenched competitors who have done well there for multiple decades, 10, 15, 20 years. So they have done well there. And those competitors in APAC are also not shy to go low in pricing. So there are two battles we fight in APAC: number one, well entrenched competitors and number two, very often low pricing. Now for the last few quarters, last few quarters, we’ve seen good sales pipeline in APAC. There have been quite a few good opportunities we were working on, but we found the decision-making process to be a bit slow and frustrating because customers have not yet reached the stage where they were willing to pull the plug on the opportunities.
It appeared for a while that they were clearly leaning towards us because of the quality of the products and the end-to-end ecosystem and all that, but they were not ready to pull the plug yet. And of course, they were getting much lower price propositions from our competitors as well. This quarter, it looked like we at least partially crossed the bridge. A couple of decisions were made that led us to good sales numbers in APAC. And so what was slowing us down for the last couple of quarters in terms of decision-making speed seems to have picked up in APAC. So we are getting a bit bullish about APAC going forward this fiscal year.
George Sutton: Great. Finally, if I could just get a little better sense of your less tenured group and the success that they’re seeing. Can you give us a sense of how is this less tenured group structured? Are they pointed at specific verticals, specific geographies or specific customer sizes?
Ramesh Srinivasan: The quick answer is no, George. They are all part of our sales vertical teams. Like we have an APAC team, we have an EMEA team. And in the U.S., we have a team that focuses on gaming casinos, a team that focuses on hotel resorts, cruise ships, a team that focuses on food service management and a couple of other teams that focus on specific certain big customers. So that’s the way it’s always been structured. And within each of the teams, you have the long tenured salespeople who always tend to do very well every year. And then you have the second half of those teams where we have expanded during the last 2, 2.5 years. So it is not as if we take the less tenured sales personnel and focus them on certain areas.
They probably handle a less number of customers, current customers and prospective customers, but each team contains a combination of them. And the second half of the team is really beginning to contribute very well now. And the senior half of the team has always done well year after year after year.
George Sutton: Okay. Good stuff. Thanks for that answers.
Ramesh Srinivasan: Thanks George.
Operator: Thank you. One moment while we prepare for the final question of the day. Thank you. Our question will be coming from Nehal Chokshi of Northland. Your line is open.
Nehal Chokshi: Thank you. yes, hi, great quarter. It sounds like you had a great ACV booking this quarter, and then I think you specifically called out that subscription ACV was up 46%. And product ACV was up 27% year-over-year bookings basis. So those seem like very strong numbers. Can you just clarify that was indeed above plan?
Dave Wood: Nehal, the backlog was up 46%. Sales was up 21% over last year. So the backlog that was up 46%.
Nehal Chokshi: Got you. That subscription ACV sales that was up 21% year-over-year.
Ramesh Srinivasan: Overall sales. Overall sales.
Nehal Chokshi: Got you. And then backlog was up 46% year-over-year on an overall basis or a subscription basis.
Dave Wood: Total. Total.
Nehal Chokshi: Yes. Got it. Okay. So I guess still the bottom line is that, is your ACV bookings, was that above your plan or not above plan?
