Operator: Thank you. One moment for questions. Our next question comes from George Sutton with Craig-Hallum. You may proceed.
George Sutton: Thank you, Ramesh, you gave a very compelling outlook relative to the number of PMS rooms that you will touch or you currently touch. We believe around 300,000 you suggests that number could triple, which by our math would assume another Marriott size addition, in addition to the Marriott room. So with that as context, I wondered if you could talk about the pipeline outside of Marriott, anything that has changed relative to the discussions you are having with hotels and in particular we are all pretty conscious of the fact that there are other large operators with proprietary systems that have been heavily criticized in terms of capabilities, are those the kinds of targets you’re talking to?
Ramesh Srinivasan: Hi George. So our current number of PMS rooms, like you said is 300,000. And we expect that to probably triple in the next three years or so and we expect a good portion of that to be based on the Marriott deal now. A good portion of that, but there is also a whole lot of PMS deals we have beginning to win now or are being strongly considered in our traditional strength areas like gaming casinos, and resorts, many of them are seriously considering our PMS products. And also remember, there are many of our current customers who are moving from the old products, they were with, whether it is our own old products or other old products have been using for a long-time. Those conversions to PMS is also beginning to happen more now that they see world-class PMS products that they can choose from.
Now as far as the other large operators are concerned, I think there have been underserved with technology for a long-time and as and when they come up for their own RFP processes, the good news now is there is a very-high probability we will be included. Couple of years ago, there was a high probability we will not be included in those. So now as and when those large operators come up with the next cycle of software replacements, we expect to be a player there, right. It would be very unlikely that we have not included in that. And once we are included we fancy our chance is quite high. Because of the state-of-the products now and how impressive those demos are. But this calculation of tripling our number of rooms connected to in the next three years is largely based on the PMS deals we are working on now, plus of course the huge Marriott opportunity.
That calculation does not take into account any possibility of another large operator running a similar RFP. Those will only be additions to the Marriott.
George Sutton: Understand. I wanted to hone in on your Block 3 spend that you referred to and you’re effectively saying we are going to be a much larger organization, we need to build an expense base and capability based to meet that. I’m curious with this spend specifically what kind of ability, it gives you to serve other customers in particular and also to cross-sell modules into the Marriott and other basis?
Ramesh Srinivasan: Yes, so this Block 3 spend that we talked about, is to make us ready for being a far bigger cloud SaaS company than we are today. So that is to make sure that the number of rooms connected to PMS, the number of terminal endpoints connected to our POS system, with most of them going to the cloud as a subscription-driven SaaS operation that is going to be an enormous increase in our business all towards subscription revenue. That requires taking on infrastructure-level support. Information security, for example. Cloud monitoring tools, it takes a lot of those tools and beefing up our internal systems department. That is going to be a combination of CapEx and operating expenses. To kind of finally take the transformation to becoming a true cloud SaaS big company that requires an order of magnitude jump-in our infrastructure.
