Ramesh Srinivasan: Yes. I mean, I tried to convince some of my manager team members to buy a little bit more subscription from us to push it over the 30% mark, but it didn’t happen, George. It ended up at 29.9%. But yes, that trend continues to be good. Subscription revenue growth continues to be good, all jokes apart. It is going well and we are encouraged by the direction. Now I did listen to that CNBC snippet today of the Marriott CEO commenting on the rooms growth and all that means, George is, is expanding opportunities, alright? Nothing has changed as far as our Marriott PMS agreement goes. We continue to work towards it and both parties, both Marriott and us, continue to very diligently monitor and manage the project and it continues to progress well.
But all this extra room announcements, Hilton on the POS side, Marriott on the PMS side, means more opportunities for us. That means if we execute well, if we do well with the opportunities we have today, there are more opportunities to be had. We are in a good industry that is doing well, where there is a dearth of innovation, not much innovation going on. So, I think we are sitting on some very good opportunities and now that the major product work is done, we can actually focus on customer acquisition and innovation and those kinds of activities. So, I see that report as encouraging, George, and I see that report as more opportunities opening up for us, possibly, if we continue to do well.
George Sutton: So, in your prepared comments, you mentioned that we think the pace of sales will only get better. And you talked about it from a product perspective on why you do think things will get better. Can you talk about it from a sales efficiency/productivity or just go-to-market totality, give us a sense of why things will get better from that perspective?
Ramesh Srinivasan: Yes. So, starting with sales efficiency, just some anecdotal data for you. Our new reps, right, the recently joined new reps, their productivity has tripled in the nine months this year compared to the nine months last year. So, that’s a good indication that as we continue to increase our sales staff, and by the way we have, in the hotels, resorts section, in managed foodservice providers, in that vertical, and in Asia, we have improved — we have increased our number of sales staff and our experience with the new sales staff who have joined us over the last couple of years, is that their productivity tripled this year. Now, they are contributing about 25% of overall sales this year so far. So, the productivity thus continue to improve because they get excited when they see the new products.
They typically come from within the industry. They have worked with our competitors before. And their eyes just open up saying, we had no idea that this kind of ecosystem of state-of-the-art technology products are there. So, that we continue to do and we will continue to improve sales, the number of sales personnel, and that productivity gains are continuing to increase and that’s one reason why I think our sales will continue to improve. Now, go-to-market, marketing spend and all that is increasing. We took one step forward this year and we will continue doing that as we go along. Because we are seeing good results. Our name is out there a lot more now and a lot more thought leadership contributions, and lot more participated in trade shows, especially in Asia, and EMEA, and other regions.
So, all that will continue to increase. Now what is crucial, George, is we need more field successes in order to establish our credibility and more and more customers talking about the success stories about us. That’s the next crucial step and that will be aided by adding more to sales and marketing as well.
George Sutton: Perfect. Thank you very much.
Ramesh Srinivasan: Thank you, George.
Operator: And, thank you. [Operator Instructions] And our next question comes from Nehal Chokshi from Northland Capital Markets. Your line is now open.
Nehal Chokshi: Good afternoon, and thank you for taking my question. Congratulations on a solid set of results here. Ramesh, at the beginning of your prepared remarks, I think you said fiscal year ’24 year-to-date sales is progressing ahead of last year’s pace. So, just wanted to make sure, when you say pace, you mean year-over-year growth, is that correct?
Ramesh Srinivasan: Correct, Nehal. So, just to expand on that answer a little bit, Nehal. FY ’23, right, which is April ’22 to March ’23, was a record fiscal year sales for us. And this fiscal year, which is April ’23 to March ’24, at the end of three quarters, at the end of Q1, Q2, Q3, is ahead of last year’s pace. That is correct.
Nehal Chokshi: Okay. So, basically, you’re seeing accelerating sales pace, which is your definition of sales, I call it bookings, but you’re seeing that accelerate independent of the…
Ramesh Srinivasan: Correct, correct. We are [Multiple Speakers] I’m sorry?
Nehal Chokshi: Independent of the [Indiscernible] deal.
