So we’re up double-digit growth in our pipeline over where we were a quarter ago and probably a 20% plus increase over where we were last year at this time in the overall pipeline. So it’s a pretty healthy environment we’re sitting in. But now we just need the economy to shore up, strengthen up and people willing to put money on the table, and we’ll get these projects rolling.
Anja Soderstrom: Okay. Thank you. That was all for me.
Allan Dow: All right. Thank you so much. Have a good evening.
Operator: Our next question will come from Matthew Galinko.
Matthew Galinko: Hi. Thanks for taking my questions. Given the acquisition you announced this quarter and some of the investment in repurchase, can you just maybe revisit your thinking about capital allocation particularly through the balance of the year? Is M&A still something you’re thinking about? Or are buybacks kind of the priority for the foreseeable future?
Allan Dow: Well, for the rest of the calendar year, we’re going to run out of runway pretty quickly. We’re going to — we’re allowing the buyback plan to continue at the current pace. One, we could project that by Christmas, we’ll have exhausted the current authorization. So we’re going to let that one play out, for sure. We’re so close to the finish line on that. We couldn’t take an action on it anyway until late next week. So that one will play out. We are still in the market for acquisitions, but we got quite consumed with the three transactions we had going on in the past quarter. So we haven’t advanced anything that would be an immediate move. But we have some things in the works that we think are interesting, very early-stage valuation.
So we haven’t given up on acquisitions yet. But given the time line to complete one, I wouldn’t anticipate anything until the spring. So we’re talking four months, five months now looking forward before we would get to a completion on that. And then as far as the rest of the capital allocation, the dividend at this point, we’ve taken no action on that. We’ll continue with that. We have had a recent discussion that at some point, we should put that back on the table and talk about it. But right now, a conscious decision was to leave it in place as it is. So that kind of recaps the whole capital allocation, finish out what we got going on continue as is with the dividend and continue to search for nice acquisitions, tuck-in acquisitions that we could make sometime in the next six months, probably.
Matthew Galinko: All right. Thank you. And my follow-up is, just want to understand your assumptions in building full year recurring guidance. Just given the activity through the first half of the year and particularly activity you’re seeing late in the second quarter and some of the traction you’re seeing with the acquired assets. How do you think about constructing that full year recurring guide?
Vincent Klinges: Yes, Matthew, this is Vince. So I think the real issue was the fact that we had soft bit bookings in the beginning of the year. So that even though we’re seeing a strong pickup in the bookings in the back half of the year, you don’t get to take as much of the revenue. So that’s why we’re adjusting the recurring revenue to that to be a little bit more on the conservative side.
Matthew Galinko: Yes, sure. No, I understand that component. But so, I guess, the other way of saying is that you have a very — you have similar activity in the end of — that you had at the end of this past quarter recur through the next quarter, 1.5 quarters. Or is that place we’d be an upside territory? Or just trying to understand what the range — what scenarios get you to the above the range or something along those lines?
Vincent Klinges: Yes. If we have the bookings earlier than we anticipate, then yes, we could have some upside on the range. Absolutely. We’re just trying to be conservative because as we indicated, a lot of the bookings came at the last week of this quarter. So if that happens next quarter, we won’t be able to take any of the revenue for those deals in the third quarter. The fourth quarter bookings almost have no impact, regardless of when. You get them, get them early or get them late, they don’t have much impact. And of course, fourth quarter has less billing days than in any way. So that has a nominal impact.
Matthew Galinko: All right. Thank you.
Operator: Thank you. And at this time, there are no further questions in the queue.
Allan Dow: All right. Well, thank you all for participating today. We appreciate the time and joining us this evening for our earnings call. And Chelsea, thank you for hosting for us. You all have a good evening and we’ll talk again soon.
Operator: Thank you, ladies and gentlemen. This concludes today’s program and we appreciate your participation. You may disconnect at any time.
