Matt Cost: Great. And then just on the software platform margins, 72%, a very, very strong result. I guess can you give us your latest thoughts on what the flow-through at scale potential is for that business because we’re higher than we’ve been certainly in a while.
Herald Chen: Yes. Good question, Matt. And again, there’s — every quarter, there’s going to be some bigger reason as to if there’s some fixed cost, incremental cost, step function costs, in particular, on the data center side. But we expect, as I said, R&D to be relatively stable and that software margin can grow and expand as we continue to grow app discovery in particular because that is a net revenue business. Over time, looking at more of the longer run as we scale Worlds, we scale CTV — sorry, is rescaled the OEM side on Array, we’ll likely need to make some fixed investments in those businesses and hire some teams, but those are also strong margin businesses as they scale up as well, but unlikely to start as high as the contribution that we do get from app discovery.
Operator: And our final question will come from Omar Dessouky with BofA.
Omar Dessouky: So you guys talked about header bidding and how Google is going to shift to header bidding demand. Shift demand 100% to header bidding. They put out a notice on their website recently that they won’t be shifting entirely after October 31, but we’ll do so partially and expect that transition to happen into the first quarter of next year. So I think you mentioned that your mediation platform can tax the Google demand. And what I was wondering was actually, given that Google has been waterfall bidder for so long and app discovery has been a real-time bidder for so long. Does Google shift to real-time bidding actually post competition to your core business because we tended to focus on the idea that you could tax demand from Google doing real-time bidding, but what about the competitive sector of Google?
Adam Foroughi: Yes. So you’re talking about cannibalization effect of a mediation network, one as big as Google, in particular, going to bidding. We’ve taken most of the market to bidding at this point, and we’re already above, I think, 60% once Google goes to bidding is going to be very close to the full market tipping that way. On every network that’s mediated going to bidding, share moves around only slightly and possibly the bidder gets more efficient, so it can gain share, but the overall pie grows. And so that’s the whole point of the MAX platform is our objective with that platform was building an efficient marketplace where you bring these networks and put them into the most efficient way possible to serve price and serve an ad a header bidding state, and then the publisher yields more.
The publisher yields more so they can spend more on user acquisition. We’re obviously one of their main user acquisition channels, dollars go back into the ecosystem, the pie grows. And usually, all parties end up benefiting and that’s the trend we’ve seen now for 5 to 6 years since we launched the MAX platform.
Omar Dessouky: Okay. So if I understood correctly, then, it sounds like you’re saying the benefit of Google moving to real-time bidding is to make the entire industry bigger, and that will outweigh any potential competition because you have a new technology in the market from someone other than yourself, which could potentially experience increases in ad spend.
Adam Foroughi: Yes. Look, we never look at share. It’s not a zero-sum game. You need all the marketing companies to do well. That helps the ecosystem grow, user acquisition, dollars come into the space more, eyeballs swell, consumption goes up. That’s always been our formula to growth. So we look at dollars and the dollars become bigger, it benefits all parties. And that’s what we see every time a network goes to bidding.
Operator: And with that, that does conclude today’s earnings. We thank you all for attending, and we look forward to seeing you next quarter. Take care until next time, you may now disconnect.
