And we think that because of that, we’ll take a little bit of market share as well within IPD today?
Michael Pope: Just quick one on Germany, Brian, because you’re asking about Germany. So it is now the biggest market for IPDs in Europe. It wasn’t until that’s changed in the last 15 months, it’s the biggest market. And across Europe, in many countries, we actually have really high market share. And Germany is the one that stands out as being significantly low. Last year we were at 4.5% in Germany. We’re now up to 5.2%. But we hired and significantly, we doubled the size of our German sales team from like five to 10. And that’s only reached, that happened over the last 12 months. Those guys are now starting to kick in in terms of really winning some big deals. The other thing is we’ve just, next week we’re actually flat out to Germany and we’re opening our first showroom in Germany. So again, it kind of gives us more presence in Germany. And that will be a key market for us to grow. And we think we’ve got the right team that’s to grow market share.
Brian Kinstlinger: Great. My last question on the debt covenants. It sounds like you’re back in compliance after paying $4 million if I have that right. What is the required covenant for the net leverage ratio or whatever covenant you missed, so we can gauge where you are or going to be in the future?
Greg Wiggins: Sure. So for Q4, it’s — it will be 2.5x and that’s in accordance with the original debt agreement that we entered into. Obviously as we’ve said, we’re actively looking to seek refinancing on our credit facility and we’re optimistic that we’ll be able to find a solution that will give us more favorable terms in the not too distant future, so we’re optimistic about that. I would say that in terms of just overall leverage ratio, even despite the four quarter downturn, the industry’s experienced, again which we’ve started to see some early signs have turn around even with the last four quarters being downturn. Our leverage ratio has been maintained under 3x, which I think it speaks to positive EBITDA, we’ve been able to generate through our improved margins. So, it won’t step down to 2.5x, but…
Brian Kinstlinger: You have to get to 2.5x, or that’s where you’re going to be?
Greg Wiggins: 2.5x is our requirement for Q4.
Brian Kinstlinger: Got it. Okay. Thank you.
Michael Pope: Thanks, Brian.
Operator: Your next question is coming from Jack Vander Aarde at Maxim Group.
Jack Vander Aarde: Okay, great. Thanks for the update, guys. Many of my questions have been asked, but maybe I’ll just circle back to kind of the guidance. So, last quarter, the overall tone and just kind of verbal body language felt like you’re pretty confident in the third quarter outlook, and obviously, you had a slower back half than expected. But just looking at the fourth quarter guidance, in relative to kind of the tone and body language from last quarter, how confident are you in hitting those targets for the fourth quarter?
Mark Starkey: Yes. Hi, Jack. It’s Mark Starchy. Look, we’re pretty confident. I think we try to be more conservative on the Q4 call. We basically said little flat with 2022. Q3 was disappointing, right? Yes, and the second half especially, right? When we did our call three months ago, we did. We could see we’re going to definitely grow an order intake. We actually thought the growth in order intake would be higher than what it ended up with. We ended up with 11%. We thought it could potentially be north of 20%. So, it was definitely slower on the second half of Q3. We have been more conservative in our guidance for Q4, as I’d say.
Jack Vander Aarde: Okay. That makes sense. It’s helpful. And then maybe just, Michael, you opened up with comments about Asia and everyone’s different geographical positions or locations. Can you just talk a little bit more about your expansion opportunity plans in Asia and it sounds like you’re somewhat early in maybe devaluation phases, but when might you see some tangible results from any new potential Asia market opportunities?
Michael Pope: Yes, so right now clearly the biggest opportunities for growth for us are in the U.S., and then I would say Western Europe particularly Germany. We’re also seeing a lot more opportunities in Eastern Europe. We also have an employee now in the Middle East and there seem more opportunities in the Middle East. So I think again the U.S., EMEA region are by far the largest growth opportunities for us over the next 12 months, but we’re just starting to and we sell some in the APAC region and particularly Australia do it quite well, and we have sold in other countries throughout Southeast Asia, not large quantities, but I would say we’re optimistic. We can start to see some meaningful growth even over the next 12 months in that region, but I would say if you’re looking at again, over the next 12 months in particular, it’s substantial growth. It’s really going to come from our existing territories over the next two quarters.
Jack Vander Aarde: Okay. And then maybe just in terms of some of the orders that were slow, the slowdown kind of happened in the back half of the quarter. Can you talk about maybe, was there any nuanced trends, a bigger slowdown in corporate enterprise versus your K-12 education markets? Was there any sort of distinct trends there or was it pretty much just, was it really indeed general overall softness?
Michael Pope: Well, if you look at overall business, enterprise is less than 10% of our total business. I mean, we are largely, really largely K-12 education company today. Now we’re looking to grow that enterprise vertical and that’s happening as we saw growth in enterprise. And we think we’re going to see substantial growth in enterprise next year. And so it wasn’t enterprise vertical. It was purely education vertical that was slower than expected.
Jack Vander Aarde: Okay. Understood. I think that’s it for me, guys. I appreciate the update and good luck going forward. Thank you.
Michael Pope: Thanks, Jack.
Operator: We have reached the end of the question-and-answer session. And I will now turn the call over to Michael for closing remarks.
Michael Pope: Thank you everybody for joining the call today. And we appreciate your support. We look forward to speaking again in March when we report our 2023 full-year results.
Operator: This concludes today’s conference and you may disconnect your lines at this time. Thank you for your participation.
