Jeff Gardner: We just – that happened after the quarter-end. So we’re not going to provide details on the individual contracts, but it was our biggest TSP, Jerry, and very important in terms of where our focus was. So it’s good to have that step behind us. I know it was painful. But we’re in a position now where everything that we sell has a recurring revenue component with the exception of the cat business. So I think we’re where we wanted to be took a little longer, but I think the focus of our sales force on higher ARPU is going to make a big difference.
Jerry Revich: Thank you.
Jeff Gardner: You’re welcome.
Operator: Thank you. Our next question comes from the line of George Notter with Jefferies. Please go ahead.
George Notter: Hi, guys. Thanks very much. I guess I wanted to ask about your recurring application subscriptions metric. I saw that it was up, I guess, $100,000 sequentially, but it was down year-on-year. The staff subscriber metrics you gave us were up pretty substantially year-on-year. So I guess I’m wondering about that dichotomy, the revenue down, the subscription subscribers up. Can you just kind of talk to that phenomenon?
Jikun Kim: Sure. Sure. So I think Jeff alluded to this, our subscriber count, the big growth that was really tied to our TSP conversions, right? So we have very heavy subscribers based on our telematics service provider business, a very large chunk of the business. And we converted them to a subscription model, very low ARPUs, right, extremely low ARPUs. They only buy our device management capabilities. And so while the subscriber base increased our ARPU did not – increase a lot and hence, it was relatively flat. Last year compared to this year, we did see some FX headwinds that we had last year and that we are not seeing this year.
George Notter: Got it. Okay. Thank you. And then the other one I wanted to add —
Jikun Kim: But if you look at the – yes, just one more commentary. We did bottom out from a recurring revenue standpoint in Q3 FY ’23. And so we’ve been making sequential improvements over time the last two quarters on that metric.
George Notter: Okay. Got it.
Jeff Gardner: And George, that’s really the metric – as we focus on our full stack solutions, that’s the metric that we believe and investors believe for our discussions. That’s the right thing to look at in terms of how we’re growing this business. That recurring revenue business is what you guys would refer to as more pure SaaS business.
George Notter: Got it. And then the K-12 business was a bit softer. Can you talk about why that was? I think you mentioned seasonality, but I guess it’s the summertime.
Jeff Gardner: Yes, George, very simply, we installed fewer units in the quarter was a little bit of pressure, but we expect that will bounce back over the next couple of quarters. We’re still in a really good position in that business with a go-to-market process that is driven by our sales expertise and familiarity with the customers in that business and adding the camera solution is going to really help our sales reps. We’re already in a leadership position in the market. But going forward, we’ve got the cameras, I think, are getting a really good reception in the K-12 business as well as fleet.
George Notter: Got it. Okay. And then any thoughts on you like the metric —
Jeff Gardner: I’ll let Jikun take that. George, I just wanted to also point out that when we talk about the vision solution over time, this is a much – this is a very high ARPU add-on for customers. So it can really do a lot in terms of growing that incremental margin that we talked about earlier. So Jikun, would you take the second part there?
