Sandeep Sahai: Yeah. Absolutely. So first is, it’s really exciting, but doesn’t show up in our revenue quite yet. So that is something which you will hear me internally go on about is, saying, this is every customer we talk to is really interested. It feels like they have been waiting for a product like this and haven’t had it. And I think this technology allows them to get insights in a competitive peer benchmarking and therefore where they should invest. But since — what I could say is, we do think it will start to produce revenue in 2024 and we do think it becomes a real engine of growth after that. But today it doesn’t. If you ask me about level of excitement from our client base, it is very high. We were able to demo things to our current clients and prospects and it was high.
But we also demoed some things under NDA to more limited clients, if you will, and it is quite spectacular what feedback we have got. It just needs to convert to revenue, I am hoping quicker than what everyone tells me.
Dylan Becker: Totally fair. And I know another kind of sub-segment too. Obviously, you guys have had historical strength and is in that insurance vertical. I wonder to what extent are you guys seeing and hearing from customers too, how that hardening environment, the ability for these guys to start taking rates the levels that we are seeing there is unlocking not only capacity but also kind of incremental willingness to spend. I know international is a component of that as well, but how that’s maybe freed up some of the budgetary allocation on that side as well? Thanks.
Sandeep Sahai: Yeah. I think that on the asset owners — go ahead, Jim. First, Jim, you answer. Go for it.
Jim Cox: Sorry, sorry. Sorry, Sandeep. So I think that — I think you are right that, that could be another contributor. All we do know is that our pipelines are large and larger and getting larger and so I assume that is a contributing factor to it. We don’t know the specific details behind that, but obviously, the healthier a client base is, the more interested they are investing, expanding, growing their business and thinking about that. And so I think that’s a rational point of view, but the truth is we just see it through pipelines.
Dylan Becker: Sure. Okay. Totally fair. Thanks guys.
Sandeep Sahai: Thank you.
Operator: We have our final question on the line from Brian Schwartz of Oppenheimer.
Brian Schwartz: Hi. Thanks for taking my questions today. Sandeep, just wanted to ask if you could shed a little light on the business activity that you are seeing geographically between North America and EMEA. It sounds like you had a really good quarter in the APAC, but just hoping you can shed light how those two geographies are doing. Then I have a follow-up for Jim.
Sandeep Sahai: What I would say is just on a factual basis. We have been in North America much more predictably and I would still say that Europe is still a little bit lumpy. Our coverage around Europe is not as good as North America, especially when you think about Continental Europe. So are the deals more lumpy? Yes. North America is just much more predictable on what’s going to happen. You can look at the whole dam and you can say, okay, so many will come to market and this is what we think will win. So I think we are much more predictable here. Asia is the same way and that’s why we announced Asia, because we don’t expect it. And when you got this, we are like, wow, this is really impressive that it got done in such a short time in Asia.
So, yeah, I would just say, much more predictable in North America, somewhat lumpy in Asia, but in Europe and pretty sporadic in Asia. Now we are investing in sales teams in each of these locations. As you know, we stood up sales and pre-sales teams in each of these markets at the beginning of this year. But it takes time and that’s how I think about the booking right now.
Brian Schwartz: Thank you. And then, Jim, the question I have for you was just on the sales and marketing expense in 3Q. It went down sequentially and that’s a change from the seasonal trend that we have seen from the business. And so I was wondering if you could provide some color on that and did you spend all that you wanted to spend on sales and marketing in the quarter? Thanks.
Jim Cox: Well, boy, if our Chief Marketing Officer, Susan, heard that, she would say, oh, let’s double down, let’s double down. We did have, if you recall, in Q2, we had our European client, which is smaller than the U.S. client, conference, which was in Q3. And I think last year we had more of those European events in Q3 as a kind of relative marketing spend. But I think you are right that typically we would pick up with the client conference in Q3. I think we will see that trend continue — sorry, the sales and marketing expense, I think, you will see that trend up in Q4 vis-à-vis Q3.
Brian Schwartz: Thank you for taking my questions.
Sandeep Sahai: Thanks so much.
Jim Cox: Thank you.
Operator: Thank you. I’d like to hand it back to our CEO, Sandeep, for any final remarks.
Sandeep Sahai: Yes. I just wanted to thank all of you. I wanted to thank you for coming out on Investor Day and listening to us talk about our company. I want to thank you for all of you being on this call here today. Look, we are very committed to trying to build a really special company and earn your trust, so that when we say something, we execute on it and we deliver to what you expect. So thank you all and we really appreciate your time.
Operator: Thank you for joining today’s call. Our conference call has now concluded. Please have a lovely rest of your day and you may now disconnect your lines.
