William Logan: So two good questions there. One, with Panera, it’s similar to other large-scale enterprise customers that we’ve worked with that have a franchise network. The CRI solution and CRI as a vendor have been adopted at the corporate level and there is no option for a franchisee to choose digital signage from another provider. The opt-in by franchisee does have to occur but actually, in the current situation, Brian, we’ve got franchisees who are pressuring corporate to bring them a digital option. Corporate is finalizing kind of their scope of work, we did a proof of concept. They want to make sure what they take to the franchisees meets their demand. So we have franchisees who are driving the bus as far as forcing corporates hand to move forward on this initiative. So we don’t anticipate any pushback or challenge in “selling through to the franchisees.” It will be corporate sponsored and we will be the only option within that network. On the second question.
Brian Kinstlinger: Relates to the backlog?
William Logan: Yes, on the backlog. There is some level of Panera in that backlog Brian, there has been since we signed them in 2022.
Operator: That completes the questions from the line today. Mr. Logan, are there any additional inquiries from the Investor Relations inbox that you would like to address?
William Logan: Yes. There was one question that has come into the inbox with respect to merger and acquisition activity and what, if any, updates the company could provide there. So I think that what I would say there is that we have and we’ll continue to evaluate strategic options including M&A. We’re in a highly fragmented space, strategic combinations can drive highly accretive value creation, both for ARR, EBITDA, free cash flow and EPS basis. The deals come in all shapes and sizes, and the company has and will continue to evaluate them. Given our anticipated growth and market position, along with strengthening profitability, there have been a number of discussions for opportunities with favorable deal structure. We could utilize that prospective M&A in conjunction with some kind of capital stack play, but the issuance of equity in those prospective strategic combinations would likely only be considered if the currency was inefficient use of capital.
So we’ve had a few that have been on the sidelines, frankly, while we wait for a resolution or response to the growth that we anticipate. That was the only question from the inbox today.
William Logan: Okay. No other questions have come in. So let me conclude the call by thanking all of our shareholders, clients, partners and employees for their continuing efforts, commitment and support as we work together to transform creative realities into the leading brand in digital signage solutions. This concludes the Creative Realities 2023 Second Quarter Earnings Call.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
