Anthony Stoss: Got it. And then just trying to get a little bit more info on the Latin American carrier that you talked about that you expect to go live with your RPD. I mean really attractive for carriers. Where do you stand with kind of interest levels from other international carriers?
Bill Stone: Yes. So the pipeline is really robust and I expect to have some good things to talk about here over the upcoming future because the pipeline is in really good shape right now. We’re in the process of launching with this quarter with some new Latin American operators, which is encouraging to continue to expand our presence down there and then I touched on Xiaomi as well in my comments. And really the point here is rather than just being only relying upon a few operators here in the U.S., we’ve got to go ahead and cast a wider net and get a wider footprint so we’re not relying upon just upgrade cycles here in the U.S. and that’s exactly what we’re doing.
Anthony Stoss: Got it. Thanks, Bill. Appreciate it.
Bill Stone: Thanks, Tony.
Operator: Our next question comes from Tim Horan with Oppenheimer. Please go ahead.
Tim Horan: Hi guys, thanks. The last few years, I think your fiscal fourth quarter revenues have been down 10% or so and EBITDA a little bit, any reason it should be different this year?
Barrett Garrison: Yes. I don’t know that it would be much of a different seasonal factor. Tim, one thing we are considering is last December quarter was quite unique and didn’t have quite the holiday seasonal lift that many expected in the ad markets. So, we’ve taken what we think is a pretty prudent approach to how we’re thinking about our December quarter. But I don’t think outside of historical trends a seasonal decline, a normal seasonal decline wouldn’t be odd for Q4 this year.
Tim Horan: Got it. And can you give us a sense of the profitability of the two main lines of business at this point and maybe relative kind of growth rates for ’25? Yes.
Barrett Garrison: Tim was your question around –
Tim Horan: Well, can you give us a sense of, is there much difference in profitability for the two different business units on an EBITDA basis and then and how about growth into 2025, maybe in total for the two units? Yes.
Barrett Garrison: Yes, so let me start with the first one on kind of profitability. I’d say there is a difference on profitability, especially when you think about the margin and we have some details in the Q that you will be able to review which breaks out the profitability. It doesn’t have all the expenses, but just give you a sense of that. But as a reminder, much of our exchange business on our AGP business is reported on a net basis. So you will see the margins are slightly higher. Bottom on an absolute dollar basis they are similar profitability. Of course, there are different products within each of those business units that have different economic and profitability profiles. But typically, I’d say they are similar on an absolute dollar basis, but on a margin basis, our AGP business would be higher.
And then secondly, given the growth profile, we’re not guiding to next year, but you would hear optimism around many of the things, the investments we put in place as well as some of the comps that we’re growing over that would enable and allow us to grow next year.
Tim Horan: Thank you.
Barrett Garrison: Thanks, Tim.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Bill Stone for any closing remarks.
Bill Stone: Thanks everyone for joining the call tonight. We’ll look forward to reporting on our progress against all the points made on tonight’s call. We’ll talk to you again in our fiscal 2024 third quarter call in a few months. Thanks, and have a great night.
Operator: The conference has now concluded. Thank you for attending the presentation. You may now disconnect.
