And so no impact on our cost structure other than outsourcing that work when we have the revenue and the work that we need to produce it. And on the digital equipment, a little bit of a different model there. As you’ve seen, our margins have gone up over time, just given the mix and how we’re managing both the digital print platform as well as how we’re treating the outsourcing. And so the short answer is no change to the cost structure. There’s obviously some variable costs that come along with the incremental revenue, but we feel really good about kind of the dynamics there and how we’re positioned to serve that market and really drive solid margins going forward regardless if it’s digital print or offset print. Eric, anything to add on the regulation?
Eric Johnson: Thanks, Dave. And Raj, just building on Dave’s comments. If you think of an annual report, much, much larger document. The tailored shareholder report is a much smaller page count. So, it’s a great fit for our digital platform. So while the number of share classes increases, the number of pages actually distributed decreases. So, again, that fits our platform extremely well. But I think key to your question, and maybe to expand a bit on it, is this regulation, is a mix of a broad spectrum of services, which fit deep in extremely well. A lot of discussion around the tagging in the iXBRL, there’s creation of the share class reports, and that can be done in our software as well as our tech enabled solutions, the tagging and then the filing.
But I think where you were going with your question was around the downstream impact. So, they’re beyond the digital print requirements. Those share class reports have to be web hosted and distributed and distributed electronically delivered. And there’s an ADA element to all this where, that’s a value add that deep and provides from our solutions, both tech enabled and software, to help our clients meet this demand across the spectrum. So, certainly, it drives digital printing activity, but it does drive a lot more services across our spectrum of solutions. And then not only is a fund asset manager type impact, there’s also the insurance investment side of this, which has impacted significantly on the distribution side. While the mutual funds and the share class requirements are significant, the investment insurance side of the business also has to comply with the TSR regulation.
So, there’s a big impact there as well, very complex ecosystem, and our clients are coming to DFIN to manage that. Dan had mentioned earlier, we had a press release earlier in October to talk about our alpha release. And, in that release, I think it’s important to note that our solution has a straight through processing element that enables the financial report and the TSR to be strongly linked, eliminating any need for post production reconciliation. The dynamic output templates allowing great deal of flexibility and output, and that ultimately then drives the distribution and output. And then all this then managed by an enhanced dashboard experience, giving our clients a full view of where their TSRs stand from production the whole way through distribution.
Raj Sharma: And then just one last question on related to the tailored shareholder reports and the SEC requirements mandate that are coming. So, they will drive higher revenues for software revenue growth, but there is a, when you say to go from the current year-on-year growth rates doubling, you talked about software doubling by fiscal 2026. Correct me if I’m mistaken on that. That is a pretty significant jump from where software has grown in the last let’s say a year? And can you talk a little bit about that? How to understand that jump in growth rates, going forward.
Dan Leib: Raj, I am happy to take that one. And so, I think, to your point, you look at the historical growth rates. And if you just run those out, you may get a different answer. I think when you look at, some of the new regulations coming into play like TSR, we have talked about our single compliance platform with the potential to address new regulations. I also think there is an aspect of certain parts of the business that, today, we work through traditional services, that overtime will continue to migrate more toward a software offering or a hybrid software offering. And so, like we said, we are in the midst of extending out our long-range projections, and we will share more in February as we typically do. But those are just some of the highlights of how we are thinking about the overall mix of revenue going forward.
Operator: There are no further questions at this time. I would now like to turn the call over to Dan Leib for closing remarks.
Dan Leib: Thank you. And thank you, everyone, for joining us. We look forward to speaking again on our Q4 call in February and prior to that at some investor conferences. So thank you again.
Operator: I would like to thank our speakers for today’s presentation, and thank you all for joining us. This now concludes today’s call, and you may now disconnect.
