Bryan Hipsher: Yes, Heather. If we kind of look at it, you’ll see continued EBITDA growth in both the third quarter and fourth quarter. I’d say on the margin side, the fourth quarter from just a percentage basis will be where you see a little bit more expansion than where we would see in the third quarter. And some of this is coming in. We had about $2 million of headwind from the FX side in the second quarter. We also had the mix of the GSA revenues coming off and some of the other newer revenues coming on at a strong contribution margin, but just not as high as what the GSA was previously. And then, the final, if you look in the Corporate segment, we had a little bit higher performance-based incentive comp in the second quarter than we did in the previous year.
And so those things start to normalize right as the year progresses, and that’s the way we would think about the fourth quarter stepping up from the third quarter and again, the third being even better than what the second quarter was.
Operator: Your next question comes from Andrew Steinerman from JPMorgan.
Andrew Steinerman: Hi, Anthony. I’d like to know how Hoovers did in the second quarter. And that product has been revitalized and wanted to know how you feel like Hoovers is doing competitively with B2B professional contacts versus other providers out there.
Anthony Jabbour: Sure. Thank you, Andrew. Yes, our Hoovers business like I said, that was an area that was in radiation and declining quite a bit. And we’ve got it to, I’d say, a more breakeven pace where it’s not a headwind on the business. And we’re still seeing it operate at that level right now. We saw some minor pullback of licenses. But for the most part, the business is performing like it has for the last up quarters.
Bryan Hipsher: And Anthony, I would add, too, and Andrew, the balance between North America and International. And so in international, where it’s being brought to bear as a net new solution, we’re seeing nice growth and acceleration from that perspective too. So overall, I think we’re really pleased with the progress we’re making in that Hoover space and how we’re aggressively going to market there.
Operator: Your next question comes from Manav Patnaik from Barclays.
Manav Patnaik: Thank you. I just want to follow up on that the second half expectations, particularly in the fourth quarter. That’s typically your biggest quarter. I know you’ve tried to kind of reduce the reliance there. But just talk a little bit about the visibility there and just remind us how much of that in the business there ends up being transactional versus typically recurring.
Bryan Hipsher: Yes. So Manav, it is the largest. We kind of have those bookends, right, and certainly have moderated the magnitude of them, meaning that first quarter from the magnitude is generally about the smallest ride; second and third, relatively similar; and then the fourth is a little bit higher just due to the nature of some of the deliveries that take place and some of the activity that takes place during the quarter. You remember last year, we had a little bit around the fringes on some of the delivery timing of Master Data Management, and we’ll be comping that obviously as we go into the fourth quarter of this year but the visibility for this business is quite high, right? And so when we think about the amount of just daily ratable subscription revenues, you’re talking about 75-plus percent on deliveries, right, which can be kind of semiannual, quarterly.
Our annual deliveries, they’re guaranteed in that time period. And then you have some usage on the fringes, again, where may be pulled down in different months. But in a 12-month period, all of that is captured. So when I think about this business and even in the fourth quarter, visibility is quite strong and quite high.
