Chad Bennett: Okay. And so you don’t expect any macro improvement in the second half, maybe that’s the best way to ask it?
Michael Farlekas: I think we’re expecting it to be, as we kind of said, Craig, I think we’re kind of seeing — as expected and we didn’t build a lot of macro build into our overall plan for the year. So I think things are progressing as expected.
Chad Bennett: Okay. And then, is there a way to think about just in the existing base today, Michael, how many customers have more than two, three, four modules from a penetration standpoint?
Michael Farlekas: We do some of that work, and we know that, especially with the addition of the last two acquisitions, which were at more customers. And specifically, BluJay had a lot of larger customers added. We are seeing incremental pickup, but many of them have either one or two still when we kind of bring them in. So by definition, they come in with a — as a single point solution company because that’s all that coming at. So that process doesn’t happen overnight. We have many examples of adding solutions to clients and we’ve kind of mentioned one on the call today. But that process continues. I think that’s really the long-term potential we see in the business is that people don’t change their supply chain applications overnight.
They don’t just change them out because they now have more access in a single partner. But over time, our probability of success is incremented because there are already clients already know us already have proven success with us. What takes me back to Mark’s question around our conviction about growth is because we have a lot of solutions. We have a lot of customers, and it’s just a matter of penetrating that over time. Which gets us back to the long-term nature of our strategy because those customers aren’t going to go away and their need for supply chain software only increases over time.
Chad Bennett: Got it. Thanks for taking my questions.
Michael Farlekas: Great. Good to hear your voice.
Operator: The next question comes from Andrew Obin with Bank of America. Please proceed.
David Ridley-Lane: Good evening. This is David Ridley-Lane on for Andrew Obin. So just wondering on the second quarter guidance and what that implies sort of on a sequential basis for subscription revenue. How much of that is just the last bit of this elevated churn versus what you’re expecting in bookings, what are sort of the puts and takes if you looked at it sequentially?
Marje Armstrong: I would say, churn as you mentioned, is a big part of that. And again, we don’t provide specific bookings guidance, but obviously, churn has — the elevated churn in the first half that we’ve talked about in prior quarter and this quarter has the main impact here.
David Ridley-Lane: Got it. And then based on the bookings so far this year, are you starting to, I know you mentioned couple of client wins, but more broadly, I think the large client behavior was the sort of the thing that have shifted on you, are you starting to see signs that that’s improving?
Michael Farlekas: I’d say it’s partly because we had a number of deals that were in our pipeline for a long time that come through. But I don’t really see — I still think big companies are very judicious about writing long-term commitments for large ticket items overall. And they’re very cautious at this point. So they’re not rushing to do that to the things that do get approved go through multiple steps. I don’t think that really has changed. So the duration is — has increased in our pipelines. We see that. Now obviously, that means they tick up a bit. And then when you have a lot of our shoes go, it goes down a bit. But I don’t think there’s a lot of change in behavior or sentiment at this point. I think people are still trying to understand this macro environment where you have high inflation, high employment at the same time and you have an increasingly aggressive monetary policy.
