Patrick Brickley: Yes. So in the — hey Koji, this is Patrick. In the 117 there were, there was well over $16 million of one-time revenue in Q4 and Q1 is just not going to have anywhere near that amount. So you see with the ARR growth that the subscription, the recurring business is continuing to grow, but that one-time set of revenues is very lumpy. And you’ll see in the 10-K that we anticipate filing by the end of this week that in 2022, that one-time revenue amounted to over $35 million. So it’s, on the one hand, $35 million out of $432 million, it’s not a huge percent, but it is lumpy and it creates, it can create some noise. And just as you saw in the transition from Q4 2021 to Q1 2022 a lot of times those one time deliveries, they land in Q4 and they don’t land in Q1. So we had a sequential decrease coming into 2022 and we’ll have another one coming into 2023.
Koji Ikeda: Got it. Thanks guys. That’s super helpful. Thank you so much.
David Wagner: Okay.
Operator:
Kash Rangan:
Kash Rangan: Hello and thank you very much David and Patrick. David, a question for you, it’s been probably what, seven, eight months since you joined as CEO. That’s been enough time to conduct an extensive review and congrats on the quarter, by the way. I’m curious to get your take on what elements of the old strategy were actually working that you expect to harness and invest in, and what are the elements of the new strategy that you hope to implement that will get the path to the $1 billion in revenue that that you have clearly outlined? That’s good stuff. Thank you so much.
David Wagner: Yes, thank you, Kash. I mean, yes, hopefully it’s coming through really loud and clear that it’s building out this recurring revenue and focused on the value creation that comes from that is the difference or is really, to me, the key strategic shift that we’ve made. I remain really bullish. I say that and I remain really bullish on our public warning, public safety and smart security products. Those have really fantastic value. There’s definitely synergy with the rest of the portfolio. So, thing one is focusing on that recurring revenue and make sure that’s the focus, thing two is strategically bringing together in the right way the full suite of our products. And, to me the good thing, well the bad thing about what the company has done is just a lot of M&A relatively close together.
The good thing is that everything hangs together, the customer demand, the customer synergies. I’m seeing how we’re going to be able to bring this together retaining our leadership position with the broadest set of solutions in the CEM space. And with this modest divestitures that we talk about the 4 to 8, which should drop to 0 to 4.5 or so, with this under LOI that we pulled out. So anyway yes, to me it’s that big $1 billion ARR wheel and growing those customers through cross sell, migrations and new customer ads and just staying really focused on that.
Kash Rangan: Got it. Really well balanced business model. Thank you so much.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Dave Wagner for any closing remarks.
David Wagner: Well again, I thank you all for participating with us today, and I look forward to speaking with many of you throughout the course of the quarter and updating you again after our Q1 is complete. Thank you all very much. Have a great day.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
