Thomas Blakey : I guess my first question is also — or both questions are on software as well. The numbers you’ve given for us are — you can kind of back into, I believe, strong double-digit growth in the renewal, kind of true-up business in the quarter. Is there anything onetime in that number? Or anything that kind of would lead us to believe that, that can’t — you don’t have any visibility into that — into fiscal ’23, that growth kind of remaining?
Frank Pelzer: Yes. We did not experience any sort of onetime benefits, I think the — however you want to think about the perpetual business versus the subscription business, but there was nothing unusual in the quarter.
Thomas Blakey : Yes. I’m sorry, I’m just focusing on the subscription business with regard to renewals and true-ups. And then as you mentioned — sorry, Frank, go ahead.
Frank Pelzer: No, no, no. Absolutely, Tom.
Thomas Blakey : Okay. And then just on the perpetual side, you’ve been a little bit above trend line in the last couple of years — the trend line over the last couple of years, where — what kind of visibility do you have into this perpetual business line, in the pipeline there? Comments from François, maybe. And maybe if you could juxtapose that with your comments about pause and a slowdown in spending just doesn’t really jive with your kind of like beating the last couple of quarters pretty handily from a perpetual license perspective, that would be helpful.
Frank Pelzer : Yes. Tom, let me start with that, and François wants to add, he certainly can. Again, we think some of the power of our model is the flexibility of the way customers want to consume. And in some cases, people have OpEx budgets and in other cases, they have CapEx budgets. And so in certain instances, I think they’d rather consume on a CapEx basis, and some of that will come through perpetual. It’s not something that we try to spend a ton of time forecasting the split between the two. We’re happy when revenue falls in either. And so for the last couple of quarters, you may have seen that tick up from what was sort of a low $30-ish million a quarter business to the upper $30 million, low $40 million. But generally, those are customer preferences and how they want to consume our solutions.
Operator: Our next question is from Jim Suva with Citigroup.
Jim Suva : Your commentary about the hardware being stronger especially with your outlook and such and the mix shift to more towards that, which will impact things. I understand it all, but the question is, is that impacted at all due to the supply chain issues during the past year or two in that maybe customers are absorbing some of the orders that they did and then this is going to face a headwind? Because normally, I would think about customers buying both the hardware and software kind of together.
Frank Pelzer : Jim, is it affected by the supply chain? The answer to that is yes, because we have a lot of orders that we were not able to ship last year, and we have made a lot of improvements in supply chain, both from our suppliers in the general environment and our own redesign of our platforms that give us better visibility on what we’re going to be able to ship to customers over the next three quarters. And we’ve always said we wanted to be able to get all this these orders to our customers as soon as possible and reduce our lead times, which we believe actually will be a tailwind to demand when we’re sale to reduce our demand. So yes, it is affected by that. But it is — that’s part of why we see the soft side in the hardware for the year. It’s because our view today of what we’ll be able to ship has actually improved from where it was three months ago.
