And I think as they scrutinize their budgets and try to figure out what they want to do, there’s actually a natural reason for them to come to us. And so I think that’s a nice baseline of modernization demand. I also think there’s several parts of the banks that have really grown. They’ve each got their own strategies, where they’re trying to explore opportunities across a range of products, and we’ve been able to build applications to help them launch those new groups successfully. So there’s no question, we said across all of the segments that we serve, if there’s a group that might feel more of the economic pinch, it’s probably the investment banks. But we’ve been doing well despite that reality as we’ve grown. So we’re watching it, but we’ve been very excited about some of the deals that we’ve won.
Matt VanVliet: All right. Very helpful. And then the subscription revenue came in quite a bit ahead of, I think, where we and most of the Street were on this. Should we expect that there’s still potential for some of these larger, lumpier deals coming through? And any thoughts on when you maybe stop selling new term licenses and sort of insist on everyone moving to the cloud in the future?
John Hall: Well, it is an option for us. We’ve talked about the fact that we want to make sure that we get everybody to be working with our cloud platform, because there’s no reason not to support them and have them move, and we’ve had very good success moving people. So we haven’t talked about a moment like that yet. But I think as we get more of our clients onto the cloud platform, we’re going to have an opportunity to help folks make the shift.
Operator: And our next question coming from the line of Brian Schwartz with Oppenheimer.
Brian Schwartz: John, I wanted to ask you about what you’re seeing in terms of the different geographies. I realize they’re different sized businesses. Can you talk about the bookings and maybe the top of the funnel or the demand that you’re seeing from North America versus the rest of the world? And then I have a follow-up.
John Hall: So we’ve been growing pretty steadily, actually. The international portion of our business is about 30% of the overall revenue, and it’s been growing pretty much in line. So we haven’t seen the big distinction between North America growth rate and the rest of the world.
Brian Schwartz: So even though North America is much bigger size than Europe, that’s continuing to grow strongly. I guess that’s my read through on that, which sounds great. The follow-up question I wanted to ask you, was just on the topic of landing the bigger deals out there. Is there a difference in terms of the concentration of those deals where they’re coming from, from your professional services end market versus the financial services end market?
John Hall: Well, there are very large firms in both the financial services space and the professional services space. And we have more and less time in some of the sub-verticals that we’ve called on, but the large firms are a huge opportunity that is newer for us, as an organization. And we’ve done a lot of work over the past few years, to develop the technology to the point that we really are getting positive feedback from some of the very largest firms out there. So I think that the growth opportunity both to land and to expand significantly, inside the very large firms, whether it’s the Big 4 in accounting or the investment banks or the large multi-strategy private capital firms or the big global consulting firms and law firms, where we have some very significant cross-sell, upsell opportunity. I think we’ve got a deep space to sell into across those.
Operator: And I see we have no further questions in the queue at this time. I will now turn the call back over to Mr. John Hall for any closing remarks.
John Hall: Okay. I’d like to say thank you to everyone. We appreciate your attention and your questions, and we have a great Q1 behind us, and we’re excited about our start to the fiscal year. So thanks for your time today. We look forward to talking to you next quarter.
Operator: Ladies and gentlemen, that concludes our conference for today. Thank you for your participation. You may now disconnect.
