Anselm Wong: Sure. Yeah. No. Like Ramey said earlier, the backlog is still holding there and I think what we’re seeing is that the tertiary markets is where a lot of the build is. And if you look at a lot of the, I would say, the mom and pop segment are the ones that are building in those areas and that’s where we’re seeing strength there that it’s still opportunity. And it is a long cycle business. It’s not something that these guys look at and say, hey, just right here and let’s stop now. I think they’re looking for the long-term and just recent new orders in the pipeline that we’ve been looking at are just a reflection of that that we’re seeing. Like Ramey and I have been kind of reviewing some of those and they’re still, those operators are still looking for the long cycle and say, hey, this is a good return for us long-term.
The rates might be a bit high now, but I think they don’t just look at the current peak. So, I think that’s kind of where we’re seeing the backlog and pipeline to hold up.
Ramey Jackson: Yeah. And just to remind you, the REITs and kind of institutional, the customer base that we view as institutional represents about 30% of the market. And so, our visibility considering our market share is really reflective of the entire market in the Americas. So, we feel like that’s kind of perhaps where the disconnect is as well.
Brad Hewitt: Okay. Great. That’s helpful. And then maybe in terms of Nokē, just curious what you guys are expecting this year from a revenue perspective and how do you think about the timing of the potential acceleration there on the topline? R Yeah. Look, I couldn’t be more proud of that team. We get 300,000 connected devices and we continue to innovate. We’re listening to our customers. The latest release around Ion, super proud, very optimistic. It gives us more flexibility on pricing. It gives us more flexibility on the offering in terms of what our customers actually need. And so, yeah, we’re very optimistic. We’ve got great feedback. We continue to refine. We continue to get better on stability. We continue just honestly to innovate there.
So, super bullish in terms of an inflection point. I can’t really predict that, but we’re doing all the right things in terms of customer engagement and just refining the offering to set it up to really accelerate adoption. Anselm, do you get anything else.
Anselm Wong: Yeah. And we don’t — as you know, Brad, we don’t disclose the Nokē piece of it, but I think what Ramey said is we’re bullish on terms of the opportunity with the new product. We’re in the middle of beta testing that product, and hopefully, we’ll have launch later in the year for that product because it just brings a lot of more optionality to our customers and a more stable product just because it is a hardwired versus a battery powered product.
Brad Hewitt: Great. Thanks, guys.
Ramey Jackson: Thanks, Brad.
Anselm Wong: Thanks, Brad.
Operator: Our next question is a follow-up from Daniel Moore with CJS. Please proceed.
Daniel Moore: Thank you again. Yeah. We couldn’t let the call go without a Nokē question, so since that was covered, I’ll go one step deeper. Just obviously, the Ion lower cost from an entry-level perspective, any differential in terms of the recurring revenue potential versus Nokē ONE and what are your expectations for uptake? I know it’s early, but do you think this could be as big or bigger or faster growth relative to Nokē ONE as we move forward? Just trying to get a sense for how you think about the relative opportunities there? Thanks.
Anselm Wong: Yeah. It opens up a lot of optionality. So, at this point in time, the recurring is still the same that either one, Nokē ONE versus Nokē Ion, but what the Ion allows for is just a bit of optionality because a lot of the feature set on the Nokē ONE are optional on the Nokē Ion, which makes it a bit more optionally, it blinds a different segment because some of our customers might not want all the features. So, this allows them to get the base features and add on as they please and what it also offers is even if they install the base model, they can actually add the different features after the fact, which is what we like about building this new product for our customers.
Daniel Moore: All right. Thank you again.
Ramey Jackson: Thanks, Dan.
Operator: We have reached the end of our Q&A session. I would like to turn the conference back over to Ramey for closing remarks.
Ramey Jackson: Yeah. Thank you everyone for joining us today. We’d like to remind you of our Annual Meeting of Shareholders coming up on June 24th. We encourage you to vote your shares and look forward to your feedback. We appreciate your support of Janus International and look forward to updating you on our progress again in the future. Have a great day.
Operator: Thank you. This will conclude today’s conference. You may disconnect your lines at this time and thank you for your participation.
