Matt Niknam: Hey, guys. Thanks for taking the question. So maybe first on adjusted EBITDA, so I think year-to-date, you’ve generated a little under $28 million. You’re reaffirming the guide for 60% to 62% for the year. I’m just wondering, as we think about just — initially, I think the expectation was the Twilio deal would be somewhat dilutive upfront, so I’m just wondering, you mentioned maybe a little bit more optimism there around the profitability prospects, so if you can maybe help us think about the bridge in the second-half of the year to hitting the adjusted EBITDA target? And maybe secondarily, as you think about the IoT Solutions business, I’m just wondering if you can maybe help quantify the headwind from the pushout of orders, and is the assumption then that 3Q still remains challenged and the deferred orders show up in 4Q? Thanks.
Paul Holtz: Okay, so I’ll take the profitability one. So yes, year-to-date, we’ve done around 27%, so 13%-ish in the first quarter and 14.2%. Just remember, Matt, that the first-half of the year is really front-end loaded from a cost perspective, and going back to Q1, we did have additional costs from the audit and so forth there, so you — we typically do see EBITDA grow throughout the year as we are growing. But to your point, we originally had Twilio to be accretive right out of the get-go, which for June, they were negative, but we’re seeing that improvement, and as Romil mentioned by Q4, we have a good chance of them being breakeven and then obviously then positive into 2024, but really, the bridge to get to the 60%, 62% is where we are from a revenue perspective and growth with a lot of the growth coming from the connectivity business at the higher margins in Q4 being where we expect all the additional solutions revenue come back in, which will make it the biggest quarter of the year will get us to that 60% to 62% range.
We had also built in like I had mentioned some incremental headcount in the back end for growth and so forth. And right now, we’ll take a look at that and monitor that as we see what goes on with the solution pushback, but again, that was a little bit of a buffer that we can use if needed. Sorry, and I forget.
Matt Niknam: Then there was a question about just the confidence around the push — well, quantifying the amount of pushback and then how much should back up in Q4?
Paul Holtz: Yes, so we saw about $1 million starting in Q2 at the end mainly in June here at the end, so for the back half of the year, the number between Q3 and Q4, we estimate between $5 million and $10 million, so again, depending on timing, where that is, we do expect most of that to be in the back end in Q4.
Romil Bahl: Right, so to be clear between $5 million and $10 million we’ll move, we hope only from Q3 to Q4.
Matt Niknam: So we’re assuming — just to be clear, Romil fall, so June was about $1 million. You’re assuming that this kind of accumulation in 3Q and falls into 4Q. That gets you to that $50 million?
Romil Bahl: Yes. Correct. That’s right.
Matt Niknam: Okay, great. Thank you.
Romil Bahl: Thank you.
Operator: Thank you. [Operator Instructions] I’m showing no further questions at this time. I would like to turn the floor back over to Romil Bahl for closing comments.
Romil Bahl: Thank you very much for your attention here today on our second quarter call, we certainly appreciate you taking the time to listen in and to ask your questions. We look forward to updating you in mid-November with our third quarter results. Good-bye.
Paul Holtz: Thanks.
Operator: Thank you. This does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation, and enjoy the rest of your evening.
