Wilfried Vancraen: Yes. Well, we continue to invest and see a couple of companies pick up the cloud-based solutions that we offer. At the same time, that is what my key comments on the industry were about. We are confronted with the situation that the cloud environment in a business-to-business context is actually a more difficult sale than just the, yes, Wintel based, as I said, software programs that run on a laptop because those cloud environments are so different. And the good thing is that we are really having our APIs, our libraries that are compatible and that can be deployed in different server or cloud settings. The bad thing is that, of course, it requires a more intensive investment from our side in order to support all those platforms.
And that’s where we are confronted with some delays and some issues in order to roll out more platforms. But what is even more important is that companies are doubting what choices they have to make. And in an economic environment that is not that favorable, doubt is a reason to postpone.
Troy Jensen: Understood. All right. Then how about a question for Koen. Can you just touch on deferred revs? You guys maxed out here at about €43 million, and we’ve had a couple of quarters sequentially that it’s declined. I guess, I would assume deferred continues to grow with the software offerings but just could you help us out on that?
Koen Berges: Yes. Your statement is correct. Troy, we did see our deferred revenue going down in the third quarter, also in the second quarter. But you have to take into account that there is a timing effect, though, included in these numbers. If you look historically at our deferred revenues, numbers, you will notice that we typically build up deferred revenue in the first — in the last quarter of the year. And typically, in the second quarter, you see a depletion. So if you look — if you compare the current number to beginning of the year, there is indeed a decline . But if you, on the other hand, compared to where we were in September of last year and take a full year cycle, then there’s still an increase of about €1.7 million.
Now that being said, the depletion in the third quarter was a bit higher than we anticipated, and that is, in our belief, linked to the current economic situation. It’s definitely an point as we move now into the fourth quarter where we should see looking back at historic trends, the deferred revenue pick up again.
Troy Jensen: Understood. Well, guys, congrats really solid results given what we’ve seen from some of the other companies in the space here. So congrats to you, and I look forward to seeing you guys next week at and Frankfurt.
Operator: This now concludes the question-and-answer session. I would now like to turn the call back over to Peter Leys for closing remarks.
Peter Leys: Thank you, operator. And thank you all again for joining us on the call. As we are entering the transition phase, I would like to close this call by symbolically handing the floor to Brigitte.
Brigitte de Vet : Thank you, Peter, and good morning or good afternoon to all of you. I very much look forward to continuing the dialogue with all of you as of 2024, together with Koen through investor conferences or one-on-one virtual meetings or calls. Upcoming Formnext in November will hopefully give the chance to already meet some of you in person. Thank you, and goodbye for now.
Peter Leys: Goodbye.
Wilfried Vancraen: Bye.
Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.
