Jason Blessing: Yes. Thanks, thanks for that one, Craig. Good question. So we have committed to updating investors on the status of SaaS transitions at the beginning of each year, so 85% at the end of last year. And that kind of implies we’re down to roughly a handful of remaining customers. And of that remaining handful there’s really only a couple of very large ones in there. And so the number is small enough that we can play man to man defense and have a really good sense in each one of these accounts when they’re going to move. And I think we’ve got great visibility into how these customers move over through the remainder of this fiscal year. And as I said in response to one of the past questions, a good point, just to clarify it again or reemphasize it, for these customers that are actively engaged in working with us post end of life in December, we are continuing to be a great partner to them, support them, and make sure we’ve got a great roadmap ahead.
But we feel really good about the handful of remaining customers to convert.
Craig Hettenbach: Got it. And then just as a follow-up, I wanted to touch on data and analytics at Rainmaker, you talked about some new product developments in tandem with customers. I know it was early stages back last summer, but just kind of where do things stand today and what are your thoughts in terms of commercializing some of these products?
Jason Blessing: Yes, that’s also a great question, Craig. I think it’s an interesting question in that some people say when are we going to start to see data and analytics products being sold and we already have great examples of products that fit that category for us today. Things like global price management, global launch excellence, 340B Vigilance, that are — products that are getting a lot of attention from prospects and customers today. But specific to your question, last year — last summer at Rainmaker, we announced two new products, formulary access and syndicated customer master. And we’re well on our way to delivering those products. We’ve got them slated for release in Q3 of this year. And both of those products also are being co-developed with us by top 20, top 50 pharma companies.
So I think we’re getting really good insight into the problem statement and what really matters to these customers. Formulary access is just ensuring that the hundreds of millions of dollars of patient access fees that pharma companies pay that they’re actually getting that access. It’s remarkable today, this isn’t really being audited, it’s manually spot checked for some of the bigger therapies. But we’ll provide a solution that will provide full coverage on formulary access audit. And then the second is what we’re calling syndicated customer master. And think of this as an industry gold copy of the payers and the providers and the different purchasing programs that they’re eligible to participate in with the manufacturers solves another big pain point as well.
So we’re on track to deliver those two products and looking forward to it. And thanks to our customers, we’ve had a great group guiding us through the development lifecycle over the last three, four quarters.
Craig Hettenbach: Great. Thanks a lot.
Jason Blessing: Thanks, Craig.
John Ederer: Thanks, Craig.
Operator: Next question, Samad Samana with Jefferies. Please go ahead.
Samad Samana: Hi, good evening. Thanks for taking my questions. Maybe first on just the two guidance, and if you could remind us, I think it implies that professional services revenue will be kind of flattish quarter-over-quarter. If I look back at historical seasonality, you get a bit more of an uptick. Can you just remind us about the seasonality and if there’s something that we’re missing, just thinking through the guidance.
John Ederer: Yes. This is John. I’ll take that one. And it’s a good question. So you are correct. Typically in Q2, we see a little bit of an uptick from a seasonal standpoint in this business. However, this quarter, we’re having a little bit of a challenge with a small handful of projects that we can’t get underway. And so we’re ready to go, but the customers aren’t quite ready. And so we’ve had a few delays in Q2. And so it’s basically some timing issues that we think we can fix over the course of Q3 and Q4. I would note that that business actually had a record quarter of bookings in Q1. So we exited Q1 with very strong backlog. We just have a little bit of a timing issue in Q2 here.
Samad Samana: Understood. That’s helpful. And then maybe zooming out, just you mentioned bookings, and I was going to ask it in a slightly different way. Just I know you said the revenue mix shift shouldn’t change materially between Life Sciences and High Tech, but when you think about this year, do you think that High Tech will increase as a mix, as a percentage of the bookings, just given the strength that you saw in the first quarter or any tilt that you’re seeing versus what you normally see mix wise? And how does the pipeline compare, even if we’re not thinking into revenue conversion yet?
Jason Blessing: Yes. When we take a look at in terms of the bookings mix as well as the revenue mix, I don’t see there being a tectonic shift in either, including bookings. I will say this, and you see it with our color commentary on Q1. We have definitely seen High Tech improve as an end market over the last 12 months to 18 months. And we started, I would say a year ago. We started to see our existing customers expanding their relationship with us and expanding usage of Model N. And then it’s been encouraging to see that new logo pipeline build and matriculate through to two new logos in the quarter.
