Samad Samana: Great. Thanks for taking my questions.
Jason Blessing: Thanks, Samad.
Operator: Next question, Brian Peterson with Raymond James. Please go ahead.
Johnathan McCary: Hi team, this is Johnathan McCary on for Brian tonight. Thanks for taking the question. So I have a question on sort of the mid-term targets. So that’s 15% to 20% subscription growth in the mid-term was, as you mentioned low-teens coming from expansion. Just kind of curious, is that — do you think that’s a reasonable goal with your current product portfolio, or is that going to require more organic or inorganic investment needed to drive that kind of longer-term?
John Ederer: Yes. This is John. I’ll chime in. That is largely based on what we have today. We’re on the brink here of rolling out additional products in data and analytics. And that would ultimately factor that — into that those numbers in a few years as well. I would say it’s predominantly selling what’s on the truck today.
Johnathan McCary: Got it. Got it. And then on the international opportunity that’s still kind of been in that mid-single-digits range, would you expect that maybe to shift over time? And what are some of the key gated factors to expanding internationally?
Jason Blessing: Well, so I guess this is actually a really interesting question. So if you look at most of our customers today, they are global pharma companies, and we’ve opened them in their U.S. operations. Some are headquartered here, some are, but nearly all of them have operations in EMEA, just by definition of being large global pharma companies. The thing that this has allowed us to do is we have actually worked with a number of these customers in partnership to build a couple of great products that I would say are functionally complete today, like global tender management and global price management. And then I suppose you could add a third on Global Launch Excellence, which Apellis took this quarter to complement global price management.
So this motion of servicing and selling to North American global companies has allowed us to partner with them — with to build out products that are functionally complete for the European market. I think, like most companies, as they start to move into other geographies, sales coverage is always one of the things you have to tackle. We do — we have started to invest in some headcounted region. We also try and head team the region with global accounts because a lot of the purchasing decisions do involve folks in the U.S. So I’m excited about the products we have, and really just over time is about scaling and making sure that we’ve got the right selling motions and sales coverage in the region.
Johnathan McCary: Thank you.
Jason Blessing: Thanks, Jon.
Operator: Next question, Pat Walravens with Citizens JMP. Please go ahead.
Aaron Kimson: Hi, this is Aaron Kimson on for Pat. Of the 15 customers that accounted for about 53% of your revenue on September 30, how should we think about where they are in their cloud transition relative to the long sale of customers that account for the other 47% or so of your revenue? Thanks.
John Ederer: Yes. This is John. So I think you’re referring to the disclosures in the Q’s and K’s about the top customers. I would say a high percentage of those have either completed or in process on fast transitions. And so that number is typically calculated on a total revenue number, which would include both subscription and services. And so companies that are underway in a SaaS transition may be showing up on that as well.
Aaron Kimson: Got it.
Operator: Thank you. I would like to turn the call over to Jason Blessing for closing remarks.
Jason Blessing: Thank you, Operator. And thank you everyone one, for joining us today. As we discussed on today’s call, we started out our fiscal 2024 with a good quarter and once again delivered strong profitable growth. I really appreciate all of our employees, customers and partners for supporting us. And thanks again for joining us today and have a wonderful night.
Operator: This concludes today’s teleconference. You may disconnect your lines.
