Eric Shander: Yes. I mean, Matt, it’s a good question, and I always appreciate the opportunity to address the seasonality. I think as everybody hopefully knows, I mean Q3 is our largest renewal period. So certainly, a lot of activity that happens from a renewals perspective, which our net ARR in a Q3 basis, we were really, really pleased with adding about $5 million in net new ARR this quarter. What I would say is while we don’t guide on it, one of the things that we’re seeing from a PowerSchool perspective is that as our deals are getting larger, as we’re becoming much more strategic with our customers, deals are getting larger. And you can have the opportunity from any one deal, large deal getting closed in any one particular quarter, which certainly can cause a little bit of variability from an ARR perspective.
So what I would just offer for Q4, I think, similar trending. If you were to kind of look at where we finished and I’ll say modestly assume around, let’s say, $8 million to $10 million increase of net new ARR from this quarter, I think that’s probably a pretty good assumption. And I guess, obviously, any one big deal can certainly sway that. What I would tell you is as we look at the pipeline, as we look at the amount of larger deals that we have over the next several quarters, we couldn’t be more optimistic in terms of just seeing that momentum continuing. Now will they all happen in the fourth quarter? Probably not. But over the next several quarters, we do see a line of sight to a lot of larger deals. So just look for us to continue to kind of update in terms of the large deal volume.
But I would just say, assuming $8 million to $10 million is probably a decent assumption as we go from where we ended into the fourth quarter.
Matt Hedberg: Super helpful, Eric. That’s actually a really nice dovetail for €“ a question for Hardeep. I think it really builds on the strength of the quarter. But the 20% pipeline growth, I mean that was €“ that certainly stood out to us as well. I know you cited new logos, cross-sell a number of things that are driving that pipeline build. But is there one thing that stood out to you this year versus next year? I mean is it €“ I don’t know. Is it the funding? Is it just better appreciation? Just maybe what do you think drove that sort of strong pipeline growth this quarter?
Hardeep Gulati: Great question, Matt. So a couple of things. One is I think the key point here, what I’m reiterating is the diversity of our platform, right. We have such a broad areas that we support the critical needs the districts have. And as you see that all in the news, the districts coming out of COVID are definitely struggling, but at the same time, prioritizing. And especially with a sound funding environment, they’re making these transformation across the different aspects of their operation talent to be a priority. And that’s definitely €“ the demand is definitely healthy, which is driving a pipeline. If I have to call out any additional factors, while there is a balanced growth across most of our products, I would say that we do have some very strong large deals in the pipeline, which is also driving the growth percentage.
We, in fact, have line of sight where we have been either a letter of intent or kind of our deal to lose an almost $20 million plus of business over the next few quarters with some couple of large deals as well. So that definitely is, again, very refreshing and welcoming that not only are we delivering on strong quarters, we have a good visibility for the next few quarters of some of the large wins, too, which adds to our confidence of what we are sharing with you on our guidance.
Matt Hedberg: Thanks a lot, guys. Congrats again.
Hardeep Gulati: Thank you.
Eric Shander: Thanks Matt.
