Andres Reiner: Great questions. In terms of Gen IV AI, I think it’s been transformative for the market. I would tell you that all the deals we’re winning, whether it’s Les Schwab or we’re seeing an expansion at Cargolux or any of the deals I talked about, the Gen IV technology is a very big leap compared to our Gen III technology and it’s resonating really well. Especially in these type of markets where you have high volatility, you can’t go with the typical segmentation based on pure historical data as many companies have in the marketplace. So that continues to play a big role. Generative AI, one of the really transformative parts of our AI platform is our ability to ensemble multiple algorithms. LLMs, including the open AI technology that we’re using with Microsoft, allows us to leverage those for the right use cases.
Think of a sales assistant type of technology, pricing assistant type of technology. Those are where we’re leveraging LLMs technology and we’ll continue to do so, as well as many aspects of our business. But it’s a combination of many types of algorithms that we’re bringing to bring a higher level of intelligence to our solution and continue to transform the AI space. I think we’re very excited about being able to leverage all of these different types of AI algorithms for the right problem areas, and we’ll continue to innovate very closely with Microsoft, especially on the generative AI front.
Victor Chang: Got it. Thank you. Maybe one follow-up on stock-based comp. I notice it’s edged a bit higher for Q1 and for full year as well. Can you give us some color on that? Is there any kind of wage inflation that we should be factoring in a bit a more?
Stefan Schulz: No. That’s timing of some accelerated expense that we took in the first quarter. It’s basically going to take expense away from the rest of the year. So what you should see is as the year unfolds our percentage of stock-based compensation expense should actually decline year-over-year from about 14% a year ago to about 13% this year. It’s really more about the acceleration of some of that, that occurred in the first quarter. You’ll see the benefit throughout the rest of the year.
Victor Chang: Very clear. Thank you.
Andres Reiner: Thank you.
Operator: Ladies and gentlemen, we have reached the end of the question-and-answer session. I would like to turn the call back to Belinda Overdeput for closing remarks.
Belinda Overdeput: Thank you for listening to today’s call. We look forward to speaking with you at conferences and events this quarter. As a reminder, we will be hosting our 2024 Outperform with PROS Conference on May 20th to 22nd in Orlando, Florida. We will host a session for investors and analysts at the conference at 08:00 AM Eastern time on the 22nd, which will include a customer panel and executive management panel. Registration is open on our website for the conference. The investor and analyst session will be streamed live virtually on the Investor Relations section of our website. We will also be attending the Needham Technology Media and Consumer Conference on May 15th in New York City, the Craig-Hallum Institutional Investor Conference on May 29th in Minneapolis, the Stifel Cross-Sector Insight Conference on June 4th in Boston, the Baird Consumer Technology and Services Conference on June 5th in New York City, and the Bank of America Technology, Media and Telecommunications Conference on June 12 in London.
If you have any questions following today’s call, please contact us at ir@pros.com. Thank you and goodbye.
