Kieran Kenny: Great. Thank you for taking my questions. First, Jarrod, can you comment on whether the data deals signed in the quarter were all recognized ratably? And then related to that, any color you can provide on whether or not the data revenue grew year-on-year? And then Paul, you talked about the growth in the contributor base and the library. Can you talk about some of the trends that are driving that both organically and some of the inorganic contribution? Thank you.
Jarrod Yahes: Thanks so much for your question, Kieran. I think as you think about our data deals, we are increasingly structuring these deals such that the revenue is recognized over time. We signed a number of deals under that construct. There are different structures that we have for different deals that create an inherent lumpiness in this business. And so this business is becoming more visible and the recurring base of revenue in this business is becoming higher as a percentage of the total revenues in this business, but there will be an inherent lumpiness in this business and we expect that. With our data distribution and services business growing 90% year-over-year, this is going to go up and down, but we’re thrilled with the start.
I mean, we couldn’t be any more excited about the momentum, not just in data, but also in Giphy and studios. We really feel like these are three large TAM opportunity, high growth business segments that we expect to have a long runway for growth over time.
Paul Hennessy: And regarding the contributors, our content growth, the scale, organic and otherwise, what I can tell you is as our business evolves from purely serving the needs of advertisers and folks that would have more traditional use for our content, as we opened up the aperture to include accepting content for data, the market follows that trend. And so now we’re seeing demand and supply pouring in, relating to giving us content across content types and across content use cases. So we think that that flywheel spins very, very nicely for in our favor and is actually spinning faster because as we have more content, that theoretically helps our conversion rate because we’ve got more to offer our customers that are — have more traditional use, that creates a broader opportunity for our data buyers.
And so again, more of that is, and I think is critical to driving our business forward. I think I could go further and say, and as we identify gaps in any supply that we have, we now become well positioned to actually go acquire and fill those gaps, meeting the demand side of the equation for our customers. So again, love to see the content. We’re a content company and that scaling content is good — helps both sides of our business.
Kieran Kenny: That’s really helpful. Thank you both.
Jarrod Yahes: Thanks, Kieran.
Paul Hennessy: You bet.
Operator: That concludes our Q&A session. I will now turn the conference back over to Paul Hennessy, Chief Executive Officer, for the closing remarks.
Paul Hennessy: Yeah. I just want to thank all of our contributors, our employees, and all of our customers for helping us deliver an extraordinary Q1 and set us on a path to deliver our 2027 plan. Thank you all for joining our call, and this ends our call for today.
Operator: Ladies and gentlemen, that concludes today’s call. Thank you all for joining. You may now disconnect.
