François Brisebois: Okay. Great. And just lastly here. I’m sorry if I missed this. But in terms of the stickiness of the business, obviously, the change in seasonality, but the stickiness had already been there on the 95%. And I think you had mentioned some of the 5% that’s not necessarily sticky. It is either maybe a company getting out of business or just due to M&A. Is that stickiness still there around the 95%?
Shawn O’Connor: Absolutely. The renewal rate is anticipated as certain renewals that previously would have been in the first quarter because of the change in the renewal pattern here will happen during the course of the year. It’s reflected by our guidance of 10% to 15% for the year. Underlying metric there is that 95% — 93% to 95% renewal rate, and that will occur. But as we indicated last quarter, first quarter would be impacted by the push out of renewals into the second, third and fourth quarter, and hence, on a year-over-year basis, you see a little dip in the for free renewal metric.
Operator: Our next question comes from the line of Mitra Ramgopal with Sidoti. Please proceed with your question.
Mitra Ramgopal: Just a couple. First, if you could just provide some more color on the headcount additions in terms of — is it ahead of where you expect it to be as you head into the second quarter and the remainder of the year? And are you seeing any change in easing in terms of availability of candidates and even compensation?
Shawn O’Connor: Mitra, as we’ve indicated, it’s a very competitive market out there for scientists and computational biology, and therefore, we were extremely pleased with the success we had this past quarter in both regards in terms of the additions, the recruiting and new hires that we’re able to bring on board as well as our retention profile for the quarter, very successful quarter on the people front for the Company. Are we done? No, we’re continuing through the course of the year to look for new talent to bring on board. And successful first quarter gives me high expectations for our ability to continue to operate the plan.
Mitra Ramgopal: Okay. And just coming back on the M&A side. I know you mentioned since August 2020, you identified more than 60 candidates that sort of met your criteria, but you haven’t announced any closure, so to speak. And I’m just curious, what has sort of been like maybe the biggest sticking point or maybe a few things that you think might have just led to not being able to get a deal done?
Shawn O’Connor: Yes. It’s a range of scenarios, not the smallest of which, probably top of the stack is companies are not always in a position where they’re looking to be acquired. And so that is a scenario that’s often encountered in those instances where there is interest, the accretive nature of their business, it being at the stage that would allow us to fulfill the criteria which that we’re not interested in non-accretive acquisitions, that would be a stumbling block in cases. And then finally, attractive valuation, the dynamics of which have changed over the course of the last couple of years as health care multiples have risen and fallen and over time, those valuation discussions have changed and evolved. But in the end, valuation is always a key criteria to come to agreement on that.
Mitra Ramgopal: Okay. And then finally, obviously, you have a lot on your plate in terms of the domestic market. But I know you’ve always talked about exploring opportunities in Europe and even in Asia. Just wondering, if you’re having any traction on that front?
Shawn O’Connor: Good traction. We service Europe directly. We service Asia and Latin American markets through distributors. And we’re seeing a pickup in terms of the distributor geographies. They were, in some cases, more impacted by COVID, more impacted for a longer window of time, and those seem to be improving, probably the exception to which is obviously the Chinese market. But there’s some promise of that opening back up here of late and the Latin America market, which we initiated a new distributor agreement late in the last fiscal year. It looks to be contributing very well to us as we move into the new fiscal year here. European marketplace is pretty robust. We bank on the service side to see more boots on the ground for scientists local in that territory and working to that end have increased the employee count in Europe, pretty well over the last couple of years, but there’s more work to be done there.
So I think as we’ve grown, the European component of our revenues, I think, has that split of round numbers, 60%, 65% revenue in North America with the remainder split pretty evenly between Asia and Europe has stayed pretty consistent. So it’s growing, growing as our businesses as a whole. And I think there is opportunity for us to accelerate in some geographies there.
