Adam Tindle: Great. Super helpful. Maybe just a quick follow-up at a higher level, John, from a strategic standpoint. When you talk about software, you talk about the word transformational it also sounds like you’ve got a new services offering that is going to be embarking early next year, if I heard that correctly. So on the topic of kind of lumping software and services together because of important optionality for investors as they think about how the company could look different over time. Maybe you could speak to what you’re learning from either end customers or integrators on key asks around these areas. What they’ll pay for and what you think you can monetize? And any additional comments around this topic would be helpful. Thank you.
John Heyman: Yeah. Thanks, Adam. I think we’ve got a great foundation with our foresight subscription offering that we’ve got well over 100,000 homeowners that subscribe to that. And we have a service offering, Parasol which serves thousands of homeowners directly so that homeowners can get service when they need it, meaning 24 hours a day, seven days a week when they’re using their systems and sometimes their integrators aren’t working. And for those of us who have systems or even just are using regular cable or even if we’ve cut the cord, if the Internet is not available, that’s very painful when you’re trying to watch TV or listen to music. So we — that was our foundation. We have done a number of end customer surveys. We know what customers want are access to software upgrades.
Unfortunately, in the industry, frequently, the customer is — an install happens and they never get an upgrade. And that results in reliability issues in their systems, plus it prevents them from getting new functionality that’s available to them such as kind of our recent introduction around voice. And so we’ve surveyed that and we’ve been making big investments around OvrC and Control4 to solve those issues specifically ensuring they get the best software we have available and 7/24-hour service that we can scale effectively due to OvrC. And we have been working with the industry and our partners on solving that. I think the other piece of it is making sure we create alignment in the industry. The industry has always been hungry for our recurring revenue model.
And we’ve got one with 4Sight and Parasol. But we — in the — with the exception of 4Sight, we haven’t made it available to the masses. And so we’ve been doing a lot of testing around the products people want and the services people want in the field. We’ve been doing a lot of testing around pricing, and we are gaining a lot of confidence around kind of what the production release, if you will, will look like for the industry next year. So I think it’s going to be super exciting. I think it’s going to create kind of the most loveable experience that is available to any homeowner in the future. So a lot of investment going on inside of the company right now, a lot of passion, really thankful for the integrators who are partnering with us on it.
Operator: Thank you. [Operator Instructions] Our next question or comment comes from the line of Keith Hughes from Truist. Mr. Hughes, your line is open.
Keith Hughes: Could you give any kind of at least directional indication how the residential markets look versus the commercial markets move at a different rate?
John Heyman: Yes. I think, Keith, the short answer is the commercial market is slightly outperforming the residential market, which might not make sense to you, but I do think the commercial market has also, in some places, suffered because of what’s going on with office buildings that we’re all aware of. And when we say commercial versus residential, I’m really speaking about channel like the residential integrator versus the commercial integrator. And so the residential market is almost keeping pace with the commercial market. But inside our integrators businesses, we know that some of their capacity is being directed more to the commercial market, than say, a couple of years ago.
Keith Hughes: Okay, and that’s all for me. Thank you.
Operator: At this time, this concludes our Q&A session. I’d now like to turn the call back over to Mr. Heyman for his closing remarks.
John Heyman: Thank you to all our investors for spending time with us today and our analysts, thanks to the integrators that are on the phone, and special thanks to the team at Snap One, who are working hard to meet all of our constituencies expectations. Looking forward to speaking with you early next year. Have a great holiday season.
Operator: Ladies and gentlemen, thank you for joining us today for Snap-One’s Fiscal Third Quarter 2023 Earnings Conference Call. You may now disconnect.
