Mike Cotoia: So I’ll start with the Q4 renewals. Everything that we baked in our forecast, has everything what we reported for our forecast and our guidance ties everything in there, current renewals, the impact in Q4. And in terms of IntentMail AI that’s really a 2024 and beyond impact. And I would say Zach, the impact on that our initial impact is really well aligned with our customers. And it’s about better visibility, better usage, better leverage of our data so that retaining and making sure our customers see a better experience not only in the marketing side, which we’ve been really well known for but on the sales side, which is really important right now for both marketers and sales. So you won’t see a revenue impact either way up or down based on what we report and what we’re launching.
Zachary Ajzenman : Got it. Okay. And the follow-up just one on the long-term contract revenue. So it looks like some further declines here in 3Q. I believe roughly half that bucket is Priority Engine. But maybe can you just shed a little more light on what comprises the other half of long-term contracts and whether the performance here is in line better or worse than what we’re seeing on the overall long-term contract revenue line?
Mike Cotoia : Yes. Majority of the long-term revenue is tied to Priority Engine. The other components that we do have customers that will sign up a long-term programs that have content syndication our integrated product offerings branding studios, our channel through our Bright Talk offering. So we have a lot of that baked in there. So as I mentioned earlier in terms of the percentage of our overall I think it was 36%, which was down that’s directly aligned to what’s going on with the market. And a lot of folks can or a lot of our customers really trying to navigate the next quarter never mind the next year. And that is — that’s pretty consistent with what we’ve seen. But I then pivot back to the reasons why we made some of those acquisitions and the products now that we have to go in and introduce or engage with our customers whether it’s around building our strategic content strategy for a new product launch or a new company positioning all the way down to confirmed projects, which are bottom of the funnel type of products that we have to offer gives us a better opportunity to stay engaged bring value and actually engage with new personas that we hadn’t been able to engage with before.
So that’s our playbook as everyone continues to navigate the uncertainty in the environment.
Zachary Ajzenman : That’s helpful. Thank you.
Operator: Thank you for your question. The next question comes from the line of Bruce Goldfarb with Lake Street Capital. You may proceed.
Bruce Goldfarb : Hi, thanks for taking my question. Congrats on the quarter. Just a few questions. Do you have visibility into 2024? Do you expect to grow in 2024?
Mike Cotoia : Bruce we’re actually right now I think the best approach is to provide the guidance on 2024 during our February call. We’ve all seen a lack of visibility. It does nobody any favors announce what we see in 2024 things continue to change quarterly. Like I said, before we feel like we’re navigating at the bottom of the cycle. It’s not a matter of if it’s a matter of when it turns. But I think we’d be a little bit getting ahead of our skis if we started announcing that right now.
Bruce Goldfarb : Okay. And then how is the activity at Bright Talk versus the historical?
Mike Cotoia : I mean, everything is now integrated in terms of our product offering. So we have we don’t break that down in terms of our Bright Talk product x, y, z, TechTarget product A B and C versus ESG. Our goal over the last two years was to integrate all of our offerings, to provide a content strategy. That content strategy turns into a program strategy. That turns into an insights capability and capture that can be delivered back to our customer sales and marketing departments. And I would say in terms of what we’re doing across all three of those as well as in the health care market, we’re working against the plan and making sure that we’re doing the right things on that.
Bruce Goldfarb: Thank you. And what’s the M&A pipeline look like? Are you still be an opportunity…
Mike Cotoia: Yeah. I think we’re consistent with years. We’re very opportunistic in terms of M&A. We always look for areas where it’s either, a good content strategy, in audience strategy and additional capability strategy that aligns with our overall offering and long-term goals and revenue. And so we’re always — we’re consistently in conversations and that’s been consistent throughout the last couple of years.
Bruce Goldfarb: Okay. And then lastly, do you think expenses will come down in 2024?
Mike Cotoia: Well, we do a good job of managing the expenses. We still — as I mentioned we are making some investments in areas that we need to make sure we are aligned and put us in a position to capitalize on the up-tick. And some of those expenses that we’re looking at or what I would call investments, are on the product, the content and the engineering side. Now with that being said, we have a really good track record of managing our discretionary managing our hiring, if somebody leaves. And we don’t — we need to backfill them. We might not backfill them. If we have a major initiative, we might realign resources internally. We have a really capable strong skill set sales force that can adapt and they’ve moved in different positions before.
And we take that approach in terms of how we manage the business. So I don’t know if I would say that the expenses will go down, but we’re going to continue to manage and make sure we’re prioritizing the right investments, against the right opportunities.
Bruce Goldfarb: Great. Thank you. Congrats on the quarter and congrats also on IntentMail AI. It sounds really interesting.
Mike Cotoia: Thank you.
Operator: Thank you for your question. The next question comes from the line of Jacob Staffel with Goldman Sachs. You may proceed.
Jacob Staffel: Hi guys. Thanks for the time today. It’s good to hear that there is a little bit of stabilization that we’re assuming near the bottom of this macro pressure cycle that we’re in. Actually just one quick one for me and I apologize if this was touched on earlier, but another company that you are familiar with definitive healthcare noted that they see a lot of really strong top of the funnel activity. It’s just a function of converting that top of the funnel to bottom of the funnel. Can you talk about the top of the funnel activity? And maybe how those conversion rates to bottom of the funnel have trended this quarter? I guess 3Q thus far and 4Q against maybe 2Q and prior periods?
