Brian Miller: Yes, and actually on the payment deal, that there really wouldn’t be anything that in the bookings number, only the actual revenues as they come through in a given quarter basically run through bookings and revenue at the same time. So for payments, we don’t include it again, because they’re not a fixed amount. We don’t include those in bookings or in backlog. But those payments deals for the full year we estimate that they’ll add more than $13 million in annual recurring revenues. And there’s a mixture of contracts there that are either gross or net processing through our platform and still some deals that are through our reseller arrangements where we have a revenue sharing arrangement. So the revenues are lower but the margins are higher on those.
Operator: Your next question comes from the line of Alex Zukin with Wolfe Research. Your line is now open.
Alex Zukin: Yes, hey, guys. So maybe just two for me. I guess the first one just similar to one of the questions, I think that’s been asked, but maybe on a slightly different metrics. Again, the subscription ARR added in the quarter this quarter seemed to be lower sequentially than the last two. So just maybe clarifying what drove that from a bookings perspective? And then more broadly, as we are much more geared towards subscription and SaaS, how should we think about at least how were you guys thinking about kind of net new SaaS ARR, net new kind of subscription bookings growth for €˜23? And then I have got a quick follow up on cash flow.
Brian Miller: Well. We expect, clearly we expect the subscription booking and subscription ARR will accelerate from 2022 and 2023, both on the transaction side and the SaaS software side. Part of that, again, the change in the mix accelerating in a more significant decline in licenses this year with that being replaced by new subscription arrangements. I think the question about just the new subscription ARR again, that number really just relates to new software deals. And as you said, there weren’t any mega deals in this quarter. But a good volume of sort of midsized deals. I think more that’s just around the timing. We’ve said that the pipeline continues to be very strong. RFP activity remains generally stable at pretty elevated levels of the market activity supports that expectation that we’ll continue to see an accelerating rate of new software ARR.
Alex Zukin: And then I guess, Brian, from a free cash flow perspective, when you think about the lag or the delta between operating margins and free cash flow for this year, it’s obviously a little bit higher than in previous years, given some of the items you mentioned around tax and expense or capitalization versus some R&D expenses. As we think about it for €˜23 and even more so for €˜24. What’s the right expectation for free cash flow margins versus operating margins? And that delta specifically in these two years as we kind of trough margins and transition to SaaS?
Brian Miller: Yes, I think, generally, we would expect that and we talked about what are our capitalization, our CapEx, both software and non-software CapEx is for 2023. That’s a bit higher. And some of that’s related to software CapEx and some of that’s related to facilities investments that we’re making in a couple of particular locations as expected in €˜24, that that CapEx would decline. In general, I think our cash flow margin would grow in line with a faster than our operating margin. Once that CapEx starts to normalize. The impact of the Section 174, which is still a bit unclear, will be significant on cash flow in 2023. Because if it stands, if it’s not repealed, and we’re not the first company or the first software company to talk about this, you’re starting to see more of it.
