Arun Seshadri: Yeah, partially, Deb. I mean, so the Q3 performance in L&S revenue was something just inside of $70 million. So that $70 million would’ve said would’ve been closed — sorry, go ahead.
Debra McCann : $17 million in Q3 and then there’s a big portion in Q4, in that October signing that we talked about was the —
Arun Seshadri: So, the first half was pretty much in line, and then 17 outperformances in Q3, and then the remainder of the outperformance in Q4. And then as far as — so your comments we can take is to say that the 2024 for L&S would be, I guess, at this point, at least somewhat similar to your broader overall guidance of 350 to 350 plus. Is that what you meant for ‘24?
Debra McCann : Yeah, so at Investor Day, we had said approximately 360, and so it’s consistent with that. And when we come out — when we report our Q4, we’ll give more precise guidance for ‘24 and going forward, but as of now, it does not change our view that we laid out at investor day about $360 million.
Arun Seshadri: Got it. Thank you. And then the one question that I had from somebody’s prior question was consumption. Did you talk about consumption as a percent of total L&S revenue? What it has run in prior years?
Debra McCann : Yeah, I mean, I think it’s just — we haven’t talked given that number, but it’s really just a part of the overall deal. It’s not different, right? The consumption is part of what the L&S deals are based on. And so, it’s really just at some point throughout the year, clients may consume a little more than they originally planned. So, there’s a true up, and in some cases, when they’re renewing deals, they add more, but it’s a lot of the basis of this, overall, the actual deal we’re signing. So, it’s not that, it’s a percentage of it. is the what they’re purchasing in a way. Is that, anything to add on that, Mike? Does that clarify Arun?
Arun Seshadri: Yeah, that does. Thank you, Deb. That is helpful.
Operator: [Operator Instructions]. The next question comes from Anja Soderstrom with Sidoti. Please go ahead.
Anja Soderstrom : Thank you, for taking my questions. Could you have for a follow-up on you mentioning the strong growth in the TCV in October what’s driving that? Is that an outlier layer or is that a new trend you think?
Debra McCann: Well, as I said earlier, this is Peter, and by the way, thank you very much for the question. I’ll start and then turn it over to Mike. I think as we think about the year and the progression of the year, there have been a couple of things that have kind of become apparent, and one of them, as Mike said, is just the time it takes to close these deals. And so, we had been hopeful that some of these might have closed earlier in the year especially, around the new logo side or new scope, which is selling new things to existing clients. And we really, that looks like it is stacking up for a very strong fourth quarter on new logo and new scope. On the renewal side, it was just simply a matter of when it happened. So, it did not happen as strongly as we thought in the third quarter, but we don’t control all of those things.
And we had a lot of that signing in October, so I wouldn’t make too much of the timing within the year. I think we expect by the time the year is over to have a good year around new logo, new scope renewals. I think we will have a good year across the board. And that gives us, as Deb said in her remarks, we think that’s a nice proof point toward kind of the long-term discussion we had with you folks in June. And Mike, any thoughts on that?
Michael Thomson: Look, I think we have been talking all year about the increase in our qualified pipeline. And this is kind of the natural progression of increasing the quality of that pipeline, increasing the size of that pipeline, increasing year-over-year from a Next-Gen perspective, ultimately the expectation is that translates to bookings, and higher TCV. So, I certainly won’t say it’s an outlier. And it is a little early to say, it is a new trend, because it is kind of the natural progression of conversion of pipeline. Hopefully, Anja, three quarters from now seeing that trend continue in that direction. But again, we are very pleased with kind of the progress that we are making, and what we are seeing this quarter.
Anja Soderstrom: Okay. Thank you. And in terms of the new logo acquisition, is that picking up for you or…
Debra McCann: I think we are seeing some of that what we are expecting in Q4, we are anticipating an uptick in that. And then, as we lay out for next year, we will give a sense of that. But we are seeing, to Mike’s point, a lot of the momentum in marketing, go-to-market strategy, and investments that we have been making are starting to take hold.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Peter Altabef for any closing remarks.
Peter Altabef: Thanks very much, operator. And I really do want to thank all of the participants of this call, both the folks — the folks listening, the people asking the questions, and then, Mike and Deb, especially. This has been an interesting year. In the beginning of January, I think, very few people in our industry would think that, the year would unfold as it has, both from the standpoint of technology and the standpoint of how global events are affecting our industry. I am really, really proud of the way the people of Unisys have risen to the occasion. And we look forward to continuing the calls with you. You may have noticed that, our website gets better and better, and that’s not just us saying that. We received four very significant awards, from Transform within the last month. So, I hope you take advantage of all of the information we have on our IR site and really throughout the website. Until the next time we do these, thank you very much.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
