Adam Tindle: Okay. Thanks. Good afternoon and congrats on the $200 million of ARR, really nice milestone to hit there. I wanted to start, Matt, on net new paid subscribers. I think it was just under $200,000, $197,000 for the quarter. And if we compare that to net new registered users, it looks like the attach rate that we could see is a little bit lower than it’s been in a couple of quarters. And I wonder if there’s maybe some rationale behind that? And then secondly, that $197 number is also a little bit lower sequentially, I think it’s above your typical targets, but — and you had some one-timers in there. Just the — what looks like the implied deceleration sequentially. Any comments on that and the implied attach rate on why it might look a little bit like a deceleration quarter on quarter.
Matthew McRae: Yes, yes, exactly. Yes, yes. Great question, Adam. And actually, the two questions you have are actually related. So I’ll remind you in the previous, I guess, two quarters. We commented that Verisure, one of our top partners is actually doing a bit of a catch-up on the paid account numbers, right? Now from a revenue and our perspective, we’re charging them correctly, but they had a firmware issue in one of their regions where it wasn’t incrementing the actual paid account level. So if last quarter, which was closer to $240,000 and change from a net add perspective. If you backed out that, it was right in the $170 million to $190 range per quarter. So call it the $180 — $185 million roughly, if you back that out.
This quarter, same thing. They added fewer of a catch-up. So we were closer to 200,000, but the catch-up was probably closer to 10,000 to 15,000, again, putting us right in that $170 million to $190 million range. So moving that noise from just the catch-up actually, you’re seeing consistent growth in paid subscribers as we’re going forward. I will say that I think we’ll see this continue. So they are not done cleaning up and doing firmware more upgrades in that region to get the numbers to kind of increment correctly. And it’s just an aberration on that single number, but it does affect certain calculations if you’re dividing paid accounts for ARPU and some of those things. So I can shift things around a little bit. In reality, we’re going to see, I think, still stick with that $170 million to $190 million range as we go forward.
You may see a bigger catch-up number next quarter, maybe it’s smaller. I think we probably have about two to maybe three more quarters of catch-up at most before we can get back to just kind of the normal run rate of business. But again, if you back out that kind of fluctuating catch-up from that one region in Europe, the paid account growth is actually perfectly consistent quarter-over-quarter and exactly when in the range we’ve been talking about.
Adam Tindle: Super helpful. Super helpful. Okay. Thank you. And then just as a follow-up, the pro monitoring release. Obviously, excited to see that. It’s been a long time coming. Just curious if you could comment on — you’ve had a long time to think about this, how you’re looking to differentiate with that platform. There’s a number of these offerings out there, how you differentiate? And then in Kurt, if you could talk about the financial impact. I know it’s probably fairly small right now. But if that goes to a bigger part of the business, what would it do to the financial profile? Thanks.
Matthew McRae: Yes. So the total subscription, what we call total security subscriptions is a relatively unique offer, especially in the DIY space, right? We are basically underneath financing the hardware and the service together over 36 months, but it’s being presented to the end user as a subscription because we’ll roll them into a subscription on the 37th month. So it is seen as from an offering perspective, as a single low monthly payment, no upfront cost and you’re getting both the hardware and the professional monitoring for that. If you click through the website, you’ll see there’s actually three peers, which is also interesting. So we have a starter pack that starts as low as $9.99 per month with professional monitoring.
