Jon Slabaugh: Okay. I think that really relates to the Board.org divestiture and the customers that were passed off to the buyer there. And we’ll provide more details on that, like I said, in the Q when it gets filed.
Unidentified Analyst: Okay. Thanks.
Jon Slabaugh: Thank you for your question.
Operator: [Operator Instructions] We have another question from the line of Mike Latimore with Northland Capital Markets. Your line is live.
Unidentified Analyst: Hi. This is [Vijay Devar] for Mike Latimore. So, I believe you have briefly commented upon the strategic review in your prepared remarks, but if you could elaborate a little bit more on the types of options that you are considering to realize shareholder value. And at the same time, you have quantified the synergies that a strategy might consider.
Tim Hwang: Yes. No, I appreciate the question. You know, at this time, we’re not commenting further on the strategic review. I think the only thing that I would say is that we just divested an asset for 7x ARR — LTM ARR. And we’ve said pretty much consistently in every earnings call that we believe that the company is dramatically undervalued relative to peer comps, relative to transaction multiples that are going on currently in the marketplace, relative to almost every major measure. And so, our Board sees that. I think we all see that. And we’re prepared to obviously continue to review all options that are available to us to try and drive value for our shareholders.
Unidentified Analyst: Okay. Great. And maybe I can sneak in a couple of other questions as well. On the sales cycles for new logos, do you see them shrinking with Copilots? And as well as how do you see sales cycle for the government versus enterprise, at the same time, new versus upsells? Kind of any characterization of the sales cycle here will be helpful for me.
Josh Resnik: So, sorry, I just want to make sure — this is Josh. I just want to make sure I understood the question. This is a question about what we expect sales cycles to be for Copilots. Is that right?
Unidentified Analyst: Yes. And the same time, between the government and enterprise and new versus upsells. So, any characterization around all these various factors?
Josh Resnik: Sure. So, generally speaking, in regards to Copilots, as Tim mentioned, that’s more of a product led growth model. So, you would see different sales cycles there than you would typically expect in something that might be a sales-led growth model and specifically focused on, say, enterprise and government. So, you would expect to see, generally speaking, shorter sales cycles. The nature of those would depend on kind of each product, the nature of the audience, and the type of engagement that you seek. But typically, for those, you’d see a model where someone has the opportunity to essentially try engage with the product in some way before they actually purchase. And so, it’s a different nature of sales process and, generally, a more compressed sales cycle that you would expect to see. And I think the second part of the question relating to breakdown of sales cycles between government and enterprise, we typically don’t break down the metrics to that degree.
Unidentified Analyst: Okay. That should be helpful for me. Thank you.
Josh Resnik: Thank you for your questions.
Operator: Ladies and gentlemen, that will conclude our question-and-answer session here for today. I would like to turn it over back to Mr. Hwang for any closing comments.
Tim Hwang: Great. Thank you, everybody, for joining the call. As mentioned, we have an upcoming AI product day and some additional materials online for people to take a look at. So, appreciate everybody jumping on. And if there are any additional questions, feel free to reach out. Thank you very much.
Operator: And ladies and gentlemen, that will conclude today’s FiscalNote first quarter 2024 financial results conference call. Have a great day. We’ll talk to you later.
