We’re also seeing customers commit to more products in their subscriptions, which is a good indicator that there is one platform among contact, one check concept is really working for us. And so we see a pipeline that’s very strong in those numbers and beyond. I will tell you, as we relaunched the MAP product as a PR Optimizer product that we talked about late this quarter, we’re going to start to see that number even move because the average subscription rates for a PR Optimizer product is going to begin about $12,500 a year plus their additional press release distribution services. So we feel confident that those numbers are going to get into the low teen numbers by this time next year or even greater. So I think that we’re in good shape with it.
Again, the metric KPI for me personally internally, I’ve got to look at new customer wins and average revenue per contract, or €“ those are the biggest things for us. And so maybe I’ll turn it back to Tim and talk a little bit about the bad debt side to your last question, Mike.
Tim Pitoniak: Yes, Mike, on the bad debt side, we recognized a little over $100,000 of expense. This is something that we constantly monitor. We have a tool that does that. And looking €“ going into year-end, as Brian said earlier in his prepared remarks, we’ve spent a lot of time with the Newswire team. And sometimes when you do that, you pull time away from other things. And so we’re going to get back on it. I would say this is a little bit of an ebb and flow. And as we go into Q1 and Q2, we will get that number back in line.
Mike Grondahl: Got it. Thank you, guys.
Brian Balbirnie: Thank you, Mike.
Operator: Thank you. Your next question is coming from Brock Erwin from CleverInvesting. Your line is live.
Brock Erwin: Hey, guys. Congratulations again on all the work that you’ve done on the acquisition, especially switching over the distribution in Newswire in the last couple of days. That’s good to hear. So keep going. I know there is probably still a lot more work to go, but good job. I wanted to ask a little bit, though, about EBITDA margins. So I know shareholders have been important to you over the course of the business. And looking back at a couple of years ago, middle of 2021, EBITDA margins hit 30% for a little bit there. So I’m not asking really for a forecast. I just want to know how do you think about EBITDA margins going forward? And do you have any goals around that metric? Thanks.
Tim Pitoniak: Yes, I appreciate the question. So listen, I’d point out a couple of things, right. So typically, we’ve only shown EBITDA inside of our financial statements. This quarter, we added adjusted EBITDA. And the reason we did that is because there is items that impact the quarter, either non-cash or one-time that we don’t think is truly reflective of how we manage the business, right? So I would say, I would look at those numbers. So when you do year-over-year, we’re down about $600,000 in EBITDA. We’ve mentioned this in prior quarters, right? We’re continuing to invest in the business, and that’s why you’ve kind of seen the margin decrease a little bit year-over-year. But I think historically, we always wanted to try to maintain a 20%, 25% EBITDA margins or in this case, an adjusted EBITDA margin.
And I think with €“ going forward, I still think that’s our goal and I know that’s something that we can do, which is one of the things that Brian talked earlier about with managing expenses and managing headcount to make sure that we can keep those margins up. So that’s what we’re planning to do. Brian, I don’t know if you want to add anything?
Brian Balbirnie: No. No, that was perfect. Yes. Thanks, Brock, for the kind words at the beginning, too. I appreciate it.
