Harold Goetsch: Would it be like monthly fee like for the — like $20 a month or it would depend on the client and how much volume they do or the hardware or software they use. Is that kind of where it comes from?
Thomas Priore: Yes, it depends on the nature. I’ll describe it this way. It’s the nature of the subscription. So, some pay platform, and then we manage accounts on their behalf. And then, others think of it like pay by the drink, where each account has a subscription. And the reason that is different, Hal, is there are certain expenses they may be passing along to their end market and others they are not. So, those are the driving factors. And it’s very subscription or I should say subscriber/integrated partner oriented. It’ll depend on their business model.
Harold Goetsch: Yes, and I know it’s a really detailed question, but of this kind of recurring business of it’s not dependent on Bankcard volume, kind of can you give us a feel for like, what that grew versus the previous year? So we know I mean this is, like, really high value business then. Well, I’m getting at it. It’s like, this is a growing part of your business. This is very high multiple types of things, and we’re not a high…
Thomas Priore: Yes, that was one. I have to call it’s like it’s a great question and that’s kind of what we’re saying is every dollar is not created equal, right? So I know Tim’s got some stats prepared for you.
Harold Goetsch: Okay.
Tim O’Leary: Yes. So, without getting into specific dollars, but if you think about just the percentage, obviously, we mentioned 58% of gross profit was recurring in Q4 of this year. That number was 43% last year in Q4, right. So, for full-year ’23 it was 51%. So, we’re continuing to see that percentage grow and drive higher value in the business, right? That is repeatable, highly visible recurring gross profit that we see and that’s why we’re starting to report that and give you a better sense of the consistency and the profitability.
Harold Goetsch: All right, terrific. Thanks, guys. Great quarter. Thank you.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Tom Priore for any closing remarks. Please go ahead, sir.
Thomas Priore: Well, just like to thank everyone once again for taking the time to learn more about Priority and certainly listen to our perspective on the potential for our business, the industry at large and where we see the opportunity set. And we are hopefully, as you can see from the quality of our performance and where we are projecting for the upcoming year, we are laser-focused on delivering results. So, thank you very, very much. I hope everyone has a great remainder of the week, and we look forward to the next opportunity to connect, and measure how we did. Thank you.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
