Well, P and L’s, profit and loss statement. This is kind of the income statement, whatever you want to call it. This is what I care about the most as a agency owner, especially one who doesn’t have a ton of debt and third party partners and all this other stuff where balance sheets maybe get more important or inventory and things like that. With an agency, it’s mostly cost gets sold. We got a lot of consultants and then we’ve got a little bit of advertising, finance, marketing back office, but most of our stuff is headcount to do the labor for our customers. What I’m going to walk you through today is how we structure our P and L. It’s got a bunch of dummy data, but it’ll let you at least see the different categories, how we approach it, and then you can kind of cross- reference that with yours and see maybe if there’s things you want to change or do different. Let’s dive in. We’ve got revenue broken up on advertising in three areas. There’s kind of three core parts here. We’ve got recurring, we’ve got project, and we’ve got variable. Recurring revenue is the money you make essentially after the project phase.