Alex Shootman: Yes. There’s really — it’s not a materially different cycle. They’re in — they’re both in long-term contracts. They both start evaluating different options a couple of years before the — I mean if you think about a decision process. If you are ending a contract, you’d want to give yourself some cushion of making sure you’re live on something new before you end that contract. Then you probably build yourself a 9-month to 12-month implementation cycle and then you build yourself, I don’t know, 6-month, 9-month decision cycle. And so that’s not materially different between a bank and a credit union. I think the difference — you didn’t really ask this but there’s a difference in the implementation cycle because on a credit union, it’s predominantly retail.
And so the credit union would be thinking about, okay, I’m going to go through the launch and then just have my customers individually move themselves to the new platform by downloading the new application from the App Store. But in banking situation, particularly if they’ve got some large commercial customers, they’re going to want to help their customers move to the new platform. And so I don’t — it’s not really too much of a difference in the decision cycle or the decision timing. There is a difference in terms of the motion in which we’re implementing a customer.
Jacob Stephan: That’s all I had. Best of luck going forward here, guys.
Operator: And our final question comes from Daniel Hibshman with Craig Hallum.
Daniel Hibshman: This is Daniel on for Jeff Van Rhee. Yes, excellent quarter, the acceleration on user adds is looking very impressive. Maybe if you could just help us with at a high level what the driver of that is in terms of — is that logo size? Is that the lack of churn? Is that the number of logos coming on? It looks like the live digital platform client count that’s up one or so it looks like year-over-year, that’s up at a sort of significant record. I assume the primary driver is the number of new logos coming on. Is that a maintainable pace? Is that a sort of recent surge in implementation? Just help us think through the recent acceleration in user adds?
Bryan Hill: So what’s really driving our user adds, as we mentioned in the prepared comments is, first, implementation of new clients onto our platform, we added 1.7 million, 1.8 million digital users over the last 12 months. We have that visibility at any given time during the year and that comes from our backlog of implementations. And then our clients are growing themselves. Our clients are growing at a rate of about 10% and that 10% over the last 12 months resulted in 1.4 million digital users only for 2023. So the 3 quarters of 2023, our clients have grown million digital users. So what we find is, since we focus on the top 2,000 financial institutions in the market, those financial institutions tend to be the more technology leaning in financial institutions. And as a result of that, they grow their digital platform communities at a fairly nice rate.
Alex Shootman: And certainly, I mean, to be in a position where we’re not going to lose a single customer on our digital banking platform this year, that certainly helps. We may not be able to do that every year for the next 20 years but that’s a great result of our ability to take care of our customers.
Bryan Hill: Yes. I mean, we believe that there is no other provider in the space, adding 3 million or more users over a 12-month period.
Daniel Hibshman: And then maybe just 1 follow-on for me. Looking at the ARPU up about 5% year-over-year. I think the commentary was that our 2 new customers in the backlog is around 24% versus the current ARPU around 16%. Just on a weighted average with all those new customers coming on at a high ARPU, I would have thought that you’d be able to get a little bit higher than the 5% which I know is how it’s traditionally grown around that current 5%. Is there any other sort of mix shift or pricing element that plays into the ARPU in the way that, that’s trending?
