Bryan Keane: Hey, guys. Thanks for taking my questions. I guess just following up on the BofA contract, just understanding you gave up some near-term revenue but what are we gaining in the out years? How does — how might the revenue inflect in fiscal year ’25 or ’26.
Rene Lacerte: Great question, Bryan. Just to maybe continue the conversation and the comments that I just had, the opportunity that we had started with Bank of America was really to serve their new small business customers coming into the bank. We always invested behind that with the opportunity to serve their existing customers. BofA is one of the largest providers of financial services to small businesses in the country with millions of customers on their platform across the country. And so for us, this opportunity and the investment that’s needed for both us and Bank of America is really to do something transformative. It’s really too kind of change the way business gets done for all of their SMBs and that’s something that we will invest in consistently to make happen because we’ve been building and defining this space, this category for a decade or more and actually 17 years to be exact. And we’re going to take all these opportunities we can.
Bryan Keane: Got it. Got it. And John any comments on just looking at the organic volume take rate increase. I think it was a little less than last quarter and then kind of what to expect for take rate increase as we head into this fiscal year ’24.
John Rettig: Yes. Thanks, Bryan. I think we’ve got a pretty consistent track record now of delivering expanded monetization. As you know from prior discussions, it’s not perfectly linear on a quarter-to-quarter basis, but the overall portfolio is performing really well. If you think about what we’ve done over the last four years or so, our average revenue per customer is up about four times. It’s grown virtually every quarter in the last four years. We crossed an annualized ARPU of $4,000 in this fiscal fourth quarter for the first time. And so we think the tools and the portfolio of payment products that we have that have led to that are something that’s going to continue to support expansion in ’24 and ’25 and beyond. And I’d say, starting with our historical quarterly expansion rate is probably a good estimate, obviously subject to puts or takes from the macro environment and any influences that might have in individual payment choices.
Bryan Keane: Got it. Thanks for taking the questions.
John Rettig: You bet. Thank you.
Operator: Our next question comes from William Nance with Goldman Sachs. Please proceed.
William Nance: Hey, guys. I appreciate you taking the question. I actually wanted to ask about the commercial partnership on BofA, the 700 customers that you added this quarter. Is that process over? And should we expect kind of further transitions of customer base in future quarters?
Rene Lacerte: Thank you, William. We’ve got really strong adoption, not just from the customer numbers, but more from the spend that was actually happening, the bill pay that was actually happening across the platform. So the vast majority of the spend has come across already and we’re already starting to see early days of ad valorem penetration. So I would say going forward, we expect the opportunity to continue to grow for BILL.
John Rettig: Yes. And I would just add, in terms of the transition, the sunsetting of that product with the commercial customers. We have seen the initial group migrate. That’s the 700 we talked about. We’re feeling really good about the revenue opportunity, probably being larger with those than the entire population previously, which was 6,000, but that transition has finished now. There could be some longer tail of new customers that come in. But for the most part, that adjustment has already taken place.
