Brent Bracelin: Helpful color there. And then just, John, a quick follow-up on the Q1 guide itself implies a $1 million sequential increase here. That’s a little below normal seasonality that we’ve seen in the last couple of years. Is that factoring the step down at Bank of America in subscription revenue? Or are there other factors baked into that guide? Just trying to think through the seasonality and the guide here in Q1, what we should factor in? Thanks.
John Rettig: Yes. Thanks for the question, Brent. That’s exactly right. So there is obviously some seasonality that we believe still holds in this environment that is included in our estimates. But the more material change is an assumption around the BofA subscription revenues, and that’s something that will be reflected — is reflected throughout our FY’24 guidance. But starting in Q4 and the drop-off in Q1, I think, is where you see that change being most prominent.
Brent Bracelin: Thank you.
John Rettig: Thank you.
Operator: Our next question comes from Kenneth Suchoski with Autonomous. Please proceed.
Kenneth Suchoski: Hey, good afternoon, Rene and John. Thanks for thanks for questions. It’s nice to see the continued adoption of the variable rate payments. I think you’ve mentioned recently that there are several additional areas to invest around supplier enablement to drive more adoption, whether it’s virtual card or cross-border payments. There’s some interesting stuff you could do in terms of passing along reconciliation data and offering choice. So can you just talk about some of the specific things that you’re working on now that will drive that next leg up in terms of penetration of these variable rate payment types? And then, I guess, when can we expect some of these initiatives to be rolled out? Thanks.
Rene Lacerte: Thank you, Ken. There’s always a lot of things going into how we execute across creating the choice of suppliers and customers need and integrating with the customers on the platform. So I would say that the things you mentioned, there’s always going to be more reconciliation capabilities for us to develop. There’s always going to be more supplier matching capabilities for us to develop. We use AI to do a bunch of that, but there’s more that we can do to kind of drive better connectivity and that front. When you think about international payments, which is an important part of the overall portfolio, part of this is going to be influenced by macro. If you just looked at kind of international payments in general, we see that being kind of a choppy sideways environment, has been for the last few quarters, and yet we’re still making progress on our penetration.
So I think some of this is going to be us continuing to execute and create choice, which is obviously one of the themes I’m hitting on here, the way our suppliers in Canada and soon in other countries will be — are able to kind of select how they want to be paid, what currency, that’s going to help that adopt. And then you have choice on how suppliers want to get paid? Do they want to get paid now or they want to get paid tomorrow. They want to get paid 30 days before the bill is paid. These are all things that we’re working on and the platform has the capabilities to deliver and are something that we think creates a competitive advantage in the marketplace.
Kenneth Suchoski: Great. And maybe just for my follow-up, I wanted to ask about TPV per customer ex-FI. And I think the expectation is for that to decline kind of low single-digits in fiscal year ’24. It sort of feels like SMB spending has stabilized here. The results this quarter trended in line with seasonality. If you model out seasonality over the next few quarters, you can easily get to kind of low single-digit to mid-single-digit growth and TPV per customer ex-FI. So I guess, is the guidance on TPV per customer for SMB spend to soften from here or to hit your revenue guidance, are you relying on more take rate expansion? Thank you.
