And so that’s something that we think is a good indicator that there’s value in this solution. And now we’re building out all the capabilities so that you can do it at scale. And it’s one of the things that we’ve learned that when you move the type of money we move across our platform, that you got to be thoughtful. You got to build things carefully and you got to do it in a way that’s going to enhance the capabilities going forward. And so that’s where we’re at right now, and we expect FY’24 will make good progress on that.
Robert Napoli: Thank you.
John Rettig: Thank you, Bob.
Operator: Our next question comes from Brad Sills with Bank of America. Please proceed.
Bradley Sills: Great. Thanks for taking the question. I wanted to ask about TPV per customer. John, you’re guiding to or expecting low single-digit decline here. I mean before the macro, that metric was kind of in the mid-teens, high teens. So my question is, is there a path back to that type of growth if we were in a better macro. Could you just help us unpack what’s driving that delta? It’s a big deceleration. Obviously, there’s a lot of macro here, but any thoughts on where that could trend as the macro improves?
John Rettig: Yes. Thanks for the question, Brad. And I think macro does influence our view of TPV per customer here. And I’d say one of the things that we work really hard at is increasing like the surface area of our platform and the share of wallet that we have like how much of the B2B spend of our customers, are we helping them with. And we know that there’s a ways to go there. That’s one of the drivers of increasing TPV per customer. So I think we do have some levers even before a complete turnaround in a sort of growth economy environment. But you put those two things together, down the road, including more payment types, which we know increases TPV per customer and other features and functionality that we’ll build out in the platform.
And we do see a path to much more meaningful growth on a per customer basis. But I’d say the short term is certainly influenced by the external environment and how small businesses are reacting to that and adjusting their spend levels.
Bradley Sills: That’s great color. Thank you for that, John. And then, Rene, you mentioned some pretty exciting initiatives this year, adoption of integrated AP and spend, the partner ecosystem, ad valorem solutions, continued progress there. When you look across those initiatives, which one are you most excited about? Which one perhaps is there some low-hanging fruit where maybe we could see some upside if execution on those is kind of pulled forward.
Rene Lacerte: Yes, it’s a great question, Brad. And obviously you — in some ways are going to ask me to pick my favorite child, which there are no such things, right? So — and the reason I kind of say that is because if you were in any of the operating meetings, I think everybody on the team would think that I wanted that one to be done more important than the next one. And the reality is that they’re all super important. And one of the things and our responsibilities is to make sure that we somehow do all of them and focus on all of them. And so I think the opportunity to expand the market with our ecosystem is super important. We have obviously enhanced our financial institution capabilities with the extending contract with JPMorgan Chase, going after the SMBs that BofA has.
