Natalie Derse: Yeah, that’s another message I want to make sure that we reiterate, and are super clear, like the EB funnel is just incredibly robust, it’s never been stronger. The team there is really driving diversification expansion, and really increasing the quality. So, we’ve got deals in the hopper of all size and scale, and we’re just really having a disciplined approach. There’s an operational excellence component to that. That team is doing really, really well. And I look at it as, when we manage these deals, we’re just being great partners. We’re bring great partners to our partners, for lack of a better way to say it, but the customers and the EB deals, those integrations can be — as we look at different size and scales of the deals, they can be pretty complicated.
And so, we’re making sure that we are absolutely delivering on our commitment to them, and then as they integrate and really work through the integration on their side, there are eventually, at times, just timing components to it. So that’s how I would encourage you guys to look at it. Again, the EB funnel has never been stronger.
Matt Hedberg: Thanks a lot, Natalie. Thanks a lot, Vincent.
Natalie Derse: Thanks.
Operator: Thank you for your question. The next question comes from the line of Jonathan Eisenson with Bank of America. Your line is now open.
Jonathan Eisenson: Hey. Thanks for taking my question. I just have two.
Natalie Derse: Hi, Jonathan.
Jonathan Eisenson: So the first is, can you just touch on — hey, thank you. Can you just first touch on deal linearity throughout the quarter? And then, my second question is, any color you can give on how aggressive you plan to be on buybacks given the injection of cash?
Natalie Derse: Yes. So, the deal linearity, we just — our partner channels are so diverse. I know you attended the Investor Day, but for everybody else in the call, like, we’ve talked about how many different channels are in partner, and quarter in, quarter out the timing of those deals and the diversity of those channels, and how they come together, they won’t be linear. What I would reiterate is that what we talked about at our Investor Day, and I would reiterate here is the partner channel is very, very critical for us. We laid out a growth plan over the long term to add about $100 million of incremental partner revenue. And so, the teams are aligned to that, driving towards that, and we’ll stay focused on that goal and give you guys progress updates along the way.
And then, in terms of the share buyback, in terms of — I don’t really want to comment on conservative or aggressive, but we definitely will have a balanced capital allocation. We had already had — prior to the receipt of that $900 million, we had earmarked a balanced approach across share buyback and accelerated debt pay down for Q4. Again, as we laid out for you guys in November. We’ll continue that balanced approach. And then, like we said, the $900 million is now available for us to deploy. We already have that in, and ready to go in terms of how we’re going to deploy that in Q4.
Jonathan Eisenson: Got it. Thank you.
Natalie Derse: Sure.
Operator: Thank you for your question. Our next question is a follow-up from Saket Kalia with Barclays. Your line is now open.
Saket Kalia: Hey, guys, thanks for fitting me back in. Maybe just one follow-up, if I could. Natalie, maybe for you, so the pipeline in the employee benefits and sort of the partner — that partner business sounds great. Just given some of the deal dynamics that didn’t necessarily benefit here in Q3, and what we are now assuming in Q4, I was just wondering if you could put a finer point on what the revenue impact was here in Q3. I mean, clearly there’s some ARPU impacts right that we’ve talked about quite a bit. But I’m curious how much of that partner business maybe contributed to some of the revenue delta in the quarter.
Natalie Derse: Yeah, I would say, look — let’s look at the top-level number. I think based on the performance that we delivered in Q3 versus what the midpoint of the guide, let’s just face into that, that’s about $5 million versus midpoint. And so, nothing’s going to be material. There’s a handful of things that go into that, approximately $5 million miss to the midpoint, us delivering on the low end. And so, the partner deals are a contributor. The fact that when we talk about our growth levers coming through, and we talk about the mix of the customers coming through the funnel, et cetera, that had some. There’s a little bit of FX, et cetera. So all in, nothing on an individual line item basis is material, all tallying up to about a $5 million delta.
Saket Kalia: Got it. Very helpful. Thanks.
Natalie Derse: Thank you.
Operator: Thank you for your question. Our final question comes from the line of Hamza Fodderwala. Your line is now open.
