Lynn Martin: Yes. Thanks for the question. As I mentioned, volatility certainly did help out this business, but a lot of the share gains we’ve achieved in the institutional side of the business has really been what’s driving the growth. 26% in Q4 of our muni activity came from institutional accounts. So that’s up from 13% in 2020 when we started to acquire all of these different platforms. So we’ve really been able to increased institutional footprint. We do see opportunities also in treasuries and CDs. Those two asset classes within the execution segment have outperformed a lot of that volatility-driven. But the toughest thing to do is to get the plumbing into the institutional accounts. And I think the deliberate decisions we took a couple of years ago to be workflow-agnostic, to work with a variety of providers to plumb our platforms into a variety of workflow solutions have really beared fruit in 2022.
So when volatility came into the market, it wasn’t just about your traditional retail trader that was executing the munis and corporates. It’s now about the institutional trader that sees us as a diversified platform across multiple asset classes in fixed income.
Operator: Our next question comes from Michael Cyprys of Morgan Stanley. Michael, your line is now open. Please go ahead.
Michael Cyprys: Great. Thanks. I wanted to circle back on Mortgage Technology. With the recurring revenues up about 16% mid-teens in 2022, I was hoping you might be able to help unpack what portion of that recurring revenue growth was from unit growth, from existing — excuse me, unit growth from new customers versus wallet share gains from existing customers where you’re expanding the services they are offering to them versus what portion of the growth is coming from current versions from transactional to the recurring revenue side. And then when you look ahead to ’23 with your mid- to high single-digit growth there on the recurring revenue sides and Mortgage Tech, how do you see that mix evolving in your outlook into ’23? Thank you.
Benjamin Jackson: Thank you, Michael. It’s Ben. And it’s a mix on it. You hit on some of the elements in the way you asked the question. So our view has been that when you have this significant stable of customers, the 3,000 lenders that are on our platform and utilizing our services, there’s a tremendous opportunity to cross-sell. And one of the things that’s really driving that recurring revenue growth is the success we have in continuing to sell our AIQ platform into that customer base. We have a long way to go in being able to penetrate those 3,000 lenders and be able to provide them the efficiency that they need now more than ever. So we feel good about our ability to cross-sell and how we’ve executed on it to date since we acquired, the former Ellie Mae business and looking forward ahead into the future.
The other thing is new sales. So we continue to have great success adding new customers. Customers can come on and utilize that AIQ, offering those analysis to other third-party providers. So we continue to have success there. And we also continue to add new customers on to Encompass. And I just answered a question on that. A couple of questions that go here. So we continue to have great success in the Encompass for all the different segments that we sell through. Whether it’s a start-up company, whether it’s an established non-bank originator, whether it’s a bank or a credit union, we’re a broker across the entire spectrum, we believe the investments we’ve made in our platform is very well positioned to meet those clients’ needs. And as we see a lot of the major home lenders in the U.S. looking to replace in-house legacy infrastructure, we think we’re also very well placed to win that business as well.
