Mike Milotich: And another example that I would just add to what Simon just said is they might look at credit or maybe they have something that’s customer-facing. And now maybe we’re engaged on something that’s more employee-facing on accelerated wage access. So as we add to the use cases and the breadth of our platform, there’s lots of different opportunities that we can discuss with our customers. And that’s one of the — as we go into embedded finance, that’s one of the really compelling things about our platform is most of these customers are going to — or prospects are going to start somewhere, but many of them are already big companies in their own right and are thinking a little bit bigger, and they have that opportunity to do that with one partner on the Marqeta platform that might be difficult to achieve with some of our competitors.
Operator: Thank you. The next question is from Moshe Katri of Wedbush Securities. Please go ahead.
Moshe Katri: Hey. Thanks for taking my question. Can we talk a bit about the center that you’re opening in Poland? And how that could potentially bring down some of your technology or development costs down the road?
Simon Khalaf: Absolutely. Thanks, Moshe. Yes, I mean we all come from a background in which we scale the organizations. And there’s multiple reasons to do this. One is the talent in Poland is really good. And especially as some folks in our industry, whether it’s networks or I’d say, accounting have back-end services done in Poland. The second one is strong back-end engineering, risk operations, AI, machine learning, so on and so forth. The labor market is still favorable compared to the United States in terms of availability and in terms of cost. So the areas where we are investing in Poland will help us on the risk operations, program management, as well as engineering services. And we expect also to invest on the — what I call the back office sales organization as well. I mean, throughout my career, I’ve had tremendous success in Poland. So I think we’re looking good there.
Operator: Thank you very much. Our final question is from Jamie Friedman of Susquehanna. Please go ahead.
Jamie Friedman: Hi. Thank you. Mike, I think you said in your prepared remarks that the non-Block renewals lowered gross profit growth, low to mid-single digits. If I heard you wrong, I apologize. If so, that’s the case. I was wondering how we might — if you could unpack that a little about the inputs and how we might be thinking about that in 2024 would be helpful. Thank you.
Mike Milotich: Yes, you’ve got it exactly right, Jamie. This is — it was low to mid-single digits from deals that we did between Q2 of ’22 and Q1 of 2023. So in that four quarter period, we renewed about 50% of our non-Block TPV. And so the last couple of quarters, I’ve been calling this out. So this will lap in Q2 of ’24. Now what’s not in there. It’s not all renewals that are non-Block. It’s just within that window of time when there was just a lot of activity. And so we really just have one more quarter, Q1 of ’24 before we start lapping. But you got it right. It was low to mid-single digit of gross profit growth drag in Q4 as a result of those.
Operator: Thank you very much. Ladies and gentlemen, that does conclude today’s event. Thank you for attending, and you may now disconnect your lines.
