When we think about next year or maybe even longer-term if there isn’t a change to the environment, that we expect that to be a mid to high-teens grower for us on an organic basis.
Mike Grondahl: Got it. On capital allocation, Max, you kind of said, or I think you said, hey, we’re in a blackout right now. We really can’t do anything incremental. If you weren’t in a blackout now, do you think you’d do something be more aggressive with that $131 million of cash you have, or kind of what thoughts do you have?
Max Carnecchia: Sure. So we want to make clear is, we are really excited about the product portfolio that we have, both for the Deposits line of business and the Identity line of business. And we’ve got what we need to be successful in the market. We continue to weather the current situation, and then as things change and the environment improves, get back on track. From a capital allocation perspective that translates into, we’re not out there hunting to do acquisitions. And as we’ve talked about, I think in the last three calls, which unfortunately have happened over the course of the last 60 days, we’ve been very heads down making sure that not only do we get on file and get current with our SEC reporting, but also that we’re refortifying our corporate services team.
And Fuad talked about some of that in his prepared remarks so that we can continue to record, file, and support the operations of our business in a consistent way in our back office and our corporate services. So we’re going to translate that. I’ve got $130 million of cash. The debt we have, we pay 75 basis points of interest on the debt we’re getting now something 4% to 5% interest on cash that we have. We think the stock sits back [Technical Difficulty] at the end of the day today, and if we had maybe some more latitude, the Board here will consider all of the different alternatives we have to use that capital effectively and efficiently.
Mike Grondahl: Got it. Hey, I’ll jump back in queue. Thanks.
Max Carnecchia: Thanks Mike.
Operator: [Operator Instructions]. Our next question will come from Scott Buck with H.C. Wainwright. You may now go ahead.
Scott Buck: Hi, good afternoon, guys. Thanks for taking my questions. Max, can you talk a little bit about the assumptions that get you to break-even or positive EBITDA in the Identity business by year-end 2024? Is it simply just scaling revenue another 20% or so? Or is there more to it than that?
Max Carnecchia: Yes. I think there’s more to it than that. I just — so first, get a sense of what we think growth should be at least under the current circumstances, macroeconomic conditions over the course of the next 18 months to 24 months based on the earlier comments and then also in the earlier comments made it clear, we’re — the Identity growth that we are seeing is really being leveraged and really driven by the new products. And so I think as we think about it, Scott, it’s getting continued improved productivity from our go-to-market channels both direct and indirect, as we’re becoming more adept and better at bringing these new products to customers, whether those are in customers or whether that’s enabling and supporting partners.
So I think that’s a big part of it. And there are places where we can be more efficient as a business generally, whether that’s go-to-market, whether that’s engineering and product side of things. And so I think it’s a combination. It’s the growth and then the other things I just talked about as far as getting greater productivity from the activities that take us to the next level.
Scott Buck: Great. That’s helpful. And then on G&A cost in the quarter, obviously it’s been elevated a bit, likely due to the extra auditing, I suppose or the catch-up. I imagine that carries through fiscal 4Q, but maybe in 2024, we start to see that back off a little bit. Is that fair?
