And you can see from the past few quarters in our Q4 guidance that tapping into this larger TAM, it’s fueling our business equation. It’s gaining momentum, and we continue to expect this to work as we continue to add even more verticals going forward.
Hal Goetsch: Great. Thank you very much.
Operator: Our next question is from George Sutton with Craig-Hallum Capital Group. Please proceed.
George Sutton: Great EBITDA. So you talked be about leaning in versus the rest of the market pulling back. I was wondering if there was a way for you to quantify for us what you’re seeing from the pulling back perspective and how that is providing you unique opportunities?
Diwakar Choubey: Hi George, how’re you? Good morning. I think it’s a similar response to Hal’s question is that the diversification outside from personal loans into other verticals is really the quantification here, right, that 85% of the mix of enterprise revenue from a year ago that was credit and personal loan oriented, has decreased to 55% this quarter, right? So I think that just shows you the expansion that we’re seeing in those other verticals, and we see that trend continuing into Q4 and into 2024 as well. Yes. And the interesting thing about this question is if you look at our business model, we are an embedded finance platform. And so our enterprise customers that are having to kind of pull back because of credit and risk constraints, we’re able to help them with the completion strategy.
We’re able to give them alternative products that they can help monetize and offset their risk constraints at this time. And so that’s an opportunity for us. We’re having more engaging conversations with our enterprise clients because we’re actually able to help them given the fact that we can efficiently get them our embedded finance products that help them monetize their customers away from credit. And we’re seeing the momentum continue. The powerful thing about that model is, as those headwinds diminish those macro headwinds diminish, we’re going to have that elastic bounce back across all of those verticals plus credit, which for us, represents significant upside going forward.
George Sutton: Thanks, Rick. Really helpful. You had mentioned that, with the debt pay down and the cash flows, you’re generating your ability to invest in organic growth is better. You did mention, potentially investing more in enterprise sales, just curious how you’re looking to capture this bigger organic opportunity with the cash flows that you’re generating.
Richard Correia: Yet, so I think it’s going be more of the same, meaning those conversations that I was just mentioning are happening more and more and so there’s a significant amount of inbounds that are happening. But on top of that, once we actually have those initial kind of sales conversations, there’s an undertaking around integration. So the investment is around our integration team, our partner solutions team, the inside sales team that will allow us to kind of have those fruitful conversations convert, integrate and then help our clients actually monetize their customer base. And so that’s where you’re going to see us continue to focus. You’re also seeing it, Dee talked about, a lot of investment being made in terms of taking a lot of the tech IP that we’ve created.
We have the most full-featured app that exists in the country. And so we’re taking all of that technology and that IP and making it available our enterprise customers to enable them to be more successful at retaining and monetizing their client base.
George Sutton: Perfect. Great job. Thanks guys.
Operator: Our next question is from Josh Siegler with Cantor Fitzgerald. Please proceed.
Josh Siegler: Yes. Hi, guys. Thanks for taking my question this morning. Congratulations on the strong EBITDA print. So you continue to experience these lower provision expenses as a percentage of originations. I was wondering if you expect that to continue, especially amidst a declining consumer credit macro backdrop? Thank you.
