GregOrenstein: No. I think it was in line with expectations. And again, speaking in the middle of the quarter and again talking to investors, we tried to highlight some of the momentum that we saw building and the quarter came together nicely. Our team did a great job, and it was nice to see.
Jackson Ader: All right. Awesome. Thank you.
Operator: And, thank you. And one moment for our next question. And our next question comes from Adam Bergere from Bank of America. Your line is now open.
Adam Bergere: Thank you. And, good afternoon. So how is the balance between the focus for new logos versus expansion deals changed this year so far? And how are you thinking about that balance on a go-forward basis with liquidity crisis that you’re doing there? Thank you.
JoshGlover: The balance of our field focus hasn’t changed. We make sure we have a team on the field out in the market to tell the story to new logos, and we also make sure we’re able to take care of our existing accounts. The reality is when things get challenging. The first thing that slows down is the greenfield conversations because it’s just hard for folks to continue on with due diligence with the new vendor, which is a good situation for us to be in because we have a great and happy referenceable customer base. So that will explain at some points when you see macroeconomic ups and downs, why we may see a little bit heavier weighting of expansion bookings. So part of that is just the reality of where the world is. But our market focus has not changed at all.
Adam Bergere: Got it. And then between kind of your go-to-market motion for domestic versus international, is it fairly consistent between the two as well in terms of new logos versus expansion?
JoshGlover: Consistent focus and consistent motions, just different maturity of markets and time and market, which leads to a different distribution of market penetration in the customer base.
Adam Bergere: Yes. Makes sense. Thanks.
Operator: And, thank you. And one moment for our next question. And our next question comes from Saket Kalia from Barclays. Your line is now open.
Saket Kalia: Okay, great. Hi, guys, thanks for getting me in here. I’ll keep it quick with kind of two housekeeping questions. Maybe the first one is for you, Josh. As you think about that 22% sales achievement, which certainly was great to see, and it sounded better. How do you sort of rank order the product areas that you felt like drove that growth? I mean, was it still very much driven by commercial lending? Or do you feel like the pipeline composition, things like retail, things like nIQ and others also drove a lot of that sales achievement as well. That’s the first question.
JoshGlover: Saket, it’s nice to speak to you. No, we had a good mix of offerings here. We talked about 19 new logos on the SimpleNexus side. One of the stats that we referenced is 40% of our new logos have multiple solutions. So you will see commercial or small business involved in those, but you also see things like retail, SimpleNexus and nIQ offerings involved. So from our perspective, look, we’re very proud of that commercial product, and we take good care of it. We take care of our customers, but we continue to see expansion and new logos with those other solutions as well.
Saket Kalia: That’s great. It’s great to see that breadth. Maybe the follow-up for you, Greg, is maybe a little bit of a longer-term question, but that 50% pipeline point on what I’ll call commercial lending versus noncommercial lending. The question for you is, what does that mix look like in revenue terms today? And where do you think that mix can go over the next few years?
GregOrenstein: Yes. So from a market perspective, Saket, I think Pierre noted the market outside of commercial is twice as big. And so we attack commercial first, but again, we see a massive opportunity on the retail side with retail lending with our U.S. mortgage business with mortgage outside of the U.S. And so again, I think as we think about the opportunity we have, we think we’re just getting started. And ultimately, just based on our SAM studies, that opportunity is twice as large as commercial.
Saket Kalia: Very helpful. Thanks guys.
Operator: And, thank you. And one moment for our next question. And our next question comes from Ken Suchoski from Autonomous Research. Your line is now open.
Ken Suchoski: Hi. Good afternoon. Thanks for taking the question. Maybe I’ll ask another one on the pipeline and that 50% that’s coming from the noncommercial lending products. I mean when we talk to folks, I think what really stands out is your reputation on the commercial lending side. And Pierre, I think you’ve mentioned maintaining your market leadership in commercial lending. So can you talk about the competitive dynamic in remote, I guess, in the noncommercial lending products and your confidence in holding your own versus the competition just because it is a big part of the SAM?
Pierre Naude: Yes. Thank you. That’s a great question. Look, our platform centricity as well as the customer focus, I think is a big differentiator for us. Consumer is a much more simplistic product set because your end user experience must be a lot more simplistic and ease of use and instantaneous. However, because of all the regulations, it’s a fairly difficult product to develop with all the integrations to actually make it that simplistic to use. So it’s a complex problem you’re solving, but you have to make it simple to the end consumer. If you then look back at other people selling into that consumer or small business base. What you’re basically seeing is a bunch of companies who developed software in the ’80s and ’90s.
And so we’re coming out of the box here with a modern cloud-based solution that is part of a broader IT infrastructure and I don’t see other people coming up trying to do the same thing here. So I do think this is back to that reputation thing. If we maintain the reputation in the biggest profit center of the bank, we get the influence to go in there and get at least the opportunity. And then if you execute well and maintain the reputation, I think you’re going to see exactly this playbook about the same momentum and the same market leadership in the other aspects of the platform. And that’s what we’re focused on here. And then the meetings I have outside of commercial around the country, I’m hearing similar stories. So I’m highly optimistic this strategy will play out.
Ken Suchoski: Okay. Great. And maybe just as my follow-up, maybe I’ll ask about M&A. There was some commentary out there a couple of months ago stating the company might be exploring strategic options, including a potential sale. So I was wondering how, I guess, you guys are thinking about the potential options for the company here because we are getting a lot of questions on it. And I guess, is this is a company that should be in the public markets? I know you’ve talked about not disclosing certain metrics due to competitive reasons. So I would love to just get your latest thinking there.
GregOrenstein: Ken, I appreciate the question, but I’m sure you can appreciate, we don’t comment on rumor and speculation. So can’t really address that any further.
