Josh Glover : I can speak to that. This is Josh. Look, in most of the commercial accounts that we serve, new credit is actually not the majority of the volume that they do within the commercial bank. Most of the banks that we serve would see 50% to 75% of their loan volume would actually be renewals and modifications, and they also have to monitor that portfolio. Monitoring it is even more important with the challenging economic environment, because at the end of the day, regardless of the environment, these banks are trying to do their best to balance risk and reward while growing as much as they can. So even if growth does slow, they’re going to want to run their banks efficiently. They are going to want to minimize risk where they can and have transparency into their portfolios and they are going to want to upside their reward as much as possible.
So our nIQ offerings, pricing and profitability, our auto spreading offering obviously add a lot of value to those renewals and modifications and monitoring activities. Our portfolio analytics tool also helps with visibility into the portfolio. So we’re confident in the value that we’ll provide even if loan volume does compress. Does that answer your question?
Unidentified Analyst: Yes, that’s great. Thanks Josh. Maybe just one other one on SimpleNexus. I think it’s pretty impressive, the sequential growth we’re seeing there, just given all the data points that we’re observing in the mortgage market sort of speak to the resilience of the model you guys have talked about previously. I just wanted to quickly hit on the composition of contract duration there. Is there any particular skew we should be aware of between one, two and three years? And then as a follow-up to that, you previously talked about you know elevated SimpleNexus churn in the back half. I was just curious how you know renewal discussions have been faring for SimpleNexus in this environment?
David Rudow: Yes, what we see on SimpleNexus side, the contract duration, it really hasn’t changed much. We see one to two years and it kind of averages about one and a half years, that’s not really changed. We are seeing a higher level of churn though in the business on the IMB side. I mean it’s a little more volatile market for us. You know the refis happened, you know they corrected their cost structures. Now the originators are correcting their cost structures. So we would assume that churn will remain elevated for some time.
Unidentified Analyst: Got it. Thanks David.
Operator: Thank you. One moment for our next question. And our next question comes from the line of Alex Sklar from Raymond James. Your question, please.
Alex Sklar : Great! David, some nice OpEx leverage in the model again this quarter. As your thinking about that 10% margin outlook for next year, how should we think about overall hiring plans? Do you think you can achieve kind of that level just through revenue growth and some mix improvements or is there any kind of re-evaluation on the hiring side?
David Rudow: Yes, we’re still early in the planning process as we said earlier. We’re looking at all costs, so it’s not just headcount. We’re looking at non-headcount related costs as well. We’ve done a nice job this year by moderating spending and headcount ads for the year to come down to the level that we’re at. We will be looking to gain more efficiencies next year though too.
Alex Sklar : Okay, great. And then Pierre or Josh, just in terms of overall deal sizes, I know you’ve been talking about some of the larger digital transformation type deals that are in the pipeline, that Bank of New Zealand one. It’s a nice one that just closed. How should we think about kind of the overall appetite though, particularly in the U.S. for some of those larger digital transformations versus kind of smaller, quicker ones.
