Alex Sklar: Okay. Perfect. So no major incremental hiring kind of in the year-end above and bound kind of normal operating?
Gregory Orenstein: No. I think for us, it’s business as usual. As we look into the fourth quarter, a big focus on obviously, closing business, as Josh noted, in echoing Pierre’s comments, we have — we see ample coverage from a sales pipeline perspective, and so we’re just focused on execution between now and the end of the fiscal year.
Alex Sklar: Okay. Great color. And Josh, just one for you. It seems like good NIC sales again I heard that 25% growth in adoption. I think you flagged though, recently that you’re seeing higher NIC deal sizes as well. So any way you can kind of frame the revenue growth from NIC, is it meaningfully above that 25% figure?
Josh Glover: Yes. And the stat that we quoted was we see 25% year-over-year growth in NIC adoption on the platform. That brings us to 34% of platform customers who’ve adopted NIC to date. Also in the quarter, we had for portfolio analytics, one of our great NIC solutions, the biggest deal we’ve ever done with the bank and the biggest deal we’ve ever done with the credit union. So we’re pleased with that momentum. Greg, do you want to speak about how that flows through revenue?
Gregory Orenstein: Yes. I mean, ultimately, again, as we talk about with our NIC solutions that turns quicker into revenue. And so we see that more quickly impacting our P&L, that’s exciting as we look at the mix of business and again, the evolution of our pricing model.
Operator: [Operator Instructions] Our next question comes from James Faucette of Morgan Stanley. Your line is open.
James Faucette: Great. I want to dig in quickly. And I think, Pierre, in the past, you’ve alluded to some inertia in the sales cycle. Is that kind of what you’re seeing right now? And is that consistent? Or is that what you’re also talking about when you say that you’ve got customers that are kind of waiting for the interest rate environment to stabilize before kind of moving ahead and making decisions?
Pierre Naude: Yes. Look, we’ve got banks where profitability is down as much as 40% year-over-year, as announced by public institutions. And so you can imagine when you have that kind of environment, but they’re all looking for a stability of the future. And right now, they still there’s massive debate, is the Fed going to raise rates once more, is it going to start cutting, et cetera. And these have impacts both on the psychology as well as the actual results of banking. And so what we are seeing is people are cautiously becoming optimistic, but waiting to see that this stabilized environment is setting in. I don’t think they necessarily wait for the rates to start coming down. I think bankers in general, believe it will more stabilize the certain point.
And the moment that stabilization is set in place. They are ready to make investments. And you’re just seeing that level of uncertainty and the moment that’s over according to our pipelines and our conversations with banks, they have to do this. This is where they have to go. This is the kind of platform they need for IT simplification, modernization. This is what the consumer wants. They needed for the deposit gathering. They need it for efficiency, they need it is for compliance. So, they all know that and we meet with them on a frequent basis. And I was just in Europe where one customer said to me, look, man, the project is a bit more difficult than we expected. But what else do you do which, of course, is music to my ears. So I feel very optimistic that we’re in a good strategic place.
Our platform is maturing at the right time. And is — this phenomenal noncommercial wins are willing to show is that this whole architecture and effort we put in is going to pay off.
James Faucette: Got it. Got it. Got it. And then, Greg, I know you kind of have touched on this in a couple of different ways, but I just want to try to make sure that we understand in terms of the change in churn, if churn has remained stable at your previous assumption? How much of an impact — or how would you have been changing your fourth quarter guide at all? I’m just trying to make sure that we understand the level of churn impact versus other factors?
Gregory Orenstein: It was a big part. I mean, you saw we rolled some of our over performance in Q3 into Q4 in terms of upping our guidance but ultimately not the whole thing. And so that certainly was an impact. And the engines what we really saw was just October. I mean interest rates were specifically mortgage rates peaked and ultimately, just some of the IMBs,I think just said enough was enough. As we looked at the first month of this quarter, so far, things are more in line with what we expect. And obviously, this is something we’ve been tracking for the last year plus. The team has done a really good job of tracking the churn. I do think it was somewhat just a unique set of circumstances in October with that spike that really increased the churn level from really what our expectations were.
Operator: Our next question comes from the line of Nick Altmann of Scotiabank. Your line is open.
Nick Altmann: Awesome. It sounds like there’s a lot of excitement around banking advisers. So I wanted to ask a couple of questions there. I guess just the first one being, what is the initial customer feedback then from those who are beta testing it, is there any sort of update on the monetization strategy there? And then just as a follow-up, is the best way to think about the opportunity with banking adviser really around the installed base with nCino IQ? And should that really kind of foster more cross-sell activity into NIC? Or should we kind of think about those as mutually exclusive?
