Saket Kalia: Awesome. I’m sorry to lengthen the call here. But pricing has been mentioned a couple of times here on the call. And I think there was a question earlier just around pricing in the retail business. I guess I want to ask kind of a two-part question, right? So the first one is how much of the mortgage business is now being priced based on volume versus seats, right? And I guess the second question is just to loop in the great retail win, is there anything that you can disclose just on how the pricing structure works for that deal? Was there a decent volume component to it? Was it mostly seat-based? Anything you could talk about on pricing here for mortgage and for that retail deal.
Pierre Naude: Saket, as you know, that we never want to be a pure volume business. We said it from day one. That’s why we like SimpleNexus. So we always include a platform component to that. Even when we had seed-based pricing, there is a component that is fixed. That’s a minimum in the contract, and we like that — we’ve always done that. In the soft mortgage market, we went in with lower platforms basis because that’s how you penetrate the account, and they are skittish about making a massive commitment. But then on top of it, the pricing schedule is incentivizing them when volumes come back to update minimum commitment to get a lower unit cost on volume. So yes, we will see some volume upside when that market comes back. And then there’s triggers built in, where if they then commit to us a higher, lower minimum, they will actually get a lower unit cost for that volume.
And that is incentivizing good behavior for both parties because we get a bigger commitment, and they pay a lower unit cost price. So that’s how we’re going to edge it up to a much higher minimums again in the contracts when that market comes back. Does that make sense?
Saket Kalia: Yes, that does. That’s super helpful. And anything on that retail deal that you would call out as well?
Gregory Orenstein: Yes, Saket, I’ll note that, that consumer lending deal did include a platform pricing fee. So that’s how we structured that consistent with — again, with where we’re evolving the business and as a follow-up to the comments that I made on Investor Day starting in consumer and moving away from that seats, particularly with the digital element to it, as Josh highlighted, you got the in-branch and digital, and that’s where, again, it’s very much a value sale and what we’re able to do for the institution versus an employee or a seat-based sale. And so that worked nicely in I think as we talked about previously, we think from a sales cycle standpoint, our customers and prospects are comfortable signing business with that structure. So we think that’s helpful in the sales cycle as well.
Operator: Thank you. I’m showing no further questions at this time. I’d like to turn the call back over to Pierre Naude for any closing remarks.
Pierre Naude: Thank you, operator, and thank you, everyone, for attending our call today, and thank you for your insightful questions. We are excited about the business. We’ve got a great pipeline with good coverage. We are considering all factors in the current market as we give you guidance for the future. And hopefully, you can see our confidence in our strategy as well as our customer relations and our customer set we get from our clients. So thank you very much until next time. Have a great day.
Operator: Thank you. Ladies and gentlemen, this does conclude today’s conference. Thank you all for participating. You may now disconnect. Have a great day.
