Pierre Naude: Yes, so the first thing is, if we accomplish the goals for our bookings for this year that we feel very confident about, if you look at the macroeconomic environment, if you look at customer conversations we’re having, et cetera, that is your first foundational milestone to that. The second one is, over the next nine months, we are going to launch a number of new products that is very quick to market, much smaller installation cycles. And I believe that will drive momentum where we actually have a higher ACV number come the end of the year, but it’ll translate into revenue growth for next year. So the new products, along with the omnichannel frontend we’re launching, along with DocFox being fully integrated, okay, I think all of those, and then you look at mortgage when that recovers, and I do believe there’s a point, the rates — mortgage rates will not come down that much.
I think it’s more of a point of house prices will reach an equilibrium and that the consumer will realize because of life events they have to move. And if you combine all of those, some of you have turned more to a normal market, that upside in mortgage is going to be significant for us as well. So the combination of all of that, I think will drive a growth rate for next year is north of 15%.
Chris Kennedy: Great. Thanks for that. And then you talked about a churn going back to normal. Do you still think the normal is kind of 2% to 3% going forward? Thanks a lot.
Greg Orenstein: Yeah, I think it would probably be more towards the 3-ish percent risk just because, again, the IMB piece to it, which is a little bit more volatile. But I think, again, we’re taking a step down this year. We still expect elevated churn, as we noted. But ultimately, particularly if you look at the legacy nCino side, it’s fairly consistent, so there’s no new news there. And as mortgage settles, we would expect to be closer down to that 3-ish percent than where we are last year, and certainly where we are this year — where we were last year. So, Dave, where we are this year.
Pierre Naude: Yeah, the products we’re installing is very sticky. It’s long term. These are generational buying decisions. And once banks standardize on this kind of software, they stay on it for a very long time. So, I feel confident that churn rate will come down to that. Over time, as the rest of the business grows as well, you’ll find that our mortgage business in banking will grow significantly, which is a much more stable customer base. We love the IMB space. We’re going to focus on it and sell that. Two-thirds of mortgages are made there. However, over time, that will become a smaller and smaller portion of the business overall, just because we’re outgrown on the other side of the balance sheet.
Chris Kennedy: Understood. Thanks for taking the questions.
Greg Orenstein: Thanks, Chris.
Operator: Thank you. Our next question comes from Robert Trout with Macquarie Capital. Your line is open.
Robert Trout: Yes, good afternoon. Thanks to both of you, and congratulations to Josh as well. My first question, I know we’ve covered the pricing evolution and the trends that you’re seeing on the consumer and mortgage side. With regards to that eventual shift on the commercial side, I know you’ve said, Greg, that you want to work out all the kinks and everything on the consumer side before you begin to deploy that on the commercial — to the commercial segment. But with the DocFox acquisition, and as Pierre mentioned, rounding out the pieces of the puzzle, is there any thought to perhaps accelerating that hybrid pricing model transition on the commercial side versus a quarter ago?
Greg Orenstein: Yeah, thanks Bob. Potentially. Ultimately, the rollout of platform pricing is really a cross-functional and organizational effort and that will play out throughout the year as we get that muscle solidified here internally and are able to do that on a very consistent basis. And so you’re right, again, our focus has been on mortgage and on consumer, but ultimately as the year progresses and certainly as we get into next year, we would expect to focus on commercial as well, starting with net new customers and then again as renewals come up, addressing it from a renewal perspective. So it’ll be an evolution throughout the year and into next year, but again that’s where we’re going and again it’s really been reinforced as we talked about efficiency here a lot on this call and in the prepared remarks.
And again, I think we’re making our customers more efficient, which means fewer seats, which means they’re also getting more value from our products. And so focusing on that value from the sales standpoint versus the number of seats is the right thing for us to be doing.
Robert Trout: Thank you, that makes perfect sense. And then my follow up just on the — very pleased to hear that still on track for the targeted drive to Rule of 50. Within the various levers that you have that will get you there, when you think about the fact that for, let’s say three out of the next four quarters, you expect the mortgage segment’s growth to be dilutive to the company average before, rebounding in the fourth quarter, but you still very much believe that you’ll get the Rule of 50 and you’ll hit your gross margin of 78% to 80% and it doesn’t have to be linear. So what would be potentially the positively offsetting factors when you have, say, a couple of quarters of weakness in say mortgage or any other?
