Greg Orenstein: I think one of the things that we’re really proud about, we talked about the turmoil really that this business and the industry has gone through over the last couple of years between COVID and the rise in interest rates and the liquidity crisis, Bob, we stayed very focused on executing our strategy, both product-wise as well as our geographic footprint. And so, again, I think we’ve got multiple levers in the business in order to help us or support us on our path to reach that Rule of 50 on that long-term target that we discussed back in September. And it’s from mortgage, it’s from new products, it’s from AI, it’s from our consumer lending product being in a place where again, we can sign a $200 billion enterprise bank as we announced in the third quarter.
It’s the new omnichannel. And so, again, I think it’s just been a credit to the team, a lot of focus over the last couple years to position us to be ready and really have this kind of convergence of the market hopefully coming back and settling after the turmoil that we’ve seen aligning very nicely with the maturing of our products and our go-to-market motion. And so again, I think it really spans products and geographies and I think we’ve got multiple different levers to help drive growth over the next several years.
Robert Trout: That’s great to hear. Thank you very much, guys.
Greg Orenstein: Thank you, Bob.
Operator: Thank you. Our next question comes from Brent Bracelin with Piper Sandler. Your line is open.
Unidentified Analyst: Good afternoon. Thanks for taking the question. This is [JR] (ph) on for Brent. Just a quick clarification for me. I’m wondering if you can quantify how much of this building RPO you would attribute to the enterprise deals that slip from the third quarter versus any other source of uplift. Thank you.
Greg Orenstein: Thanks, JR. You know, wouldn’t get that level of specificity. What I would highlight is as we talked about seeing traction across all kind of market segments, that total RPO really is a reflection of duration. As you’re aware, it’s those enterprise customers that generally sign the longer contracts. Again, with those enterprise customers signing, it was very much extend and expand with those. And so, that was really what was driving. But I wouldn’t highlight one specific deal versus, again, just a strong quarter of gross sales and a strong renewal quarter as part of that. As things came together nicely, very much more in line with what our historic expectations have been versus, again, what we’ve seen over the prior several quarters where it was much more lumpy than normal.
Unidentified Analyst: Great. Makes lot of sense. Thank you.
Greg Orenstein: Thank you.
Operator: Thank you. And our last question comes from Alex Markgraff with KBCM. Your line is open.
Alex Markgraff: Hey everyone, thanks for taking my question here. Just wanted to follow up on some of the commentary around normalizing a normalizing sales environment. When you think about the normalization that you’ve seen so far, really, in the fourth quarter, just curious, I mean, what does that represent versus the, I don’t know if I’ll call it sort of backlog of paused demand that has built up more recently? That’s sort of the first part of it. And then as you think about fiscal ‘25, what is sort of the operating assumption as to how quickly some of that demand sort of resumes and deals are signed?
Josh Glover: Hey, thank you for the question. This is Josh. I think the biggest shift that we’ve seen is really the motivation that the customer has as we engage with them. We see a more resounding and consistent focus on efficiency from our customer base than we’ve seen since we started the company. Look, if you look at last year, you had the market took a shock, but when they’ve come back and realized that their margins are still compressed and they understand the environment they’re in, they’re getting more questions about their credit quality. The ability to continue banking but do so more efficiently is something that we’re seeing in all segments across the globe. And so obviously you understand the efficiency lift that nCino gives, no team and no ecosystem is better equipped than nCino crew is to deliver that efficiency.
That’s probably been the biggest change that we’ve seen. So a big piece when we talk about return to engagement and returning sentiment is a pretty crystal clear focus from the customers we serve on delivering more efficiency.
