Once you sell a deal, it takes a while. CRRs have to be out there to convert them. So, I think we’re doing something like triple. We’re tripling their commissions, for what they’re going to be missing out. But for us, it’s significant, because employees are going to be doing their own payroll. Millions already are with Paycom. Employees who do their own payroll don’t want to go back to the guessing game. So, while Beti is a small revenue amount for Paycom, it produces strong employee and employer advocates, which produce more leads for our outside sales group. And, with less than 5% of the market, we’ll recapture the delayed opportunities in due time.
Operator: Thank you. The next question will be from the line of Samad Samana with Jefferies. Your line is now open.
Samad Samana: Hi. Good afternoon. Thanks for taking my questions. I wanted to ask one follow-up to Raimo’s question on the guidance. If I think about recurring revenue, and I take out, but the impact of higher rates and the and the average flow balance, it kind of suggests maybe, like, a 20% to 22% or let’s call it low-20s like, software revenue growth rate going forward. Is that the right way to think about maybe the durable, subscription revenue growth rate or just maybe help us understand, is that just for the back half or if we think about the durable number? How should we think about that?
Chad Richison: Samad, I’ll let Craig kind of comment a little bit on that. From my perspective, I mean, there’s really only one metric that’s given away for us and that’s the fact that we’re having CRR spend three days converting a very small revenue item for a client that produces strong ROI. I think it’s a season that we’re in. As far as the percentage growth, I mean, you guys have the numbers, we’ve talked about what we earn on interest as they’ve increased. We’ve also talked about how that’s layering in. So, I know there’s different models out there and they all seem fairly consistent with one another. I don’t plan on giving any of the back, but if you want to take it out, I think that’s a fair thing.
Craig E. Boelte: Yes, I mean, we delivered a strong, a very solid quarter, Samad, and as we looked at guidance, we’re still guiding to 25% for the full year and 42% adjusted EBITDA. We haven’t given any long-term guidance in terms of revenue, but we have a large opportunity in front of us. We had several announcements on this call. And so, the opportunity is definitely there. It’s just up to us to go out and achieve that.
Samad Samana: Great. And just a quick follow-up on the product side. On the new product rolled into Canada, have you already had — do you already have beta customers, is that hiring a different type of rep? Have you opened sales offices there? Maybe just help us think about both the — who’s trying the product already, and if you’ve already built out the go-to-market infrastructure for that?
Chad Richison: Yes. So, we rolled out Canada and that included all territories and provenance in Canada. We rolled out full service payroll where we’re doing direct deposit taxes, everything. We’ve already got clients that are signed up in the pilot have been for a while. We really focused on those countries that our U.S. based clients already have as an opportunity. We could see that because we rolled out our Global HCM product. And, we rolled out our Global HCM product based on people rig in our system for these other countries. So, we’re continuing to roll out countries. We’ll be rolling out more countries this year. We’re not picking the easiest countries. We’re picking the countries that have the greatest amount of U.S. based company employees.
And so, that’s where we’re focused first, I don’t see us rolling out a sales office in Canada, right now, just because we have so much opportunity as we continue to go upmarket. As I’ve been mentioning, we’re getting a larger and larger at-bats for our business, which, Beti drives a strong result in ROI for them as well.
