Matt Pfau : Just wanted to ask one on embedded HCM. It would be helpful if you could just help us understand the cadence of when a partners signed, how long it takes for them to build pipeline and then how long it takes for them to convert that pipeline. So the partners that are currently converting when did they originally start using the embedded HCM functionality? And then how long before we start to see a material contribution to growth from the partners that are in the pipeline and the ones that you currently signed?
Raul Villar : Yes. Every deal is slightly different. In the sense that some have existing client bases that need to be converted. And so that may take a little longer upfront work on the implementation side. And then others are looking to sell new and that’s a quicker go-to-market motion. So it really depends on the type of partner. And so, I think from our perspective, we’re looking to continue to expand the partner base and then continue to expand the penetration of existing partners and new partners, once they’re up and running, they have contributions on a monthly basis. So it’s — the speed to success is relatively short. It’s no different than the sales cycle of a normal mid-market rep in the industry.
Operator: Our next question comes from the line of Matt VanVliet with BTIG.
Matt VanVliet: I guess one more on the embedded channel. Just curious, I know it’s early, but what kind of attach rate of multiple products are you seeing? Is it drastically different than sort of the overall average? And then maybe how do you see that trending? Is there something that is maybe more specifically needed in that embedded channel that maybe is less common or more common? So, I’m just curious on how the number of products per customer?
Raul Villar : Yes. When we entered it was really, Matt, was primarily payroll and which is what we were focused on. And what we found is that people also want workforce management and some of the other services. So it’s actually a broader suite than we anticipated, when we started the venture. So payroll definitely is the driver of the conversation, but many are focused on workforce management, reporting, analytics, a lot of the other ancillary services that our clients talent, that our clients are purchasing they’re wanting as well. Because the end client doesn’t really — isn’t any different than the end client we sell. It’s just a different way to go after the end client.
Matt VanVliet: Okay. Very helpful. And then when you’re looking at the roughly 20% headcount growth that you’re looking for on the go-to-market team, any particular focus around whether it’s the top 50 markets that you’re targeting? Is it a little more top heavy — are you trying to kind of reach out and further the breadth there? Just curious where you have a need for more capacity across those key markets?
Raul Villar : Yes. I mean we can add sales reps in almost every market in the U.S. still. There’s so much opportunity available. The way we think about it and the way we’ve allocated our resources over the past few years is that about 70% to 75% of the hires go into a Tier 1 market, which we define as the 15 largest cities in America. And then the balance go into Tier 2 and Tier 3, which are the next 35 largest cities in America. And that combination is kind of the formula that we’re executing against today.
Operator: Our next question comes from the line of Steve Enders with Citi.
Unidentified Analyst: This is George on for Steve. I think, first, there’s been some noise with some of your peers in the payroll space. I’m just wondering, if that’s caused any incremental shifts in the competitive landscape and where you’re sourcing bookings from?
Raul Villar : I didn’t know there was any noise going on in the category. But that — we compete against everyone in the category. And we take share from everyone in the category. And we’ll continue to do that. In a quarter, you don’t really see any material changes that bounce around. Most of these decisions take a quarter or 2 to happen. And so we’ll see as we go forward if that changes. At the end of the day, what we’re really focused on is our value propositions on delivering a perfect payroll every time. That’s not that complicated and really delivering tools for leaders so they can power their people and performance. And that’s what we go-to-market with. We have a modern tech stack. We deliver the most PEPM in the category. And so, we’re going after all competitors. We’re not focused on any one.
Unidentified Analyst: Great. That makes sense. And then just a follow-up on embedded. I think you’ve talked about how each of these deals tend to be somewhat bespoke and there’s a bit of an onboarding process, but I’m just wondering if you can talk about the learnings you’ve had from the partners that are ramping so far, if there’s any kind of commonalities that you can leverage to kind of smooth the onboarding process for future partners and kind of speed up the flywheel of the product?
Raul Villar : Yes, for sure. I mean I think we’re starting to understand the framework while every partner is different, they do get bucketed into what type of partners. And a lot of that is what type of partners. Is it a workforce management solution? Is it a vertical software solution? Is it an ERP? Those kind of things, they all have slightly different needs and we’re building playbooks by partner type to help make the implementation more efficient and to make the cross-selling more effective over time.
Operator: Our next question comes from the line of Daniel Jester with BMO Capital Markets.
Kyle Aberasturi : This is Kyle Aberasturi on for Dan Jester. On the two new launches, benchmarking and forecasting, I was wondering if you could provide any further color here. Are these two new modules? Are you charging for them? And then how you’re thinking about the growth opportunity relative to other modules? And then my second question, just if you could dig a bit deeper into the booking conditions you saw during the quarter, maybe a shift as 4Q progress.
