Ryan Glenn: Yes, Siti, I think as you think about our 30,000-plus clients, no client representing nearly anywhere close to 1% of revenue. And to your point, I think the breadth of our clients across various industries is pretty significant. There’s nothing particular I’d call out as far as being over under-indexed to tech or any other particular sector. I think our average client having 100-plus employees, that composition would look pretty similar to the SMB space across the U.S. There’s nothing that I’d call out that is of particular note.
Operator: Our next question comes from the line of Robert Simmons with D.A. Davidson.
Robert Simmons: I was wondering if you talk about client retention. How has that held up so far this year? And what have you built into your fiscal year guidance?
Toby Williams: Yes. So far, our retention rates have continued to be strong. I mean we have talked over the last few quarters consistent with other sort of data points in the industry about us seeing the highest retention rate really that we’ve seen over the last handful of years, that continues to be the case. And I think overall, I would say January is the busiest time in the industry. It’s the busiest time for us as a company, and I think we’re really happy with how we came through January from an overall operations and an overall service perspective. And I think the high level of client service that we’ve provided through the course of a pretty difficult time for our clients during the pandemic has been a huge factor in us differentiating on service and being able to serve our clients effectively when they needed it. And I think that’s been a key contributor to us still being able to see record-high retention rates from a last 5-year period perspective.
Operator: Our next question comes from the line of Jason Celino with KeyBanc.
Jason Celino: If I were to kind of summarize things, it sounds like the demand environment is still pretty strong. You’re executing really well. I know you guide to kind of what’s in front of you. But when we think about visibility how would you say your visibility is today and how it’s changed versus maybe pre-COVID?
Toby Williams: I’m not sure.
Steve Beauchamp: Sorry, Toby, I jumped ahead of you there. Let me start. I would just start by saying from a visibility perspective, our model being recurring revenue and the fact that a big part of our revenue is retaining the existing customers. And then you overlay new customers and new recurring revenue as the year goes along. So think about it as we go along in that year, we get greater visibility to only 2 quarters left. Obviously, January being a huge part of our selling season. At this stage, we have better visibility than we certainly did last quarter and significant visibility because we know what our retention rates are and we’ve got pretty decent look into the pipeline of new business. And so it’s just 1 of the benefits, I think, of this business model that we’ve got.
I don’t think, though, like at the size and scale that we’re at now, versus maybe 3 or 4 years ago pre-COVID, there’s a different level of visibility. I think it’s just more inherent in the business model and where we’re driving the revenue from.
Operator: Ladies and gentlemen, that concludes our Q&A session. I would now like to turn the call back to Steve for closing remarks.
Steve Beauchamp: Yes. I just want to take a quick moment to thank everyone at Paylocity for all their hard work and effort over a very busy year-end. And of course, thank all of you for your interest in Paylocity. Everyone, have a great evening.
Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. You may now disconnect.
