Mark Marcon : Okay. Great. And then my follow-up is, just on the float, the effective yield, you didn’t give the effective yield for the second quarter. I’m assuming it’s somewhere around 290 basis points. Is that right? And can you remind us what it was during the first quarter in terms of the sequential increase. And you did give us the float expectation for the for the third quarter. I’m just wondering to what extent that seems a little on the conservative side.
Ryan Glenn: Sure, Mark. I can take that one. So first quarter average daily balance was about $2.1 billion, and the annual yield was 1.5% or 150 basis points. Second quarter, you had it right, about 290 basis points of yield. So you saw that big step up following the September and November Fed rate increases. Third quarter, as we outlined in the prepared remarks, a $2.7 billion plant held fund balance average there, 320 basis points of annual yield and I think if you do the math in the fourth quarter, we’re expecting about $2.6 billion of client funds in the fourth quarter with about 3.4% to 3.5% annual yield.
Operator: Our next question comes from the line of Samad Samana with Jefferies.
Samad Samana : Maybe first one, just around the numbers themselves. If I think about the F 3Q guidance, it kind of gives us an early peek into F 4Q and I know the world is changing right underneath our feet at all times, but it implies kind of a low 20s recurring revenue growth rate. You guys have been growing well above that. And we’re big fans and there’s a lot of momentum behind the business. I’m just kind of thinking, should we expect growth to — is that conservative because of macro? Or is that just the comps get tougher? Or is that just — how should we think about that, especially in the context of where the business momentum has been and where it was prior to COVID?
Toby Williams: So I guess the way I would think about this is if you go back to the fiscal year prior to COVID, we were in that sort of mid-20s-ish performance range from a recurring revenue growth perspective. And at that point in time, we were guiding in the low 20s. And I don’t think our guidance philosophy has changed from then until now. And what we had talked about at that point in time was continuing to operate the business and drive the business and invest in the business to be able to come out the other side of everything that was pandemic related with similar growth profile. And I think that’s what we’ve talked about over the course of the last handful of quarters is as you start to get clear of some of the noise in the comps which we thought would be the back half of this fiscal year and in particular Q4, you would start to see more normalized growth rates that probably start to look a lot like they did pre-COVID, certainly in a much bigger business.
But — and I think that’s what we’re starting to see. I mean if you sort of unpack some of the dynamics there, Ryan called out that we are seeing really flat performance from an employee on the platform perspective. We have continued — so that has been a tailwind starting to comp some of those increases and so that starts to flatten out. I think you also — from a demand perspective, Steve made some of these comments, we have continued to see a reasonably strong demand environment. The sales execution has been good, which we feel good about. I don’t think you’re seeing any — I don’t think we’re any — displaying any particular conservatism as it relates to the macro. We’re certainly aware of the macro concerns. But from a performance perspective, have continued to see a strong demand environment.
