Toby Williams: Yes. I mean I think just a quick refresher. I mean, that’s referral deals that we end up selling directly, but I think no major change in terms of the production there, called it out in the script, 25% plus of new business continuing to come from the referral channels, primarily benefits brokers and financial advisers and the like. And I think that’s been a really successful channel for us over time and year in, year out has also been fairly consistent and fairly consistent throughout the course of this fiscal year-to-date. So continue to see a lot of strength there and continues to be a producing channel for us.
Matthew VanVliet: Great. And then as you look at some of those upmarket deals that sales cycles are elongating to a certain extent, anything you’d peg there? Are they evaluating more vendors? Is it a little more competitive there? Or is the ask trying to get multiple products in the door, creating any additional friction than maybe just trying to get your foot in with payroll and go from there? Curious on how you’re analyzing sort of the trends there.
Toby Williams: Yes. I don’t think any of those things have necessarily been the case. I go back to a couple of the comments that Steve made. I think we’ve continued to see the pipeline build. I think we’ve continued to get access. I think what we’ve seen is you might have more decision-makers, you might have more gates in the process, more reviewers in terms of the actual purchasing. And so I think those have more been the dynamics than challenges gaining access or challenges around how much product gets added into a deal or something like that. I think we’ve seen product take rates remain fairly consistent throughout all sort of areas of the market. And like I said earlier, I think we’ve also seen. We’ve also been happy with the attach rates that we’ve seen with some of the newer products. So I think that’s what we’ve seen so far.
Matthew VanVliet: All right. Great. Thank you.
Operator: Thank you. [Operator Instructions] Our next question comes from the line of Adam Bergere with Bank of America. Your line is open.
Adam Bergere: Hey. Thanks for taking my question. Just given the macro is obviously out of your control, where are some of these growth levers that you mentioned that you think you can pull it in the next six to 12 months, so to say? Thanks.
Steve Beauchamp: Yes. So I think there’s a lot of the growth levers that we have been pulling for the last several years continue to be an opportunity for us. So we’ve had a pretty robust new product introduction cycle. Toby mentioned, we’re pretty happy with the initial take rates there. So attaching those new customers and selling those back to customers become an opportunity. Obviously, rolling into Trace and getting that product out in the market will be a future opportunity. So we’re excited about what we got from a product perspective. And then I think, overall, we’ve got pretty significant presence both in our core market as well as upmarket. And we’re getting good receptivity of those products and the enhancements that we’re making to the product.
So we’re really leading with the most modern platform in the industry and we feel good about that. It’s really up to us to be able to continue to execute. Broker channel remains really strong. We’re executing really well there. So there’s certainly a lot of positives. We obviously focus on this call on areas that we have opportunity to make improvements in, and we’re committed to make those improvements. And our turnover rates have been really, really low. So we’ve got the team to be able to do it, and we’ve got a strong pipeline, and that’s what we’re going to focus on.
Adam Bergere: Thank you for that. And I guess following up, is this fair to say you’ll lean in a little bit more into upsell? Or is that focus unchanged? Thanks.
Steve Beauchamp: We have been leaning in gradually more to upsell. Over the last few years, we’ve called out the fact that our internal salesforce that’s selling back to the customers has grown at a much faster rate than any of our other salesforces. And that is – that team has done really well this year. It’s been certainly a standout for us, and so we’ll continue to do that on a go-forward basis.
Adam Bergere: Great. Thank you, all.
Operator: Thank you. Ladies and gentlemen, at this time, I would like to turn the call back over to management for closing remarks.
Steve Beauchamp: Well, thank you very much for all of your interest in Paylocity. And I just want to echo one of Toby’s sentiments from the prepared remarks, thanking all of our employees for their efforts over a very busy year-end. Have a great evening, everyone.
Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. You may now disconnect.
