Dushyant Sharma: Thank you, Will, for the kind words and mean a lot. We as a management team, we are very focused on continuing to make strategic investments in growing the business and growing the product portfolio and the functionality to make sure that we remain innovative and our existing customers and prospective customers continue to find home in looking at us as a leading platform. So, that will continue to occur. And in terms of the EBITDA growth this year and going forward, as Sanjay mentioned, that remains our North Star, 20% to 30% EBITDA dollars growth year-over-year. What we are focused on right now based on the – it’s sort of like – and we will provide color in the next quarter based – once we finish the year.
But as I was sharing earlier in the year, that to deliver the high end – the top end of our guidance, we really didn’t need to sign any new clients based on the backlog we already had in 2022. That dynamic or the way we have architected our business is actually very helpful as we can turn the dial on OpEx and different opportunities we see whether sales and marketing or product and so on. So, we feel very good about where we are for this year. Obviously, guidance for next year will come later, but we are feeling good where we are sitting right now.
Will Nance: Got it. Appreciate you guys taking the question. Nice quarter.
Dushyant Sharma: Thank you.
Operator: The next question comes from Rebecca Lu with Citigroup. Please proceed.
Rebecca Lu: Hi. Thank you for taking my questions. You mentioned the launch of several large billers this quarter. So, it sounds like some were implemented sooner than expected. Why are we not raising the outlook for the top line a little bit more? Is it because we are being conservative, or are there anything else we might be missing?
Dushyant Sharma: First of all, Rebecca, thank you for the question. I think we are raising the guidance by a decent number. But this will continue on, as you know, some billers, which went live, they were expected to go live in the quarter. And what we are expecting in Q4 is something similar. But the combination of the success in Q3 and the go-lives in Q4 is what’s driving our rates for the quarter and the year on the top line.
Sanjay Kalra: Yes. And if I may add, Rebecca, these billers where we saw a slight shift in the seasonality quarter, these billers specifically have been implemented earlier in the year. But they were expected to have a spike in seasonality only in one particular quarter. So, it’s not that the implementations happened in Q3. Implementations are on track on what we envisioned for each quarter, actually, including Q4. So, it’s not about the implementation timeline, but that’s mainly about the seasonality in which quarter it’s going to spike. And that estimation was Q4 earlier and it proved to be Q3. That said, the revenue guidance is up for the year-over-year. We are more than 20% this year in ‘23 at midpoint compared to last year ‘22.
And actually, that’s in line with our long-term business model, which I just shared that we want to grow our top line with 20%. Yes, it could be slightly over 20% or slightly at 20%. But I think we are feeling good about where we are. And again, to point out that while revenue growth is what it is, our focus also is to drop it to the bottom line to the maximum we can, i.e., we are focused on profitable growth and not just growth. So, I just want to be very clear on that approach we are adopting and how strategically we are managing our business.
Rebecca Lu: That’s helpful. Thank you.
Dushyant Sharma: Thank you, Rebecca.
Operator: Our next question comes from Matt O’Neill with FT Partners. Please proceed.
Matt O’Neill: Yes. Hi. Good evening and thank you for taking my call. A lot of great questions already asked and answered and I appreciate the outlook for ‘24. Nice to see the transactions coming in above expectations. Just a little bit curious if you could dig into the dynamics impacting the RPT a little bit. Maybe just remind the group like what the moving parts were, it was a little bit below, I think where consensus was at. And I think I might have missed it if it was from some mix shift or a new larger biller on the platform, if you wouldn’t mind just addressing that. Thank you.
Dushyant Sharma: Hey Matt, how are doing? We could not hear what you said. What was the question about, if you wouldn’t mind. Actually, I just want to make sure we get it right.
Matt O’Neill: I am outside. Can you guys hear me more clearly now? Is that better?
Sanjay Kalra: Yes. You mentioned something RPT. Can you explain what you mean?
Matt O’Neill: Yes. I was just asking about the revenue per transaction came in a little bit below I believe where consensus had implied. So, it was great seeing transaction growth outperformed. So, just curious if there was like a mix dynamic or maybe I missed what sort of drove the RPT a little bit lower than where consensus was at.
Sanjay Kalra: Yes. Matt, I would say that biller mix is the answer for the revenue per transaction or CB per transaction. There are so many variables playing in our business that I think the per transaction metric is now actually becoming a byproduct of our business rather than a strategic force that’s helping to drive the business. Generally, I would say transactions growth eventually mean increasing revenue and scale, resulting in more profitability. However, looking at our business per transaction is not becoming an effective way or as a means to forecast our business. So, it may be a $0.01 more or less than the prior quarter or maybe $0.02, but that is not really dictating any strategic decisions or direction of the business.
So, answer to your specific question is, it’s the builder mix. As the number of transactions are up and we have added a large number of billers you might see revenue per transaction going down, maybe a $0.01 or $0.02. But that is not going to ultimately determine – what I want to say is that’s not the right – I think becoming the right metric to forecast going forward.
Matt O’Neill: Yes. That makes a lot of sense. I appreciate that. Yes, I think focus on transaction growth is the key. Thank you.
Sanjay Kalra: That’s right, Matt.
Operator: Thanks Matt for your questions. There are currently no questions waiting at this time. So, I will pass the conference back to the management team for any further remarks.
Dushyant Sharma: Well, thank you everyone for joining today. Have a great week. Thank you.
Sanjay Kalra: Thank you all. Bye-bye.
Operator: That will conclude today’s conference call. Thank you all for your participation. You may now disconnect your lines.
