But not just how we think about our payer products, but also just how we think about engaging and understanding the patient population. We think it’s — long-term, I think we tried to articulate this over the last 12 months. Long-term, we think it’s really important. Activation is just so critical to understanding and impacting health outcomes. And that’s something that’s important to everyone here at Phreesia. But we think that we are going to keep leveraging the work that Dr. Hibbard did with the PAM. And we think we’re — frankly, someone asked me if we’re — what inning we’re in, I’d say, we’re in the top of the first. And we feel very excited about the impact we could have across the board.
Ryan Daniels: Okay. I appreciate that and congrats to Mike and his team on the expanded market opportunity. I guess a follow-up there for Randy. Initially coming into the year, the EBITDA guidance at the midpoint was above negative $150 million. So you improved it again today. But more importantly, from where we started the year, it’s a very dramatic improvement. So I’m hoping you can walk through maybe some of the details there, what’s driving that. And then certainly, I want to get your take on Deion Sanders at your Alma Mater. Thanks.
Randy Rasmussen: Yeah, prime time. There’s a lot of excitement. My son actually goes to the University of Colorado, so he’s following with that. As far as the march towards profitability, our leadership team is very focused on our fiscal ’25 goal of being $500 million run rate in ’25 and returning back to profitability. And I’d just say that every leader is thinking very carefully about their resourcing and what is needed to get to that top line goal. And we also feel very strongly that we have enough cash in the bank to execute on our ’25 plan. So I would say that it’s a joint effort of the leadership team, just really focused on where we’re going and what we need to do to get there. And the team has been incredible this year thinking about this and driving towards it.
Ryan Daniels: Okay. Perfect. Congrats again to Mike. Thanks.
Operator: Your next question comes from the line of Richard Close with Canaccord. Your line is now open.
Richard Close: Yes. Thank you. Congratulations on the great results. You called out winning larger deals in the payment processing and talked about price in that description. Can you provide a little bit more context in terms of that?
Chaim Indig: Yeah. What we realized is that a lot of large customers, really when we started working with them and we built that trust, we were very surprised at how like just a lot of them are being priced gauged almost by some of the large payment processors. And so just by offering, frankly, competitive prices, we’re able to significantly help them. And so I think the surprise has been the ability for us to — as we work with them, to understand how we’re able to offer them a fairly competitive price, while at the same time, allowing them to use those dollars to run their businesses, the health systems, the hospitals. And that — those dollars are instant flowing from — to a payment processor, they’re coming to us and/or back to the hospital.
It’s been really advantageous to all the stakeholders. And so we — and I’ve been very — been really — like the team has just done a great job of working with larger clients and winning some of that business. We really — it’s just all around just wonderful.
Richard Close: That’s good to hear. Balaji, maybe you could go in a little bit deeper on the $1 billion payer TAM in terms of how — what’s the buildup there? And is that just for the current products like as you’re thinking MemberConnect and activation or any thoughts there?
