Operator: Your next question comes from the line of Joe Vruwink with Baird. Your line is now open.
Joe Vruwink: Great. Hi, everyone. This may be overly simplistic, but over the last four quarters now, you’ve invested $30 million to $34 million, let’s say, a quarter in sales and marketing. And over that time, you’ve also added clients at a clip typically over 200 a quarter. So just leaving the composition of a client add aside, is the productivity associated with the current team and the current expense base, something that you think kind of supports the same level of client growth going forward?
Balaji Gandhi: I mean, generally, yes. I mean I think we feel like — we’ve said this before, the level of headcount that we have is adequate to get to the plan as we talk about this march towards the $500 million in 2025, we feel like we have the team in place that can bring us there. So — and I think we’re confident in their productivity and their ability to deliver on it.
Joe Vruwink: Okay. Thank you. And then just so I understand the comments that the fourth quarter, do you expect to see a greater mix of larger clients added and expansion activity? How does that kind of flow into the average subscription per client metric one quarter relative to a big installed base I can appreciate it doesn’t move the needle immediately, but is this sort of a function of time where eventually the activity you’re seeing or, I should say, recent many quarters now of activity, eventually, that will be more reflective of just what’s happening in the broader installed base, and that’s where you start to get per client growth?
Balaji Gandhi: Yes. I mean you’re correct. I think one quarter isn’t going to move the needle a lot. I mean I think we see that number — even if you look at the past six quarters, I mean it’s been around somewhere between the 11.2 and 11.6 (ph). I think we said it would moderate, meaning it can go up slightly. But I think quarter-to-quarter, it also depends on the mix. We’ve added a lot of new clients, and then there’s a cycle where — then you start to expand and cross-sell and some of the new clients that you added in the prior quarter. So I think generally, I don’t — like we said, it would moderate, but I think it just — it kind of fluctuates quarter-to-quarter, depending on what this mix ends up being.
Joe Vruwink: Okay. I’ll leave it there. Thank you.
Operator: Your next question comes from the line of Ryan MacDonald with Needham. Your line is now open.
Ryan MacDonald: Hi. Thanks for taking my questions and congrats on a great quarter. Chaim, you already mentioned in the shareholder letter that you’re working with some health plans during the Medicare open enrollment period. I’m just curious, one, with those clients, how are you measuring ROI? And two, to the extent that you’ve sort of seen it thus far, what sort of ROI are you delivering for those clients relative to sort of the benchmark? .
Chaim Indig: So I don’t know if we’re going to disclose some of it right now just because we’re in the middle of a lot of these things, but the early indications and the anecdotal feedback has been very, very positive. I’m sure Michael and the payer team will start releasing some of that information over the next 12, 18 months, and I’m sure we’ll make it easily digestible for the investment community. But we are very excited, and we do think that we will have broad-based value impacts for the payer and pay buyer communities. And the early indications have been very, very positive.
Ryan MacDonald: That’s super helpful. I appreciate.
Randy Rasmussen: If it wasn’t clear from the earlier question, I mean, but the value proposition is member acquisition, member activation, that’s sort of how to think about it.
Chaim Indig: And member retention.
