Balaji Gandhi : So, first of all, I mean, let’s recognize that it’s December 5, so, fiscal year is not even over yet. But that’s I think the way you should read that outlook we provided is no different than in the past, which is payments does grow slower than the other two revenue lines. To your point, you don’t really create more payments. Most of that growth is coming from the fact that we’re growing our network. And then there’s some seasonality to it. So, I wouldn’t say there’s no growth plus or minus. It’s just that the growth itself largely comes from growth in our network and it will be slower than the other two revenue lines. That’s probably always we’d say now or probably ever.
Operator: We’ll like our next question from Richard Close with Canaccord Genuity.
Richard Close: Just maybe digging in a little bit more on Ryan’s question, so on the payer update, I’m just curious, has the opportunity changed there at all? Is it just not materializing as fast? Just anything that maybe caught you off guard on that part of the business?
Chaim Indig: No. I don’t think look. We’ve been growing the payer opportunity, Richard, for many years. And I think our view was just the rate and pace of that investment and where we allocate dollars. Look, I don’t think payers are going away anytime soon, and I don’t think they move very fast. So, I think our general view was they don’t move fast. Let’s not try to make them move too fast by throwing dollars at it. And frankly, I think all companies make decisions around capital allocation, and our view is we want to get back to profitability as pretty much as soon as we can, while still driving significant growth in business.
Richard Close: Okay. Thank you.
Operator: We’ll take our next question from Daniel Grosslight with Citi.
Daniel Grosslight: Hey guys, thanks for taking the question here. I just have a question on the push out that $500 million based on the run rate to fiscal ’26 and the wise be squaring that with your comment that you guys remaining committed to achieving 20%-ish plus growth. I don’t know if that was that comment was specific to kind of medium-term guidance or what? But, I’m curious because at a 20%-ish plus run rate, fiscal ’26 that $515 million I’m curious kind of what’s driving that step down in growth in fiscal ’26 and I might have pushed out about $500 million target.
Balaji Gandhi: Hey, Daniel, you cut out there a little bit at the end. Do you mind repeating maybe the second half of year? Really just repeat your question, I guess?
Daniel Grosslight: Sorry, how’s my volume now?
Balaji Gandhi: Yes, much better.
Daniel Grosslight: So, the question really is if you look at fiscal ’26 and that $500 million based on an annual run rate target in fiscal ’26, it does imply revenue growth lower than 20% in fiscal ’26. And Balaji, you mentioned that you’re committed to kind of growing revenue 20%, so I’m curious kind of what’s the delta there that’s driving that step down in year-over-year growth from fiscal 2025 to fiscal 2026?
Balaji Gandhi: Yes. I mean, Daniel, I think we haven’t made any comments about ’26 other than talking about pushing $500 million run rate out, I don’t think it’s appropriate to start like really digging in and unpacking ’26. But I think both Chaim and I on this call, but also in prior calls, said we’ve made a lot of investments to position ourselves for 20% growth beyond ’25, but I think that’s really all we can say at this point.
Daniel Grosslight: Got it. Thank you.
Operator: We’ll take our next question from Scott Schoenhaus with KeyBanc.
Scott Schoenhaus: Hey, Chaim and Balaji. Thanks for taking my question. So, it looks like from just the initial research on Connect on Call, it has a diverse client base, you said in your press release or your investor letter about 67 new provider clients, and then you have the additional 50 form clients. Is the goal here to really create, kind of a new install base where you can cross-sell your legacy solutions? Obviously, you can add on this bolt-on solutions, but you inherently have this new customer base that you can cross-sell your legacy solutions to. And just trying to bridge and think about ’25 guidance and what that means for average revenue provider client growth. Thanks.
Balaji Gandhi: Yes. I’ll try to answer the question as best I can. So, the I guess, whenever we have done an acquisition, we’ve obviously always introduced them to Phreesia and to see if they would be interested in buying our current like, our existing product subset on top of whatever they have from the small product company that we bought. But when we think about acquisitions, we go through an analysis our product organization does around buy, build, or renting capabilities. And so, if you think about healthcare, it’s still in the early phases of digitizing. Like, if we think about access e-forms, we’re talking about like it’s technology that we acquired so that, you can move away from having people sign like, have physical paper that had to look a certain way for government forms or payer forms.
