Sean Dodge: Yes. That makes sense. And then, I guess kind of related to this, in Q4, I know you said you added a bigger mix of larger clients. What’s the attachment rate been like with payment processing in those larger clients? I guess, how does that compare to what it has been historically for you all? I know from the last call; it sounded like you’ve been having some increased success there.
Chaim Indig: Yes. It’s still lower than our average, but the team’s plugging away. They’re doing a good job of winning some deals in it. And I think we’ve been fairly happy. We’re still tracking, but it’s a long slog. But no, we’re winning payment volume. Obviously, nowhere close to what we do in the average, but we’re winning payment volume in the enterprise accounts. And I think it’s evident in the numbers.
Sean Dodge: Okay. All right. Great. Thanks again.
Operator: We’ll move now to Daniel Grosslight with Citi.
Daniel Grosslight: Hi, guys. Thanks for taking the question. I’ll add my congrats to Balaji here. You mentioned in the shareholder letter that patient processing volume tends to grow in line with network growth. But if we look at payment fees per provider this quarter, it fell about 10% year-over-year. Can you help square those two comments? And as we look at ’24, should we expect payment fees per provider client to return to a more normalized growth or do you think there’s still going to be some degradation in that metric?
Balaji Gandhi: So you’re looking at payment fee revenue divided by client, correct?
Daniel Grosslight: I’m looking at the volume per client. But I mean it’s directly correlated with processing fees. But yes, my numbers were on a volume per client basis.
Balaji Gandhi: Yes. So again, just so we’re clear, you’re comparing about $262,000 compared to $298,000. Is that right?
Daniel Grosslight: Yes, that’s right.
Balaji Gandhi: Yes. That might be something we have to follow up with you on. I do see your point. I mean it’s obviously the same quarter in terms of seasonality. I mean, I don’t know, Chaim, what you’re thinking off the top of your head?
Chaim Indig: No. I just think what you might see is a mix of client types. I don’t think we see any massive variability in it.
Balaji Gandhi: But as I look at the last couple of quarters, and this actually would make sense, it was down 16 year-over-year last quarter and 17 year-over-year the one before that. And I think one thing we have talked about, and in our letters, Daniel is we had that unusual — so volumes were down from COVID and then spiked up. And so we were working off some of those tougher comps on a per client basis. But anyway, maybe we can follow up with you on that because nothing comes to mind.
Daniel Grosslight: Yes. That sounds good. And for ’24, I assume it’s more normalized across the board. So that’s really a ’23 and ’22 dynamic. Okay.
Balaji Gandhi: Yes.
Daniel Grosslight: Okay. And R&D this quarter, a bit of a pickup. Can you just talk a little bit about product development and how we should think about R&D and capitalized software for ’24?
