Dan MacLachlan : Yeah, David, this is Dan again. The great part is it’s a combination of both. Obviously, we’ve talked about historically kind of this model, you start with early adopters. And then over the last 12 and 24 months, we’ve really been focusing on moving up tier. And from an existing customer standpoint, when we’re dealing with medium and larger enterprise, you have a lot more opportunity to grow within that revenue base. But even historically, with our small and medium-sized businesses, we’ve done a good job of growing the base. So when we look at revenue per customer from the IDI side and look at it over the past 12-24-36 months, that has been growing nicely from an annual percentage basis. And that’s contributed to both the size of the new customer we’re bringing in, but also the capacity to grow within that customer base.
Because traditionally, when you win a medium or larger enterprise customer, you’re not necessarily going to get all their volume right off the bat. Obviously, you grow with them in their current use case, but then you also understand and potentially look for additional use cases within the organization that allows you to land and expand. So it’s been a combination of both the new customer size we’re bringing in as well as being able to grow the existing base.
David Polansky: And without setting any unreasonable expectations because I know you’re sort of — your new business is going after customers that have much longer sales cycles. But can you give some sort of update on where we are with sort of, I guess, penetrating the medium or larger enterprises or government customers. I know you made some hires within the last nine months or so. So can you say anything about that?
Derek Dubner : Sure, David. It’s Derek. We’re still early innings on that. While we have talked about — over the last 18 months, we’ve added certain thought leaders to lead certain divisions with, for example, public sector or identity for us to break into larger enterprise and they’ve been sort of formulating our path, if you will. And we’ve been making inroads with those larger enterprises, which, of course, are longer sales cycles. But given that, we’re still very early innings. We’re very excited about all the opportunity we have in front of us, notwithstanding the growth we’ve had over the last two years or 18 months to two years, for example. So I like to say early innings, and our teams are excited and running at it very quickly.
And we won’t let what is still rather an uncertain economic environment, get in the way of our ability to begin those talks with large enterprises, move those talks along and ultimately with the goal of testing our solutions against what’s out there in industry and letting us solve for any other unique complex problems, so those that maybe they’re not solving for today. So again, that’s where we are today with a lot of good stuff in the future.
David Polansky: I actually want to — you brought up something that I’ve been thinking about when you mentioned the economic environment. And I’m not sure if you’re using that as a hedging clause, if any of your customers delay on new signings. But — can you talk about the impact that the economy have on you? Because I’ve always thought of your business at least parts of it sort of being countercyclical. So when you say economic impact, like I don’t necessarily take that as a bad thing, but maybe you can give everyone a refresher on how you think that might impact you over the next 12 to 24 months or so?
Derek Dubner : Yeah. That’s a great question, David. Thank you. We do view our business as very balanced across the economy. It really doesn’t tilt very strongly one way or the other, which is really a great thing as far as being balanced across many, many industries, many, many use cases. When the economy is very hot and there are a lot of new account openings, then you’re going to see our systems put to use in the way of identity verification, risk mitigation, due diligence. And then when the economy cools as the Fed has bent upon doing today and hiking rates aggressively, we see that collections is now percolating. We’ve seen repossessions rise significantly. We’ve seen nice progress from law firms in the way of whatever they may be doing with lawsuits with debt collection with going after assets suing parties and the like.
