William Stone: I think there’s kind of — as it’s kind of — two things going on in that business, but I think as it relates to Eclipse, the number of new clients we have this year is maybe 1.5 times what we had in kind of a similar period last year. So we are accelerating. We’re seeing kind of a lot of acceptance and it’s not just new hedge funds, right? It also is — we continue to add fixed income workflows, derivative workflows, other operational workflows, and so the kinds of organizations that this kind of suite of software and services, whether that’s [indiscernible] or Eclipse, appeal to they keep getting bigger. So our markets are expanding and our sales progress is — we’re making progress there. There is a little bit of an impact of the kind of market volatility and equity volumes and things like that, which shows up in the numbers, but underlying that sales performance is very strong.
James Faucette: Got it, got it. And then I think in the last couple of years, pricing has been an issue across the industry. How should we think about, like, what the contribution of price has been to the growth this year, or at least your outlook for this year? And how should we anticipate that as a contributor for next year?
Brian Schell: Yeah, so we’ve — as we look at this and we kind of factor this in. And this, again, this is kind of a mix relative to the flows, inflows and outflows. I think we kind of talked about the — I’ll call it the $130 million to $150 million range. Again, sometimes it’s hard to disaggregate to a single factor and that kind of builds over time, right, through — and that could, call it, accelerating the 4Q to have incrementally more versus the third quarter. So we’re seeing nice price increases, we’re building in more and more contracts and a lot of them already have this in here for CPI adjustments or automatic adjustments, so they kick in. So we’re seeing adoption, we’re seeing it going in place. It’s not an insidious contributor to incremental revenue growth. So I would expect to see more of that on a go-forward basis.
William Stone: Yes. And maybe I just add on the back of that, we’re still — what you’re seeing in price, the numbers Brian just talked about, really still only represents in a given year maybe a third to half of our client base. Right? So as we get more automatic on these escalators and there’s still conversations that we need to have in 2024, we do expect that’ll continue to help us.
James Faucette: Sure, that makes sense.
Brian Schell: And James, we also will continue to innovate that allows our clients when we do raise prices to feel good about what we’re spending their money on. Right? So if you look at our R&D spend, it goes up every quarter, it goes up every year, that this year we’ll spend close to $500 million. And that’s besides spending like a $1.7 on Blue Prism or what we spend on [indiscernible] or what we spend on other things, that gives our clients a more robust offering across all the different segments we serve.
James Faucette: Yep, got it. Appreciate that. Thank you guys.
Operator: We’ll go next now to Surinder Thind at Jefferies.
Surinder Thind : Thank you. Bill, just one big picture question here, just in terms of how are you thinking about just automation technologies in general, such as RPA here, and maybe the grander scheme of productivity enhancements. And I guess what I’m getting at is, obviously, there’s a lot of hype around generative AI. So is there complementary stuff here? Is there competition here between the newer technologies or different technologies? How should we think about the market opportunity?
