And so, what we are hoping is that as we continue to focus on that segment, we will see the numbers in the segments that matter, do better for lightspeed. I don’t know how much more do you want that €“ again, what is really great for us, and when we look internally, is we are attracting more of the established, we’re looking at churn, the churn is decreasing in that front when we look at payments attached. We’re now focusing more and more €“ and even when we’re looking at upselling the base, there’s a lot of initiatives internally around getting the more established customers. And I think, finally, what you can expect is with what we’re doing with suppliers and verticalization here, you can expect us to see better attach rates as we go forward and better close rates because they’ll be helped by the brands and suppliers within those industries to sell.
So, yeah, feeling good about the strategy and very happy with the results on that front and with the progress with more established merchants.
Josh Beck: Maybe just a related follow-up. So when you look at really the marketing and advertising budget, has it been fully recalibrated, which I imagine involves a shift from digital and performance more so towards outbound and field sales and that type of thing. Has it been fully recalibrated? Or is that something that we’ll continue maybe to shift as we exit fiscal 2023 and go into fiscal 2024?
Jean Paul Chauvet: We are in the midst €“ we just hired a new CMO. And that is probably her number one focus today is to try and recalibrate. Even you’ll see updates on the messaging. But I think just to be clear, more established SMB for Lightspeed doesn’t mean field sales. The majority of our motion is still going to be in it’s going to be marketing led and the majority of our deals are still going to be closed with Zoom and onboarded with zoom. And I think that’s what’s very exciting to Lightspeed, is that even though these are much more established merchants and you look at the cohorts and they’re much more profitable, the good news is the cost of acquisition is very similar. And most of it is done inbound and with a recipe that we understand very well.
Operator: Your next question is from line of Raimo Lenschow with Barclays.
Raimo Lenschow: Obviously, you can only control what you can control in this environment. But can you talk a little bit about the churn levels on the on the lower end? Is it just what we’re seeing now? Is that just kind of €“ you’d be emphasizing it a little bit or do you see elevated churn coming from the recession already? And how do you see that playing out?
Jean Paul Chauvet: I think maybe just overall churn for the company is in line, and so there’s no major changes there. But what we are continuing to see, and we started exposing this, is we are seeing very €“ much higher levels of churn in the lower end and under 200k. That’s really €“ I think if I remember correctly, it was 84% of our churn coming from under $200,000. Whereas if you go up and as you go to the $500,000 plus and the $1 million plus, that’s where your churn really becomes almost inexistent. And that’s because there is no business failure.
Brandon Nussey: If I can just add on that. JP used the fishing net analogy. When that net isn’t cast as wide to catch that cohort of customer quite as much as we’re now focused less on, you’re not replacing that cohort and that churn as much as we would have in the past. So you’re seeing it come through a little more, if that makes sense.
