David Wilkinson: The good news of our platform approach is that we can embrace — we have this open ecosystem that we can embrace, whether it’s the do-it-yourself trend that we see with some retailers or whether it’s third-party integrators. We partner with a lot of the big integrators. We are not seeing them come in as really direct competition. The competitive landscape hasn’t changed that much. There are a few start-ups doing some things around specific technology, but we are embracing that. The other benefit of our model is, as we move to the platform the soft, our real value is in the intellectual property around the software and how consumers interact with those devices in the store. So that value doesn’t go anywhere regardless of who — what other parties are involved.
So we — this is a rising tide that will raise all boats for us in the sense that we will connect to the platform will monetize our model, we can monetize those assets as we deploy with partners or even kind of DIY folks as well. So we feel like we are in a pretty good place.
Matt Summerville: And then just as a follow-up on Digital Banking. Can you maybe talk about where you are at year-to-date from a win rate standpoint in that business versus maybe where it was at two years ago and maybe compare and contrast where you are at with your renewals and the success rates you are experiencing now versus in the not too distant past there? Thanks.
David Wilkinson: Yeah. We are seeing mid-90s in terms of renewal rates across that business, and as we have stated in this release and the previous four quarters, over that time horizon, we won 36 net new customers, we are gaining share in Digital Banking, we are growing registered and active users and you are starting to see that really convert into the growth that we are seeing, the 9% year-over-year ARR growth that you see is the evidence that would support that growth. There is some timing of some customers that we onboarded. So those customers don’t immediately show up. So a lot of the big wins take a little bit longer to onboard. So as those 36 net new customers start to come onboard, that’s what’s gives us confidence in the growth rates in that business.
Matt Summerville: Perfect. Thanks, David.
Operator: We will take our next question from the line of Erik Woodring with Morgan Stanley. Please go ahead. Your line is now open.
Erik Woodring: Hey, guys. Thank you very much for taking my question, and again, congrats on the spend. David, you alluded to some of the hardware declines that is kind of helping to offset the recurring revenue growth. I am just curious, outside of that shift that you are making to the platform lanes and more SaaS-based revenue. Are there any other headwinds to that hardware business that you kind of need to correct or shore up, so to speak? And maybe my question is, outside of the conversion part of your business, kind of how do you change the trajectory of that part of your business that is in — that is currently in decline? And then I have a follow-up. Thanks.
David Wilkinson: Yeah. Part of the other headwind is, as we have described in previous calls is the average selling price, the ASP, as we get into some of these new formats, even though we are driving unit volume and things like self-checkout, the form factor is a little smaller, convenience is more of a kiosk than a full appliance like you would see in a grocery store that takes cash and other things. So there’s some ASP compression that’s happening in that market. That’s why we see revenue growing a little slower than our unit volume and the overall market share growth. For us, it’s also about — we are going to shift a bit of a focus to go acquire some net new customers across the Board and we think that will help shore up some of the hardware declines that we see across the existing base as people are sweating assets a little longer.
And we are actually creating some of our own headwinds with our edge technology that allows us to uniquely deploy software on hardware and really extend the life of hardware in stores. It’s a real value to our customers in the Retail and Restaurant segment, and so we will find some growth in net new customers as well to overcome some of the overall secular trends in hardware.
Erik Woodring: Okay. Very clear. Thank you. And then we have heard a lot of positive commentary tonight and so it is really great to see you kind of carrying the momentum after the spin. Just curious if you were to take a bit of like a self-reflecting view of the business and the management team execution. What are any areas where you need to prioritize either improving the product or improving the go-to-market approach or even just improving the overall execution? Where are those holes that you need to patch that can almost supercharge the performance that you are seeing from the rest of your business? And that’s it from me. Thanks.
David Wilkinson: Thanks for recognizing the team for the great performance. They have really stepped up, as you described and delivered an amazing set of results. The areas I would tell you that, I want to supercharge growth in Digital Banking. I mean you are starting to see that growth. So you see the EBITDA margin rate in Digital Banking down a little bit. That’s because we are trying to pour some gas on that fire and get more sales momentum and get in front of every financial institution, because we have done a really good job of building an amazing product there, and we are winning, as I described with the 36 new customers and so I would like to see us move a little faster in terms of gaining new customers. And then when I answered your question on the hardware side, I also want to see us — our investment thesis and everything we have outlined is really about retaining the base, connecting them to the platform, which we have seen tremendous progress against and then adding new products to grow ARPU, I want us to focus too on adding new customers.
I want to — we want to continue to take share in this space. So I would tell you where we want to focus is on — it’s not a wholesale shift and it’s not a bunch of product gaps, it’s really get faster connections to the platform, let’s grow some sites across both Retail, Restaurants and our Digital Banking.
Erik Woodring: Very clear. Thank you very much, guys. Good luck.
Operator: Thanks. [Operator Instructions] We will take our next question from the line of Ian Zaffino with Oppenheimer. Please go ahead. Your line is now open.
Ian Zaffino: Hi. Great. Thank you very much. Just kind of want to follow up on the last question. I am just looking at sort of Retail, I guess, platform sites are up under 118%. So that’s great numbers. But just getting on to the legacy side, can you maybe give us an idea of the magnitude of declines you are seeing there or maybe — are they accelerating, are they moderating? Is there anything on the horizon that would suggest that maybe it does moderate or is this just sort of something that we had to deal with basically until this 2027 when things really start accelerating like you kind of outlined in your Investor Day? Thanks.