Jeff Brown: Yes. Sure, Ryan. So, as kind of we alluded to, we are close to sort of running at our internal target, which is 9%-ish. And so we have been aggressive buyers of the shares. Got ourselves paying a reasonable dividend today. I think just in light of what a fluid environment, dynamic environment challenging, whatever you want to call it, we think the prudent thing right now is not to plan for incremental buybacks. But to the extent we get clarity, the extent €“ whatever we head into and it becomes a mild recession, and we start generating incremental capital, I think we would look to restart the buyback program at some point in the future. And so that was using that word currently was very much by design. I mean I think what we see today, the prudent things do not plan for it.
But look, we €“ I think we have shown we are aggressive buyers of our shares when we feel they are undervalued, and we certainly would say that today. And so to the extent we get more and better clarity, it would not be unreasonable to assume we begin again.
Operator: Thank you. One moment for our next question please. And it comes from the line of Bill Carcache with Wolfe Research. Please proceed.
Bill Carcache: Thanks. Good morning. Your presentation materials go a long way towards addressing some of the major debates on your stock. So, let me add my thanks. I wanted to follow-up on your credit comments. Based on what you see today, would you expect NCOs to peak in 2023, or could we see peak NCOs going on until 2024? And when should we expect the reserve rate to start to drift floor in relation to those peak losses?
Jeff Brown: Yes. Hey. Good morning Bill. Sure. So, I think the slide that we added that shows sort of that expected trajectory in 2023 is a great reference point. And you will see kind of at most, the biggest delta and sort of our normalized view versus 2023 expectations really is in the fourth quarter. And so that’s where the unemployment rate, as I have said, is peaking and cresting as well as working through some of the other dynamics we mentioned in terms of just when you think about the content of new originations as well, the vintage, the dynamic that I mentioned, which is really working through that late €˜21, early 2022 cohort where we expect that to be down to less than a quarter of the book by the fourth quarter.
So, I think that, that €“ and also kind of continuing what we have guided to previously around our decline in used vehicle values, they will kind of get us to that high point of the 4Q 2023. Now, if things worsen or things change from here, I mean variables, as I mentioned, are moving quickly and certainly hard to predict. But we would see that there could be some of that elevation going into 2024, but really feel like given all of those dynamics that, that should be around the top…
Bill Carcache: Got it. And separately, I did want to also ask if you could give some color on the decision to provide concrete expense guidance and speak to the concerns that 2024 is a long way away and you may be limiting your flexibility. Why not go with more of an efficiency ratio that gives you the ability to potentially manage expenses for the revenue environment? Just any kind of color on the thought process that you all went through there.
