Brad Sills: Thanks John.
John Rettig: Thank you.
Operator: Thank you. Our next question comes from the line of Andrew Bauch with SMBC. Your line is now open.
Andrew Bauch: Hey thanks for taking my question. Just trying to understand really the slowdown that you guys are calling out on the guide here; I mean, it seems to me that just the magnitude of slowdown that you guys are going for in the back half of the guide. It doesn’t necessarily square with a lot of the other data points we’re seeing in the market, be it Facebook calling out a bottoming in ad spend or American Express calling out relatively stable business trends. I’m just trying to get a sense if there’s something beyond the macro that we’re missing here that maybe you need to build that you guys are facing? Are there any impacts you’re seeing from into its announcement to double down on B2B? Or just maybe there’s just something else that we’re not hitting on here.
Rene Lacerte: Thank you, Andrew. Generally, what we would say it’s really €“ it is the macro environment where businesses are pausing. They’re in standby mode and I think I mean just if you look at the macro trends that are in the media, the amount of companies that are now seeing layoffs and impact on their employee base, I mean it’s clear that businesses are thinking about how they spend, and they’re being very thoughtful if not scrutinizing their spend directly. So ultimately that is what we see across the competitive environment like we’ve defined and created this category, we continue to define and create the category. And we have not seen any impact from a competitive perspective from anybody on what we’re able to do and drive in the market.
Andrew Bauch: Got it. Thank you.
John Rettig: Thank you.
Operator: Thank you. Our next question is from the line of Matt Stotler with William Blair. Your line is now open.
Matt Stotler: Hi there. Thank you for taking my question. I think I’d like to get some more color on the working capital management offering that you mentioned there. Obviously, that’s something you guys have talked about for; I think since the IPO, it sounds like it’s coming to fruition. So maybe just thoughts on what the revenue model would be there, whether or not you keep those loans on your balance sheet? And then anything you can provide around timing would be helpful?
Rene Lacerte: Sure. Thank you, Matt. Ultimately, one of the things that we pride ourselves on is that we drive the electronification of B2B payments, right? We make it so that businesses can pay and get paid and now choose the timing of how they get paid. And that’s something that we’ve worked hard at, something that we have north of 80% of all payments across bill or electronic. And one of the impacts of having a broad payment platform that we do is that we get to learn from each of the payment offerings that we develop. And so when we launched Instant Transfer in the last year, we had a chance to see that there was demand from repeat demand from suppliers that were known in our network that they wanted to be paid faster than what was able to happen through either the check or the ACH mechanism that they’re getting paid.
And so that led us to engaging and understanding from suppliers that were known to us, what would be helpful. And so if there’s an opportunity for us to accelerate the invoices they have with a BILL customer and we can actually drive the capability to make that happen, what are they going to be willing to pay? And the reality is they are willing to pay for that, it will be an impact on the ability for us to monetize. And what we’re excited about is that we are now in a position to start learning exactly how to roll that out broadly across the 4.7 million members in our network.
Matt Stotler: Got it. Thank you.
John Rettig: Thank you, Matt.
