John Rettig: Yeah. That’s Ken. I don’t think we’re looking at any material softening in spend. As Rene mentioned, we view it as more of like a sideways environment from here, but we still see numerous categories of spend by SMBs that are declining. Real estate is a good example of that, where there’s lots of adjustments happening with the way people work and where they’re spending dollars for core facilities. There’s also some rebounding categories. T&E continues to be strong. Advertising seems to be coming back. So there’s going to be puts and takes. We tried to estimate this based on all the information we have available. We haven’t really seen in the last couple of quarters like a turnaround where it’s clear that SMBs are going to be in expansion mode across all spend categories. And that’s how we came up with our estimates of a low single-digit decrease on a year-over-year basis.
Kenneth Suchoski: Okay, great. Thank you.
John Rettig: Thank you.
Operator: Our next question comes from Robert Napoli with William Blair. Please proceed.
Robert Napoli: Thank you. Good afternoon. I appreciate your comments on Lahaina, we spent a lot of time there. It’s pretty amazing what’s happened there. But thank you just — so the Intuit relationship, just some color on that. So essentially, the relationship is ending. The contract is up and you’re not going forward with them. Does that open up opportunities? I know you mentioned a little bit, Rene, that’s going direct, but were you prevented from doing certain things under that contract that you’re now freed up from?
Rene Lacerte: Thank you, Bob, for the question. And I think the first thing that I would just kind of call out is that Intuit has decided to compete on payments, rather than partner. And so as we think about what kind of unfolds for us, there was nothing contractually that was restricting us from doing anything, but we do think that our ability to really help customers understand the benefits and the value of our platform, the robustness of it, it’s built at scale. And just as a kind of a reminder here, 1% of GDP rolls through BILL. If you just step back and think about the size and scale that, that means, we’re not a financial institution and yet 1% is going through BILL. This is a meaningful accomplishment and it’s because of all the capabilities we have around risk, around the platform, around how we weave documents and workflow and payment reconciliation and risk decisions into one solution for our customers.
And so I think — how we think about this is that the market is maturing. There’s more competitors coming into the space and we are leading, we’re defining and folks are looking to us to follow, and we don’t look to anybody to follow. We always are going to be leading. And then just on the invoice financing, the strategy around that, and I don’t know if that’s part of the incremental investment that you’re making this year that you had mentioned upfront, Rene. But what is the timing of rolling out that? And will you be doing it for both BILL — Core BILL and for Divvy? And just your confidence now that you have the data that you need to be able to roll that.
John Rettig: Yes, yes. I think the — it’s a great question. It’s something we are excited about because suppliers, businesses, they need cash flow. One of the testimonials that we put into the script was a network member that used instant payments to be able to fund and pay the drivers because they need to pay people today or tomorrow. And we know that there’s going to be demand for businesses to manage their cash flow across longer time frames. And so invoice financing gives our suppliers in our network, the choice and the opportunity to actually accelerate their cash flow and help them manage their business and make it work a lot better. And so what we’ve seen to date, and it’s early days, but what we’ve seen to date is that suppliers do use the product on a repeat basis, not every time that there’s a transaction that comes their way, but they do use it.
