Joe Flynn : I wanted to ask one more question on the kind of the capital allocation side. I guess you guys have definitely shown like increased flexibility with focusing on paying debt down and now the buyback. I just wanted to spread the discussions over potentially doing like share distributions to potentially lower some of the impact of the up fee structure? Or just anything you could provide there would be helpful.
Jon Wilk: Yes. Just foundationally, as I said in my prepared remarks, we believe our stock is undervalued. We have a market-leading company with strong gross margins north of 50% or EBITDA margins at 37%. And we’re trading at near 5 times enterprise value to EBITDA. Like we fundamentally believe our stock is undervalued. And so we’ve looked at that and said the Board has authorized what I call additional flexibility around stock buyback warrants, notes or other levers that we and the Board deem appropriate to drive shareholder value. And so this is, to me, us leaning in saying, we fundamentally believe we’re undervalued. And we’re going to make sure that we’ve got the necessary tools to address that in the market. And your comments were right.
We’ve been very successful in paying down debt. Our leverage ratios at 2.4 times total debt, 1.4 times on our bank leverage. We paid down additional debt this year. Incrementally, if you look at the cash position at the end of the year, we both paid down additional debt and ended the year with substantially increased cash. And that’s what we believe we can do in this business. So beyond that, I’m not going to get more specific at this point, but we’ve got the tools in our tool set, we believe to address challenges we see to drive shareholder value.
Joe Flynn : Great. Thanks, that’s all for me.
Operator: Our next question comes from the line of Reggie Smith of JPMorgan. Please go ahead, Reggie.
Reggie Smith : Good evening. Thanks for taking the question. I was hoping that you could maybe talk a little bit about, I guess, the revenue cadence for next year. We should think about kind of a similar profile to previous years? Or how you guys are thinking about that? And I have a follow-up as well. Thank you.
Jon Wilk: Thanks, Reggie. We don’t generally see seasonality in our business driven by, I’d say, time of year, right? It’s typically just driven by timing of different programs as we move through the year. Beyond that, it’s not something we look at and say X quarter is always typically higher or lower than others, and we believe well positioned to kind of hit the total ranges that we’ve laid out for the year.
Reggie Smith : Got it. Thank you. And then looking like historically, like your revenue growth rate has bounced around quite a bit. Obviously, ’22 was a record year in terms of growth. And I know you’ve talked about kind of double-digit growth longer term. Just curious like what’s your thinking is currently on the long-term outlook for metal cards in your business in general. And then if it’s significantly higher than what it is today, is it macro, or is it adoption? Like what’s the bridge to kind of get back to whatever you deem to be kind of a longer-term growth profile? Thank you.
Jon Wilk: Thanks, Reggie. Look, when we look at the growth rate of this company over the last 5 years, 10 years, it’s a double-digit grower. And we have done that consistently, literally over that kind of time frame. So yes, you look at our growth since we went public and you’ve got the 41% growth. You’ve got obviously lower growth last year. Net-net, we still believe, over time, this business is a double-digit grower. And when you talk about what helps it get there over time, I go back to kind of the core tenants that we’re going after to grow the business, which is continued domestic expansion outside of our — including, but then outside of our top clients. And I think we’ve continued to demonstrate progress on that front with the number of new clients that we’re opening, top 10, top 20 U.S. banks.
Second is international and while you do see some variability over there, it did come in for the year right about 20%, a little bit under. But we look to see that continue to grow and be an important part of that as well. And on top of that, we’ve got fintechs, U.S. and international fintechs that help drive that growth. And so for us, it’s continuing to build out the sales force, build out our distribution partners and execute on that. So that’s the way we think about it.
Reggie Smith: That makes a lot of sense. Perfect. Thank you, guys.
Operator: Thank you. As I show no further questions in queue that does conclude today’s conference call. Thank you for participating. You may now disconnect.
