Charles Strauzer: Makes sense, thank you very much on that. And then looking at the guidance for the year, pretty wide range of outcomes there at the high end on revenue growth, given that we’re going into potentially a recession here with inflation and higher interest rates kind of in the forecast, what gives you confidence there at the high end of that range and kind of what are some of the assumptions behind the guidance overall?
Chip Zint: Yes, I appreciate the question, Charlie. It’s Chip. I would just say, I think the high end of the range, what gives us confidence is just the execution and success we’ve seen over the last two years, the ability to cross-sell within the portfolio, the way we’ve invested in the products over the last few years to improve the functionality, the market attractiveness of it, to build a robust pipeline, and just continue the sales momentum. So if I think about from a revenue side, I mean, obviously we did our range responsibly for all the right reasons you mentioned, there still is uncertainty and you don’t know what’s going to happen. But we look at that top end and I think it’s very achievable. As you flow it down, obviously, the ranges get a bit wider as you go down my list of things I guided because of the uncertainty and room for variance can get larger and larger.
But we just feel good about where the company is positioned, the internal plan we’ve established, and just being able to execute on the momentum we’ve had the last two years from a top line perspective. And then when you get to the EBITDA, it just can’t be said enough how much we’re going to focus on cost out, cost efficiencies, operating leverage, the corporate cost center as I said, and just get very maniacally focused on our cost profile so that we can make sure we deliver that EBITDA result and start to grow EBITDA even more, and that will obviously help our deleveraging.
Charles Strauzer: Got it. Great. Quick housekeeping on the Check side. Just in terms of volumes, how did the declines look there and then what should we think about in terms of volumes for the full year?
Chip Zint: On checks. So I mean, checks did return to secular declines again in the quarter. So if you think about kind of volume-price dynamics, it’s a little bit more difficult to describe here. Obviously, price continues to be a function of the revenue because we took pricing actions throughout the year that rolled forward. But after we lapped all the customer wins, we did return to kind of normal secular decline. So we still had volume increases despite that, but when you net it all out, net reduction in revenue, which is what we’re anticipating will be the same for 2023. So we’re forecasting mid-single-digit declines, but the ability to keep margins in that mid-40% range. If I take checks aside and look at the other three segments, we are continuing to see a nice blend of volume and price.
It was actually nearly 50-50 once again for the quarter. So just excluding the secular decline aspect of the business, we are just continuing to see a really good healthy mix of volume and price and that gives us confidence going into 2023 as well.
Charles Strauzer: Great, thank you very much on that. And then lastly, just can you repeat on the — what you said about payments growth for the year and margin expectations there, I missed that?
