Robert Dodd: I appreciate that. Thank you, Ashish. Actually – and the staffing with the next question. To your point you add 250 account managers. Are we going to see or potentially see a deterioration – near-term deterioration efficiency if you – are you planning on staffing up for the increased volume that is coming, right that you’ve got to hit a record in the US this year already and 2024 looks good. Are you planning on staffing up kind of ahead of that? Or do you think it could be managed – so the staffing grows and cash collection efficiency or return on invested capital, whatever it doesn’t take a near-term ding from timing this metrics on staffing versus collections?
Ashish Masih: Yes. So this is not a one-time sudden hiring and sudden closing of call centers and whatnot. We’ve been adding staff for the last six months in a very steady fashion in our US business. Doing it across US, Costa Rica, India, and therefore we are able to train them and it’s on a large base of account managers already. So it’s not like – this increase will impact our efficiency much. It’s a very steady measured way to add capacity and we continue to do that. And we plan to continue doing that, for the rest of the year for sure, as we plan for increased purchasing. So, we’re very confident operationally how these will perform, and have baked in that into our expectations again back to the forecast of the best possible ability that we can.
Robert Dodd: Got it. Thank you.
Operator: Thank you. One moment for our next question. Our next question comes from the line of Mark Hughes from Truist Securities. Your line is now open
Mark Hughes: Thank you. Jonathan, did you give the UK purchase multiple or the Cabot purchase multiple?
Jonathan Clark: We — that purchase multiple for Cabot for the — you’re talking about for Q3?
Mark Hughes: Yes. I think you usually give about nine months, but if you go Q3, that’s good too.
Jonathan Clark: Q3 is 1.75
Mark Hughes: Okay. What’s your judgment about what’s going on in the UK market or in Europe. We’ve been talking about irrational competitors for quite a while. And it seems like I have come under some pressure from a balance sheet perspective, but hadn’t really contributed any kind of improvement in the market. Why are they — why is there irrational behavior so durable?
Ashish Masih: Yes. It’s a good question Mark, and we discussed that a lot as you can imagine internally. Now I would say, we’ve seen some change in behavior certain things outcomes of certain auction that would have been different six months ago now banks are taking it back to an auction. People can renew, for example. So we’re seeing early signs of change behavior especially in the UK. But it’s — at this point, given the number of players in the supply that’s not grown, because lending has not grown it’s still below pandemic, and charge-offs are still at record low. So the supply factor has not contributed. We’re still seeing a competitive behavior that’s still pretty high competitive intensity. So, it’s — we’ve seen some early signs, not enough to change pricing and our allocation of capital particularly given we can move capital around and given our balance sheet structure and the opportunity we see in the US.
So, it’s something we staying very focused on and watching, and staying disciplined in buying portfolios at acceptable returns, so that we are still buying, but we don’t need to buy any more than we need to. And if you constrain the purchasing, you can get acceptable returns, because there are niche segments and sellers and relationships and capabilities that kind of match up pretty well, where we can buy what we want at our returns.
