Darrin Peller: Guy, thank you. Look, I just want to be clear for everyone. I mean it sounds like you’re trying to make the point that it’s 100% guidance change associated with purely FX as you said, constant currencies unchanged and then maybe Canada, but nothing else is impacting the business from what you could see. So number one, I just want to make sure is that right, there’s nothing else impacting? And then maybe just beyond the timing on Canada ramp, if you could just remind us the components of the reacceleration, just the implied growth rates obviously accelerated by a few 100 basis points or more in the second half of the year. So again, just year-over-year, not forgetting about seasonality, would be helpful. Thanks, guys.
Cosmin Pitigoi: Yes. So maybe let me start. And so first off, in terms of Q2 impact. So we talked about FX – that’s a portion of it. Second, it is Canada. And so, we are seeing that impact, again, as we discussed earlier. In addition, there are a number of other puts and takes across the portfolio that impacted, but I would say the softness in the healthcare business is also the other reason, which ties into your sort of second question around first half to second half acceleration. So some of that acceleration in the healthcare business, builds into the – how to think about – if you look at the implied growth rates first half to second half, if you can – if we were to unpack that, you see about a sort of a mid-single-digit acceleration from first half to second half.
A large portion of that is Canada and again, sort of as we’ve disclosed the numbers there. Another portion of it is healthcare recovering in the second half. And then third, we do see strength in the business across a number of different areas with new client signings, and just overall strength in some of our other faster-growing verticals, and that is driving a good portion of the rest of that sort of mid-single digit acceleration from first half into second half. And again, we feel comfortable we have captured a lot of that. Obviously, it’s a wide range of possibilities as I think everyone is looking into the second half as an uncertain macro environment. But overall, we feel like we have captured those components.
Rob Orgel: Can I just jump in – Rob speaking with just a little bit of color and flavor because we want to make sure we put that sort of healthcare comment in perspective. So, that acceleration in the second half is really two things going on. One is just good go-lives of clients that go live in the second half. The second part is that there has been this thing. You will see it disclosed in our Q, where there was an incident in the healthcare industry where Change Healthcare, as many of you know, had a cyber incident, that cyber incident, again, far away from Flywire, nothing to do with Flywire but the consequence of that event was that a lot of the hospitals were delayed in their ability to put out their patient bills. And if you remember, we are primarily involved in helping them collect the patient responsibility portion of their bills.
So, what you saw based on sort of the events that happened that had our hospitals delay some of their billing was that we see this push from Q – in the first half of the year really into the second half of the year. And so that is sort of a natural accelerant in the second half that it’s not as big as a bunch of the other things we have talked about, but just as you are trying to put together the pieces that help you understand growth in the second half. That’s one of them.
Darrin Peller: That’s helpful, Rob. Guys, just a very quick word on the new customer adds being so strong, 200, is it broad-based travel within across segments? Was it education? A little more color would be great.
Rob Orgel: Yes. I can jump in with that one as well, Darrin. So, if you – for this quarter, travel was the winner in terms of the most count, but only beat out education by a little bit. If you remember, our Q4, we said education beat out travel. So, they are pretty close in that mix. I would comment that B2B added a good number of clients. Healthcare added, I think the same number of clients that they added in the prior Q1 period. And so overall, travel won out and had a great quarter, but education was very strong as well.
Darrin Peller: That’s great to hear. Thanks guys.
Operator: Thank you. Next question comes from the line of Nate Svensson with Deutsche Bank. Please go ahead.
Nate Svensson: Hi guys. Thanks for the question. I wanted to clarify something you said in response to one of Dan’s questions earlier. So, you called out a less extreme impact in Canada in terms of the number of permits being issued than with originally filled – feared. But at the same time, you just moved the 4-year guide from a low-teens impact to a mid-teens impact. So, I am just trying to understand what the delta is there that’s causing it to be worse for the full year? Is it that the first half of the year is worse than you had expected? Is it lower recapture assumptions, or is it just more uncertainty on sort of the timing of when that revenue comes through?
Rob Orgel: So, this is Rob. I can jump in. So, again, that commentary about the perception was trying to give people an understanding that there is more confidence in Canada that they now know how to proceed, they know how to proceed with their more standard processes. They do still need to work inside the cap and they still need to undergo this ramp and comply with the new rules. Keep in mind that Q1 is behind us, right. So, in terms of that effect in Q1, having grown slightly, that’s what explains the expansion from low-teens to mid-teens.
Nate Svensson: Okay. So, all due to 1Q being worse than expected. Got it.
Rob Orgel: I mean there is multiple dynamics here, but that is the way to understand the overall effect. I mean the big picture trajectory here is Q1 is behind us and they are doing their ramping back for the rest of the year dealing with the new set of rules that they operate under.
