Tyler DuPont: Okay. Understood, Mike, thanks. And just a really quick one on free cash flow, more modeling focused, but just sort of what trends are you seeing sort of as we look through 2024 and beyond more qualitatively in that respect. Just how should we think about conversion rates or any additional color on free cash flow?
Mike Massaro: Yes. So, obviously, we don’t necessarily guide on that. But usually, I would say our EBITDA margin and EBITDA trends are a good general directional view of how we think about our cash flows. So, I would say that that’s probably a good way to kind of think about it, again, without getting into the specifics of guidance around free cash flow specifically, EBITDA – adjusted EBITDA is a good way to think about it.
Tyler DuPont: Great. Thanks a lot.
Operator: Thank you. We have time for one more question. That is, the next question comes from the line of Tien-tsin Huang with JPMorgan. Please go ahead.
Tien-tsin Huang: Hi. Thanks. I know the call is getting long, so thanks for squeezing me in. I want to add something separate, not Canada, just on network settlement, the Visa MasterCard credit card settlement of MDL 1720. I think the interchange reduction is straightforward. But I am curious to hear your thoughts on surcharging. It feels like that would be a positive for your business. I know there is some of that happens now, but I guess to the extent that you embrace that or work with your partners and clients that could be an opportunity. Am I reading that correctly? I know it’s early, but would love your thoughts, Mike, Rob and Cosmin?
Mike Massaro: Yes. Tien-tsin, thanks for the question. I would say, in general, I think we are supportive to see this kind of come to a resolution, and we are here to support our clients and however they choose to handle payment transactions. So, I think I would say probably too soon to say whether kind of positive trends for us or not. But again, we focus on what the customers want to do, how they want to deal with those transactional fees. And we can obviously do that and can implement that within our system. But again, kind of defer to our clients to handle those decisions.
Tien-tsin Huang: Okay. No, that’s fair. And then Cosmin, just quickly on the gross margin front, given some of the dynamics, I know there is always seasonality, but anything to lead us to on the second quarter and the second half with respect to gross margin?
Cosmin Pitigoi: Yes. So, stepping back, I think you have heard us talk about usually our gross margins coming down under pressure, mostly because of mix in some of our faster-growing businesses with sort of higher credit card mix. So, that’s in the range of 100 bps to 200 bps sort of down year-over-year. What you saw in Q1, just to make sure that we tie back to what we have seen so far, Q1 was down 200 bps, by about almost half of that was that FX settlement that I talked about. And that is an impact on gross margin that is actually offset on OpEx. So, on adjusted EBITDA basis, we do hedge some of that. So, technically, when you look at it for Q1, actually, gross margin was down more like 100 bps. But again, as you – as we look through sort of longer term, we feel like that 100 bps to 200 bps decline is probably still the right range. But again, a lot of moving parts, so it could be show to the high end of that as we look through the rest of the year.
Tien-tsin Huang: Got it. Thank you.
Operator: Thank you. This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
