Tyson Murdock: Yes. I mean we’re going to generate a lot of cash flow over the next couple of years, right? So when you think about how that works, it is going to be one of the top items that I’ll be thinking about to pay down that debt relative to, obviously, portfolio acquisition opportunities as they come to market. But again, those maybe a little slower just given the negotiations that occur over a terminal value and things like that, Sandy. So I got to say those two things are top of mind. I’d love to make some pay down on that TLA so we can kind of get rid of that headwind. So it’s there and not cash balance is starting to raise to a place where we may make that on it from a perspective, just get a little bit in the from a terms perspective, we get to deduct about $350 million that kind of caps out there of cash to do the turns on our debt, if that makes sense.
It’s in our Q, if it doesn’t. So I won’t get too close to that before we start making a pay down or an acquisition.
Alexander Draper: Got it. Thanks so much. That’s my question.
Jon Kessler: Thanks, Sandy.
Operator: Our next question comes from Sean Dodge with RBC Capital Markets. Please go ahead.
Jon Kessler: Hey, Sean.
Thomas Kelliher: Hey. This is Thomas Kelliher on for Sean. Thanks taking the question. So first one, I know there’s nothing factored into fiscal 2024 guidance, and you just touched on it a little bit. But as you all think about HSA account growth over the next year or two, do you expect M&A could still be a meaningful driver? Or are most of the bigger near-term opportunities for consolidation kind of off the table at this point?
Jon Kessler: No. I think that M&A still has a role to play, and we continue to have very active discussions. Obviously, this is €“ as we talked about earlier in the year, this is an environment where we want to be disciplined about what we do, and it can be harder for a buyer and seller to come to an agreement. But I think the counter way to that is that sellers can look at where they stand on the league tables and understand apropos of the investment discussion, a few questions ago, whether it’s CapEx or OpEx, they also understand what they’re putting in the business and versus what we are and what other leading players are. And so there’s that to it, too. And I think €“ so I guess my basic view is if I had to guess about our use of cash, I would guess that we’d be more likely to be utilizing cash on acquisition opportunities that have high returns for you all and the shareholders. And certainly, if we can, that’s what we want.
Thomas Kelliher: All right. That’s helpful. Thanks. And then a question on the investment accounts. Have you seen any changes in like adoption or interest there, given you’ve got other options like the enhanced field product, I guess, maybe versus your internal expectations? Or we’re thinking about it in a different way. Are you making any more of an effort around education on the merits of one versus the other?
Jon Kessler: We don’t €“ we’re very careful not to give guidance to our members or advice to our members with regard to, should I be in investments, should I be in cash and that kind of thing. So we do give advice with regard to €“ through our register best advisor with regard to if you’re in investments, what you should be in. And generally, we are €“ we will do a lot in terms of education to help people understand the long-term value of being in investments. I guess my view is that if I look at HSA behavior relative to the behavior of other types of investment accounts that are out there during this year’s period of where we’ve had €“ there hasn’t really been a great place to hide in terms of your stocking broadly speaking, equity is fixed income, et cetera.
My view is that our members have held up remarkably well. Ultimately, we’re looking at €“ first of all, in terms of the aggregates, I mean, we’re looking at 23% asset growth. If you look at average account balance, average account balance at HealthEquity has actually grown by a little bit on a year-over-year basis, notwithstanding the fact that both that within our industry more broadly, certainly, that has not been the case for Devenir. And then if you look at, again, much more broadly at freighters or pay balances. I think it’s fair to say that those folks would be very happy with their €“ with flat year-over-year or slightly up year-over-year account balances. So I’m pretty pleased with the predictability of behavior that we’ve seen around the products.
Tyson Murdock: Thanks, Thomas.
Thomas Kelliher: All right. Thanks.
