A – Gary Swidler: Sure. Let me give that a try, Dan. I think on the student loan repayments, this was first announced in July that there was going to be a resumption. And we have been watching the trend at Tinder à la carte since then. And we have seen some weakness in U.S. versus the rest of the world where this is obviously not an issue. On the Tinder à la carte revenue, it’s probably one or two points of annual growth that it’s costing. And we are looking at the cohorts from an age perspective people at Tinder that we would expect would be impacted by potentially having student loans to start repaying again. And that’s where we can see that there is that impact. So, we have enough data global versus U.S. and by age cohort that we can try to estimate what the impact is.
And we do think there is some. It started in July when it was first announced. We have been watching it through October when the bills came around and now people had to start paying them here in November. So, it’s definitely something to watch and something trying to factor into our Q4 and 2024 outlook. And I think we have been able to do that. So, that’s one factor. On the other side that you mentioned — the other thing that you mentioned, around the resiliency of the consumer, of course, you are right that the consumer has held on well through the course of this year. And GDP growth in most recent quarter has been very strong. And that’s all correct. I think what we are focused on though is are we kind of getting to the end of the consumer strength.
And we are starting to see signs as we look at macro data around savings rates, around credit card delinquencies and things like that that indicates to us that there is some potential risk around the consumer. So, sitting here trying to prognosticate what’s going happen in our business and with consumer for 2024, I think the trends that we are seeing around some evolving consumer weakness leads us to be cautious about 2024 and to try to factor in some possibility that the consumer really does weaken over the course of ’24. It feels like a prudent thing to do right now as we are providing initial outlook. I am more than happy to be wrong on that and for some day to come back and say you guys were to too conservative, that didn’t happen in the economy.
And things ended up being stronger than expected in ’24. But I think that right now kind of taking into account all the factors that we know, it does indicate to us that being a little bit more prudent on our expectations around the consumer makes sense. And given that we have a lot of consumers at Tinder who are on the younger side who tend to have less discretionary income, we could feel a little bit of that impact. And so, we have tried to factor that in. If it ends up not been the case, then I would say there is upside to our expectations for next year.
Gary Swidler: I think we are at time. Hopefully that was helpful, Dan and for everyone else’s questions, thank you for asking this morning. We appreciate everyone joining. And we look forward to talking to everyone again on our next earnings call for Q4 which will be at the end of January and early February. Thank you very much.
Operator: The conference has now concluded. Thank you for attending today’s presentation. And you may now disconnect.
