Tim Chen: Yes. So, for right now, I’d say it’s early days. It’s on the right track. Just want to reiterate the goal here is, as you mentioned, help consumers build credit history, engage them, and get them graduated into unsecured products. So, yeah, we’re seeing improvements in things like credit scores. We’re seeing good engagement. And so, we’re pretty happy so far.
Operator: Thank you. [Operator Instructions]. And our next question is going to come from the line of Jed Kelly with Oppenheimer & Co. Your line is open. Please go ahead.
Jed Kelly: Hey, great. Great. Thanks for taking my question. Just going back to some of the paid marketing comments, given that you’re having good brand awareness and all the engagement you’re having on the non-monetizable traffic, can you just talk about how we should think about sort of the cadence you think about performance marketing this year? And then, in terms of the content or the users that are reading content that’s not monetizing, what type of products or what type of education and articles are they reading? Thank you.
Lauren StClair: Sure. I’ll take the first piece of that around paid marketing. So, first off, we think both brand and paid and our organic channels all complement one another. And because 70% of our traffic comes through organic, we’ve been able to reinvest in more acquisition channels like brand and performance. We operate performance marketing in a disciplined way, aiming to be in-quarter profitable, adding incremental non-GAAP OI dollars. And we’ve said this for a while, but we really do think of performance marketing as a variable expense that we will dial up or down depending on returns. And we also view this as a means to an end as part of our registration and engagement initiative. So, we’ll continue to be prudent, but we see increased spend as a positive, as performance marketing is a flexible lever to add incremental non-GAAP OI dollars. We get more folks the opportunity to register and it helps us to continue to take share.
Tim Chen: Yes. And then on the non-monetizing MUU piece, you definitely have categories where we’re just a bit newer. You know, some of the new markets we mentioned earlier, sometimes we haven’t really set up commercial relationships there yet. There’s areas like travel and taxes where we have a lot of informational content that doesn’t necessarily monetize. So, it kind of varies, especially through the new cycle. I mean, when things like investing or crypto take off, there’s parts of that content that also doesn’t monetize as well.
Jed Kelly: And just one follow-up, as your insurance segment gets bigger, your insurance revenue gets bigger, can you give us any feedback on sort of the customer experience it’s having relative to your other products?
Lauren StClair: Yes. I mean, I think what you may be referring to is that sometimes in the industry, some of the insurance experiences don’t have a great customer feedback score because of phone numbers being sold to multiple brokers. We really try to minimize that. We’re working hard to ask people more questions up front, really match them to the right provider. And so, it’s a journey, but it’s very important for us to keep on investing in that and keep on improving that quarter after quarter.
Operator: Thank you. [Operator Instructions] Our next question is going to come from the line of Peter Christiansen with Citi. Your line is open. Please go ahead.
Peter Christiansen: Thank you. Good afternoon. Thanks for the question. Tim, I just want to go back to your thoughts on credit cycles and recognize each credit cycle is different. But I guess in previous cycles, while you’re still growing organic traffic, when partners do come back, do they come back to spend levels that match your traffic levels currently? Or is it really at their own pace? Do they start coming back? And then I just had a quick follow-up.
Tim Chen: Yes, I’d say historically, you would tend to have partners on the credit card side want all of the qualified lending demand that you can give them. And so, because, yeah, loan balances that are high quality are revenue, right? So, historically, that tends to be uncapped. When you go into one of these credit crunches, sometimes you see people pull back on how much volume appetite they have. And so, we’ve been seeing some of that. And so, we think that’s historically abnormal. We’d expect kind of at some point to return to a more normal dynamic there.
Peter Christiansen: Thank you. That’s helpful. And then, there’s been some M&A on your partner side lately. I know you guys are very, very diversified on the partner side. So, I’m not really asking about issues there. But can you just walk through what you typically go through on that process? Do you have to kind of rewind your contract with the new established partner? Or are there any other dynamics that we should be aware of?
Tim Chen: Yes, I’d like to say, I mean, we don’t have too much precedence for something like this. But yeah, typically, their products can be quite different, especially across the prime portfolios, quite complimentary. And so, we think that there wouldn’t really be a need to rewind a major issuer. We also tend to work with all the large players. So, we have pretty good coverage. I think our value proposition in terms of highly qualified consumers that understand the products is pretty compelling. So, we tend to work with most people.
Operator: Thank you. And I’m showing no further questions at this time. And I would like to hand the conference back to management for closing remarks.
Tim Chen: All right. Thank you all for the questions today. And thank you also to the nerds whose commitment to our consumers and our vision delivers all of our results. So, with that, we’ll see everyone next quarter.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
