Greg Peters: Yeah. I would say, generally, what we see is these are well-qualified members. So in other words, they are choosing plans and are engaging at rates, have retention characteristics that generally look like higher tenure members, that’s good because they are well qualified, that retention is quite good in essence. So that’s a broad way to think about what those borrower cohorts are. And that’s consistent also with the fact that we’ll convert essentially those most engaged, most well qualified borrowers first. That’s a general way to think about it. And then beyond that, I won’t comment on more specific numbers.
Jessica Reif Ehrlich: Well, maybe you can help us think through like in UCAN, how much of the ARM growth is a function of add-on members to existing accounts versus new subs signing up to higher priced plans. And it sounds like from your letter that ARM will accelerate in the second half as you get further along in password sharing. Is that correct?
Greg Peters: Spencer, do you want to take this one on?
Spencer Neumann: Yeah. Maybe just broadly thinking about our kind of revenue in Q2 and going forward. Jessica, the key is that we delivered revenue in line in Q2 with our expectations and we’re on track to accelerate that revenue in Q3 and further accelerated in Q4. That’s really our primary objective around revenue acceleration and we’re set to deliver on it. But if we step back on thinking about our revenue growth and components overall or within a given region, it’s driven by a combination of pricing, volume and new revenue streams like ads. So if we think about each one of those, so we’re now more than a year out from any price adjustments in our big revenue countries. We largely paused them during paid sharing rollout and so that’s to be expected.
For ads, that new revenue stream, we’ve expected a gradual revenue build and so that’s not expected to be a big contributor this year. So continues to be on target. So most of our revenue growth this year is from growth in volume through new paid memberships and that’s largely driven by our paid sharing rollout. It is our primary revenue accelerator in the year and we expect that impact, as Greg said, to build over several quarters. So that’s what we’re seeing in each of our regions and in UCAN. So UCAN is a little bit more benefit from ads per se it’s a bigger advertising market, but still very, very small overall because it’s still nascent to the business.
Jessica Reif Ehrlich: But there’s another surprise that you had this in the last couple of weeks, which seems like it could also be a very positive driver to ARM, and that is that you dropped the basic plan in Canada several weeks ago and you just announced that in the U.S. and UK. So I guess a couple of questions here. Are there any plans for the rest of the world and has it so far from your experience in Canada, has it driven the response that you hoped for? Is the response that you — more people go to the advertising tier? And then I guess one other final part of this question is that it’s an obvious positive for ARPU. I mean it feels like the impact is like $5 or more per month. When this is fully rolled out over three years – like, over what period of time do you think this will have the most impact?
