Youssef Lahrech: No, it really hasn’t. I mean, as a matter of fact, our general credit philosophy is irrespective of the point at which we are in the cycle. We subject any new credit grants, we have any new cohorts to fairly high requirements in terms of resilience. So typically, we expect whether it’s our credit card or personal loan cohorts to be able to withstand a doubling of losses and still be above hurdle in terms of returns and NPV positive. And so, that’s what we do kind of throughout the cycle, and that hasn’t really changed materially in the past.
Alex Markgraff: Okay. And then just one quick follow-up on the cost to acquire is kind of moving higher in the last several quarters. I mean, the paid marketing component seems to be stable. Just wanted to understand kind of what’s driving that. Obviously, it’s still a very good number, but I just want to understand what’s taking it to $7 versus what was previously I think $5?
Guilherme Lago: Alex, what we have seen in customer acquisition cost is our being a bit more aggressive in Mexico and Colombia as we expand into these geos. And especially at the beginning when we were operating with credit cards only. What you will see, however, in Mexico over coming quarters is as we launched Cuenta Nu, our banking account product, and mediums and customers are onboarded, the customer acquisition cost of Mexico to come down. What we expect, however, going forward is customer acquisition cost to be between $5 and $10, and that range still provides us with what we believe to be a very compelling LTV to CAC.
Jorg Friedemann: And our next question comes from the line of Eugene Simuni at Moffett Nathanson.
Eugene Simuni: Great results here. I just wanted to ask about card issuance volumes trends in Brazil and for you guys. Obviously, a very strong number with kind of 30% year-over-year growth in your purchase volume, FX neutral, I believe, much, much better consistently than what Brazil market is doing. But it is decelerating at a relatively rapid pace. And when we look at the Brazil overall numbers kind of with ABX [ph] reports, there seems to be significant deceleration this year as well. So just curious to hear your thoughts on kind of what’s going on in the market overall in terms of card issuance in Brazil, maybe some impact from PIX that you are seeing and then how that then gets reflected in your growth and kind of what we can expect in the second half of the year and going forward?
Guilherme Lago: Eugene, I think it’s very hard to address this question without making reference to the normalization post-COVID. What we have seen over the past two years, I would say, 2021 and 2022 in Brazil, it was a very strong recovery from COVID loss and a fairly aggressive extension of additional credits in the country, additional credit cards in the country. And over the past, I want to say, 6 to 12 months, you’ve seen deceleration of credit expansion in consumer finance in Brazil, including but not limited to credit cards. We continue to outpace the industry by a fairly large amount. We have been gaining market share at a clip of about 40 to 50 basis points per quarter throughout the past quarters. And we expect that this pace is to continue in the coming quarters even though we do not necessarily target kind of a market share goals.
But the pace at which we have been able to onboard new customers, the pace at which we have been able to mature existing cohorts and cross-sell credit cards suggest that we will continue to gain market share at good pace in the foreseeable future.
Eugene Simuni: Got it. And just maybe a very quick follow-up. Are you seeing any sort of negative impact from PIX success on card volumes?
