So as we put that on, we booked that $5.46 per loan at about a 62% loss ratio. And I will tell you, as we think about that, that had a baseline of about 50% loss ratio, which is kind of historical averages that we look to, we put about 23% stress on the Q4 originations, which got it down to the 546, which it started at about, call it, a 788 profit share per set. So we feel good about the 546 per se, but obviously, as we kind of navigate through these volatile times in the economy and the auto industry specific and delinquencies, we will continue to review that. But we feel good about our book at 12/31 2022 and we will continue to monitor that.
David Scharf: Got it. Got it. It sounds like in Manheim actually more than consumer payments. Thank you.
Chuck Jehl: Yes, sir. Yeah. Go ahead, John.
John Flynn: Okay. One more comment to the insurance players.
David Scharf: Yes.
John Flynn: It’s worth noting, keep in mind that because this is written as a surplus lines policy and that every loan is targeting a 60% loss ratio, if it ever got out of whack and if it started to climb way beyond that, the 72% is a percentage of tax of the premium. So we can adjust the premium going forward to maintain the loss ratio that carriers are looking for. So I don’t think they would be negotiating of our percentages down. It’s a matter of as rates are rising everywhere in the country, the only thing a rate increase would do is increase the rate to the consumer, which would be easy to cover.
David Scharf: Understood. Very helpful. Thanks so much.
Chuck Jehl: Thanks, David.
David Scharf: Yeah. Thanks, Chuck.
Operator: Our next question comes from the line of Joseph Vafi with Canaccord. Please proceed with your question.
Joseph Vafi: Hey, guys. Good afternoon. Thanks for taking our questions. I know, Keith, you mentioned, a lot of hires and a lot of investment in the business. Were there some other moving parts in the G&A line that drove it up so materially here in Q4 and then another follow-up on that?
Chuck Jehl: Hey, Joe. I will take — I will start. This is Chuck. Good visibility. Yeah. If you think about the SG&A throughout 2022, we hired several folks in 2022 to help as we grow our go-to-market sales strategy and enhance our technology. So that’s kind of been throughout the year. The year-over-year Q4 to Q4, $11 million — $12 million to call it $17 million, that $5 million has progressed throughout the year. Sequentially, from Q3, we are actually down slightly from Q3 about $500,000. So, I wouldn’t say, it’s up sequentially, but year-over-year is just the headcount adds to kind of support our investment in the business as we wait for this pent-up demand that will be there as we know the industry recovers.
Joseph Vafi: Sure. Fair enough. And then on the adds, I know you mentioned Crescent being added here in the quarter. Maybe we could get a higher level view of appetite from new logos now. I mean, obviously, there’s a lot of headwinds in everything from the credit unions having lower cash balances to just inventories being down across the Board, is — how are prospective clients moving forward now versus maybe six months ago? And then if you could mention what those new tech partner integrations might mean to the business, that would be helpful? Thanks, guys.
