When we look deep into the specific regions what’s so exciting that we see is CEMEA a 41% year-over-year growth in B2B, APAC 39% year-over-year growth in B2B. With that response from this extraordinary product we have and the big opportunity in the $6 trillion market gives us confidence that the 25% year-over-year volume growth. And we hope to continue to see the strong results throughout the course of the year. So we can beat that handily. Our team is focused on delivering well better than them.
Bea Ordonez: And the only thing I’d add to that yes to all of that right, but we’re seeing really strong momentum and it really is a result of that strong execution of the China rebound as John called out from acquisition, the new lines of business that we support. But look the business isn’t linear, right? The seasonality it’s not going to be a linear trajectory. What maintaining the expectation that we baked into our guidance back in February which was really healthy 25% year-over-year volume growth. We hit 33% in Q1. That’s fantastic. And was thrilled when baking in as we’ve called out sort of macro uncertainty. I think that that’s a good an imprudent thing that gives us room to outperformance if the macro stays stable, but we’re maintaining that expectation around 25% year-over-year volume growth.
Unidentified Analyst: Appreciate it. Great to hear. Thank you. And then as a follow-up I was wondering if you could comment on the delta between the revenue raise to the full year guide and the adjusted EBITDA raise to the full year guide, anywhere to call out you might be investing incrementally?
Bea Ordonez: No. Cash OpEx stayed flat as we called out in the prepared remarks the delta is really just transaction costs on that core revenue increase.
Operator: Thank you. The next question we will go line of Sanjay Sakhrani with KBW. Your line is now open.
Sanjay Sakhrani: Thank you. Good morning. You know obviously you talked a little bit about pricing and I’m just looking at the take rate improvements sequentially in the SMB business, were there other drivers outside of pricing that drove but take rate higher?
Bea Ordonez: Yeah. Look I we are really happy to see that we can continue to execute on expanding take rate within our SMB business, as your question notes. We grew the take rate in our SMB business by four basis points. As you noted, some of that is the benefit of pricing and currency including FX, but it’s also really effective cross-selling of our stack especially card into that very, very robust growth in the e-Comm sector, we grew card usage volumes 34%, that hits the revenue out of roughly 2% take rate. We’re growing other high-value services. We generated that really strong B2B. We haven’t talked particularly about merchant services were really strong more than 200% volume growth in that direct-to-consumer or checkout products. So what’s sort of firing on all cylinders to continue to drive that take rate expansion, pricing cross-selling those products gross in B2B and NMR?
John Caplan: And I’d just add since we have a direct relationship with SMB customers those SMB customers two million of them over 0.5 million. ICPs want to buy more products from us. We hear from them directly. We engage with them directly. They’re excited about our full financial stack roadmap. We shared in the supplement the increasing number of customers that are using three plus AP products. That growth I think inside the business should give shareholders the confidence that our strategy is working. Our team is focused and we’re confident about what we can do and deliver for 2024 and beyond.
Sanjay Sakhrani: Great. And just a follow-up question, I think John, you mentioned a bunch of different ways you increase the utility of the wallet. And I’m just curious are there other things in the pipeline that can really help drive more engagement as you mentioned just now and sort of increase or accelerate the flywheel?
John Caplan: Yeah. We are very excited about the work our platform organization and our product team. Our corporate development team as well as our partnerships team is doing to deliver enhanced functionality into the stack. Some of it being products we build on our own, some of that being products we buy and add to the stack as we talked earlier in the call about, tuck small tuck-in acquisitions to extend our AP capability. And then, we’re working on a group of partnership relationships to bring third-party products into the pay in your stack over the course of the next many years to increase the utility of the pain our application for our customers, we’re seeing as being noted and really powerful results with our commercial card product.
And I think that indicates that paying your customers come to pioneer for all of their International AR and AP needs. And that as the I think frankly as shareholders start to recognize we are a full financial stack for a population of global entrepreneurs that have not had a purpose-built solution they will begin to recognize just what the potential of this extraordinary team is.
Operator: Thank you, Sanjay. There are no additional questions waiting at this time. So I’ll pass the conference back over to John Caplan, for closing remarks.
John Caplan: So I’d just like to say thank you for your questions and your participation this morning. We’re so excited about the all of the initiatives underway at pain here. We appreciate the continued support of our shareholders. We’re proud of our team. And the hard work of our team around the globe. And we look forward to our next discussion, at the end of next quarter. Thanks everybody.
Operator: That concludes today’s conference call. Thank you for your participation. I hope you have a wonderful rest of your day.
