Bea Ordonez: No, we appreciate the questions. I’ll take that. Look, our comments in November where we started to sort of flag modest expansion there were really based on our expectations, obviously, at the time. With our 2023 budget price is still very much underway, the guidance we’re showing today reflects our ongoing evaluation of the business, how we’re looking at it today, our ongoing results with the benefit of a little more time elapsing and, of course, the macro environment. And look, it also reflects proactive decisions that John and I have made in coordination with the Board and management team to return a greater proportion of that interest income uplift to shareholders. We felt that, that was important and appropriate and we’re well-positioned even doing that to continue to invest in growth initiatives and in the platform that we need to rescale this business and support future growth. So, that’s really the main drivers of where we’ve arrived that for that.
Chris Kennedy: Thank you
Operator: The next question on the line comes from Josh Siegler from Cantor Fitzgerald. Please go ahead, your line is open.
Josh Siegler: Yes, hi. Thanks for taking my questions and congratulations on the quarter. I was wondering if you could provide some more color on how the pipeline for these new larger SMB merchant partners is looking like right now?
John Caplan: Sure. We have an extraordinary go-to-market organization. Adam Cohen who just joined us actually was in China last week meeting with our teams on the ground there, talking about and talking to customers. So, I think the way to think about the opportunity is there’s 100 million small businesses globally that we have the potential to provide solutions for and we are very focused on going to work with them. They can do hundreds of thousands of dollars of value of volume a year, and we think we’re well-positioned to serve them. I’d also like to talk for a minute about our relationships with the world’s largest marketplaces, which are critical partners and good partners of ours. We continue to make good progress, solid progress and good focus to enhance our existing relationships with those marketplaces and add new marketplaces that will bring volumes into our SMB customer accounts.
We don’t announce all of them, but those are continued focused effort of our excellent partnership team.
Josh Siegler: Understood. Appreciate that. And then in your prepared remarks, you mentioned M&A. Are you seeing more attractive valuations in the market right now? And what form do you think future acquisitions might take?
John Caplan: Yes. So, I do think we benefit from the private company market valuations are, in fact, coming down. They lagged, I think, the public market comps, but they are rationalizing. We are evaluating potential M&A opportunities sort of across the board. Our core products, AR, the account, working capital, and AP, are all at different stages of their development. And we are thinking through which acquisitions can help us cross-sell and upsell, create more revenue per customer, to create more value for our customers. And then looking at the gaps we may have in our product capability geographically, also are opportunities for us to consider. A month ago, we hired Kevin Ambrosini to join us to lead this effort, and he is working closely with our regional leaders our staff and our product leaders and our technology leads as we put together the plan to go execute the M&A that we see in front of us.
Josh Siegler: Understood. Thank you and congratulations once again.
A €“ John Caplan: Thanks.
Operator: The next question comes from Mike Grondahl of Northland Securities. Please go ahead.
