Bruce Lowthers: Yes Scott, good morning and thanks for the questions. Yes, we’re very excited about what is evolving with our SMB business, our merchant business in total. I think what you’ll see us focus on are a lot of ancillary services around those businesses, so we’ll look at working capital, partnerships that we’re creating where we’re really facilitating a third party opportunity for our merchants to access working capital. We have some PCI, we have some supplemental POS device program that’s being launched, so we have a lot of smaller programs that we’re bringing to the market around things that our merchants are asking for and how to help them run their business a little bit better. We’ll give a lot more color as we go through the year on the progress of these programs, but early on, we’re very bullish on the success of the programs that we’re launching.
Scott Wurtzel: Great, that’s helpful. Just a follow-up on the classic digital wallet segment, it looks like you guys had some good success in this top-of-funnel campaign. Just wondering almost where we are with that, are there–you know, in terms of the two markets that you did it in, is there still more room to go in those markets, and then do you have plans to expand this campaign to incremental markets going forward?
Bruce Lowthers: Yes Scott, thank you for that as well. As we talked about last quarter in the last meeting we had, we really were focused on centralizing our marketing organization and bringing a higher discipline to what we were doing, and focusing in on our consumer cost of acquisition and how we were going about it and modernizing the impact of our marketing efforts, and we’ve really started to do that. This is one proof point. We will continue to do these types of programs. I love the program that we did, where we launched our own tournament and it was really a great partnership for us to do, where they had 100,000 members within that community that we were sponsoring the e-sports tournament for, so these were our target customers.
Every one of them had the opportunity to use whether our e-cash product or even our wallet product, so we’re really bringing a more sophisticated approach to our marketing efforts and we will absolutely be expanding these types of programs across our profile as we’re moving forward. I’m very excited about really maximizing the marketing funds that we have, not necessarily increasing them in aggregate at this point but really getting higher throughput on the spend that we have today.
Scott Wurtzel: Great, that’s very helpful. Thanks guys.
Operator: Thank you. Our next questions come from the line of Andrew Harte with BTIG. Please proceed with your questions.
Andrew Harte: Hey Bruce, you mentioned how the enterprise base had about 19% cross-sell. Can you just unpack that a bit further? How do you see that opportunity evolving in the year ahead, and maybe where were we a year ago on that cross-sell opportunity?
Bruce Lowthers: Yes, good morning Andrew. As we came in now 18 months-plus ago, one of the things that I noted when I started here was that we had very little cross-sell, because of the silos of the businesses that we had. It was really almost less than 1% opportunity there that we were executing on cross-selling product into our various existing customer base, those top 800 customers, so going from just a year ago less than 1% or 2% to 19% this year is a huge step forward, and it really underscores the point that I was trying to make a year ago, that we knew there was a great amount of opportunity for us to go in and sell our digital wallet customer, that was their primary revenue stream with us, go in and sell acquiring to them and start moving our e-cash and digital wallet business into some of our existing merchant customers, so feel very good about the progress.
I would expect that this is going to continue to expand as we’re moving forward, especially now that Nicole and her team are starting to ramp up with new product, and we absolutely will be focused on selling into our existing base, so we think there’s a lot of runway for us. We’re very excited about the opportunity and really proud of Rob Gatto’s team and what they’ve been able to do through ’23, and now it’s about scaling up and driving a better quality revenue stream for ourselves in ’24 and ’25.
Andrew Harte: Thanks. Then Alex, the comments on the guidance page about the gross margin headwind as a function of mix, is that more just merchant solutions outpacing digital wallet on top line, or is there anything you’d call out within each segment on kind of margin trends?
Alex Gersh: It is all of those things. It is absolutely merchant solutions outpacing growth in digital wallet as a first thing. It is then inside merchant solutions, our opportunity to improve this margin by driving the growth faster in the direct segment versus indirect segment, which you see right now indirect is growing much faster, so that obviously has an impact on the margin. On the digital wallet, it’s exactly as I said – it’s the product mix as we expand the usage of the wallet and getting new customers and attacking new markets.
Andrew Harte: Thanks guys, appreciate it.
Bruce Lowthers: Thank you.
Operator: Thank you. Our next question is coming from the line of Timothy Chiodo with UBS. Please proceed with your questions.
