Operator: Next question comes from Robert Dodd of Raymond James.
Robert Dodd: Hi, guys. I want to look somewhat, I think, longer term on that. I think you made some comment about underinvestment in platform, relative underinvestment in platforms. And that needs to be collected, but that’s a much more complex issue. Could you give us any more color? I mean, are we looking at, you’re going through 12 to 18 months of all these efficiency initiatives and then there being another multiyear cycle of a complete platform rebuild? Or can you give us any color on what you’re talking about there?
Vikram Atal : Robert, look, first what our priority as I entered this position was to ensure that we diagnosed what the devil does and we’re addressing it, right? And I believe I can say looking back over the last six months that we have established that we have stabilized the business. We have launched numerous initiatives to generate revenues, which is our top focus. And so that’s going to be the priority into the near term. As we do that, we are reviewing the status of our underlying systems architecture and sort of all of the sort of upgrades that might be required over time. And probably in the next 12 months, we will start putting some pen to paper with regard to in what priority and in what order we start doing that. And that, as you know, is not a simple exercise that might take us a while to do.
But we are going to be very thoughtful about making sure that anything we do is not disruptive to the momentum that we’re creating over the next 12 months, right. And so we will face that as necessary. And it is not an impairment, as I mentioned, to us being able to create near-term value in the franchise.
Rakesh Sehgal: Yes. If I could just add to that, I think you should be encouraged by the fact that we’re looking at this in a couple of phases, right? We’re thinking about what do we need to do in the next 12 months, and how do we create that value and have meaningfully improved results in 2024? But sitting here today, we’re also thinking about the long term. How do we create a much more sustainable, thriving business? And that means we need to invest in some systems and processes, but that’s going to be in the longer term. It’s a multiyear cycle and investment that we’re going to, but we’re already thinking about that. And so the idea is to build that vision of where we want to be in the next 12 to 18 months and then sitting here today, where we want to be in the next three to five years?
Robert Dodd: Got it. I appreciate that color. Thank you. Another one on the market in the US, I think you said there were some spot transactions that came in surprisingly large relative to normal. Are you seeing anything in terms of like, is the market evolving in a way? Do you think those would just get one off the currencies or do you think there’s going to be a greater incidence of spot activity in the future in the US market? Obviously, if there’s more volume, there probably would be. But I mean, is it anything unusual about that that you think is really indicating a market change in terms of how sellers think about it?
Rakesh Sehgal: Yes, I think that the comment was made more in general versus the US. So with the start of my remarks, we were talking about just a few spot transactions that were higher than anticipated. And that also includes Americas, it wasn’t focused just on the US. And I would just say that in the US, we’re very encouraged by the ability of us being able to reprice substantially most of our forward flows to take into account the higher interest rate environment. Do we see spot transaction? Yes. But that comment was made more generally.
Vikram Atal : I think Robert understood, in his comment that in a time when credit card charge-offs are rising at a fairly rapid clip, and those will bring items to market that are over and above any of their forward flow arrangements that they might have entered into, right? And we’re seeing certainly having some visibility to that, right, in terms of deals being brought to market.
