Pete Graham: Yes. I think there’s two components there, right? As you rightfully point out, there’s the cost component, which in simple terms is the kind of what we’re paying to the courts to file the suits. Outside the U.S., there are some markets where they’re largely legal driven, and those will flow into that line item as well. And then the legal fees, which is really that sort of commission on collections that we’re paying to the external firms. What I was referring to really was that core cost component and the fact that we anticipate that to build here in the first quarter. Our backdrop of our operation has dramatically changed since 2018 in terms of the build that we’ve done in our internal legal collections capabilities and the fact that we’re placing a lot more of our legal collections internally versus with the external firms. And so, we’ll have a much better margin on that as the collections do come in, in the future.
Robert Dodd: Got it. Another one, I’m not confident — the internal collectors perspective. You’ve driven tremendous efficiency. You’ve talked about the potential for more with digital, et cetera, et cetera. But in the context, obviously, that there’s been lower ERC less to buy, et cetera. Where — at what point do you need to start driving that headcount back higher, less considered about the efficiency ratio because you’ve given us guidance for that for this year. But as much about the capacity to hire people, frankly, if you — if supply does come, you need to map it back up, do you need to start doing that six months in advance of when you actually think you need to given the time to hire and train and get the right people, et cetera? Or how are you thinking about that?
Kevin Stevenson: Thanks, Robert. It’s a good question. It’s not like it used to be. And so, when it comes to the ramp-up time, so first thing I’ll tell you is that I doubt very seriously you’ll see us at 3,500 collectors again. I think that we could buy so much paper and be far less than that number, given how much digital and how much our scoring analytics have improved everything. And so — and I’d also say that our training times and our maturation times have greatly sped up. So as you look at us right now, we’re at, what, 797, just about 800 people. And we are 830 at the end of last quarter. And here we are entering tax time, right, with that kind of level of people, and we’re very comfortable with it. So, it’s been quite — again, I’ll use the word maturation, and I think that really sums it up. So, it isn’t, again, quite like the old days. So, I hope that — does that answer your question?
Robert Dodd: It does. That all 3,000 number, you’re not coming back any time soon, right.
Kevin Stevenson: Right.
Robert Dodd: Last one If I can, Pete, did you give — obviously, the tax rate for the year was right in line with the guidance. Did you give a guidance number for tax rate for ’23? Or is it the same low 20s
Pete Graham: Yes. I think we’re going to be in that similar kind of ZIP code for the full year this year kind of in the low to mid-20% range.
Operator: The next question is a follow-up from Bob Napoli with William Blair.
Bob Napoli: I just wanted to see if you could give any more color on digital because it does seem to be an industry game changer, if you will. What was the growth of digital collections? Or could you give — I know you haven’t given the percentage of collections. But any color you can give on — and how much that is changing the game, if you would
