Tom Priore: Look, you bring up a really good point on. I just want to make this remark for the benefit of everyone on the call. We think the reason why Priority is a unique platform in the space is that, on a single collect store and send call it Shared Services platform, we can produce across SMB acquiring, B2B payments and the Enterprise — the integrated Enterprise segment. So, it’s built in such a way that we can scale without adding people because the platform itself is multifunctional. We’ve created workflows that come into that engine with common elements across each of those channels. So, we don’t need to have redundant stacks of technology or have folks that are exclusively doing one aspect or another, because they’re so divergent from an operational perspective. That’s the benefit. And we’re in the early innings of exploiting that capability. This has not been — it’s been built on rock. It’s built to last.
Jacob Stephan: Awesome. Great to hear. Thank you.
Operator: [Operator Instructions] The next question is from Hal Goetsch of B. Riley Securities. Please go ahead.
Hal Goetsch: Some more follow-up questions on Plastiq, look at it slide 7 it is a $70 million net revenue run rate and you just mentioned $5 million in OpEx. I’m just trying to make sure I understand the revenue number versus the cost guidance you — cost information you gave. Is it — is that $70 million inclusive of like interchange and network fees or pass-through revenues? And really what’s kind of the net revenue on a run rate of that business?
Tim O’Leary: Hi Hal, I appreciate you joining. So yes, the revenue model for Plastiq is a little bit different than our revenue model historically a Priority right? So if you think about what they look as revenue they act effectively as the merchant of record, right? So you think about a buyer using their credit card and that cash goes through Plastiq and then ultimately to the supplier with whatever payment modality they want check wire ACH. So with Plastiq as the merchant of record they’re booking more of the revenue on a — like I said what we would consider kind of a gross basis if you compare it to Plastiq’s — Priority’s numbers, right? So that does include interchange. And if you start to back all those numbers out we can go through the math.
I don’t have that right in front of me here on a true kind of net comparable basis, but you’d have to back all that out. But the $25 million plus of guidance we’ve provided right that’s on Plastiq’s revenue model, right? So the net impact to us is going to be lower if you looked at kind of an apples-to-apples basis historically how we report our revenue.
Hal Goetsch: Okay. Okay. And from my experience it was a company that — if you ran out of money because of — and what they were trying to do an IPO through a spec, I think and it didn’t work out. What are some of the things when companies like that get into a situation like that on the cash they’re not making investments they’re kind of cutting back? What are the things that you’re going to have to add back? And can you kind of talk about the magnitude of those things into 2024 — 2023 and 2024?
Tom Priore: Yeah. Look, we’ve actually — this approach actually has been very curated. If you look through the filings actually we went into the bankruptcy as the stalking horse bid. So we had a deep understanding of exactly what needed to be done with Plastiq in order to make it successful. It’s been a very collaborative approach. In fact, their customers and we made a very conscientious effort to speak to customers and key relationships. So they knew that the idea of the bankruptcy was not, I’ll just call it the result of a business actually in this extreme duress as most bankruptcies are but rather as a method of really giving the company an opportunity to reset with a better partner with the appropriate partner. One that had all the resources to actually help it exploit the market position that they had gained in the time they’ve been in business.
