Brian Garner: Yes, Brad, hey, it’s Brian. Yes, I think you’re right. When we look at the comparison from last year, we articulated in Q1 of last year that we were record low 90-days, and that the expectation was we’d see that normalize over time. As we look at Q1 results, what’s incorporated in that gross margin is really a normalized level, pretty right in-line with Q1 of 2019. Now it’s going back a few years now since we had a normal period, but that’s effectively in-line. So on a go-forward basis, what’s incorporated in our outlook is a continuation of that normal trend, if you will, and that’ll put difficult margin comparers here for at least Q2 as we look at year-over-year, but more in-line with what we would have seen back in 2019.
Operator: [Operator instructions]. Our next question comes from Hoang Nguyen with TD Cowen. Your line is open.
Hoang Nguyen: Hey guys, and congrats on the call. Just a quick one from me. So in terms of the GMV, I just want to dig a little bit deeper into that. I mean, the raising outlook, I mean, is it more a function of increasing penetration or using sort of like slightly improved outlook from your partner? And maybe if you could dig into the cadence from March to April, I mean, did you guys see an acceleration in GMV?
Steve Michaels: Yes, thank you. Yes, as it relates to our enterprise partners, we’re not expecting a material rebound in the demand environment within 2024, but we are having success in, as I mentioned in the prepared remarks, in partnering and achieving deeper integrations with our partners, which many of whom have been on the platform for quite a while. So these demand pressures are causing reprioritization of projects, whether that be marketing or waterfalls or a tech integration for transactional e-com cart, which we haven’t been able to get done to date. And so those are positive ways that we’re gaining balance of share within our partners. We also believe that we’ll continue to add new retailers to the platform. Small e-com retailers, omni-channel retailers, as well as, larger brick and mortar with the e-com as well.
So we’re optimistic about our ability to grow GMV, and it’ll be a — it’ll be a joint impact from existing retailers as well as some new ones. As it relates to April, as I mentioned before, we’ve started April well. Part of that is from the shift of the Easter holiday, but we’re pleased with the trajectory and gave us the confidence to predict and forecast a GMV growth, albeit in a low singles, but GMV growth in Q2, and we’re pleased with that.
Hoang Nguyen: Got you, and just a quick follow-up from me. I think, I mean, one of the reasons that your competitors have cited for the, I guess, faster growth in the SMB, probably the largest sales force, I guess, I mean, could you give us some color about your plan to win back, I guess, in that space, anything that you guys are planning? Just curious, thank you.
Steve Michaels: Yes, there are a lot of factors on how you, how you create urgency and partnership in the regions. And some of it is touch points, whether that be people in stores or in the field or people on the phones, and we have that as well. As we’ve talked about many times, most of the regional space, the SMB space, there’s multiple providers, but there could be a hierarchy. One person — one provider could get more applications than someone further down the stack. So it’s a multi-pronged strategy of getting better prioritization within doors that we’re already doing business in and making those doors more productive through number of leases per month, as well as adding new retailers to the platform. And, we have a long history of supporting regional players very well and have a lot of relationships out there. So I think you will, you should expect to see us make some real progress there in the near and intermediate terms.
Operator: [Operator instructions]. Our next question comes from Bobby Griffin with Raymond James, your line is open.
Robert Griffin: Good morning, buddy, thanks for taking my questions. I guess, Steve, I first wanted to circle back on the GMV growth, really nice to see it flip here during the quarter. You gave us some great detail on the progression, but can you maybe unpack a little bit of what drove the upside, was it ticket, volume, as in more people requesting to use the progressive product or is it just the mix, like you called out mixing up as a balance of share inside your retailers, just trying to get a little bit better view on kind of the underlying revenue builders or building blocks of that metric?
Steve Michaels: Yes, Bobby, I’ll give you what I can. It’s not ticket, I’ll start with that. Ticket is kind of flat, I mean, it’s not a story, let’s put it that way, it might be down a few dollars, but it’s not the story. We’ve talked about demand or traffic weakness, but I do believe that the traffic that is occurring has more of a need for a flexible payment option than, over the last several years. And many of those will be served by the primaries above us, which is appropriate for them if that’s what they qualify for, but for all the reasons that we talked about, fewer of those people are even being approved in the stack. So that’s a help, it’s a little difficult to quantify, as we broadly call that trade down, but I would say a bigger part of it is what I referred to on our partnering with our retailers and, getting waterfalls done so that we can make sure that the apps are having multiple opportunities to be approved, reinforcing training with the retail sales associates so they’re very educated and knowledgeable about the product and putting the customer in the most appropriate product.
