Brian Garner: I believe it’s a good question, Anthony. I’ll start and Steve can weigh in as well. I think there’s some nuances as we enter 2023 that we’re thinking about from a headwind perspective and given the uncertainty in the environment where we’re throwing out a and I think that’s what’s reflected in the guidance. I think to start, we set up we’re entering this year with a gross leased asset balances down roughly 5.5%. And so, that’s the driver of our future period revenue. And so, while it’s impacting Q1 to some extent, we expect continued €“ that amortizes in the revenue pressures from that dynamic. Steve also indicated some near-term GMV challenges to start the first half of the year. And so, that’s going to be in addition to your starting point on GLA.
There’s also an expectation within our models that we are, while payment performance trends are much better than they were in the first half of 2022, we still haven’t got back from an integral referring to our accounts receivable provision. We’re not yet back to what we saw pre-pandemic from a performance standpoint. It’s our expectation there’s still going to be some level of challenged customer to a degree within our model. And that’s working its way through. So, the last thing I’d say that was, kind of front weight] the performance would be just the seasonality of that accounts receivable provision typically and it feels like forever since we’ve had a normal cycle to talk about any kind of seasonality, but typically in Q1, you will see the lowest bad debt expense or AR provision in that period.
So, that’s going to be helping the Q1 results and we expect that to soften a bit as we look throughout the year. But those are kind of the three things that I would point to when I mentioned the deleveraging aspects as pressure as well.
Anthony Chukumba: Got it. That’s helpful. And then just one follow-up question. So, you gave some very helpful stats in terms of your existing retail partners and the fact that the penetration €“ lease penetration is growing and you execute these multi-year renewals. Would just love any update in terms of the retail partner pipeline?
Steve Michaels: Yes. Thanks, Anthony. It’s Steve. This will be my normal frustrating answer, but it’s difficult to talk about the pipeline, so we actually have assigned MSA, which we’re obviously working on every day. or €“ with various €“ that’s our goal obviously to convert that pipeline. We do expect to sign up some in 2023 whether they will be named in press release where they remain to be seen. But we’re positive on pipeline that it’s just that nothing has changed in the regard of when we’re dealing with these large enterprise retailers, the timing of that conversion is difficult to predict. But I’ll say that nothing has changed and in fact when the economy is as tough, and retail comps are hard to come by, we feel €“ and are experiencing positive momentum in processes and conversations in other environments may have otherwise stalled.
So, certainly, it’s a massive focus of ours to broaden our base. So that when the retail environment is more positive that we have a bigger platform to grow from.
Anthony Chukumba: Got it. Yes, your answer was frustrating, but consistent. Good luck with that.
Operator: One moment for next question. Our next question comes from the line of Jason Haas from Bank of America. Your line is open.
Jason Haas: Hey, good morning and thanks for taking my questions. So, for the first one, I was curious if you could talk about how your retail partners are performing just generally. I’m curious how the holiday shaped up for them? And then as we started this year, how performance has been? I know that’s been an issue that you called out weak customer traffic, it’s been the case for a while. So, I’m curious if there’s been any signs of improvement or is it still been a pretty weak backdrop?
