A – Brian Garner Listen, I mean, I think we’re all €“ for a couple of years, we are all armchair virologists trying to figure out the pandemic and now we’re all armchair economist trying to figure out what’s going to happen on the side. I have no exception to that because I always frustrate my team talking about all these macro things that I hear on when I’m working out in the morning. So, listen, the one thing that could be a tailwind for us that would be a welcome tailwind is we might actually see some increase in unemployment rate, but not in our customer base, right? And so, you kind of alluded to that . That jobs number for January was to move the doors off. I don’t know if that’s sustainable or not. I don’t want to give it a big long economic commentary that I’m not qualified to give.
But I would say that there are some elements of the macro that could actually break our way, I’m not used to things breaking our way over the last couple of years, so I’m not counting on them. But back to the original question, I mean, it’s possible and probably more likely than not that we are leaving some volume out of the bunch of cautions. And I think that’s the appropriate position for us to be in until we get some more clarity.
Hal Goestch: Thank you.
Operator: One moment for our next question. Our next question comes from the line of Vincent Caintic with Stephens. Your line is open.
Vincent Caintic: Hey, good morning. Thanks for taking my question. Most of my questions have been asked. I wanted to touch on cash generation and your expectations for 2023. I know in the 2023 guidance, there was no share repurchases, but you were active in 2022. So, just want to get your thoughts on how you’re thinking about capital return for 2023? Thank you.
Steve Michaels: Yes. I mean from a cash standpoint, we will generate cash in 2023. That’s one of the really nice elements of our business model with the quick cash conversion cycle and the short duration portfolio. So, obviously, the timing of the GMV production will impact the actual cash levels. And as Brian was right when he said, we haven’t had a normal year in many, many years. But in a normal year, we would generate more than 100% of our cash in the first half of the calendar year and then depending on GMV production in the back half we might actually be a cash user. But over the course of the year, we will generate positive cash flow. As it relates to share repurchases or shareholder return. Obviously, our history would show that we have optimism about our future prospects and I think the shares are a good value here.
We’ll always look at it to lend with prudent capital allocation and I want to keep a strong balance sheet keeping, kind of a view over the next two years-ish of what the leverage ratio will look like. And then we’ll always prioritize investment in the business first, but then by our definition of excess capital, we’ll look to return to shareholders. And our , we generally favor the share repurchases. And I don’t remember the exact number, but I think it’s in the neighborhood of $337 million is remaining under our original forward authorized share repurchase program.
Vincent Caintic: Okay, perfect. That’s very helpful. And then last question, just a quick follow-up on the merchant questions from earlier. So, understanding the comments on the pipeline, but when you talk about with your existing merchant partners and there was some discussion about engagement there. I was wondering if you could maybe talk about that in more detail? Are you seeing more, say, cold marketing campaigns or anything like that as the engagement increasing there? Thank you.
