Doug Valenti: Yes. No, it’s a great question, and you’re exactly right. We have been accelerating and being very aggressive in our software capitalization, software development, which gets capitalized, of course in the QRP area mainly, driven primarily by demand and by the signing of a couple of very large accounts, and we wanted. And so the combination of that and having made sure the product was fully ready to launch with those big accounts early this calendar year. And anticipating and seeing an increase in demand and activity for that product as the insurance market has come back, drove us to invest at those rates and to those levels. I can tell you that we’re pretty much at the end of that cycle and you’re going to see that capitalized software development cost drop pretty significantly this quarter forward.
That wraps pretty much through the snake, if you will, super excited. I mean, super excited about where that product is, about the intention we’re getting, about some of the big accounts we’ve signed, about the opportunity there, and that will only get better and better. We believe as the insurance market continues to come back, of course, — that was pretty dormant there for a while because there really weren’t enough carriers participating in the market to make it worth the while of the various brokers and agencies to invest and a product like that. But we have seen that turn pretty dramatically over the past couple of months.
John Campbell: Very encouraging to hear. Thanks for the time guys.
Doug Valenti: Thank you, John.
Operator: Your next question comes from Dan Day of B. Riley Securities. Your line is already open.
Dan Day: Yes, thanks for taking the questions guys. Just — would be good if you could comment from a state level. I know there were a number of big states that have effectively been shut off since April or so of last year. Maybe if you could just comment with what’s come back in January. Like are those larger states being turned back on in a meaningful way? Any commentary there would be great.
Doug Valenti: Sure Dan. You are correct, a lot of big states have been shut down by a number of carriers in some states, pretty much all the carriers. We have seen some re-openings of some major states by major carriers. Of course, it’s a map with a lot of different participations by different carriers. So, not all the carriers are opening all the states at the same time. But I can tell you that we have seen some big states reopened by major carriers and by a number of carriers, and we’ve been told to expect that to continue. And we have gotten indications of some of our major clients that they would expect to be reopened in all major states and back to what they consider to be a normalized demand, which we are nowhere back to yet, by the way, by mid-year — by mid-calendar year.
Dan Day: Okay, great. Sounds like good news. You guys said in past quarters, you’ve broken out the growth in the credit-driven vertical specifically. I didn’t hear any commentary this quarter. Maybe I missed it, but can you just give us some color on how the personal loans, credit cards, other connection verticals performed and the outlook for the next couple of quarters?
Greg Wong: Yes. The — let’s say, well Home Services, you didn’t ask about home services, you talk about grew about 15% is our second largest business, our third largest business. And by far, the biggest component of credit-driven verticals is personal loans grew 18%, 18% year-over-year in the quarter. Credit cards was actually down a little bit versus the previous year, but it was just nothing to see there other than a real tough comp. Credit cards gets driven — peaks and valleys get driven by limited time offers or promotions. And last year, in the December quarter, there were a lot of good promotions in the quarter. This year, there really weren’t any new big promotions in the quarter. So, we would expect that to even itself back out as we get — as promotions start rolling back out this quarter and next quarter. So, — and those are the big components. So, those are 90-plus percent of the credit-driven.
Dan Day: Okay, great. Appreciate it guys.
Doug Valenti: Yes, thank you, Dan.
Operator: Your next question comes from Mark [Indiscernible] of Lake Street Capital Markets. Your line is already open.
Unidentified Analyst: Hi, guys. Thanks for taking my call. So, it looks like you had some strong growth in the Home Services piece, but I was wondering if there was anything you could say around any impact you saw with rising rates and what that may add on Home Services lead generation?
Doug Valenti: That’s a great question, Mark. But nothing that we could discern. We think, generally speaking, in our experience and in talking with our clients that higher rates are having a number of effects. One effect is, of course, you’re having consumers stay in their existing home. And that’s a good thing because they’re going to say, well, I’m going to stay here because I don’t want to lose my mortgage. And so I’m going to invest in this home. And so that, I think, continues to be a theme in Home Services. We’re trying to make sure that we’re participating with our clients in those product and service areas that align with that. Beyond that, you could assume that it may be tougher for consumers to invest in bigger projects because of interest rates if they need to borrow.
