Tim Murphy: Yeah. So — hey, Ramsey, thanks for the question. I think as we’ve mentioned, if you think about take rates, you’ll see that take rates are a little bit lower in 2023 than 2022. The first part of the year they’ll be similar and they’ll kind of tick down a little bit that’s primarily driven by enterprise wins at more competitive pricing, mix shift to B2B which is a slightly lower take rate, which again we’ll get the incremental dollars from the larger enterprise wins and we like the incremental growth from B2B. So those are — we feel fine about those, but they will show a take rate coming down a little bit throughout the year. And then gross profit margins should stay pretty consistent throughout the year. We’re showing a higher gross profit margin in 2023 than we had in 2022.
That expansion is due to our continued focus on optimizing processing costs the full year benefit of having BillingTree on our back end. And that’s something we’ll continue to focus on. And then adjusted EBITDA margin should be a little bit lower in the back half of the year because of just hiring we’re doing in the first part of the year and then some of the hiring we did in the second part of 2022.
Ramsey El-Assal: Okay. That’s super helpful. And then following up on the BillingTree back-end conversion. Obviously, as you mentioned gross profit — that benefited gross profit in the quarter. Are there other material sort of acquisition synergies and acquisition-related projects that have yet to occur that we should expect in terms of flowing in, or is this back-end conversion kind of the end of the larger integration pieces of the recent acquisitions?
Tim Murphy: I think it’s probably the end of anything material. The other flow-throughs I guess I would say are just — we’ve worked on renegotiating terms with some of our large referral partners. Those renegotiated terms lead to better more favorable cost of services and higher gross profit margins. And there’s opportunities like that to increase margins which is what we’re projecting versus just anything related to prior acquisitions.
Ramsey El-Assal: Okay. Perfect. Thanks so much.
Operator: Thank you. Our next question is from the line of Tim Chiodo with Credit Suisse. Please go ahead.
Tim Chiodo: Great. Thanks a lot. Appreciate taking the question. So the 8% to 14% the normalized organic gross profit growth on Slide 11 and really appreciate that bridge. It’s extremely helpful along with the additional disclosures. So thank you. I just want to reconcile the comments to make sure that I was following correctly. I think you were saying that actually the personal loan originations remain relatively strong. Also Payix is coming in and that contributes to stronger organic growth smaller, but faster growth. And you also mentioned the counter-cyclicality of the ARM segment. But was the guidance implying given those comments around the personal loans being strong now a slight degree of macro deterioration or to circle back to the company? Is it actually implying that things stay relatively stable as they are now?
Tim Murphy: Tim, thanks for the question. It’s Tim. We — like we said we’re kind of planning for a mild to moderate recession. There’s already some of that happening in our verticals and that’s the commentary we mentioned on the call. There may be — the planning assumes there may be a little bit more of that. But of course we’re not — we don’t know for sure when and if that will happen. But that’s kind of the underlying assumption is mild to moderate. And when we talked about that last quarter we gave those scenarios and we felt like it made sense to talk about our guidance in that context.
