Tim Chiodo : Tim, you completely follow, I think, everyone appreciated those scenarios completely. I was more just squaring it with the fact that the personal loan originations are currently sound like they’re strong. Last thing on Slide 11. Sorry go ahead, Tim.
Tim Murphy : Yes. I think what we were saying was there’s demand. There’s demand for these loans. And so our customers are originating. At the same time they’re also very mindful of tightening the credit box making sure that they are managing credit and delinquencies. And so I think the comment really from Jake was around the demand we’re seeing. And as we’ve said in the past the most important thing is that there’s demand for these loans and then our customers will choose through their underwriting standards whether or not to loosen up and originate more or tighten up and originate less. And that will flex with the mild to moderate.
Tim Chiodo : Okay. Perfect. That’s really helpful for the full year. And this is just more of a minor kind of one just to clarify. If I remember correctly last year in March, there were larger sized tax refunds. So therefore the — some of the loan repayments came in at larger sizes and therefore the fixed fee component might have been seeing less leverage if you will in terms of a take rate perspective. I think that was a mild headwind in terms of the larger payment sizes last year. If you could just recap that dynamic for us? And if that’s something that you’ll benefit as you comp over that? Because if I remember correctly it was a little bit of a headwind to March of 2022.
Tim Murphy : That’s correct. Yes. The average refund size last year was larger, which within our convenience fee model brought our take rate down, because the convenience fee stayed the same as the payment was larger. And so that was a headwind to take rate. Actually what we’re seeing in the data so far this year is that the average refund size is lower than last year which could potentially help take rate, but we’re monitoring whether that lower refund actually has less of a seasonal impact in terms of total volume because a lower refund may lead to a potential lower payment amount on the loans. So it’s a different dynamic this year than last year, but you’re remembering it correctly.
Tim Chiodo : Thank you so much, Tim for both of those.
Operator: Thank you. Our next question is from the line of Andrew Schmidt with Citi. Please go ahead.
Andrew Schmidt: Hey, guys. Good evening. Thanks for taking my questions. Just wanted to drill down on the — just the macro assumptions a little bit more. I think — if I remember correctly I think in November we were thinking about more mild recession scenario, which would have put the growth a little bit higher. Now obviously we’re thinking mild to moderate. And I just want to be clear whether anything has changed in terms of what’s going on in the various Consumer Payments verticals, or is there an incremental dose of conservatism? Just want to square that up a little bit in terms of what we were seeing back then and what we’re seeing now with the benefit of more information. Thanks a lot.
Tim Murphy : Yes, Andrew, thanks for the question. So we basically are trying to take into account what we know now versus then not much has changed other than Auto Finance has continued to operate in more recessionary environment and that hasn’t changed although that could turn in the future. That’s what we’re seeing today. And so I think we’re comfortable with our planning assumptions here, and in the mild to moderate kind of puts us within the organic and normalized organic GP outlook ranges we show on Slide 11, of the supplement. And then, that’s how we’re thinking about it.
