Tim Murphy: Yeah. So thanks for the question. It’s — we’re not seeing it yet. I mean we will see a benefit in ARM in Q1 related to tax refund season just like we see a benefit to the lending verticals. There will just be more payments made in outstanding receivables. So there’ll be a benefit there. In terms of the overall macro though, I think the credit balances are starting — credit card balance is starting to really increase. And I think that will ultimately flow through to collection placements and volumes, but probably not until Q3 or Q4. Some of the bigger public names in that space, if you look at some of the data they’ve put out that suggests that they’re building that supply but it will likely flow through to us in the second half.
Jeff Goldstein: Okay. Got it. And then, for my follow-up, I know you’re primarily focused on medium-sized enterprise customers, but can you just remind us of your SMB exposure? And what type of trends you’re seeing in that business?
Tim Murphy: On the B2B side we have very little SMB exposure probably, I would say. I can’t say none but very, very little. The focus truly is on medium to enterprise. And so that business should be more resilient. We’re not seeing the spend impact yet that maybe is being seen in the SMB space. And that’s one of the reasons we focus there.
Jeff Goldstein: Got it. Thank you.
Operator: Thank you. Our next question is from the line of Charles Nabhan with Stephens. Please go ahead.
Charles Nabhan: Hi. Good afternoon and thank you for taking my question. So just going back to your comment on your lenders tightening standards, I wanted to get a sense for, whether the securitization markets had any bearing if any on the ability of your lenders to meet demand as well as what kind of assumptions around securitization market liquidity are you assuming for 2023?
Tim Murphy: From our understanding, our larger customers have more stable funding sources. They’re not reliant upon the securitization market to fund new originations. So we feel good about that. That’s something we have looked at from the larger customers. We can’t say that definitively across our entire business, but we’re not hearing that securitization challenges have resulted in not being able to meet demand.
Charles Nabhan: Got it. And just as a quick follow-up. I know political spend is going lower and I appreciate the disclosure around the 3% impact in 2022. But is there — should we assume that that 3% goes away completely, or is there any revenue coming out of that in the coming year that we should take into consideration?
Tim Murphy: I think pretty much, yes. I mean the political media really is every other year during election cycles. I mean, we’re — as we mentioned previously we’re building a non-political media business but that will take some time, but the political media spend is truly every other year.
Charles Nabhan: Got it. Appreciate the color, guys. Thank you.
Operator: Thank you. Our next question is from the line of Joe Vafi with Canaccord. Please go ahead.
Unidentified Analyst: Thank you. This is on for Joe. Thanks for taking our questions. On the last quarterly update you noted some tractions in cross-selling opportunities on the AP side potentially some large ones in the world. Any update on how those cross-selling efforts are progressing?
Tim Murphy: Darin, do you want to take that one?
Darin Horrocks: Yes. Yes. Thanks for the question. Appreciate that. So, yes, on the cross-sell efforts, we’re really focused on a couple of different initiatives there. As I mentioned, we’ve got the unique opportunity to where we offer both AR and AP. AR really being the traditional acquiring business that’s an integrated customer through one of our EPR solutions. And so over the last year to two years, we’ve been working to make sure that we’ve got the payables capabilities in those ERP capabilities to cross-sell for that existing client base. And we’ve had a good deal of success there as we’ve rolled out that functionality in those integrated ERPs to be able to cross-sell. And so that’s actually one of the areas that have led us into additional hospitality management with some partners there.
