Alex Timm: I’d say we really like our partnerships channel. And the way we think about it is that, we’re going to continue to build that channel. We know through our technology and ability to offer a seamless embedded quote that we believe that’s very differentiated and we have seen that channel grow, you’re writing 68% year-over-year. That’s from a smaller base than Direct. So sometimes it’s a little harder to see. But that’s been very consistent growth and we sort of anticipate that to continue into the future and we really like that channel because of that consistency. On Direct, we think the most intelligent way to manage that business is to constantly look at any sort of changes and whether that’s competitive dynamics, seasonality, what have you and constantly making sure that our data science models are never overpaying for a customer and that we’re always paying the right price and making sure that we’re always hitting our return targets.
And so I think Direct will continue to grow long-term, but it just may be a little bit more exposed to quarterly fluctuations. And we accept those fluctuations because we think that’s the right thing to do for the long-term of the business. But make no mistake, we are very passionate about growing both of these channels long-term.
Hristian Getsov: Gotcha. And then for my second question, I guess, the — with the significant kind of growth in the PIF count over the last two, three quarters, has there been any dramatic shift in terms of your demographic built within the portfolio, as like, I don’t know if you have a little bit more outsized exposure to like certain states or a certain age group. Like has anything shifted over the last couple of quarters, just given the huge growth?
Alex Timm: I’d say we’ve continued to iterate on underwriting and pricing. And so when you look at the mix shift, it’s subtle, but I would say, it’s probably more towards what would classically be defined as a preferred customer segment, slightly higher retaining, slightly higher credit. Sort of as we continue to iterate on our pricing models, we are starting to pick up more and more of that customer segment. But that’s really the big changes, I would say, in the demographic mix.
Hristian Getsov: Gotcha. And just one more quick clarification one. So I understand the growth was slow in the Q2 versus the Q1, but in terms of PIF count, I’m guessing you guys are still looking for some growth there. Maybe not the 20% to 30% we saw in the back half of last year, but you guys are still expecting to see some growth, right?
Alex Timm: We’re really happy with our PIF growth year-to-date, and again, we’re going to constantly monitor the environment to look at how that evolves. And if the right thing for the business is to keep PIF flat, that’s what we will be doing. We certainly believe that we can grow the business long-term and are going to continue to look to do that. But we’re not going to be providing quarterly PIF guidance.
Hristian Getsov: Okay. I appreciate it. Congrats on the quarter.
Alex Timm: Thanks.
Operator: [Operator Instructions] And your next question comes from the line of Matt Carletti with Citizen JMP. Please go ahead.
Matt Carletti: Hey. Thanks. Good afternoon. I just had a question on the fee income line. It’s grown really nicely over the past five, six quarters, multiples. And if you look — even if you look at it on a percentage of premium, it’s kind of done the same, right? Becoming a bigger and bigger percentage of premiums. Can you just kind of peel back the onion a little bit and kind of tell us what’s happened in there and what we might expect going forward?
Alex Timm: Yeah. Sure. Yeah. I’d say when you go back a year or so ago, when we started to re-look at our forms and look at our filing, we really had — we were off the market in terms of fees. There was lots of fees that we just weren’t charging that really the market was and so we began to introduce those. And we think that that’s really beneficial because as we move more towards fee revenue and out of premium revenue as we do that, there’s a lot of benefits to that. There’s lower premium tax, et cetera, on that. So I think we’ve largely done all of those filings. So I think we’re largely at where you’re going to see us stay. I don’t think there’s any other big movements up as a percentage of premium in that line item. But I do think this is roughly at a new normal.
Matt Carletti: Great. Very helpful. Thank you.
Alex Timm: Thanks.
Operator: With that, I’ll hand the call back to Alex for any closing remarks.
Alex Timm: Listen, thank you everybody for joining today. We look forward to continue to execute and to continue to talk to you guys about the future of our company. Appreciate it.
Operator: That will conclude today’s meeting. Thank you all for joining. You may now disconnect.
