Will Nance: Got it. That makes total sense. And then I guess just on the macro point. As we think about softening same-store sales which broadly consistent with other companies in the space. So, I kind of get that how are you thinking about the reaction function from merchants? I guess particularly on the go-to-market side as you have conversations with prospects. Is there — how are you thinking about like the potential for some business to say hey we’re going to take two handhelds instead of three maybe buy a little bit less hardware upfront things of that nature. I mean do you expect sort of like the initial sale to get more difficult in an environment where same-store sales are softening and any strategies you have to combat that?
Aman Narang: Well, we haven’t seen that in our core SMB business. And as we mentioned in our guidance we talked about Q4 net location as being in 6,500 range and we continue to be confident in — and if you look at on the top of funnel and our win rates we haven’t seen anything materially different. And we continue to believe that our growth is really tied to our execution and getting more in our core SMB business into flywheel status, which is really just growing customer density growing the rep tenure in these markets. And so we haven’t seen anything in our pipeline to suggest that customers are less receptive to purchasing Toast or looking to buy less of the platform.
Will Nance: Got it. Super helpful. Appreciate you taking the questions.
Aman Narang: Thank you.
Operator: Our next question is from Tien-Tsin Huang with JPMorgan. Your line is now open.
Tien-Tsin Huang: Thank you and all the best of Chris here. A follow-up to Will’s question just on the Toast Capital side, if you haven’t seen any customers changing their behavior here, are you changing maybe your appetite to extend credit given what you’re seeing on the consumer moderation side?
Elena Gomez: Yes, it’s a fair question Tien-Tsin. Thank you for the question. Our default rates have been in line with our expectations. And so — and we’re seeing healthy demand from our customers. So — we don’t have plans to change our program at the moment. It’s a very healthy program and we’re managing the risk very well and have a lot of controls in place around the program. That said, if the macro were to turn we also are confident in our ability to quickly move and throttle the originations if we needed to. But overall, the program is very healthy and meeting our expectations all the way around.
Tien-Tsin Huang: Okay. Great to hear. And if you don’t mind, the competition question. It doesn’t sound like it but — we get a lot of questions around some of your competitors changing their strategies really to look a little bit more like those whether it’s verticalizing or forcing payment monetization that kind of thing. Are you seeing any change in competitiveness at all on the ground?
Aman Narang: Yes. Thanks, Tien-Tsin. Look, we’ve had — we’ve built up a strong competitive program within the business as we track a lot of this data carefully. And I’ll just go back to like this has always been a competitive market. And to what I just said earlier, we really do believe our growth is more tied to our own execution more than anything else. And we’re tracking the pipeline every day. That being said, we’re tracking pipeline the top of funnel win rates the activity of our team by competitor. And I think if you go back and just look at our confidence in terms of net adds in Q4. And it really just speaks to the performance of our go-to-market team and just the — our own execution as a business.
