Elena Gomez : Yes I’ll take that and feel free to jump in Aman. So average ticket has actually held pretty steady over the last several quarters. So that’s not as much a factor. I think it’s really same-store sales. And really I would say towards the end of the quarter is when we saw that into October. So there’s – and we haven’t yet seen trade downs either as we’re looking at the data. Obviously, we’re paying attention to that. And maybe in past recessions that’s been a factor but we’re not seeing that yet in our data.
Josh Baer: Great. And then a follow-up sticking to GPV, just given your position in the industry and your expertise, I wanted to ask you about GLP-1s and your view on the near-term longer-term impacts? Thank you.
Chris Comparato: Yeah. Hey, Josh. This is Chris. Good question. We’re not seeing anything that indicates a change in consumer behavior due to GLP-1 or Ozempic. We don’t expect it to have a significant impact and we remain laser-focused on giving the industry the best technology platform to manage their business. So we’re confident dining at restaurants will remain a cornerstone activity for consumers and again, not seeing anything related to it.
Josh Baer: Great. Thank you.
Operator: Our last question is from Dave Koning with Baird. Your line is now open.
Dave Koning: Yeah. Hey, guys. Thanks so much. To follow up a little on Tien-Tsin’s question about Toast Capital. You had tremendous success. You’ve grown probably two to four times over the last handful of quarters, but this quarter was a little slower sequentially. And I guess I’m wondering do you expect that to grow a little closer to the core business going forward instead of kind of the massive growth going forward?
Elena Gomez : Yeah. I just want to remind you that over the last year, we added a 360-day loan product. So it was be mindful of that in your comparisons. But I would say in the near term, I would expect post capital stay in a similar range as a percentage of GPV is probably a good proxy to the way to think about it. But the demand is healthy. We’re seeing a lot of customers come back and renew their loans. And so we’re not seeing any concern about the growth of the program at all.
Dave Koning: Got you. Okay. Thanks. And maybe just as a follow-up, I just want to make sure I understood right. Did you say subscription ARPU going forward in the mid single-digit to high single-digit year-over-year growth? And if so what you expect in Q4 as well?
Elena Gomez: Yeah. My commentary was actually around Q4 to be in the high ARPU up to the mid- to high single-digits. And that was really just to zoom out to give you some texture on that. As we optimize what we land with customers upfront and some of the impact from customer mix, we expect that to be gradual. But overall, we’re optimizing for ARR which I commented on earlier. And as we’re getting to 100,000 locations, we want to continue that momentum. So that’s how I’d characterize that.
Dave Koning: Great. Thanks so much.
Elena Gomez: One thing I would add to that as I’m thinking about your question. It’s just thinking about ARPU over the long-term. As we think about it what is the terminal value of ARPU or what’s that level going to look like? There’s a couple of things we think about which may help frame for the group. Today, we have more than 10% of our customers paying us over 10,000 in ARPU and we see that growing steadily. But then just zooming out and you think about all the opportunity we have to grow ARPU, whether that’s continued innovation which Aman talked about in his script, whether that’s our upsell team which is very early, whether it’s pricing and packaging just there are several levers that we can put together over the next several years to drive that ARPU expansion. And so we’re very confident as we exit 2023 that we’re going to continue to grow ARPU and have healthy SaaS ARR growth over time.
