Rene Lacerte: Thank you, Josh. We definitely like I just pointed out, the opportunity in front of us is very large, and what we are seeing from a macro perspective is that as businesses, especially small businesses are being distracted by this, wait-and-see economy or if you want to say the standby and weight, mode that is impacting their ability to kind of move quickly on improving their operational efficiencies. So what we see across the business is that we continue to drive through our ecosystem, great customer adoption, great value to our customers, and we, like I said, this is really a point in time. This is not something that we see as long-term. We see decade of growth ahead of us.
Josh Beck: Thanks, Rene.
Rene Lacerte: Thanks, Josh.
Operator: Thank you. Our next question comes from the line of Matt VanVliet with BTIG. Your line is now open.
Matt VanVliet: Yes. Good afternoon. Thanks for taking the question. I guess just looking at the guidance for the next couple quarters, curious how much of that is built upon sort of trends that you’re already seeing both through December and through the end of January here versus adding an extra level of conservatism given the directionality of seeing things weaken and expecting more of that to come and sort of wrapped within that, curious how much are you expecting both a decline in transaction counts along with the lower TPV that you’ve already, or I guess the average transaction size that you already are seeing to sort of get to those numbers on the outlook? Thank you.
John Rettig: Yes, thanks for the question, Matt. We’ve tried to take into consideration both the trends we’re seeing the, seasonal effect of the March quarter in particular, which I think as everyone knows is a softer TPV spend environment than the December quarter. So we kind of have both macroeconomic factors and seasonality that are playing into our estimates for the second half of the year. And we’ve taken all these things into consideration as it relates to the payment volume estimates that we put out there. And I’d say transaction counts are important as a measure of like how customers are using our platform and engaging and creating value from a monetization and revenue standpoint. We’re obviously more tethered to the actual payment volume and subscription fees.
And so we’ve taken all this into consideration and assumed that the trends we’ve experienced so far are continuing and that is reflected in the lower payment volume growth for both BILL and Divvy that we’ve estimated for the second half of the year.
Matt VanVliet: All right, great. Thank you.
Operator: Thank you. Our next question comes from the line of Darrin Peller with Wolfe Research. Your line is now open.
Darrin Peller: Hey guys. I guess, I just want to understand a little bit more first about the mix of the customer distribution you have coming in, just given that thoughts, obviously now taking over half it looks like of the non-Divvy customer ads. Maybe just discuss with us a little bit your strategy, your go-to-market if you’re doing everything you should, you think you could be doing to emphasize the go-to-market on the direct side, just given how much more revenue and profitable it is than the FI is for you guys, at least for now. And then on that note expenses, the core expenses, including stock comp, still went up pretty notably. And I know you’re saying you’re trying to manage for profitability and interest in the comps, but I think investors kind of want to see the core business profitable, not just interest income.
And so maybe just a little more color on what you guys are, how you think about that. And in the backdrop of this environment, if you, you plan on managing that expense base a little more aggressively.
