Rene Lacerte: Thank you, Darrin. From a, customer acquisition perspective, one of the beauties of our model is that we do have a diverse ecosystem to attract and reach small businesses. And so whether that’s through our director or account or the FI channel we have lots of opportunities to do that. And you are correct that the direct side does monetize more effectively for us. The ways that we do that obviously are continuing to evolve and get stronger. And what we saw in this quarter really was more of a, what I would say just a macro environment, not anything, again on the long-term. And so as we look forward, we expect this is kind of the impact we’ll see over the next few quarters. And, I’ll let John maybe talk a little bit more about that and really to the core profitability question. Yes.
John Rettig: Yes. Thanks Darrin. I think we’re in a really unique position to balance growth and profitability given our business model. And if you look at our earnings, our profitability capabilities, excluding the impact of interest rates, we’re actually non-GAAP operating income without flow profitable in the second quarter, and we’ve increased our estimates by north of 10% for the full year. So, what we are focused on is driving near-term profitability while also investing in longer-term growth initiatives because this is a big market opportunity we are going after. And I think we’re striking the right balance between growth and profitability in the near term. We’ll obviously continue to adjust our operating plans, our expenses as needed given the market conditions, but we think that our estimates for the second half of the year are a good balance between those objectives.
Darrin Peller: Thanks.
Operator: Thank you.
John Rettig: Thank you, Darrin.
Operator: The next question comes from the line of Andrew Schmidt with Citigroup. Your line is now open.
Andrew Schmidt: Hey Rene. Hey John. Thanks for having me on the call here. I wanted to dig into gross margin for a second. Even if we just pull out the float revenue still very, very healthy. Maybe if you could just dimensionalize the drivers there, whether it’s mix or other factors? And then understanding that there will be some fluctuation in TPV in the back half, whether we’re at sustainably higher level from a gross margin level perspective, any color there would be helpful. Thanks a lot guys.
John Rettig: Sure. Thanks for the question, Andrew. Yes, we, I think, achieved our highest ever non-GAAP gross margin in the second quarter. And that’s a function of both our payment type mix, where we’re seeing increases in ad valorem payments at high margins. Our optimization efforts around transaction costs. So with our scale, increasing our ability to lower transaction costs as we’re processing payments on behalf of SMBs. And obviously, you mentioned float revenue, which is a contributor as well. We’re operating from a non-GAAP gross margin perspective, well above the ranges that we established earlier in the year. We expect to continue to be above the ranges in FY’23, just given the current composition that we have and our ability to continue to deliver cost optimization to drive strong gross margins. So we feel really good about the margin potential of the business from here.
Andrew Schmidt: Perfect. Thank you very much John.
John Rettig: Thanks, Andrew.
Operator: Thank you. Our next question comes from the line of Keith Weiss with Morgan Stanley. Your line is now open.
Jonathan Lee: Hey Jonathan on for Keith. Thanks for taking my question. First off, standalone BILL take rate expanded less than what we’ve seen historically. Can you help us understand some of the factors around that? Is that macro potentially impacted customer behavior around payment modality and was there a change in pace around payment widely adoption at the quarter?
