Vince Caintic: Okay. That’s helpful. And last one for me, so I appreciate that the number of new customers or low-tenure customers has shrunk, and it had an impact. And now it seems like, okay, there’s an opportunity to grow the business. You’re going to be spending more in marketing. If you can maybe help us understand like now with the growth that you’re anticipating going forward, going after new customers going forward, what’s the difference in terms of the quality of new customers you’re going after or maybe the learnings that you’ve had for what you’re going after with new marketing going forward versus sort of the prior new customers that maybe had the — generated some of the higher loss content recently?
Chad Prashad: Yes, sure. So during the last two quarters, we had fairly dramatic reductions in our overall marketing spend, especially for new customers. So one of the main reasons that loan origination volumes declined within those two quarters isn’t just a factor about the reduction in our overall approval rate. It has as much to do with driving new applications as anything else as well. So we feel fairly confident that many of the changes we’ve been able to make very successfully from an operational perspective, allow us to turn marketing back on and do it in a way that drives in applications that we know that we are very likely to approve and at the same time, be able to judge the risk accordingly and price them accordingly.
So one of the factors in December’s originations increasing has to do with turning that marketing back on, albeit to a much lower level than we’ve done historically. So that gives us confidence that as we turn or increase the marketing investment, we’ll be able to drive those new customer applications and be able to approve them appropriately and as well as book them without having any dramatic reductions to first-pay success and without having any reductions to overall expected gross yields on those loans.
Vince Caintic: Okay, that’s very helpful. Thanks so much.
Chad Prashad: Yeah.
Operator: Thank you. This concludes our question-and-answer session. I’d like to turn the conference back over to Mr. Prashad for closing remarks.
Chad Prashad: In closing, we are pleased with the changes to our portfolio and believe it will generate significant cash flow in the coming operating environment, fiscal 2024 and the fourth quarter of fiscal 2023. Thank you for taking the time to join us today. This concludes the third quarter earnings call for World Acceptance Corporation.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
