Thomas Etergino: So we’re not going to give guidance on margins or on full year guidance. But what I can say is that the view is — we’re seeing a positive impact right now on EBITDA margins from the past two quarters the steps that we’ve taken to align our costs to demand. And we expect – what you’re seeing in Q1, which I will speak to directly is that the declines in revenue are what’s really going to be driving much of the sequential decline quarter-over-quarter on our EBITDA margins. Secondarily, there are some – we will continue to see the positive impact of our cost savings reductions that we undertook in Q3 and Q4, in particular, but some of that will be offset by higher employee-related costs that we will see in Q1 and beyond. So things like health care costs have gone up, annual merit increases, and like professional fees have increased to somewhat offset some of those cost savings that we enjoyed after Q3 and Q4’s actions.
Curtis Nagle: Okay. Thanks very much.
Operator: Thank you. And one moment for our next question, please. And it comes from the line of Trevor Young with Barclays. Please proceed.
Trevor Young: Great. Thanks. First one for David. We’re hearing a lot these days around AI, just kind of across our coverage universe. Any thoughts on whether there are opportunities in that field for DIBS? Is it something that you’re looking into, already working on it? I know you mentioned some of the efforts on the pricing front which may have some advanced modeling in there with historical sales data and that sort of thing. And then second one on the strategic review with Allen & Co, realized the absence of any commentary may mean there’s no updates to share. But I’m just wondering if a potential or perhaps even a likely outcome of that would be just to kind of stay the current course rather than potential buy-side or sell-side transactions or even cash going back to shareholders.
David Rosenblatt: Yes. In terms of AI, so that is something that we think about consciously. And I think there are a couple of potential areas of application. One is to improve conversion via kind of the application of AI to basically some of the stuff I talked about earlier, search results and the related, putting the right product in front of the right buyer. And that is something that is an active work stream. And then there are other interesting areas as well potentially in the area of fraud and compliance with our terms of service among both buyers and sellers is another area where we’re looking at applying AI. And then in terms of your second question, the Allen & Company process. As you know, until there’s something to announce, we can’t talk about it at all, but what I can confirm is that it’s an active process.
And as soon we have something – if we have something to announce, we will. And in the meantime, we’re looking at all options, including uses of capital and strategic changes to the business. And the sort of driver of that, of course, is what we believe to be the disconnect between our current market value and the asset value of the company.
Trevor Young: Great. Thanks, David.
Operator: Thank you. One moment for your next question, please. And it comes from the like of Mark Mahaney with Evercore ISI. Please proceed.
Mark Mahaney: Okay. Thanks. I just want to ask about auctions. And David, I just want to ask about from a customer perspective, what kind of traction you’re seeing? What’s the level of interest is both from sellers on the platform and from buyers? And does it look like the appetite is growing for? Where are the obvious wins where there’s just dramatic interest in it, they’re just waiting for you? Or where are the, of course, places where you’re having to push the product out and sellers or buyers are somewhat reluctant to embrace it? Just talk about just from a customer perspective what the interest level is and how it’s changed in auctions. Thank you.
