James DeVries: Yes. Thanks for the question Pete. So, far so good. We for sure have some pressure on gross adds because homes that are built can’t have a system installed. But overall consumers are spending on home improvement as I just mentioned to George our installation revenue has been on a tear just about linear improvement over the last five or six quarters. I think if we look back just a couple of years that IRPU was at about $700. And as I mentioned finished Q4 at $1,300. Importantly, from an attrition perspective, about 40% of our attrition is due to movers and with a softer housing market and fewer relocations, the net is a benefit to us. We look at some pressure as I said on new adds but far and away the benefit from improved retention advantage of ADT.
Peter Christiansen: That’s helpful. And then I wanted to dig a little bit into the commercial backlog which really grew at a nice clip this quarter I think up 20%, RMR up 35%. Just if you could talk about some of the areas where you are seeing some positive momentum there maybe by particular real estate verticals so on and so forth. But also, can you just chat about the supply issues? Are those largely alleviated right now?
James DeVries: Yes, the momentum in this business is fantastic. The capabilities that we’re building in new verticals energy education government have been strong for us, really hitting on most all cylinders. We’re doing some really interesting work in innovation around interior robots and drones have some customer pilots in place. So at a high level, Pete, we feel great about business specific to the supply chain, we’re not out of the woods. I’d say, I think the team would describe the environment is a bit better now than in the summer months of 2022. We’ve had some parts come in, so we’re able to chip away at that backlog a little bit. But I’d say — I’d probably characterize it as improving, but not back to normal quite yet. I think we anticipate as 2023 goes on for the parts situation to get better and better for us.
Peter Christiansen: Thanks, James, really nice trends. Thank you.
James DeVries: Thank you.
Operator: Your next question is from the line of Brian Ruttenbur with Imperial Capital. Please go ahead.
Brian Ruttenbur: Yes. Thank you very much. First of all, on attrition, you talked a little bit about what’s going on? What is in your guidance in terms of attrition in 2023? Do you expect it to be at these levels? Do you expect some improvement in attrition? There’s a lot of moving parts. I want to understand what your projections are.
Ken Porpora : Hey, Brian, it’s Ken Porpora. And thanks for the question. We’re not specifically guiding to attrition. When we think about some of the high-level figures that we’ve shared an extra slide in our deck, the predictor that we have going on with the new attributes that customers are joining are really excited about the new visits that we’re adding and the proposed tickets, whether it’s more devices per home the higher IRPU that Jim mentioned higher video take rates all that’s building off for the future, the relocation market, mood market tough to predict. So I think holding serve in 2023 from an attrition perspective kind of is generally kind of what we’re thinking, but we’re not giving specific guidance for the metric.
We think about at a high level that we’re driving the indicators and factors that will drive long-term retention and the piece that we don’t control is the relocation and move market. We’re really excited about the trends that we’ve seen here and even a slight downtrend in the delinquencies that we’d like to see with our high level of credit scores in our portfolio.
Brian Ruttenbur: Okay. So what I heard is that probably the likelihood is going to be flattish attrition is what we should be thinking along those lines though it could go a fractional point either way. Is that a correct summary?
