Cory Carpenter: Thank you. I wanted to stick with Angi. I had two questions there. First, just hoping you could expand a bit on your expectations around revenue trends maybe beyond 1Q this year, but not long-term. In the nonprofit, you mentioned earlier that Roofing has turned profitable. So, hoping you could talk about where else you’re expecting leverage to come from in 2023 across the different segments? Thank you.
Christopher Halpin: Yes, sure, Cory. Thank you. So, we provided guidance of in Q1, net revenue with services and net in the earnings deck. Midpoint, as we said, would be flat year-over-year, I think it’s fair to assume similar trends for the rest of the year with services on a net basis, but that’s with growth in ads and leads and then some declines in aggregate services revenue as we lap having closed down a number of the complex money losing services as the year went on. So, what that results in is, we do expect gross profit to grow mid-single-digits across the overall Angi business this year, really due to €“ even if total revenue is flat, favorable mix between ads and leads and services. And as Joey said, we expect to return to consistent net revenue growth in 2024.
On the EBITDA side, we do anticipate continued scale and margins and growth and profitability. Part of that is driven by cost savings and marketing efficiencies and really the fixed cost leverage that exists in ads and leads, which is such a high gross margin business, but also when you reference this, you can see in the segment reporting that €“ our new segment reporting, the magnitude of the EBITDA losses in both Services and Roofing in 2022 for different reasons that we’ve documented well throughout last year. We expect both of those to improve, Joey referenced in the presentation the continued contribution margin scale per job in services that will drive profitability and then also Roofing, we feel like we’ve optimized that business and are executing on the post storm volumes and just have a good steady state as well.
So, variety of factors will drive growth in adjusted EBITDA and then also reduction in CapEx will drive free cash flow.
Cory Carpenter: I think that covers it well.
Christopher Halpin: Thank you. Next question, sir.
Operator: Our next question today comes from John Blackledge with Cowen. Please go ahead.
John Blackledge: Great. Thanks. Maybe pivoting over to Dotdash Meredith, two questions. First one, just thoughts on the 2023 revenue and EBITDA trajectory. And then second question, could you discuss, kind of the recent traffic trends across some of the key brands I think you highlighted in the letter? And then kind of how traffic should trend as we get through 2023? Thank you.
Christopher Halpin: Sure. Thanks, John. I’ll start and Joey jump in on. I’ll blend those two questions probably together as I answer. So, obviously, we’re disappointed with the declines in the fourth quarter in digital revenue at Dotdash Meredith. I would say in the later portions of the quarter, particularly December, it is very exogenous of broader market. We feel good about where we are through the integration and that our platform is executing well as opposed to the trends in the summer and early fall. To get to revenue stability, which is our goal. We need stability both in traffic, aggregate traffic, as well as ad pricing. Aggregate traffic volumes across the portfolio is still down circa 5% to 6%, mainly driven by real weakness in a number of the historical Dotdash sites that just had large booms during the pandemic in Omicron, Investopedia, the Spruce, and others.
