Ryan Brinkman: Okay, very helpful, thank you. And then just lastly, did you share or are you able to say how much buyback you might have done here so far in year-to-date 2023?
Brian Choi: We haven’t said that yet, but our 10-K will come out, and you’ll see that our total shares outstanding is 39.5 million shares right around there, or nothing in the first quarter.
Ryan Brinkman: Thank you very much.
Operator: Thank you. The next question is coming from Stephanie Moore of Jefferies. Please go ahead.
Stephanie Moore: Hi, good morning, thank you. I wanted to touch on the commercial travel business. It continues to be quite robust and I think a nice upside over the last couple of quarters here. Can you really talk about what you’re seeing with your commercial customers? Is there anything that we can kind of let this where you’re able to kind of take incremental share because of either additional programs that you have running or would love to just to get a sense of what’s driving such a strong outperformance here beyond what I think we all realize is a return to some normal business travel behavior? But any other color that’s more in your control would be helpful. Thank you.
Joe Ferraro: Yes, okay, thanks. So yes, we’ve seen a good abundance of commercial travel. We said when we came out of September, at least I said, it was the best September I’ve seen. It was largely due to an abundance of commercial travel that continued into October, it didn’t slow down. And then we had pretty good commercial travel in November and December, which is usually those months are usually predicated on holiday and holiday travel. We came out of the gate in January, as I mentioned, with travel being strong, especially commercial. We’re seeing growth from a good number of our partners in aerospace, defense contracting, healthcare, tech companies. As I said, there’s probably some leisure in there as customers who travel commercially, then stay a little bit extra and taken some leisure activities, which has certainly helped.
We’ve had over the past couple of years, 100% retention rate in our commercial accounts and I think that’s important because we re-signed hundreds and hundreds of these every year. And over the years, we’ve had people attracted to our company due to some of the product offerings that we have. I mentioned in a previous call, our QuickPass and for those of you who don’t know what it is, it’s a product that allows a customer to choose a car on their phone prior to their landing at one of our airports. They can exchange it if they’d like through the use of their phone. They can bypass the counter through the facial technology that we have to say that you are who you say you are. You can exit the gate using your phone and over an exit gate reader that allows you to leave the gate.
When you come back, our connected car technology will allow you to check you in and give you a seat in seconds and our commercial accounts like that opportunity for us. If they need help, there is obviously someone that they can go to, but more so than not, it’s kind of a contactless experience. We have plans to enhance our Budget Fastbreak offering, which is kind of more small business related. We think, and we’ve been working heavily on our digital properties to how you deploy and get reservations and things of that nature, so that we can continue to enhance the customer experience, which allows, I guess, our retention rate and the fact that people have come to our company of late and travel the way they have.
