Stephanie Moore: Absolutely, that’s helpful. And then I think depending on who you listen to or your own opinion, there’s a lot there’s a good number of people that are assuming the U.S. is in some kind of a recession either right now or hits one at some point in 2023. So I’d love to just kind of hear what you view would be your recessionary playbook if we do indeed enter one here in 2023? Thanks.
Joe Ferraro: Yes, listen, we’re keenly aware of that. You’re talking to someone who’s been around for the last recession and who also managed through this pandemic. So our antennas are always up as far as that concerns. And you hear a lot of that as you — especially on TV and the phone alike. We haven’t seen it yet. We just haven’t, not in travel. Does that mean it won’t happen? No, but we have not yet seen it. And I think there’s one other element of travel that we haven’t spoken about, and that’s inbound business, right? I think that’s going to be pretty powerful this coming year as well. Now it started last year as countries started to open up and people started to travel. But as you’ll remember, there wasn’t many flights and capacities were challenged in last year’s summer and airports were challenged.
So I think you’re going to have people who now have the confidence to book, and I think that will help, which will increase the travel opportunities as we get to midyear. But to answer your question, we are keenly aware. We reacted really quickly in 2020 with the — getting costs out of the business, as I said earlier, we took out $2.5 billion. Now we made some tough decisions as it pertains to what we were doing back at that time. We were faced with an 80% or 90% decline in revenue and we reacted and we came through it on the other side. So I’m fully confident in the team that we would be able to do what we needed to, to get through and then come back a stronger company as we are today.
Stephanie Moore: Great. And just one follow-up to that point. Could you quantify what percent of your business pre-COVID was that inbound business?
Joe Ferraro: I don’t recall that as it stands right now, but I will tell you this past year, our inbound business was up quite a bit. And we think that we’ll be exploring the opportunity to better that going into this year.
Stephanie Moore: Understood, thanks so much.
Joe Ferraro: Thanks.
Operator: Thank you. Our next question is coming from Chris Stathoulopoulos of Susquehanna. Please go ahead.
Christopher Stathoulopoulos: Good morning everyone. Just one question from me Joe, so in your prepared remarks, throughout the call, you talked about supply-demand dynamic gradually moving back towards equilibrium. And so I’m curious to hear your thoughts as we think about demand and some of the arguably structural changes within airlines, hybrid work, blended travel, uneven recovery in international travel and view from some of that capacity is going to remain tighter for some time. So given these dynamics, how are you thinking about — I understand about seasonality moving closer towards more typical patterns? But if these dynamics persist here with your airline partners or just with travel in general, how are you thinking about managing the fleet under this kind of new construct, if you will? Thank you.
