Obviously, we’re seeing a reversal of those dynamics higher rates are clearly impacting demand for cars, which requires a need for more sales and analytics tools and inventory on the dealers’ lots are returning to more normalized levels. So keep in mind, the mark is a reflection of financial performance through 2022. It does not reflect what we’ve been witnessing in the last months or year-to-date. So do I think next quarter is going to be the same in terms of a decline, we’re not seeing size of that.
Raj Vig: Yeah. And Robin, just to wrap it up on your question about if the maturity is taking into account and anything regarding the contractual elements that are known at the time of the valuation is certainly taken into account by the valuation providers. So that would include maturity, performance through that period and so forth. So it would have been taken into account. I think there’s a host of more things that are going to come to play here. As Phil mentioned, we hope to talk about that in the future quarters. The good news is in a sense that we’re in ironically a better environment for this business, even though it’s an ongoing challenging economic environment.
Robert Dodd: Got it. Got it. I appreciate all that color. If I can, on the other two, Edmentum and Razor. Successful equity investments. So it’s not a — I assume completely different angle from AutoAlert, Edmentum is kind of three quarters of the combined for that, which has been a successful asset for you, can you give us on the markdown, I mean you talked about Edmentum the outlook to the market et cetera maybe could you segment how much of the markdown was market comps or volatility inputs for volume value in warrants or anything like that versus actual outlook adjustment?
Raj Vig: I don’t know if I can give a quantitative breakdown, I would say, both applied. Certainly, if you think about both Edmentum and Razor, if you have to categorize these businesses, they’d be considered growth equity or growth or equity, higher multiple businesses that are still high multiple. It just happens to be a reset in the public markets. In the case of Edmentum, — and both aside from the market multiples, there is just a tempered growth in the case of Edmentum, there’s a bit of digestion, if you will, from the massive spend coming out of €“ coming through COVID on the online school, and I think it’s just more of a €“ it’s still a growing outlook. It’s probably a more inflection of a bump and then a continued long-term secular positive that that has an impact today.
I think that will €“ I don’t think that’s going to continue necessarily, because the outlook is still positive and where the markets go €“ the public markets go, anyone knows, but I don’t want to quantify, because I don’t think €“ I have that breakdown, but both are applicable. In the case of Razor, just the broader Amazon ecosystem, as we mentioned, has €“ dealing with supply chain issues. Those similar to the auto alert situation are abating. There’s €“ people have a lot of money to spend on things, and a lot of the products, these resellers sell are things that are essential and people are continuing to buy, so long as they can get a hold of them to ship out. So I would like to give you a better breakout on company versus market multiples.
It’s a little blended. But just to reiterate, both apply here — but in each case, we’re pretty positive on the positioning and the outlook for the two businesses, it just happens to be a reset of valuations that we’re not immune to.
