David Bernstein: The only thing I’ll add to what you indicated, Josh is the fact that going into the call, if you looked at consensus, it was similar to our annual step-up towards that 6.7 billion of EBITDA that James had calculated. So, just take a look at that and you can see, but that was going into the call.
Matthew Boss: Great. And then maybe just as a follow-up, Josh, as we think about historical profitability, and now your newly layered more simplified operating structure that you’ve laid out. I guess maybe as you think about this three-year plan, particularly in the back-end of that plan. What would you say or is there a way to rank maybe the areas of potential conservatism that are not in the plan?
Josh Weinstein : For rank, I wouldn’t even begin to try. Look, we set out our targets about what we hope to meet and frankly, as you’d expect the CEO to say, I will strive to exceed showing a 50% growth in unit EBITDA, which does not take into account capacity benefit in the EBITDA number. Getting to the highest points in ROIC and EBITDA in what will be just about 20 years, I think that that’s a good trajectory. And we’ll do our best like I said to go well beyond. I would expect, I expect our margins to get back in-line with historical norms. So that’s certainly part of it. I’ll let you take another crack at asking it in a different way, but that’s probably the best I’ll give it to you.
Matthew Boss: Great color. Best of luck.
Josh Weinstein: Thank you.
Operator: Our next question comes from Patrick Scholes with Truist Securities. Please proceed.
Patrick Scholes: Hi. Good morning, everyone.
Josh Weinstein: Hi, Patrick.
Patrick Scholes: Shifting gears a bit here, looking at your balance sheet, last quarter you had about 1, if I’m wrong, correct me, 1.7 billion of reserve funds from credit card processors. Where does that stand right now? And how should we think about that balance going forward? Is that still accumulating? And when would realistically you might think that you’ll be able to release cash. And I assume that would probably be used for debt reduction at that time? Thank you.
Josh Weinstein: Yes. Thanks, Patrick. Somebody asked it earlier on the call. They were probably referring to it in a little bit of a different way, but we would expect the vast majority of that to be released back to us effectively by the end of 2024 with the rest by the end of 2025. So that’s a trajectory that we expect. And to your point, yes, that’s increased liquidity and cash and we’d be using that to continue our process of deleveraging.
Patrick Scholes: Okay. And what is that balance today specifically, the 1.7, which was at the end of 1Q? Where are you now?
David Bernstein: At the end of Q2, you’ll see when the Q is filed, it’s 2.2 billion. It has – since customer deposits went up, the reserve funds went up correspondingly.
Patrick Scholes: Okay. Thank you. That’s it.
Josh Weinstein: Thanks, Patrick.
Operator: Our next question comes from Dan Politzer with Wells Fargo. Please proceed.
Dan Politzer: Hey, good morning, everyone. Thanks for taking my questions. For the three year plan, I wanted to hit on the 12% ROIC target. Can you talk about, are there strategic things that maybe or not obvious as we think about your current business that bridge you to get there? Are there changes and what I mean by this are there changes in mix in terms of brands or further reallocating capacity to higher ROIC brands? And along with that in terms of your cost of capital, it’s obviously now higher. How do you think about the thresholds for investments now? And maybe what are the things that you’re focusing on that are going to help bridge us to the improved 2024 costs that you’ve been referencing?
