There was €“ and one of the questions that was referenced to like how should 1 think about this. Should we look back to what we did back in the pandemic as the guide to the actions that we might take? And I would say there, of course, what we had €“ what we went through during the pandemic is informative. But I think this playbook is quite different in its context. There we were trying to very quickly reduce cost wherever we could with the primary motive being make sure we protect liquidity. This is a very different context. We’ve been investing a lot, we’ve made significant improvements, including in our largest business in Vista and also with the replatforming, which has a really, really significant impact on that business and how we can operate.
And so now we need to take a step back, look at both the investments that we’ve made, some of those that are longer duration and make some assessment about should we bring some of those in, make some choices there, but also how can we operate in different ways and how can we €“ and where can we operate more efficiently. And so from that perspective, I think it’s a different playbook than what we went through in 2020. But of course, that’s always informative in terms of what’s possible.
Robert Keane: Yes, Sean, I 1,000% agree with that. Just for my part is back to almost 2018 or so, we €“ and certainly, the financial crisis, the global financial crisis in 2007, 2008, we’ve done similar things.
Meredith Burns: Thank you. Okay. A quick one, Sean; does getting down to 3.5 times net leverage involved actively paying down debt or mostly driven by EBITDA expansion and cash generation?
Sean Quinn: It evolves €“ well, first of all, we €“ I mean, this is all on a net leverage basis. So in terms of paying down debt, that doesn’t necessarily factor into the math because cash generation, including just increase in liquidity on the balance sheet, funded liquidity does have an impact on net leverage as well. So there’s not an assumption of will we pay down debt or not. That’s stuff that we will consider going back to a prior question of would you repurchase your bonds, for example. So therefore, most of this is driven through EBITDA expansion and then the resulting cash generation.
Meredith Burns: Great. Okay. So I’ve had a couple of follow-up questions, and we had a pre-submitted question really around what should people take from the fact that we have decided to pull back on costs? So this one particular person, I read the comments on cost cuts driving profit improvement as a view that revenue growth is likely to be less than previously modeled. And as such, cost controls will be needed to meet the $400 million bogey. Can you confirm on that front, just to be very clear?
Sean Quinn: Well, I think in terms of this year, and there was a prior question about being above 5% constant currency growth in Vista this quarter, which is our prior guidance, and I said that was still the case. So I don’t think from a near-term perspective, that there’s necessarily that type of a correlation between cost reductions and growth. Over time, that might be the case, including, as I mentioned before, looking at where we have sort of longer-term investments that have longer-term paybacks than where we might look to make some different choices. So, those things can impact growth in the years ahead. But I wouldn’t see them as directly connected. And also I think in terms of the why I go back to what I said in reference to a one of the recent questions, like I think the why here really is that we’re committed to EBITDA expansion, we’re committed to delivering, and we can’t just rely on revenue growth, which is subject to factors that some of which are outside of our control.
