Operator: Thank you. Your next question comes from the line of Ryan Tomasello with Stifel. Your line is now open.
Ryan Tomasello: Hi. Thank for taking the question. Switching over to the commercial business. Maybe you can talk about the puts and takes beyond what you mentioned in your prepared remarks, Andy, around the current backdrop, in CRE specifically as it relates to CoStar Suite and LoopNet. I guess for Suite with the step down in growth you’re contemplating this year in guidance, is that including any modest headwind from the core broker base in terms of attrition there. And in terms of LoopNet, nice to see the acceleration in growth for 2023, albeit I guess, back-end weighted, but would be helpful to understand what gives you confidence in your ability to execute on the growth initiatives there at LoopNet in this environment, particularly for the significant — for the owner focused advertising product.
Andrew Florance: Sure. So on the CoStar side, the renewal rates are fantastic. And we are not seeing any sort of friction with brokers in any way, shape or form. You had a bit of a surge with — you had a bit of a surge there with a global platform sale over the last year. But one of the things we do now is we’ve got our sales force began to focus on some other initiatives that we think are equally valuable on the lender side, the corporate real estate side and the owner side. So we feel that there’s more than ample opportunity to continue that growth rate in CoStar. I think I’ve made that same comment and been right about it for about 140 earnings calls. And on the LoopNet side, we’re at a really important junction there where we are actually building up a sales force that is capable of going after this opportunity at a national level, first time we’ve ever had a dedicated sales force for LoopNet at that level.
We did an extensive set of focus groups earlier this earlier very tail end of last year, and we spoke with our market researchers, collective information from owners, from brokers and from corporate real estate users. One of the things that really was impactful was 10 for 10, all the Fortune 1000 real estate folks we were talking to we’re using the heck out of LoopNet to select and find their facilities, which leads me to believe that LoopNet is the single most important marketing vehicle in commercial real estate. And in that context in a game — and not a game in a situation where, in some sectors, particularly say, office, it’s a game of musical chairs where the person with the tenant wins big and that person without a tenant is handing the keys back to the bank.
I believe that there is smart people would invest in digital marketing campaigns to give themselves the best shot at filling up their properties in a tough environment. So one, building it up by individual rep by rep performance. It gives us the outlook that we think makes sense. And two, just looking at the market conditions and how LoopNet is optimally positioned to help people with very valuable assets with relatively minor investments in digital marketing. It’s me talking, which I’m skewed, but when I see a broker or an owner with a significant leasing problem that may cause them to hand back their keys and they failed to market it on LoopNet I am just gobsmacked at what a stupid move that is. So I believe that, again, from listening to hundred hours of focus groups, I believe we’ve got a winner of a product and executing building a sales force to go after that opportunity and marketing that opportunity will allow us to continue and accelerate the growth rate that you’re already seeing us accelerate.
Do I sound confident? Do I think — does it sound like my child is handsome?
Ryan Tomasello: Great. Thanks for
Operator: Thank you for your question. Your next question comes from the line of Jeffrey Meuler with Baird. Your line is now open.
