Operator: Thank you. We go next now to Jason Celino at KeyBanc.
Jason Celino: Hey, thanks for taking my questions. Just two for me. Staying on this EBITDA topic, Ken, you are showing breakeven within rate here, especially in the second half. I think you alluded to your prior philosophy around setting a margin target and then reinvesting upside if there is. Should we think that this philosophy holds here still?
Ken Hahn: Yes, 100%, Jason. It’s just €“ it’s how we manage the business, how we managed the business before we were public. And it’s both upside and downside, right. As things slowed down, in the second half of last year, we pulled back our expenses to hit our targets. We’ve, in fact, beat a bit in Q4, although that’s not our objective is not to beat on it. It’s to come in at what we promise. And so, we’ll manage over the course of the year again, getting to this target we have for this coming year operationally of negative 500 basis points or negative 5%. It’s an improvement of a couple of hundred basis points. It would be nice if it were more, but it’s steady progress. So, we’re committed to continued scaling to driving towards EBITDA breakeven and profitability over time.
And we aim to do that regardless of the shape of the revenue growth. We won’t be silly. This is for the long-term. But so far, with some pretty dynamic time, both on the upside and not so, we’ve navigated to our targets over the course of the year. We have good control of the business, and it’s important to us from a business discipline standpoint. So, expect the same behavior that it’s what we commit to, and I think we plan to always fulfill those commitments to you.
Jason Celino: Okay. Perfect. Excellent. And then one question on the Georgetown Bachelor’s completion degree. Interesting to see, both from a quality of institution standpoint and also because it’s a bachelor’s completion degree. How do €“ we think of this as an opportunity with other schools because I imagine there’s a lot of folks out there with credits and they might not have finished. And is this an area that we could expect more announcements?
Jeff Maggioncalda: Yes. This is Jeff. I think this is really important. I went to a high school, so prostate with educational institutions who do have a mission of serving a broad range of people. When you really look at why Georgetown is doing this, especially with their stature, they’re really a thought leader, I think, extending that kind of quality education to a much more diverse and broad population. The fact that it’s affordable, the fact that it’s online, the fact that is the completion degree I think, speaks to and not just in the U.S., but around the world, a lot more societies are realizing we need more flexible ways for people to continue to learn through their lives and to earn important credentials as they do that, credentialize learning through our lives is going to be important.
And obviously, we’re delighted that an institution with the, kind of a steam of Georgetown is really stepping into a leadership role here and saying, look, we can do this. We can make a high-quality and very elite education more available to more people.
Jason Celino: Great. Thank you.
Operator: Thank you. We go next now to Ryan MacDonald of Needham.
Ryan MacDonald: Hi thanks for taking my questions. Jeff, maybe the first one for you. Obviously, we continue to see layoffs picking up in the news and sort of the unemployment numbers likely to start rising here soon. I’m just curious at, sort of as we see that news flow, what you’re seeing in terms of a reflection into, sort of pipeline or top of the funnel not only in the consumer segment for the professional certifications, but then also on the degrees segment and sort of the application of pipeline for the growing number of programs you have. And then just how that’s sort of reflecting into the guidance you’re giving for 2023 here? Thanks.
