Joe Marinucci: So, we don’t expect there to be recovery until late this year. And right now, it’s still very choppy. And our forecast has virtually no recovery in property and casualty auto for 2023 baked into it, at least here in Q1 and Q2, we’re going to guide the full year when we come back in a couple of months. The carriers are still challenged. They’ve gotten a new round of rate increases through which presumably gets them ahead, but they’re still balancing their marketing spend in this market and analyzing their loss ratios And it’s different carrier to carrier but I use the word choppy on the call. It’s accurate. So I do believe that it’s going to continue to remain choppy here, at least through the Q2 period. And we’ll have to see where that goes in Q3 and Q4. Our approach is to be extremely conservative and to forecast virtually no recovery for 2023 with recovery coming in 2024.
Operator: Our next question comes from David Marsh from Singular Research. David, your line is now open. Please go ahead.
David Marsh: Quick question around the preferred raise that you guys announced yesterday. Can you just talking about use of proceeds for that? And is there a minimum holding period for the preferred before the securities can be converted?
Joe Marinucci: Hey David, good morning, this is Joe speaking. So, the public company, we look to the capital markets, as other public companies do to help us strengthen our balance sheet remain in compliance with our credit agreement, so on so forth. So, this raise was specific as it enabled us to raise cash in conjunction with the companies need to do so and to help us with our acquisition. We do, we will be filing a 10-K today, which will have the specifics of the raise in there, specific to the lockup period. Rick, if you want to provide more details on that now, if we want to just defer to the 10-K? I’ll leave that to you.
Rick Rodick: There’s a lot of detail in the 10-K. They’ll be out shortly, David, and I think we’ll give you a lot of detail of that holding period, the all different terms and things it’s a pretty detailed footnote.
David Marsh: And then secondly, just with regard to the credit facility, comments you made, Rick. Would there be a need to seek any relief under the curve slowly given how close you are to the covenant, the debt covenant? Or would you perhaps look to maybe refi or amend the facility as it stands today? Just give yourselves a little bit more flexibility going forward?
Rick Rodick: Well, we’ll always look at that. But the great thing about the ClickDealer acquisition, it’s really delivering. And we’re comfortable that over the next 12 months, we’re well within that are well below that 4.5 times debt to EBITDA. That was one of the positive things do we strengthen the balance sheet with equity rays, put more cash on the balance sheet, which helps. Closing ClickDealer is de levering as I said, so we think that really strengthens our balance sheet strengthens our operations, and it gives us a cushion in that debt to EBITDA. So, right now, we’re comfortable with the 4.5 times, but something always look to a potentially negotiating some headroom in the credit facility in the future.
Operator: Our next question comes from Marvin Fong from BTIG. Marvin, your lines is now open. Please go ahead.
Marvin Fong: Just a question, first question on the second quarter guidance, has revenue obviously up sequentially thanks to the acquisition. In terms of the EBITDA increasing a little bit sequentially, I mean, is that entirely due also to the acquisition or are there any benefits flowing through from the restructuring, or any improvement in the core business profitability? Any way to break that down would be helpful.
