Michael Graham: I just wanted to ask about some of the disclosures you had around the growth in your mature states, that 2018 to 2019 cohort. You referenced 50% year-over-year growth, and you gave some good reasons for that growth around retention and increased hold. I just wanted to ask about like what you are seeing in terms of customer growth, player growth in some of those mature states? And are you — do you feel like you’re getting close to terminal penetration? Or like what are you learning about the way the model works as you kind of get a little bit deeper into some of these mature states?
Jason Park: Yes, great question. So and thanks for calling that part of the letter out. I’d say if you unpack the 50% revenue growth that we experienced in that 2018, 2019 vintage, probably 70% was from existing customers and, call it, 20% to 30% was from new customers. So point is even though those states were in their third or fourth full year, they were — we were still acquiring new customers. So, we haven’t found a ceiling yet in — even in those more mature states in terms of total population penetration.
Jason Robins: And I think also, if you look at comps around the world, other markets, I mean growth typically occurs decades. And so obviously, growth rates go down. It’s not going to continue growing at 50% forever, but I don’t expect we’ve hit any sort of ceiling there. I know different dynamics, but the iGaming market in New Jersey, which is now coming up on almost a decade, still growing. So, I think lots of comps around really not just the world, but if you look at the U.S. lottery market and other sorts of comparisons, it’s just very much a market that I think always has new customers coming into it. And I think there’s an expectation that we should have that there will be a pretty steady growth for at least another decade or so.
Jason Park: And just super important, Mike, like the source of growth is — the point is it’s much more than just new customer acquisition. It is existing customer handle growth, that whole improvement and continued promo reduction that drives that net revenue growth.
Jason Robins: And we’re still in the phase of the market where we’re finding big wins on the product front. We’re finding ways that we can be more smart operationally, that we can reach customers in a more effective way. So, I think there’s still many years of just innovation that will drive growth in our consumer wallet share. And when we think about wallet share, we don’t just think about it within our own industry. We think about our customers’ entertainment wallet share. And we believe that customers will be willing to spend more time with us and spend more with us if we create better products that they find more entertaining than other things they could be doing for fun.
Clark Lampen: Thank you, guys. Congrats on all the progress.
Jason Robins: Thank you
Operator: Thank you. And our next question comes from Bernie McTernan with Needham & Company. Your line is open.
Bernie McTernan: Jason, I want to take your pulse on the M&A market. And just given everything you’ve talked about in the shareholder letter on profitability, does that impact your philosophy on using your stock as a currency?
