And I think you know our view on acquisitions that we’ve spoken about in the past, which is we think acquisitions can be a part of our growth story if they tie in well to kind of our known growth levers. And if they provide us usually some sort of an initiative that we’ve thought about growing ourselves and we look to an acquisition in order to jump start something like that. So we think there could be some opportunities on that side. The filing of the shelf really just gives us optionality around being able to raise capital, but no specific plans in mind and certainly no dependencies as we look at the shelf.
Jed Kelly: And then just as a follow up, I look at the non-variable marketing of your total sales and marketing, I think it was 14.5 million this quarter, so down 14%, down 5% sequentially. How should we be forecasting or what’s implied in the guide for that line item for ’23? Thanks.
John Wagner: Jed, just to clarify, are you saying the non-advertising component of sales and marketing?
Jed Kelly: Yes.
John Wagner: Yes. So there you see — within that number, you see the reflection kind of the plans to focus our DTCA efforts around improving economics. And so there you see the reduced expense in that line item mostly being driven out of lower agent count, lower resources going into DTCA this year versus last year. Last year, it was very important for us to grow the business, establish that we could scale the business. This year, we were more focused on improving the efficiency. And as Jayme mentioned, we significantly improved the efficiency of our DTCA, which is both in P&C and most especially within health. As we move forward, we are looking at DTCA, again, mostly focused around improving the economics of the direct to consumer agency.
And when we achieve those economics, we believe that warrant scale, we’ll start to scale DTCA again. But what is implied in the guide is generally modest resources around DTCA with some incremental resources in the back half of the year this year versus last year. But no dramatic growth plans and resources that are implied within the operating expense guidance.
Jed Kelly: Thank you.
Jayme Mendal: Thanks, Jed.
Operator: Thank you, Mr. Kelly. Our final question comes from the line of Daniel Day with B. Riley Securities. Your line is now open.
Daniel Day: Hi, guys. I appreciate you taking the questions. Most of my have been asked, but I’ll sneak one more in. Just to follow up on the discussion on cash OpEx you had there. It looks like you’re baking in that OpEx below the VMM line slightly up year-over-year. Maybe just talk about any levers you have if you were to choose to bring some of those VMM dollars down to EBITDA more so than you’re currently baking into the guide? And then if that EBITDA were to come in roughly around where you’re guiding to in ’23, do you have a sense where free cash flow would be for the year? I think the swing factor really would just be the sort of working capital in the DTCA, but anything else there in terms of EBITDA to free cash flow growth would be great?
John Wagner: Sure. I’ll start with the second part of that. I think really when we talk about positive operating cash flow for the full year, that’s a very significant improvement over 2022. At the midpoint of our guidance, we think of that as narrow positive operating cash flow for the full year. The dynamics of the business, which is the marketplace, tends to produce cash at a level similar to our adjusted EBITDA. As that business improves on its adjusted EBITDA profile, we have a use of cash from the DTCA business, but we have efforts there in order to manage that business for reduced cash usage as we improve the economics of that business. So that combination, at the midpoint of our guide, we think it brings us slightly positive for the full year on operating cash.
