We’re confident that it’s a short-term dislocation. And as the playing field levels up over a few quarters, we’ll be able to significantly grow market share. So short turn that’s sort of the two headwinds that we see, Maria.
Maria Ripps: Got it. That’ very helpful. And then just following up on the FTC stipulation order. I guess, from the company’s perspective, why did it make sense to enter into this arrangement instead of continuing to litigate? And then you touched on this a little bit, but to what extent does this impact any of your specific advertising verticals or which verticals are being impacted and maybe which properties are impacted the most?
Don Patrick: Yes. I’m probably not allowed to say why we fail, Maria because obviously, you read a lot about the FTC in the paper and you talked about a lot of things about how they move the things beyond the letter of the current law. But obviously, after 3.5 years in evolving our business and our performance marketplace and knowing what we could do in terms of creating a competitive advantage against our competitors and really driving better quality for the client. We obviously thought that it would be better for us to resolve it, move forward and drive the business forward the way we – how to build the business rather than playing defense around how we’re in court with the FTC. So that was – it was a very – it was – obviously, it was a very tough decision that was made over a long period of time.
But we feel good about that and how we move forward. We’ve been very vocal about how it affected our jobs business. We talked about that in the last couple of quarters about how the jobs business was affected in how we pivoted that business towards a different business model. That is the one that probably was the most impacted directly from a percentage perspective based on the FTC. And then just the core rewards business around just – more around certain consents and certain disclosures, obviously, that business has been changed. But most of that has been over sort of the last couple of years in terms of how we can follow that business.
Maria Ripps: Got it. Thank you so much for the color, Don.
Don Patrick: Thanks, Maria.
Operator: Thank you. One moment for questions. Our next question comes from James Goss with Barrington Research. You may proceed.
James Goss: Thank you. Well, over the past several years, you’ve talked about this quality initiative, and it appears that it overlaps this dialogue with the FTC. So is – was the strategy under development before this took place? Or were you just communicating that you had intended to do these things as you’re negotiating with the FTC, and they were sort of moving along it in pace?
Don Patrick: Hi, Jim, thanks for the question. Ultimately, this is something which we’re most proud of, and you’ve been part of our ride for a long time, Jim, is we started winning world-class brands into our marketplace in ’17 and ’18. And like any great company, great brands push you in a different direction and the brands were asking us for higher quality, saying they’d be willing to pay for it more, offering to show more data back to us in terms of being able to form our marketplace, in terms of better purchasing. So for the most part, the main initiative was around us winning these brands and then these brands, quite honestly, pushing us to level up our business and level up the way we could work with them and how we could work broader with them across our entire suite of solutions.
So that was really the initiative that started everything off and obviously was an exciting piece of the business. At the same time, the regulatory things – the regulatory environment changed and we saw that happening in ’19 and ’20. And obviously, the quality initiatives and the things that we kicked off were part of that. But for the most part, it was driven by our clients and the world-class brands that we work with.
