John Janedis: This is John. Why don’t I start with that? Look, I’d say we’re progressing very well. And if you look at Page 3 of the release, there’s a bar chart that actually shows that progress. But to dig a little bit deeper on that, let me share a couple of KPIs that our teams are really focused on. On a year-to-date basis, through the third quarter, call it, meaning September 30, adjusted EBITDA for our global streaming business has improved by nearly $100 million. Our EBITDA margin has improved by nearly 20 percentage points. And I would just add that our incremental EBITDA margin, meaning EBITDA over revenue, is about 22%. So, I’d say we feel really good about directionally where we’re headed.
David Gandler: Yeah, I would say, I think one of the big areas of focus, I think, for most investors and specifically for the company is our content costs, which is — it’s $1 billion line item. And one of the things that I look at is contribution profit. And if you look back, the last six quarters consecutively, we’ve seen an expansion of contribution profit. That will continue as we work through our agreements. And we’re looking forward to achieving our 2025 goal, and I think we’re pacing well towards that goal.
Alison Sternberg: Excellent. Thank you, both. The second question is more of a macro question, and I’ll direct this to you David. What is the company’s strategy when it comes to dealing with companies like Amazon and Apple entering the streaming of sports?
David Gandler: Yeah, look, again, this is very similar to an analyst question that was just asked. Again, everybody is competing and working together to drive results. I think one thing is quite clear, in order to be successful in the streaming space, you have to distribute to as many people as you can your content. And what has become clear over time is if you look at all the Plus services in aggregate, they have lost, I think now it’s north of maybe $10 billion. And so, the model that we continue to promote, which is one of aggregation, is a model that we think ultimately allows all the participants in the ecosystem to create value. And so, with respect to the two players that were actually mentioned, again, we have wonderful relationships with both of them.
We still have over 50,000 sporting events on the platform. The fact that we lost Thursday Night Football, I think it’s now in its second year, had very little impact. I would say no impact if you look at the net adds on a year-over-year basis and the double-digit growth we’ve been able to experience. So, we’re very comfortable with where we are today and the amount of sports content that we have on the platform. And we look forward to continuing to build relationships both with customers and tech platforms.
Alison Sternberg: Great. Thank you, David, and thank you, operator. This concludes our third quarter call for today. Again, thanks to everyone for your thoughtful questions, and we look forward to speaking with everybody soon.
