Laura Martin: Good morning. Very nice numbers you guys. I’ll ask my two together. YouTube TV, you guys are differentiated sports first virtual MVPD and YouTube TV, your biggest competitor has announced a day ticket. How do you retain? What’s the impact on you if they become viewed as a sports first competitor? That’s first. And then Bally’s RSN, if they run into financial distress, tell me how the money works for your commitment and what you think that does to the value of your bundle, please?
David Gandler: Yes. Well, hi, Laura, how are you?
Laura Martin: Hi
David Gandler: I’ll let John talk about sort of the RSN situation.
John Janedis: So just in terms of YouTube TV, look, we are two companies that as of now are positioned to be sports first. We took €“ we’ve taken very different roads. I’m actually very bullish on the direction we’ve taken. The RSN TAM is significantly larger than that on a Sunday Ticket. And you’re talking about 25 million to 35 million sports fans that care about their local sports that are still in the cable ecosystem. At the same time, historically, we’ve seen that the Sunday Ticket which is about 2 million customers. So again, I think that we’ve taken the proper direction to superserve sports fans. We have some solid data around the RSNs. And with respect to the Sunday Ticket, we never actually had the Sunday Ticket. So we don’t see that to be an impact.
And lastly, I would say that YouTube TV is not selling that exclusively, I believe, YouTube Premium, will also be selling Sunday Ticket. So basically, you don’t actually need a YouTube TV subscription to get it if you want it. So our customers would have access to that if they sell intended.
David Gandler: And Laurie, just on the Valley’s front, I don’t want to get too into the terms of the contract itself, but I said that we do expect the gains to air, and I would also add that the term of the deal is very short-term.
Laura Martin: Thank you very much. Great numbers you guys.
David Gandler: Thank you.
Operator: Your next question comes from the line of Clark Lampen from BTIG. Your line is open.
Clark Lampen: Thanks a lot. Good morning. David, I wanted to go back to the comment that you made before Q&A began. I think you talked about $70 million or so of financing as of this morning. So maybe pro forma something like $400 million of cash on the balance sheet? Does that put you guys in a better position to now sort of navigate towards breakeven cash flow levels maybe in €˜24 or €˜25? Or is there a sort of moderate incremental sort of financing that you guys might need from here? And then stepping back, I wanted to see, I guess, if you could talk about sort of underlying sort of cable and ad market trends. Maybe for the latter, you talked about how the fourth quarter was strong from a sellout standpoint? How is the early part of €˜23 trended sort of relative to that? Or maybe what should we expect, I guess, sort of going forward?
John Janedis: Hi, Clark, maybe I’ll start with that and then maybe I’ll take the second question first and maybe give you a little bit more flavor around it. For context, in the fourth quarter, I know you everyone’s heard by now in terms of what the market looks like. I would say for us, I think we certainly outperformed the CTV marketplace, and we grew around 30% that CTV market probably grew in the call lowish 20s or so. And from a month-to-month basis, October was the best month, November second best and as expected, December third best, but it was also up double digits for us. As we roll into Q1, what I would say is that if you think about that cadence, January for us is probably the bottom. And then we’re seeing a bit of improvement in February.
