And then although early, call it, expectation would be that we would see further improvement into March. And so things can firming up a bit. From a categorical perspective, for Q1, what I would tell you is some of the categories that are looking better for us would be, say, business. Auto is actually looking decent first in the finance, retail and then health and business. So that’s the ad piece. As it relates to the cash component, I would say a couple of things there. You’re right. What we’ve said is that the €“ we had to raise some capital to get to self-funding in €˜25. I would note that for the fourth quarter, our cash usage was, call it, around $20 million ex €“ call it, some gaming costs. And so the best quarter by far ever as it relates to cash usage.
We had our 10-K filed this morning. You may have noticed in there. We had a clean audit. And so that suggests we have cash to get at least through the next 12 months. So that gets us into €˜24. And as I said and David said before, we will be self-funding at €˜25. So this further bridges that gap and narrows that pretty significantly. And then I’d also say that we may want at some point to have a little bit of cushion as well. And if we find things to invest in the business that have high returns we consider doing it.
Clark Lampen: And if I could just ask a sort of quick follow-up, I know you guys don’t formally guide to EBITDA or cash burn levels. But in terms of direction, are there seasonal factors or maybe relative levels that you could comment on to give us a better sense for how the year should trend or maybe shake out?
John Janedis: Yes, sure. Yes. So let me help you directionally on that. For context, the €“ our cash usage was about $330 million for the year in terms of 2022. For 2023, you’re right, there is seasonality. And you know this from covering us, Q1 is always our worst cash burn in the quarter for the year. And so I would suggest that for those who are modeling do not annualize the Q1 cash burn, it will be better year-over-year Q1 to Q1, €˜23 versus €˜22, and then we expect that quarterly improvement in terms of for each quarter throughout the year. And that clearly €“ should get you to a number in the fourth quarter of this year. That’s some modest as it relates to 4Q cash usage.
David Gandler: Yes. Clark, I just want to add one more thing. We have been working tirelessly to continue to improve the financial profile of the company. If you look at just in terms of our expenses, the leverage we see on almost every line, we are now very focused on subscriber-related expenses. We are spending, call it, $900 million a year. There isn’t a media company in the United States that would not want that kind of money because it’s very difficult to replace. We have about, I would say, half our deals are up in the next 30 months or so. And we anticipate that we will be able to upgrade some leverage. We are already seeing it on the B&T line, you are seeing a very slight downtick on the SRV line. We’ve raised prices now in the first quarter, again, an attempt to really drive down cash burn and increase profitability.
And we’re very focused on our content partners. One thing I will say that’s quite interesting is €“ we dropped two €“ well, one we dropped. We dropped one cable partner at the end of 2022 on December 31. We’ve seen relatively no impact. And at the same time, the CBS affiliates didn’t renew. And that tactic, I’m not sure worked in their favor. We haven’t seen any negative implications so far. There is been some noise about it, but we feel relatively strong in our position to be able to negotiate better rates going forward. So, we’re excited about this year, and we are very much on track with respect to what we know today towards our 2025 target.
