Nick Zangler: Hey guys. Congrats on the strong results and progress here. It doesn’t sound like there has been much of an impact from this CBS affiliate impacts, but I am curious what steps you are able to take if any, just to gain access? Because I would assume you want the content because it’s local news, valued by consumers. And as of right now, you are the VNVDT that doesn’t have access to it, whereas your competitors do. So, is there any way to negotiate with the affiliates directly, or does this just all have to flow through CBS and what can you do directly with them to gain access?
David Gandler: Yes. So, I think there is €“ let me unpack that. There are sort of two components to this. One is, this is a negotiation between CBS specifically, and the affiliates we don’t participate in that. We have negotiated pricing with CBS and it’s their job to secure the deals with the local broadcasters. That’s one side of it. The other side of it is that you are correct, it’s great to have local programming. I think the good news is that this local news is now readily available on a number of SaaS platforms. And so I think that customers that are looking to get that content are probably able to find it very quickly elsewhere. And so we have not seen much of an impact there. I think the problem is that everyone is looking to double dip.
And we are €“ we have demonstrated that we are happy to pay a premium to bring in content that we feel is valuable to the bundles, such as the regional sports networks. And at this time, I think what’s happened is we have realized that what we may again have even more leverage than we initially had anticipated, particularly since we are growing double digits year-over-year. So, at the moment for us, we are kind of in a holding pattern, similar as you are waiting to see how this nets out. We are going to let this play out for a little bit longer. And then obviously, we will reach out and see if there is anything that we can do to help. But under no circumstances, is this programming required for us given the retention levels that we have seen.
It’s certainly something we would love to return them.
Nick Zangler: Got it. And then just a longer term question for you. That subscriber guide for the year in 2023 relative to your goal of $2 million that you are aiming for it in 2025, I think you might need like a 15% CAGR from €˜23 and beyond to get to it, you are calling for 10% growth in 2023. So, the question is, following 2023, are you banking on acceleration of cord cutting? Are you baking on market share gains? And for the 10%, I know it’s the underlying growth, but that 10% that you are guiding for this year, does that include any weight on it by like recessionary concerns? Like do you think it could have been higher, but like given the macro and what you are seeing right now, you want to be a little bit more conservative in that guide? Thanks.
John Janedis: So again, don’t hold me to this. I believe for the 8 quarters to 10 quarters€“ 10 quarters or 11 quarters that we have been public, we have been, I would say, almost all of them except for two. And the two that I believe we did not be €“ were the Q1 and Q2 numbers. So as I have said, there is some noise in that first quarter number, which has about five items that I think could have some impact, material or not, that will be evident in the next few days for us. As for the year, we feel very comfortable. There are still 60 million-plus households at FAST cable. And as you know, our job is to pull from that existing market. And if you again look at the fourth quarter numbers, you will see that we are continuing to take a disproportionate share of customers into the virtual MVPD space relative to the reporting companies that you have heard from very recently.
