Nick Taylor: Brett, it sounds like a very simple question, but you have a lot of different layers and nuances. The headlines really are is that, for every extra dollar that we earn in betting, whether that’s because you operating margin go up or time increases or in place sports betting mix, the extra dollar, the majority of that drops through, it’s close to 100%. Now obviously, individual betting products will vary on that basis, but that’s the broad headline.
Brett Knoblauch: Thank you. Maybe just one last. I guess, U.S. sports betting GGR growth has decelerated over the past few quarters. I guess, what is included into your guide for the full year? Or what are you baking in? On that, I guess, what percent of the U.S. is the sports betting business now?
Nick Taylor: This is a question, Brett, you say in terms of what we’re baking in, in terms of the rest of the year in terms of relation to GGR?
Brett Knoblauch: Yes.
Nick Taylor: Yes. We don’t give that kind of level of detail. I mean, what I would say is, I’ve said it before, of course, in terms of our guidance philosophy, is that, we’re roundabout kind of 4 out of 10 on conservatism, i.e. one being very conservative and 10 being very aggressive. We’re not anticipating any significant upturn in terms of things like in play sports, in play mix, GGR growth or TAM growth, certainly outside of the more conservative forecast that are out into the market. We are pretty confident of where we sit here today.
Operator: Your next question comes from the line of Clark Lampen of BTIG.
Clark Lampen: Thanks for letting me back in. I wanted to come back to this sort of point around like financial flexibility. I understand that, with the balance sheet capacity and your free cash flow momentum picking up, the priority would obviously be to acquire as many sort of really high ROI businesses or take advantage of high ROI M&A where possible. But, if that doesn’t present itself and the universe for whatever reason is not as large or as available, I guess, as you might like, how should we think about your propensity to lean into buyback, especially because we have this sort of increasing cash flow momentum over the balance of the year and into next year?
Mark Locke: Good questions. I sort of mentioned this before, but just on the M&A, the two main reasons we want firepower is, as I said before is, potential M&A and obviously buyback. On the M&A, there’s an extremely high bar for M&A for us. I’ve said it a lot of times. I’ll say it again. We’ve got all of the technology that we that we really need and we’re very happy with the level of investment that the business is making in the way that we operate. In terms of M&A, it’s got to be a bit there’s got to be businesses that are accretive that really drive a lot of value for our shareholders. In terms of buybacks, again, this is going to be assessed over the coming time. We feel really good about the business. There’s a ton of positive momentum.
We’re seeing a lot of that come through in our numbers. Getting great technology distribution, really good delivery. We’ve got new products in the pipeline. The business is flying. From my point of view, the opportunities are quite vast and we’ll assess the buyback as appropriate.
Clark Lampen: Thank you.
Operator: Ladies and gentlemen, that concludes today’s call. Thank you all for joining. You may now disconnect.
