Jennifer Leyden: Yes. So I think for revenue 1% to 4%, I think that low end 1% would really be this business starting to see sustained worsening macroeconomic pressures. The higher end of 4% to get it embedded within this guidance full stop is some assumption of macroeconomic, right? So that 4% is some continuation of macroeconomic impact but the business continuing to execute. When we roll through to EBITDA, what we have assumed in here is that we can maintain our revenue less cost of revenue that maintains holds around 72%. That can waver slightly off of 72%, plus or minus, entirely based on product mix. but we assume 72% of the good starting point there and then maintaining our EBITDA margins north of 30%. So really, it’s a top line revenue story for us in terms of holding through to that EBITDA margin.
In our prepared remarks, we certainly say and we certainly mean we will, Craig and I, the whole executive team, we will watch that top line performance, right? We have a proven history when this business needs to pull back and how it’s spending and what it’s spending on, we will do that, right? We will deliver this EBITDA performance. We will monitor top line performance. We will moderate spend as needed but we feel pretty comfortable with these ranges.
Brett Feldman: I appreciate the color. Then the other question I had is, can you just remind us what you’re striving towards in terms of your net leverage profile and how you’re thinking about prioritizing excess capital allocation this year? Is it really just all towards delevering. I got to imagine there may be some assets that are available at pretty attractive prices. I just don’t know how much of a priority that might be right now.
Craig Peters: So I can pick that one because there’s a bit of quick even — we’re targeting somewhere around 3x to 2.5x on a leverage basis in terms of where we feel like that’s a point where we reopened the question about what do we do with capital? We will look to pay down debt going forward to get to that target. If there are opportunities that present themselves, obviously, I can’t speak to any here and we’ll look at. If they make good sense for the business, we will evaluate them. And if there are opportunities to play offense in downside scenarios, we’re open to it. So — but ultimately, we are highly focused in on paying down additional debt to create more operating flexibility in the business. And — but we’re not going to ignore opportunities that might occur over the coming quarters and years.
Operator: There are no further questions at this time. I would like to turn the floor back over to management for closing comment.
Craig Peters: Great. Thanks, Mila. And so just thank you, everybody, for taking time out of your busy days to spend some time with us. We really appreciate it. And I just want to reiterate to all the employees that are listening in, happy 20th anniversary for if you got the champagne pop it, we got more to do over this year and into the next 28 years. So get excited for it. Thanks, everybody.
Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
