Brandt Montour: Hey, everybody. Thanks for the comments and taking my question. Just one for me. One of your timeshare peers had called out close rates that were softening throughout the quarter and into July. It felt like maybe a normalizing common versus last year, your VPG was down a lot. It looks like it was more due to mix. So I’m just curious if you want to comment on sort of — just sort of owner close rates versus owner close rates throughout the quarter and then new owner close rates versus new owner close rates throughout the quarter?
Mark Wang: Yes. So look, I think, Brandt, we don’t really break that down, but I will say that owners continue to trade up at a very robust rate above what we saw in 2019 at historical levels, right? And then I’d say new buyers are really moderating quicker back down to what you would call historical levels. So — but still, all in all, very healthy VPGs, we’re still 17% above where we were in ‘19. And so yes, it’s — look, it’s a bit harder today with the new buyers. And if it took us nine new buyer tours to generate a sale today has taken us approximately 10 new buyers. And obviously, the backdrop is — continues to evolve right now in the environment it evolves. But I think, all in all, still very pleased with the performance.
It’s nice to be in a full-employment environment. Even though you have a lot of noise out there. But all in all, I think we feel pretty comfortable that we’re going to still fall in that range. It will probably settle in that 10% to 15% range that we’ve been talking about for a while. And really the biggest driver on overall close percentage will be the cadence of new buyer tours. And based on the way we see the forward bookings we’re going to continue to see new buyer tours grow at a pretty material difference than our owner tours. Even though with one tours last quarter grew at 10%, we had significant growth on the new buyer side.
Brandt Montour: Okay. That’s super helpful. And then just sort of a follow-up. Was it consistent, sort of, throughout the quarter, the close rates? Or do you see sort of an exit at a more normalized rate than when you came in?
Mark Wang: Yes. So we actually saw an acceleration coming out of the quarter. And I think one of the things too, Brandt, that I really want to point out is we’re willing to trade off a little bit of close rate in the short-term as we ramp up these new channels and then make them more efficient over time, like in our digital channel, I talked about in my prepared remarks, it’s our second largest new buyer tour channel now, and it has grown significantly. And we continue to work that channel. We think it’s got great potential. But it’s also — it has challenged us a little bit on VPG, but the cost of generating that tour is lower than it is to generate it in other channels. But at the end of the day, this is an investment. And so like I said, we’re going to make some trade-offs sometimes to get that ramp. And that’s kind of the period we’re going through right now.
Brandt Montour: Great. That’s all helpful color. Thanks a lot.
Mark Wang: Thank you.
Operator: Thank you. [Operator Instructions] Our next question is coming from the line of Rita Chan with Jefferies. Please proceed with your question.
Rita Chan: Hi, thank you for taking my questions. I’m just wondering if we can come back and talk a little bit more on the consumer travel trends that you’ve seen, particularly dynamics around inbound and outbound travel?
