Tommy McJoynt: Got it, thanks, thanks for those comments. And then just remind me if you if you said how much of your builder channel volume is structured through the JV structures that you have, versus more just traditional partnerships, I guess?
Stewart Ellis: I think at this point, most of the builder channel is structured through the JVs. And that works well for very large builders. For the smaller builders, and as we expand more broadly, in the builder universe, that level of upfront investment may be a bit more complicated than makes sense for those individual builders. And so, we do have other options that simplify those arrangements, where we would pay up front for, for leads that we can then, sell our policies to or other third-party policies to through our agency. So I think as we as we roll out more broadly, in the builder universe, you’ll see a rising percentage that are more on a leafy model, but at the moment, it’s mostly just joint venture.
Tommy McJoynt: Got it? Thank you.
Operator: Thank you. There are no additional questions waiting at this time. Our next question comes from the line of . Your line is now open.
Unidentified Analyst: Hello I’m a new investor. And I like your business model. I like everything. The only thing I don’t like is that you burned through a better part of $1 billion. And you’ve got $600,000 in the bank. $600 million sorry, you’ve got $600 million in the bank, and you’re talking about profitability at the end of two years. This is not my first rodeo. My problem is when people start building businesses, and they have a lot of cash and spend a lot of cash pretty quickly. And, you know, it’s like the guy jumping off the skyscraper, everything’s good so far, you know, till he hits the ground. So, I would like you guys to sharpen your pencils. And I would really like you to start focusing on an earlier attainment of profitability.
But I’m an investor, I’m not an analyst. I think you guys have great opportunity here, you got great leadership. Please, just don’t think that that $600 million cushion is gives you the right to have extra fat. Anyway, it’s a comment. And I wish you well as a new investor. Thank you.
Richard McCathron: Morris, thanks for the thanks for the investment, first of all, and – we appreciate the comment. I do think I’ll reiterate something that that I said at Investor Day, because we fundamentally agree with you. We don’t think having the war chest that we have given us a right to spend the money in anything other than long-term value creation for investors. And so one of the things that I said specifically on Investor Day is it is our intention to be good stewards of the capital to continue to grow the business to get cash flow positive, without the need to raise outside dollars barring any completely unforeseen circumstance. We have a lot of discipline in this company. I think it’s important that we have the balance between insurance and technology of the company.
And I do absolutely agree with you that we have to be very thoughtful, and everything that we do even when we have the war chest that we do. So I appreciate the comment. I agree with the comment.
Operator: Thank you. There are no additional questions waiting at this time. So I’ll pass the conference back over to the management team for additional remarks.
Richard McCathron: Great, thank you very much. We really appreciate everybody joining we look forward to talking with you next quarter. Thank you very much.
Operator: That concludes the Hippo third quarter 2022 earnings call. Thank you for your participation. You may now disconnect your line.
