Christopher Halpin: Yeah, sure, Cory. Thank you. So we provided guidance of 370 to 400 in Q1 net revenue in the services in the earnings deck. Midpoint, as we said would be flat year-over-year. I think it’s fair to assume similar trends for the rest of the year, with services on a net basis. But that’s with growth and ads and leads and then some declines in aggregate services revenue as we lap, having closed down a number of the complex money losing services as the year went on. So what that results in is we do expect gross profit to grow mid-single digits across the overall Angi business this year, really due to even if net — total revenue is flat and favorable mix between ads and leads and services. And as Joey said, we expect to return to consistent net revenue growth in 2024.
On the EBITDA side, we do anticipate continued scale in margins and growth in profitability. Part of that is driven by cost savings and marketing efficiencies. And really the fixed costs leverage that exists in ads and leads, which is such a high gross margin business, but also a new reference this, you can see in the segment reporting, that our new segment reporting the magnitude of the EBITDA losses in both services and roofing in ’22 for different reasons that we’ve documented well, throughout last year. We expect both of those to improve Joey referenced in the presentation, the continued contribution margin scale per job in services, that will drive profitability. And then also roofing, we feel like we’ve optimized that business and are executing on the post storm volumes and just having a good steady state as well.
So variety of factors will drive growth and adjusted EBITDA and then also reduction in CapEx will drive free cash flow. I think that covers it well. Thank you. Next question, sir.
Operator: Our next question today comes from John Blackledge with Cowen. Please go ahead.
John Blackledge : Great, thanks. Maybe pivoting over to Dotdash Meredith. So two questions. First one, just thoughts on the ’23 revenue and EBITDA trajectory? And then second question, could you discuss kind of the recent traffic trends across some of the key brands I think you highlighted in the letter? And then kind of how traffic should trend as we get through 2023. Thank you.
Christopher Halpin: Sure. Thanks, John. I’ll start and Joey jumping on. I’ll blend those two questions probably together as I answer. So obviously, we’re disappointed with the declines in the fourth quarter in digital revenue at Dotdash Meredith, I would say in the in the later portions of the quarter particularly December, it is very exogenous of broader market. We feel good about where we are through the integration and our platform is executing well, as opposed to the trends in the summer and early fall. To get to revenue stability, which is our goal, you know, we need stability both in traffic, aggregate traffic as well as add pricing. Aggregate traffic volumes across the portfolio is still down Circa 5% to 6%, mainly driven by real weakness in a number of the historical Dotdash sites that just had large booms during the pandemic and Omicron Investopedia disproves others.
We feel good about where the migrated narrative sites are, as we detailed in the chart in the in the shareholder letter. As the year progresses, we expect traffic to get to stability, at some point in — flat at some point in the second quarter, and then grow in the back end. That is due to continued momentum on the migrated Meredith sites. Easier comps, as we move further past the pandemic, and just general operational improvements. The ad market we did describe right now is sort of stable weakness. If you go back to May, June last year, that’s when the market first fell out of bed after Walmart earnings and Target earnings. It firmed up in the back-to-school area, but it really froze in November and December, on both the premium/direct and the programmatic side.
