Natasha Fernandes: So I think if we just look at our backlog, it is about 50-50 JV to sales arrangements. And so, historically, even our split on an annual basis is usually about 50-50. I mean, there is an opportunity for us as we start to look at rest of world regions in the high PSA markets, could we push out more JV CapEx? And of course, if we were sitting on the cash, I would be all for supporting and for us moving forward with the JVs. And so that would be at us a bigger return when you think about box office quarters like the one we had this quarter. And it just expands your margins significantly with the fixed costs between JVs and content. And so, I think there is an opportunity there for us to use cash towards JVs. But it is all part of how much cash flow do you have on hand, and what’s the return on those particular locations.
So I think you will constantly see a mix, especially because our pipeline and committed backlog is weighted pretty even. But I think there is always opportunities out there should there be high PSA markets.
Operator: Thank you. And our next question coming from the line of James Goss with Barrington Research. Your line is open.
Richard Gelfond : Jim Goss — I don’t know. Did you hear she called you out? You might be on mute, Jim?
Operator: Sure. We will go to our next question. Our next question coming from the line of Michael Hickey with The Benchmark Company. Your line is open.
Michael Hickey: Hey, Rich, Natasha, Jennifer, congratulations guys. A great, great quarter. So phenomenal job. Just two questions. You’ve sort of touched on this, Rich. Obviously, signings here year-to-date crushing what you did in ’22. I think you are still a bit below pre-pandemic, but I think Natasha mentioned momentum here still in signings and nice to see China starting to come back with signings as well. I mean, is it — are we to the point now where we should be comfortable that you can get some installation growth off your guidance this year. So installation growth for ’24, is that a fair assumption at this point? And the second question. Rich, you talked about — obviously you have a crystal ball but maybe you can’t get a read on this.
But the labor dispute here now, it feels like in the final innings definitely. Tom moved to his movie, some disruption to the slate. You did note the amount of films you have and from the late breaking films in particular from Apple that didn’t — you didn’t have planned earlier in the year. So just curious, given that uncertainty, when you look at ’24, are you comfortable at this point that — maybe not comfortable, but are you somewhat confident that you can continue to drive growth here from a global box office given the incredible performance on ’23? And if so, how important is sort of China local language and streaming products in driving your enthusiasm? Thanks guys.
Rich Gelfond: So we’re about eight questions in there. I’ll try and parse through them as best as I can. The first part I think was about signings and as it relates to install guidance for 2024. As you know, we don’t give install guidance until typically early in the next year. We are in the middle of doing our budget right now, so we’re looking at that carefully. Some of the external indicia, like the number of theaters we have in backlog, the fact that China had very few installs this year, suggests that ’24 should be a stronger year, but we haven’t yet done our budget, so I’m not yet prepared to comment specifically on that. In terms of the labor dispute, they met yesterday into the evening, and my understanding is they’re meeting again today, and in the real world, which — allow me to caveat in a minute, there’s not a lot of open issues out there.
