Thomas Peterffy: If forward rates go above nearby rates, we may go out forward. But as long as nearby rates are higher, we will not do so.
Operator: Our next question will be coming from Kyle Voigt of KBW.
Kyle Voigt: Thomas, maybe the first one is for you. Just on your automatic share sale plan. I think that’s been paused for most of 2023. Can you just kind of provide an update there on any plans to convert and sell shares? And also just remind us…
Thomas Peterffy: I have a number of—a large number of shares that I have converted. I constantly and always have a sales program on file, and I have a target price, which is 20% under what I believe the fair price for the stock would be. We have not reached that point yet. So when we will, you will see sales from me.
Kyle Voigt: Understood. And that’s all automatically set in the— this year’s plan.
Thomas Peterffy: That’s right.
Kyle Voigt: Understood. The second question is just on the expenses. Last quarter, you spoke about some of the very recent challenges you were seeing in hiring technology talent. Just wondering if you could provide an update there on the market for talent. Are you still seeing the same inflationary pressures that you spoke about last quarter? And how is your hiring plan progressing in 2023 at 5% head count growth versus where you expected it to be when this year started?
Milan Galik: So we do not think about hiring in terms of budgeting the number of people that we have to hire in a particular year. It’s much more short term than that. We always know the projects that we are currently working on, the projects that we have, that we would like to work on. We see how many people we need in various groups. There is obviously some amount of attrition that we have to deal with. And these are the factors that determine when we approve a new position and we go to the market and try to hire them. Recently, we have not had great difficulty finding people at the prices we thought that we would find them. So there is a little bit less competition for the talent compared to last year. But good technologists, the really good technologists are still hard to find and you have to pay up for them.
Kyle Voigt: Understood. And if I could just sneak one in at the end of the call here for Paul. Other income, I think, on an adjusted basis, was at $20 million. It was the highest in quite some time. Just wondering if you could provide any color on kind of what drove that line and what— if that’s a good run rate or we should think about it kind of reverting lower from here?
Paul Brody: So it’s always difficult to talk about run rate on other income because the primary components are our currency diversification strategy, which obviously fluctuates with the dollar. And we have some other— we have some investments, a few substantial investments that also produced some variability. So in this quarter, it’s not that hard to do the math. On our currency diversification, we lost about $17 million, and we made back $20-something million on investments. So the net of the whole thing was— I mean, together with other normal things, we still have small trading activities and so forth. So we look at other income of $27 million, but mostly that was because we had a non-repeat of last year’s $40 million loss on the currency. They produce a lot of noise, which is why we exclude them when we report our non-GAAP numbers.
Operator: Thank you. This concludes today’s Q&A session. I would like to turn the call back over to Nancy Stuebe for closing remarks. Please go ahead.
Nancy Stuebe: Thank you, everyone, for participating today. As a reminder, this call will be available for replay on our website, and we will also be posting a clean version of our transcript on the site tomorrow. Thank you again, and we will talk to you next quarter end.
Operator: Thank you all for joining today’s conference call. You may all disconnect. And everyone, enjoy the rest of your evening.
