Douglas Lebda: Sure. So the advertising we ran last year worked extremely well. It elevated our brand again to in the right direction across all of our metrics. One of the things that we’re moving, we’re doing this quarter is implementing something we call multi touch attribution, which uses data to allocate your marketing returns over the channels that you run. So right now we’re not looking at any significant brand investment because of the unit economics and where they are it didn’t make sense. However, with the Win Card we do have Molly Shannon doing some fantastic videos that we can do and put on YouTube and other sites. So we expect to use more of that and do it much more inexpensively than running big brand on TV. And that will happen as the unit economics get better and demand returns. But I’m guessing that’s going to be when interest rates start to fall a little bit.
Christopher Kennedy: Okay, very helpful. And then just an update on your capital allocation priorities for this year? And thanks for taking the question.
Douglas Lebda: Sure, so on capital allocation, so one thing that we’re doing first off, I don’t see us doing any acquisitions. Trent can talk more about just other things. We are very, very focused on EBITDA, cash flow generation, maintaining costs, and then investing one of the things that we’ve done as we move to a quarterly planning cycle where every three months we are prioritizing initiatives based on where we expect the returns to be. And we’re willing to make pivots inside of the quarter. And right now, we’re working, as I said earlier on improving conversion rates really across all of our products and all of our key initiatives, whether it be TreeQual, working on the post summit mortgage experience, the purchase initiative, the Win Card, those are all aimed at improving conversion rates, which improves customer satisfaction, and gives us more unit economics to market against.
J.D. Moriarty: Yeah, I will just add on to that. As it relates to the balance sheet, I mean, our primary focus is on delevering. Obviously, all of the things Doug just hit on or are focused on driving near term cash flows and that is obviously an important part of it. But we are looking at sort of opportunistic ways to retire some of the debt on the balance sheet.
Christopher Kennedy: Understood, thank you.
Operator: Please standby for our next question. Our next question comes from Ryan Tomasello with KBW. Your line is open.
Ryan Tomasello : Hi, everyone, thanks for taking the questions. In the mortgage business, I think investors are trying to understand where trough performance shakes out for the core purchase and refi products. So maybe you could discuss at a high level how you’re thinking about the glide path for that business, what type of environment we would need to see for it to stabilize and recover from here, and if that’s solely dependent on rates moving lower despite refi or if you think the business has a line of sight to thrive in an environment where refi remains structurally depressed? And on the Home Equity side, given how much more significant that business has become, it would be helpful to understand how sustainable you think that performance is and perhaps how much more runway there could be for growth? Thanks.
J.D. Moriarty: Oh hey Ryan, it is J.D. Thanks for the question. It’s a good one. Obviously, when we think about the year ahead, we want to be able to manage the business without making a huge projection on where the market will go. The point being, we obviously have been through an awful lot in terms of rate increases, and our partners are going through a lot. So one of the things that we track is the behavior of our partners. And we watch loan officer counts at each of our partners, because there was a ton of capacity loan officer capacity that was added in 2020 and 2021. And in the Consumer Direct channel, which is the majority of our partners as opposed to retail, they tend to focus on refinance and the environment like where we’re going — what we went through in 2022 and we will continue to go through is really challenging in terms of getting the conversion rates that they need.
