Robert Wildhack: Thanks, that’s really helpful. Just a quick one, I think we had some at least qualitative commentary on insurance and Home as it relates to 2023. Can you just close the loop and share what you’re thinking on growth and consumer and margin or growth in consumer and the margin there for 2023? Thanks.
Douglas Lebda: Yeah, I mean, our baseline expectation as we kind of outlined in the letter from a revenue standpoint, again, sort of mid-single-digits from our revenue growth standpoint, and then we assume pretty consistent margin relative to what we saw last year.
Operator: Please stand by for our next question. Our next question comes from Melissa Wedel with J.P. Morgan. Your line is now open.
Melissa Wedel: Good morning. Thanks for taking my questions today. A lot of them have already been asked, but I thought it would be worth touching on or following up on the consumer margin, definitely saw that nice pop. And 4Q, your shareholder letter also referenced some organic growth from MyLendingTree there. So as we think about margin into 2023 should we be thinking sort of mid 40s or a sort of a normalized run rate or are you looking at 4Q given the current mix across products is something that’s a more sustainable run rate?
Trent Ziegler: Yeah, I’d say, Melissa, sort of mid to high 40s. And if you unpack the moving pieces within that, right, you’ve got the personal lines business is business that’s incredibly high margin for us. The current environment with everything going on in the macro sort of rates moving higher, and the health of the lenders in that space, just the orientation of the lenders in that space, such that they are sort of protecting their current portfolios as opposed to interested in massive origination growth. The unit economics and personal loans are, they’re harder. And so we have to be conscious of the impact of that on the margin profile. Obviously, that’s a big driver of the segment. That said, there are other areas where we’re seeing really good margins.
All of the work that we just talked about around the credit card business are clearly intended to improve the margins of that business, because the margins there are not great today. But we’re doing a lot of work that we think improves them. Small businesses are the other big driver within consumer, that’s an incredibly high margin business for us. And we think that is an increasing contributor to the segment as we progress throughout this year. And so to sum it all up, sort of, I think we did 44% margins in consumer on the full year last year. We did 48% margins in the fourth quarter. Somewhere between those two is our expectations for 2023.
Melissa Wedel: Okay, that’s really helpful. Thanks, Trent. And then I guess, the follow up on TreeQual, are you able to share with us just sort of on an aggregate partner basis what percentage of partners are now participating in the TreeQual platform and what portion do you have left to convert?
Douglas Lebda: I am going to say deminimis as a percent of partners. It’s in the single digit area right now. But it’s actually not really how we’re looking at it. We’re looking at it as partners who can offer us broader coverage, right in terms of the cards that they represent, depending on whether that card is intended for super prime-prime, mid prime, or subprime. And so we want to be able to match up with partners who have an array of cards. That’s why we’re excited about getting upgrade onto the network, as mentioned in the letter, because they’re bringing five cards to us. Obviously, over time we want to have all of our partners working on some form of TreeQual. And what we were excited about in the third and fourth quarter of last year, is the momentum in terms of just pipeline of dialogue with partners.
