It should be noted that we have seen only increased spend with someone like the TradeDesk post-Open-Path through their normal channel through the pre-bid header bidder. So, we think that this is all accretive for our publishers. Our publishers wanted access to these different dollars because it’s been explained to us and into marketers that these are kind of different budgets that if the publisher doesn’t connect with the DSP in this fashion, they’re going to be out that revenue. And so we were delighted to be able to help our publishers capture this revenue for them. At the same time, we kind of retain our economics. And yes, I think, Dan, is part of the winner take most. You’re not going to see a head of bidding world where they need 10 SSPs to be able to run a unified auction even when things become biddable for the vast majority of the publishers is going to be an invite-only auction run by 1 or 1.5 SSPs. And we think we’re in a terrific position to walk with our clients as that progresses.
Dan Kurnos: Got it. That’s helpful. And I know international is kind of tricky ground right now, given both the macro and the conflicts out there. But I mean there’s some data out there that suggests you guys took some 10 points of share sequentially in EMEA. And I’m just kind of curious how you’re thinking about kind of planting the seeds and continuing to grow kind of ex-US from here?
Michael Barrett: Yes. And I’ll let David talk to some of the specifics, but I was just over there last week, and the team is on fire in London. Some of it, there was quite depressed comps given we’re several years now into the Ukraine war and some of that has worked its way through the system in terms of CPM pricing. But we definitely invested in that marketplace. And we — when you look at Telaria, post-merger with Rubicon now Magnite in SpotX. It was kind of a market that neither one we’re playing in. And so now you have this legacy Rubicon team being able to take these new shiny tools in their toolkit out to market. And I think that largely explains why you’re seeing an acceleration of success there. David, I don’t know if you have anything else to add?
David Day: I think you’ve covered it. A couple of specific initiatives. We took over from a reseller in the Nordics. We’ve opened an office in Sweden. We’re seeing some nice progress there. We’ve opened up an office in India. So, we’re also making some modest investments globally that we’re excited about and should have greater payoffs in the future.
Dan Kurnos: All right. Great. Thanks very much guys. Appreciate it.
Michael Barrett: Thanks Dan.
Operator: The next question comes from Laura Martin with Needham. Please go ahead.
Laura Martin: Hi there. Good morning.
Michael Barrett: Hey Laura.
Laura Martin: Hi. So, my favorite chart is this net leverage chart where in two years, you’ve gone from six times levered to 1.8. So I know you hit your goal early of being at two times — my question is, do you want to stop here? Are you going to keep de-levering? Are you going to zero leverage? Or are you going to do sort of like stay here and then use your capital to buy in shares. Can you tell me how low that leverage, what you’re aiming for, for the net leverage now that you’re under the 2x?
David Day: Yes, Laura, I think — yes, it is great. We’re super excited to achieve that initial goal. I think in the current economic environment, 1x might be the new 2x. And so I think we do have aspirations, I think to lower that somewhat. We don’t necessarily have a 0x. There’s some benefit cost of capital benefit to having some debt out there. So, I think we’ll continue to lower that to some degree, but it won’t be — we won’t have the same urgency around it that we’ve had in the past.
