Ben Chaiken: Hi, good morning. Thanks for taking my questions. Just a quick one or two for me. First one, on rentals. 1Q I think the full year guide is to be setting up 10%, if I’m not mistaken. On rentals 1Q, was down I believe year-over-year. 2Q, I think Tony mentioned, is going to be down which creates a pretty strong kind of like 2H recovery. I guess my question is, is this more of a comp kind of like not issue, but a comp dynamic, or is this in the year, for the year kind of moving parts? And I’m asking this question in the context of swinging out to 2024, should things be kind of smooth from here, or how do we think about it?
A –John Geller: Yes. No, it is exactly, a comp dynamic. So just last year, in the second half of the year, we were — that’s when our owners had their COVID points, right, that had been extended longer and those were driving higher owner usage in the second half of the year driving higher exchange and so with all that, yes, it gives us an easier comp here without all that owner COVID point overhang, if you will, from an occupancy perspective to drive rents. And so, yes, I would — I’m thinking about 2024 to your question, yes, it should be a little bit smoother on a 2024 basis, but it is really driven by what happened last year with the COVID points overall.
Ben Chaiken: Understood. That’s helpful. And then, just — I’m sorry if I missed this in the VO business. I think, John, you were expecting, I think, last call that VPG would sequentially increase. Is that still the — your thought process even after the 1Q number which is pretty strong?
John Geller: Well, for the first quarter, we saw this sequential. For the second, I’m looking — I think, it will be more flattish to the first quarter. We’re obviously going to be down again in the second quarter versus last year, given the tough comp. So — but then, as we get easier comps through the second half of the year and overall for the full year, we still feel good we’ll be maybe down a couple of points for overall VPG year-over-year. So the full year outlook hasn’t changed.
Tony Terry: Yes. You saw a very strong Q1 and Q2 at 4,700 and 4,600 rounded last year. This year, I think, it’s going to stay in a lot tighter range versus what we saw. And then, last year, of course, it went downward I think closer to 4,400 and 4,100 in Q3 and Q4. But this year, we came in pretty strong in Q1, sequentially up. And we would expect it to — a little bit of seasonality in there to make it go a little bit up and down quarter-to-quarter, but not huge moves.
Ben Chaiken: Got you. And then, one last quick one and this may be tough, but going into, I guess, did 1Q mix surprise in any way? And I’m asking that in the combination of VPG and tours. I know it can be a little bit tough sometimes, because they’re both just different levers, but VPG was pretty smooth. Meaning did core volume and VPG levels come in about where you were thinking, or was one little stronger or a little weaker than expected?
Tony Terry: No. I think they came in pretty close to our expectations. I think coming into the year, we guided that we expect VPG to be down a little bit. That means in order to get the 5% to 9% growth in contract sales you’re going to have to drive it through tours a little more and that’s exactly what happened. Now, Q1, quarter-over-quarter, year-over-year was an easier comp from that perspective — from a tour perspective. That’s why we mentioned in the comments that, hey, that 18% increase in tourists may not happen every quarter going forward. But that was pretty much in line with what we had expected.
Ben Chaiken: Got you. Thanks.
John Geller: Thank you.
Operator: Ladies and gentlemen, that concludes our question-and-answer session. I’ll turn the floor back to Mr. Geller for any final comments.
John Geller: Thanks, Melissa, and thank you, everyone, for joining our call today. As we’ve always said, people want to go on vacation regardless of the environment and the first quarter was no exception. In our vacation ownership segment we ran nearly 90% occupancy for the quarter, grew contract sales by 10% and held VPG 30% above pre-pandemic levels. First-time buyers represented more than 30% of our contract sales this quarter, up roughly 200 basis points from the prior year and we grew our tour package pipeline to support future sales. In our exchange and third-party management segment, despite lower inventory deposits, intervals, utilization and margins remain strong and we grew adjusted EBITDA by 8% on a year-over-year basis in the quarter compared to the prior year, while returning $134 million to our shareholders.
Looking ahead, consumers are prioritizing spending on travel over other categories and booking intentions for both domestic and international travel have remained strong. That’s obviously good for our business. On behalf of all of our associates, owners, members and customers around the world I want to thank you for your continued interest in our company and hope to see you on vacation soon. Thank you.
Operator: Thank you. This concludes today’s conference call. You may disconnect your lines at this time. Thank you for your participation.
