Bernard Kim : Thanks, Justin, for the question. I’ve spent the last eight months digging in and learning about the organization and have been really impressed with what I’ve seen. Following the positive impacts from the changes at Tinder, it became clear to me that we could do more by being more efficient and making some structural changes to the organization that could help us grow and continue to innovate. We believe by reorganizing the company into four pillars, Tinder, Hinge, Asia and Evergreen & Emerging, we’re better aligned to focus on key areas of growth and double down on our strategy. At Tinder and Hinge, there’s significant upside. So we want to continue to invest in the teams there. And now I have a direct line of sight into each of those businesses.
In Asia, I thought it was important to have a product-focused leader on the ground working with those businesses to recapture growth and drive profitability. With Evergreen & Emerging, we have similar businesses that we’ve now combined into one global organization. With this, there should be many opportunities to share learnings and be more nimble and more efficient. And then with the Emerging Brands and our new bets, this team has built and launched new businesses before. And there’s been a lot of experience bringing these products to market, serving unique demographics. We think there will be really exciting opportunities coming out of this group as well. As I’ve said in the letter, ultimately, I believe that this new org structure will improve transparency and accountability across the entire company.
We’re also really excited that we’re adding Will Wu to the team as CTO. I’ve personally known Will for a long time, and I know how passionate he is about product and innovation. He has an incredible track record on innovation and has changed the way that Gen Z has interacted on social media platforms. He’s a really low ego guy, and he just wants to win. He’ll be based with me and the Tinder team in Los Angeles. And I think he’ll work really well with our teams all across Match Group.
Gary Swidler : And I think in response to your question is that on the incentives, we tend to be pretty creative on our incentive structures. For example, the Hinge team is incentivized around its own performance. The performance of the business is a significant part of their incentives. And we’ve done that in other situation as well. And we are working on some other incentive programs around achieving specific goals in specific areas of the company. So we are trying to tailor incentives to drive more of the results that we’re seeking, and that’s something that we’re actively working on.
Operator: The next question comes from Cory Carpenter with JPMorgan.
Cory Carpenter : So you left the ’23 outlook unchanged. But given the weaker dollar, this does imply a bit of a downgrade on an FX-neutral basis. Just hoping you could talk about what’s driving your more cautious view on an FX-neutral basis and your decision to keep the reported guide unchanged versus going through the FX? And maybe perhaps specifically any changes to your outlook at certain brands that were driving this?
Gary Swidler : Yes. I mean, I wouldn’t quite characterize it that way. I don’t think just — we have a 5% to 10% range. It’s a pretty broad range for the year, and just because we’re not adjusting it right now, it doesn’t mean it’s implicitly a decreased outlook. Cory, as you know, FX has been really volatile for the last 12 or 13 months and it’s been particularly volatile in just the last few weeks as well as since our last earnings call. I think at our last earnings call, it was like a 3-point headwind for the full year ’23. Now it’s basically neutral. And I think it’s down to about a 3-point headwind in Q1. So based on that level of volatility plus there’s still a lot of uncertainty out there around macro, so we feel like our trends are stable.
