Thanks everyone. I’ll pass things back to Matt to wrap us up.
Matt Ehrlichman: Thanks, Matthew. Thanks guys. As we turn to 2023, look I couldn’t be more excited given what’s coming up this year. First, our strategic initiatives are continuing to progress nicely. We’re now approved with nine states where we can use our property data in insurance pricing. Our insurance price increases are rolling out to policy holders at renewal and expected, as expected, our consumer app, as I mentioned before, is getting broadly distributed to home buyers, but now it’s across approximately half of our inspection companies using our ISN software. Home warranty is integrated into our experiences through a variety of channels with excellent growth and we’re seeing good price increases in some of our vertical software products tied rolling out new software modules.
Second, despite the internal cautious expectations of the housing market and despite prioritizing profitability over growth for our insurance business, because of this strong execution by our team, we still expect to grow revenue north of 20% in 2023. And lastly, we continue to be on track, as Shawn mentioned, to become adjusted EBITDA profitable in the second half of this year and beyond, which is an important milestone for the company. For the potential launch of the reciprocal and the momentum across the business, we are very excited about what the next several years will produce. So thanks much for the time and interest. And with that, we will open up the call for Q&A.
A – Lois Perkins: Great, thank you Matt. So question one comes from Jason at Oppenheimer. Over to you Jason.
Jason Helfstein: Hey guys, a few questions. So just how people understand if you had been a reciprocal exchange in 2022, how would that have impacted gross profit and EBITDA? I’ll just ask them in order, so we’ll just take one at a time. So just how should we think about like how would it impacted the business had you already been a reciprocal exchange?
Matt Ehrlichman: Yes, Jason, thanks for the question. Let me just take the high level and then Shawn, if you want to provide any other details, please do so. We obviously are not guiding right now Jason to what the numbers would be looking forward with the reciprocal. We’re going to wait to get it approved. We have to go through that process with the TDI first, and at that point in time, we’d expect to both update our guidance as well as to go deep with analysts so that the models can be appropriately updated. Like we noted in the call, it does have a materially positive impact to, margins overall both gross margins and then EBITDA margins, because the claims costs that are typically incurred are €“ born by that reciprocal, entity.
Obviously looking at 2022 the impact would’ve been material to the margin line because in particular the amount of weather and unusual weather that occurred, last year. So without going into too much detail, I’ll certainly comment that way. Anything else, Shawn or Adam that you guys would like to add?
Shawn Tabak: I can just give a little bit of perspective on how we were impacted by some of the atypical weather that we saw in the year. In the third quarter we had mentioned Hurricane Ian as a approximately a $10 million impact. And now in the fourth quarter we had mentioned $7 million from Winter Storm Ell €“ from all the catastrophic weather, primarily Winter Storm Elliott in Q4. Just those two items, that’s, that adds up to $17 million, which would’ve taken our 49 EBITDA loss down to 32 just doing the math there. There are other things that impacted us in the year, like inflation, et cetera, other events. But just taking those two big ones that we’ve disclosed, may give a little perspective also.
