Chad Bennett: Great. Thanks for taking my questions. Further kudos on not only the strong finish of the year, but achieving EBITDA positive and non-GAAP profitability. It’s been a long time coming. So it’s good to see that in the pivot towards a pretty significant free cash flow and adjusted EBITDA growth this year. So nice job.
Andres Reiner: Thank you.
Chad Bennett: Yes. I guess just in terms of the guide and Stefan, I know you cited, you are obviously factoring in kind of what everybody is talking about macro wise. But just if I look at subscription growth, and I understand we’re starting the year here and obviously we hope to do better. But the growth rate of 14%, at the midpoint relative to your kind of 14% or maybe even a little bit higher closer to 15 this year in subscription growth, just considering the momentum throughout the year and obviously travel, you at least sound like you are more confident that it’s going to be better this year. I guess maybe, I don’t know how you quantify the macro kind of impact on the guide, but just how do you think about B2B versus travel growth in that subscription growth rate?
Stefan Schulz: Yes, so Chad, that’s to your point, when we set the guidance and we do this every year when we first set it for the first part of the year, it’s always €“ it’s a long period of time to set the guidance and so we typically look early on and we don’t factor in as much for the latter part of the year. So, that does leave us an opportunity to reassess as we get to the mid-year point to see if things have €“ as we built better visibility into the second half of the year if that’s something we can adjust for. So, that’s very similar to what we do every year and that’s no different this year. The other thing that we have to factor in is we are going to have a little bit of a currency headwind. We talked last quarter about that being about a two percentage point delta on total, and it also is applicable to subscription.
Actually I don’t think it’s going to be that much. I think it’s going to be somewhere between 1% and 2%, so hopefully it’s around 1%. We’ve seen the euro strengthen that’s helped things as well. In terms of looking at our B2B and our travel businesses, would say that because we have €“ we’re coming from such a recovery stage on the travel side, you’re actually going to see a really nice growth rate on travel. Andres commented that our travel business did very well in 2022 versus where we were in 2021, but we still see more of an opportunity to recover from what was lost in the 2020 and 2021 timeframes. So I would tell you the travel is going to have an outsized growth rate primarily because of the recovery, because of Asia opening, et cetera.
But that doesn’t take anything away from our B2B business. Our B2B business is going to continue to do well. It’s just not having the same level of recovery that travel did. So I would say just between the two travel is going to be a bit higher of a growth rate because of that phenomenon.
Chad Bennett: Got it. And then just, is there anything that you saw in the fourth quarter, whether it’s towards the end of the quarter, from a billings booking standpoint, that really kind of impacted your thought process or is it just conservatism just because of everything you are hearing out there? I mean, I don’t know if billings growth rate kind of came in where you thought it was, or how you think about that. Thanks.
