Omar Dessouky: Okay. Thank you for that. It’s a comprehensive response. So maybe my second question is in terms of advertising, have you extended the window against, which you buy on the LTV curve. So for example, if let’s say, two years ago, you were buying and spending user acquisition, against, I don’t know, a 90-day or 120-day LTV target. Have you moved out to, let’s say, I don’t know, 180 days or something like that. How has your thinking as to which part of the LTV curve you buy against shifted or changed over the last six months?
Josh Wilson: Yes. So over the last six months, we’ve made no change. I don’t — if you remember at the beginning of last year, because of the increased LTVs, we did announce that we were moving our LTV, our window from six months to nine months. We held through that all of last year. And honestly, we continue to get stronger and stronger paybacks from it. We really measure our people and our games and our payers and our games by years. Jackpot Party, which all this game in our portfolio, the people it brought back in 2000 — or sorry, that install the game in 2012 actually spent more money in 2022 than they did in 2012. So we think of the LTV really as a true, true lifetime. The payback, as far as I’m concerned is more about making sure that we hedge our bet in case there’s any type of market movement that happens or any type of platform movement that happens.
But we feel very, very confident right now that we’re going to outperform the nine months. And to be honest, we constantly evaluate whether or not it makes sense to go from 9 months to 12 months. We’re not there today. We’re going to continue where we are today but we’re also expecting to see the great returns we do that we’re currently getting.
Operator: Thank you. . Our next question will be from Ben Soff, Deutsche Bank. Please go ahead.
Ben Soff: Hey guys, thanks for taking the question. When I look at the drivers of growth in social casino this year, it was — monthly paying users were up quite a bit, and then the revenue per paying user was about flat. And I’m just curious how you think of those two levers heading into 2023. And if you think it will be similar or more balance between the two? Thanks.
Josh Wilson: Yes. So I’ll be honest, my preference is I would always rather grow MPU and leave average monthly revenue per paying user flat. Why is that? Because if I’m growing MPU, I’m adding more payers into the portfolio and by adding more payers into the portfolio I’m diversifying my revenue risk by giving ourselves a better chance of being sustained longer. So I definitely say payers is first and foremost. If you actually looked at the scale of the portfolio from your side, it looks flat because it averages out. But actually, our higher-end payers continue to increase how much the spending. We’re just bringing so many more new payers in that the average is staying very — very flat over time.
Ben Soff: Got it. That’s helpful. And then it’s still early, but just curious what your takes are on the potential for alternative app stores and what that might mean for your business longer-term?
Josh Wilson: Yes. So I mean, first and foremost, we’ll call it, for us, the DTC is the number one thing that we’re looking to. I know it’s not quite an app store, but it ends up being our own platform at the end of the day where we get to be the payment provider and also get to own the communication with the player, which gives us just a deeper relationship with them. We are constantly evaluating every new app store that comes out. I would say the learnings I’ve had over time is — it’s — you don’t want to be first to a new app store in today’s world, but you don’t want to be last. So we’re evaluating them on a weekly basis and anyone that we see start gaining any momentum early on, then we pivot over the development team in order to get on there as soon as we possibly can.
