Daniel Kurnos : That has been historically true. Just Chris, if I can just ask one last one just on allocation or capital allocation. You guys obviously deserve credit for buying back your debt in the open market at a discount since it accrues to the equity. I think that’s been smart. We’re at the point here, given that everyone thinks the sky is falling, where — and I know you guys care about the value of your equity. So you had a big buyback at these levels. I just don’t know how you think about balancing the two and knowing that most of the free cash is going to come in next year, but just kind of your thoughts on balancing the two from this point on?
Christopher Ripley : Sure. And we never like to be too forward looking when it comes to these types of things. But we — as you noted, we did buy back a significant amount of stock this year. We have been very active on the debt side. We’ve heard from investors that the equity would benefit from lower amounts of debt. And so we have shifted our focus and that is our current focus today, but you are right in pointing out that the equity is really, really low from a fundamentals perspective, and it’s hard to ignore that.
Operator: Your next question is coming from Steven Cahall from Wells Fargo.
Steven Cahall : So Chris, there’s just so much noise in retrans these days between sub declines and pricing, and virtuals. And you all have, as you said, virtually every sub renewing, I think, between now and the middle of next year. So if we just step back from it all, I think your retrans revenue was down around 4% this quarter. It’s clearly going to start accelerating here very, very soon. Can you help us with where you think it might get to when that revenue peaks after all these renewals? Because I think that’s the really hard thing in kind of understanding the expectation for retrans and net retrans related to your guidance. And then, Lucy, so you outperformed a lot on EBITDA in Q3 versus the guidance. Slide 4 is really helpful to see where that came from.
Some good revenue performance in there. A lot of it is on the cost side as well. Can you just help us unpack what in cost came out significantly better than what you had expected? Are you seeing lower programming expenses? Is this cost cutting that you’ve been doing? It doesn’t look like it’s timing, but I just want to — just based on the Q4 guide, but I want to make sure that I understand that.
Christopher Ripley : All right. So as it relates to net retrans, I would point you back to the guidance we gave over a year ago on our 2022 to 2024, so a 3-year CAGR, which we’re over a year into now. And we are standing by that guidance of low single digits growth. And so if you want to see not necessarily where it peaks, but where it’s headed to in 2025 from here, just do the math based on where we were in 2022. So that — you’re right, basically, you should see a meaningful acceleration starting in the fourth quarter and then making its way up to a much higher number from where it is run rating today to that growth number in 2025.
Lucy Rutishauser : Yes. And so Steven, on the expense question, so this is something we have been as a company focused on all year is — and it’s a company-wide focus to look at really questioning some of our expenses. And so where you’re seeing it is really coming across all of our large spending categories and departments. So you can’t really point to just one area. Again, this has been a company-wide focus and not just here in the third quarter, but for the full year. And as you kind of move from Q3 forward, right, into Q4, there will be some seasonality that will just be from quarter-to-quarter, just Q4 is usually a bigger quarter for us and sales expense commissions will be up on the higher revenue. But we have really focused on this and taken a lot of cost out of the business this year.
