Carsten Koerl: Stephen, Carsten here. As you see in our reporting, the increase of the sport rights cost is decreasing from 2022 to 2023. We think that’s a positive trend. We always said that the NBA will kick in, in quarter four. We did this in the September our quarter release in 2022. And we gave a remark on this. So that should be not a surprise. We only want to mention it. How is that developing? If you ask specifically about the ATP deal, which is now subject to a short and long-form agreement, but we have been selected partly in the tender process. That’s a different deal here. So that’s not a buyout deal. The majority of this deal is commission based. So we get a commission for reselling the Live Data of the ATP to the bookmakers.
And we give a share of some products which we develop together with the ATP. So from this perspective, it should not have a negative impact on the margins. The opposite is the case. And as you know for every of our right deals we are looking over the full term of the deal. On the beginning it’s always more difficult. We need to get it into the market. And the second half of the deals they are generally always more profitable. But the general assumption is always, if we are closing a deal — a bigger deal, we want to deliver in the range of our target margin. We don’t want to do deals which are diluting our earnings profile. Does that answer the question?
Stephen Grambling: Yes. Maybe a quick follow-up, so it sounds like the commission structure is just a bit more unique to the ATP deal. Is that something that you would pursue going forward? And could that actually smooth out the kind of upfront costs and then latter having higher margins?
Carsten Koerl: It’s always depending on the partner. So the ATP has a strong wish, saying, there is a heritage for them that they’re interacting on the data piece directly with the market and the bookmakers. And there was a strong indication that they said, we want to continue with this. They said not absolutely that it must be in this way, but they had a strong preference to do it. So I would say to answer your question, it depends very much on the sports partner, what do they want to achieve and how can we help them to be more successful. At the end, the challenge and the opportunity for us is all the leagues around the world, the bigger they get they want to have more impact on the consumer. Sportradar can help you enormously with its technology and the leverage in the market and the success which we have in both, betting and media markets and to clients in there. So it depends really on the partner, but that was the vision of ATP.
Stephen Grambling: Fair enough. That’s helpful. Thanks so much.
Carsten Koerl: Thanks.
Operator: I would now like to turn the conference back to the company’s CEO, for closing remarks.
Carsten Koerl: We remain confident about our position as a global leader in the industry. Based on the global market opportunity and our products strength we succeed in growing our market position in the space with significantly better potential growth, while growing our adjusted EBITDA and delivering positive cash flow. 2022 was another successful year in our trading of long-term profitable growth. And we believe 2023 will be an even more exciting year as we continue to transform this industry and long-term delivery, sustainable value for you our shareholders. Thank you very much.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
