Michelle Ressler: Yes. The answer is both. We have the ability to issue stock as necessary in order to satisfy the various stock awards. However, we’re also active purchasers of our stock in the open market and that enables us to issue shares from trust. So the buyback was initially put in place to satisfy the agent awards, as long as we continue to buy back our stock, which we feel is undervalued and a good use of our strong cash flow in order to offset dilution, then we can issue those shares from trust.
Ravi Jani: Got it. Tamir, what is the strategy to increase the amount of mortgage providers participating in the One Real Mortgage platform and are there any opportunities to automate the Mortgage and Title processes? That’s a combination of two questions.
Tamir Poleg: Yeah. I mean, obviously, the rate environment has been volatile, but we are actively recruiting more Mortgage loan officers, so if anyone in the crowd is an MLO, please, and you’re interested in joining One Real Mortgage, please reach out to us and apply. Regarding the efficiency of those two businesses, yes, I think, that the same things we have done in the Brokerage business can be done for Mortgage and Title, and we are now working on it. So we think that those two businesses will not only grow revenue but become more efficient in their operation. For example, we are building now a system which essentially will replace a system called Qualia for Title, so kind of powering the overall operation of Title ourselves instead of using a third-party system, and what we’re building, I believe, is going to be superior.
And we are going to own it and we are — One Real Title is going to be the only company that is using it. So there are a lot of opportunities to also streamline Title processes and Mortgage processes using technology, and we are working on it.
Ravi Jani: Great. Last question for Tamir. Where do you see the stock market going for Real in the next two years to three years?
Tamir Poleg: Obviously, we don’t control the stock market or stock prices any more than we control the weather, but we do know that over the long-term, the stock price ultimately reflects the intrinsic value of the business. And so what that means for us, for Real, is that, as we continue to execute on our strategy, rapidly grow revenue and sustainably compound our earnings and free cash flow per share, our stock price will ultimately reflect the significant value that we know we can and will create for our shareholders. So we just need to continue and execute, build a great business, work on growth and profitability, and I expect the stock price to react accordingly.
Ravi Jani: Great. Well, we’ll end it there. If anyone has any additional questions on today’s earnings release, please feel free to contact me directly. Matthew, would you please give the conference call replay instructions once again?
Operator: Thank you. Ladies and gentlemen, as mentioned, today’s conference will be available for replay. The replay phone number is 877-481-4010 and the replay code is 49884. Once again, the replay phone number is 877-481-4010 and the replay code is 49884. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.
