Chip Brewer: Sure. Yes, the synergies are an ongoing effort, John, that we’re unlocking here. And if you look at the journey we’ve been on, we’ve clearly added cost saving synergies with shared costs across the business. We’ve clearly ramped the growth rate of Topgolf. We’ve strengthened that overall organization, we believe, and they’re demonstrating some of the results there. And we’re really now moving into the more exciting stages from a brand, a digital, and a revenue perspective. So we’re well ahead of what we expected to deliver in terms of the operational efficiencies, the cost of capital, if you would, the growth rates that we’re delivering, sourcing synergies, all of those have been realized as per our expectation and as shown in the deck. And now we’re getting our arms around these digital synergies, brand synergies, et cetera, that we think can drive some significant market share and revenue growth and brand strength over the coming years.
John Kernan: Got it. Thank you. And maybe Brian, Slide 24 that you have in the deck today, you show the change in leverage ratio. If you were to consider the venue financing rent versus what’s now largely considered interest expense, would you consider changing the way you report? I mean, a two term difference in the leverage ratio is pretty significant at this point. And just move the interest expense, the venue financing interest expense, and consider it rent at this point. There’s obviously no principal due on any of the landlord financing. It looks like the market is penalizing you for some of the leverage on the balance sheet. Would you consider any changes to how this is treated in your reporting?
Brian Lynch: We agree with you. We think that is the better way to look at it since there is no bullet or payment at the end, and that’s why we tend to focus more on that. Since not everyone’s doing that, we just providing both ways for people to look at it. But I understand your point.
Operator: The next question is from Noah Zatzkin with KeyBanc Capital Markets. Please go ahead.
Noah Zatzkin: Hi, thanks for taking my question. Maybe just to follow-up on the revenue synergies, just in terms of quantifying the revenue and adjusted EBITDA synergies related to those, how should we think about what’s kind of behind us, and then what’s ahead of us still? And then relatedly, just how should we think about the magnitude of the opportunity related to the CDP intro in the second half of 2024? Thanks.
Chip Brewer: Sure. What’s behind us is clearly those synergies that come from cost, and although that will continue, right? We’re — all of these investments that we’re making both at corporate and at Topgolf, provide synergy. When you hear us talking about adding investments in cybersecurity and workday, other big infrastructure projects, you may allocate those into the corporate side of the business, but those are spread across the entire business and in essence, a synergy. Our ability to fund the venues to be able to use term debt effectively to have a lower cost on term debt that gets extended across the business is a clear synergy that’s already in place. We’ve scaled the growth of the Topgolf business and funded initiatives that are clearly bearing fruit.
The revenue and brand synergies, we’re not fully quantifying those yet, but we think they’re going to be significant. We talked very clearly about the reach here, right? This is — Topgolf is got more than half of all golfers in the U.S. will visit Topgolf. It is the largest source of new golfers going forward and is continuing to scale. It’s larger than off — than on-course golf and we obviously have an advantage in reach there that can be very significant going forward. The consumer data platform is going to be very significant for us across our — all of our businesses. We’ve been investing in that across the business over the last year plus. We’re going to be having that up and running by the end of the year and it is potentially significant, increasingly significant, starting towards the end of this year and going into next year.
So stay tuned on that. But it is a big and important new project. How you market to consumers and how you approach consumers and how you engage with consumers, in today’s day, in world and increasingly in the future is going to be digital. We’ve going to have a reach advantage in that and some capabilities that others will not have.
Noah Zatzkin: Thank you.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Chip Brewer for any closing remarks.
Chip Brewer: I want to thank everybody for tuning in today. I apologize we went a little long. We had a lot of material to cover, as you can tell. And we’re really trying to be best-in-class in terms of our transparency and data that we present to you. We feel very confident in our venue business. We feel very confident in our golf equipment business. The venue business is clearly a long duration and appreciating asset and we’ve presented a lot of data that is new and in support of that. So I invite you to take a look at that in due course. Thank you for your time and we look forward to talking to you at the end of Q1.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
