Michael Brown: Well, I think when we think about free cash flow conversion and acquisition would be outside the free conversion. Obviously that’s the decision we make as far as capital allocation right, dividends, M&A and share buybacks. But overall from a free cash flow perspective, yeah, I would expect that as we move forward, we’re back north of the 50% kind of 55% range, maybe even higher. So everything except for the increase in the corporate interest expense, everything else on that walk across this timing, right, if you think about the receivables portfolio. If you think about the favorability, in the inventory spend. So – and with our cost of sales coming in lower this year very, very nice cost of sales performance due to the price increases.
The inventory we have in the balance sheet is even going to last longer than we expected kind of when we came out with the model of ‘21. So, long term, I would say no change in the view to the free cash flow conversion being, 55% plus.
Chris Woronka: Okay. Very good. Thanks guys.
Michael Brown: Sure. Thank you.
Operator: Thank you. [Operator Instructions] Our next question is coming from Ian Zaffino from Oppenheimer. Your line is now live.
Isaac Sellhausen: Hey, good morning. This is Isaac Sellhausen on for Ian. Thanks for taking the question. I just have two quick ones. On the VO business, could you just touch on tour flow, and expectations for that for the remainder of the year? I guess, should that still be in sort of the double-digit range? And then secondly, for the acquisition of the Sports Illustrated rights that you guys announced earlier without large capital commitment or is that something you guys have disclosed? Thanks.
Michael Brown: Let me, let me touch on the tour flow and then I’ll hand it to Mike on this Sports Illustrated acquisition. Yes the tour flow expectations will be both double-digit growth for Q4 and for the full year the higher teens. So that our tour plus strength continues into the Q4 and obviously reflected in our full year number.
Mike Hug: And then on the acquisition of the Sports Illustrated brand, we haven’t disclosed that number, but what I would say is, half of it is inventory or land that we purchased in Tuscaloosa to start the development now. As I also mentioned going forward, we will find a partner that will do the develop for us. So don’t expect additional cash flow drag because of that. But overall, most of the acquisition cost that we paid is cash out the door that will be recovered as we sell the products.
Isaac Sellhausen: Okay, great. Thank you very much, guys.
Michael Brown: Thank you.
Operator: Thank you. We reached the end of our question and answer session. I’d like to turn the floor back over for any further or closing comments.
Michael Brown: Thank you Kevin. We were pleased with the third quarter and in particular at the performance of our core Vacation Ownership metrics. We also executed on the first of what we expect will be several deals to grow our brand portfolio with the announcement of the Sports Illustrator Resorts portfolio. I would like to take a moment and thank our partners on that deal, Sports Hospitality Ventures, The Eastern Band of the Cherokees and Authentic Brands. I also want to thank all of our associates who are working hard to deliver great vacations for our owners and guests. Thanks everyone and have a great day.
Operator: Thank you. That does concludes today’s teleconference webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.
