Kirsten Lynch: That’s, okay. We are always looking at that. We’re always looking at the addressable market? And what do we think are the barriers among that addressable market. And what — does our product and pricing portfolio address those barriers in order to convert them into an advanced commitment. So we’re always assessing that. And last year, we created a new tier within Epic Day Pass that was specifically targeted to guests in our local and regional resorts. It’s restricted to only 22 resorts, resorts like Mount Sunapee or Afton Alps and that product was designed and priced in such a way to convert those guests into advanced commitment. We still think that there is more potential there to grow that particular product and we’re always looking at what are the other ways to address the barriers to convert into advanced commitment primarily because advanced commitment, we believe, is just so fundamental to the stability of our company but also to lifetime value and long-term growth and loyalty.
Jeff Stantial: Great. Very helpful. Thank you both.
Kirsten Lynch: Thanks, Jeff.
Operator: We’ll take our next question from Gregory Miller with Truist Securities.
Gregory Miller: Good morning. I have one question on behalf of my colleague, Patrick Scholes, and this relates to the booking pace. Could you discuss how ADR is tracking for this coming winter?
Kirsten Lynch: I think we feel good about where ADR is in addition to how we feel about occupancy. And really the main kind of unique dynamics that we’re seeing is what we called out and noted, which is some indications of potential shift in behavior between December and January through April. But otherwise, feeling good about the way ADR and occupancy is tracking.
Gregory Miller: Thank you very much.
Kirsten Lynch: Thank you.
Operator: We’ll take our last question from David Katz with Jefferies.
David Katz: Good morning. Michael, thanks for everything and all the best. I wanted to just focus on Mountain margins, if I may. With a lot of the engine outs and a lot of the discussion around labor costs, et cetera, can you give us a little bit of kind of long-term aspirational margin levels or kind of a new normal margin given everything we’ve gone through and everything you’ve done?
Kirsten Lynch: Well, I think that we — as I — to comment on long term, we are very focused on margin, and we are constantly looking for ways to improve margin. Obviously, this year, we had a significant investment in our employees. And we are constantly looking at one, cost discipline and two, efficiencies to continue to improve the margin and offset any investments that we make in the future. So while I can’t commit to a specific margin at this point and maybe we can talk more about that at the investor conference and where we think we’re headed as a company, what I would say is that we’re very focused on it and very focused on cost discipline and efficiency.
Michael Barkin: Yes. And maybe just to build on that. I think the — I think with the employee investment that Kirsten talked about, right, in our guidance, we’re guiding to 31%. EBITDA margins, which, of course, we’ve built up over time. And the fundamentals of our business model right result in very strong flow-through from revenue growth and very strong free cash flow conversion. And to Kirsten’s point, I think the fact that we were able to invest as much as we are investing and continue to drive margins in the business and really setting that foundation up for the strength of our free cash flow, as Kirsten said, is something that we have been focused on. And yes, I’m confident that we’ll continue to focus on.
