Curtis Nagle: Okay. That makes that makes sense. So maybe just kind of — just following up on that question. So get the point in terms of, I mean to increase national awareness for Vivid, get all the tailwinds in terms of Vegas into next year. I guess in terms of anything else in mind to grow end market Vegas revenue, whether it’s customer acquisition or marketing or just integration with your own platform to grow, I think you said it’s a $6 billion TAM, something like that?
Stan Chia: Yeah. Look, I think one, we’re real early, right, we just closed on the deal last week, so I think we are right at the starting line in terms of driving all of the hypothetical synergies, but I think we look at it and we say, what a great asset again, lots of tailwinds, we look at it in terms of accelerating customer acquisition, we look at all the multiple strategic partnerships that Vegas.com has and are excited to add that to our portfolio of partnerships. And I think when you look at that certainly we are going to be aggressive in terms of what we can drive there, and we’ll be happy to provide an update as we start to execute on some of the synergies that we see in market.
Curtis Nagle: Okay. Thank you.
Operator: Please stand-by for our next question. Our next question comes from Thomas Forte of DA Davidson. Thomas, please go ahead with your question.
Thomas Forte: Great. So Stan and Larry, congrats on the quarter and the transaction. I’ve one question and one follow-up. So, for the question, wanted to ask a question, I’m often asked by investors, what is your current buyback authorization, what are your thoughts on increasing it given where shares are trading in today’s strong results and guidance? And then lastly, what are your thoughts on always having a buyback authorization in place given where shares are trading?
Lawrence Fey: Yeah. Thanks, Tom. We don’t currently have an authorization in place. It’s certainly a concept that we are always considering as a form of investment or returning of capital. I think in this period, Stan outlined the criteria we have for strategic M&A, which is a high bar and there are many periods where that bar is not met, it happens to be the case, but in each of the last two quarters we’ve had that bar with both international and now domestic TAM expansion opportunity that was financially accretive. And so in that environment, we chose to lean into a couple of assets that we think will drive a lot of long-term cash flow, long-term growth opportunity and platforms for further growth, above and beyond repurchasing of our shares. We’re going to generate a lot of cash flow next year assuming we’re able to achieve our guidance, and so the keg shall refill powder quickly in which case I think your questions will come to the forefront again.
Thomas Forte: Great. And then for my follow-up, Etsy called out You Only Live Once for YOLO, has something pressuring spending on this Marketplace when it reported the third quarter. So I think you’re currently uniquely qualified to answer the following. So when you look at what’s going on in live events, how do you think about YOLO versus FOMO, if YOLO is consumer spending for thousands Taylor Swift concert tickets and FOMO is consumer spending hundreds of thousands for chief tickets because Taylor Swift is attending the game. How do you think about YOLO versus FOMO in today’s trends in live events?
Stan Chia: Hey, Tom. I mean, first I’d say we are substantially impressed by your command of the acronyms that exist out there, and you know look, I think they apply strongly to our category both the YOLO and FOMO as we continue to see strength. When you look at our average order size, which we always demark it as a great indicator of how much demand is outpacing supply, you can look at this quarter and we’re still 10% up on a year-over-year basis. You look at that long term CAGR which we provided in our investor presentation, you can see it’s really retracted to the mean. And that’s in the face of I think a lot of sentiment around consumer spending. We’re certainly seeing, I think last quarter we had questions on student loan, debt repayment and all of these.
So we understand, I think some of the challenges that are out there in terms of consumers and where they are choosing to spend their dollars. But as it pertains to our category, I think we have continued to see really strong resiliency and I think we can attribute that to a combination of YOLO and FOMO both working towards I think all the live events that are occurring today.
Thomas Forte: Thank you, Stan. Thank you, Larry.
Lawrence Fey: Thanks, Tom.
Operator: Please stand-by for our next question. Our next question comes from Dan Kurnos of The Benchmark Company. Dan, please go ahead with your question.
Daniel Kurnos: Thanks. Good morning. I’ll echo my congrats on the strong quarter guys. Just maybe a couple, like Larry, since no one’s asked it yet, I mean we obviously saw crazy strong outlook from Live Nation last week, and an incredibly strong conference laid for a — conference. Okay, let’s try that again. And certainly, strong concert slate for next year and I guess just trying to think about how you’re thinking about maybe ticket prices given that you’re going to comp against beyond say in Taylor in 2Q and 3Q of next year? And I know that you guys are always conservative and its Q3, given your 2024 outlook, but just any kind of color as we should be thinking given what should be a lot more events and you guys expanding frankly your TAM both in sports and in concerts?
Lawrence Fey: Yeah. Thanks, Dan. I think as we noted, we have seen consistent strength in both the supply and demand side, particularly in concerts. Nothing that would give us a reason for concern in our performance to-date, we certainly see the headlines, but it’s not flowing through to numbers that we can see that are different than what any other macro forecast would be looking at. Yeah. You have touched on this before Live Nation will generally have their finger on the pulse of the following year’s pipeline before we will. We’ll find out a lot more in Q4, as it relates to specific acts and names, but we do hear the same strength that you hear, which gives us confidence heading into next year. I could probably reiterate, it was awesome having Taylor Swift and beyond say performing, it was great to see strength in their tours like Taylor was record setting, I would still characterize.
We have a really robust portfolio and so long as there are continued A-list performers going out there, that portfolio strength we think will help us, it’s not to say that there won’t be any impact as we lap year-over-year comparisons, but we think we’ll be able to grow and deliver robust results against that.
Daniel Kurnos: And Stan, one fair question, since you just announced Vegas acquisition, but a lot of the — competitor sites, but the tangential sites feature a lot of hotel and destination stuff, and obviously you guys also have Vivid Picks, I don’t know if you noticed, they do a little bit of gambling in Vegas. So just kind of your thoughts on adjacent opportunities or partnerships and kind of is that in your thought process with this or is this really more just focused on, hey, this is not some way to get TAM expansion in our core tickets business than anything else that comes on top of that as greatly?
Stan Chia: Yeah. Hey, Dan. Look, I think — I think it’s a great question and it’s opportunity for us to kind of set the stage, again. I would say, look, we looked at Vegas.com, which is predominantly shows, attractions, right, like it is primarily ticket volume within that sector, but we are very excited about the fact that the capability that adds to our platform include flight and hotels. So certainly, I think as we look through how to drive more comprehensive offerings to users, that will certainly be within our thoughts. But we are in the near-term, I think really focused on driving a lot of the benefit into our core business, not similar as you talked about Vivid Picks and the launch of Game Center, right, Game Center now, I think we’ve accelerated our adoption of users in our free-to-play product.
