Stan Chia: Yes. I can take a first crack at that. I think as we’ve looked at our guide for the year, there’s a combination of both order volume and AOS dynamics that could tie into a pent-up demand thesis. And I think our view has been the average order size of things, it looks like that’s largely normalized and we exited 2022 at what I’d consider our historical trend-line. On the order side similarly sports is now entering its third year of being reopened, so I think we’re well through that. We did, I think expressed some caution relative to perhaps other perspectives out in the market on what the concert vibrant fee may look like this year. But overall in a world where we think 7% to 10% annual long-term growth is where this industry fits, and we were up 40% in 2022 relative to 2019.
Having 2023 is a flat-ish year kind of catches you up the trend-line and in no way changes our expectation of trend-line. And I think we alluded to a few doses of caution around exactly what the lack of postponed concerts can do to overall industry volumes. A little bit of caution around what competitor posture may look like, but that’s not to say there’s not opportunity for outperformance on both of those metrics.
Thomas Forte: Thank you.
Operator: Thank you. And our next question coming from the line of Jason Bennett from Citi. Your line is open.
Jason Bennett: I know there’s a little complexity analyzing this sales and marketing costs as a percentage of revenue, and I say complexity just given the impact of the loyalty being book this contract revenue. But the sales and marketing as a percentage of your revenue seems like it’s been balancing around between 40% and 42% over the last four quarters. It doesn’t sound as bad as your rhetoric about the higher competitive intensity and higher CAC. So I was just wondering if you could just unpack that a little bit or maybe I’m looking at the wrong metric?
Larry Fey: Yes. No, I think it’s an astute question and you make our comments around some of our agility and the levers that we have to poll. I think that’s exactly what we’re speaking to and in Q4 as an example, I made conscious decision to let some volume that was of unattractive profitability go in favor of maintaining profitability and holding the line on that marketing efficiency. I think the other thing that that we’ve seen is a shift in terms of our customer mix towards repeat customers and away from fishing in the free agent pool that has gotten particularly expensive. And so it gets us really excited, again without trying to predict exactly which quarter it happens, but with a strong effect that eventually happens when the cap normalizes, I think we expect to really see that benefit in the new customer acquisition where we pulled back a bit.
Jason Bennett: Got it. That’s super helpful. Thank you.
Operator: Thank you. And our next question coming from the line of Benjamin Black from Deutsche Bank. Your line is open.
Benjamin Black: Hey, good morning. Thank you for the questions. Larry, I think you allotted this earlier but on Live Nation’s earnings call, they mentioned no signs of a slowdown. In fact, they expect even more robust trends into 2023, yet you’re seeing saying that 2023 growth should be more muted. So it’d be great if you could sort of bridge that disconnect there? And then Stan, in your prepared remark you highlighted Skybox Drive; I’d be curious to hear your perspective on how that new offering has been received or what the early results have demonstrated so far? And how should it impact the P&L going forward longer term? Thank you.
