Daniel Kurnos: I would have assumed that, Larry, I just didn’t know if there was like an incremental push, but that’s helpful. And just something, just a housekeeping I guess, Larry, a little more than that on your comments that it sounds like you said free cash generation is going to normalize in 2023. I know there were some puts and takes in 2022. So you guys are going to be in a firmly net cash position this year assuming that you have your typical conversion the way that that kind of plays out. So how are you thinking about kind of that benefit in this environment? You hold onto your cash, you pay down your debt, you push share buyback more even with stock? Just help us move through that.
Larry Fey: I think yes, to considering all the standard possibilities, we didn’t touch on it much, but we did complete a significant share repurchase effort through with 32 million repurchased under our program through year end, which I think, is a testament to our willingness to repurchase shares balanced by, we have a little bit less scope than we would like. And so there is some limit in the short term on the amount of shares we can repurchase. On the debt side of things, the current interest rate environment with our cash balance approximating our debt balance, but we’re effectively synthetically hedged as rates have gone up. So, our interest expense hasn’t really moved commensurate, so we feel like it’s still a reasonable price pay for the optionality, whether it relates to comment I just say for M&A whether that be adjacencies or more meaningful opportunities.
I think that’s something that we continue to review. So, we like seeing the strong, robust balance sheet. I think it ties in a little bit to the competitive landscape and some of the comments we made about competitive P&Ls, but I think, having the gold plated balance sheet alongside that gives us great confidence in our ability to come out the other side of this stronger than ever.
Daniel Kurnos: Great. Thanks for sticking with me. I appreciate all the color guys.
Operator: Thank you. And our next question coming from the line of Shweta Kajaria from Evercore ISI. Your line is open.
Shweta Kajaria: Okay, thank you. Stan, could you please provide a little bit more detail on Skybox Drive? So, how does that work and understood your commentary on economics of it, but where do you think will it have the most impact post scale launch? Thank you.
Stan Chia: Sure. Yes, look, I think, all sellers look for ways to maximize revenue. And I think in the auto pricing arena, there are multiple payers that provide that service. What’s been unique about our divisions along Skybox Drive is we’ve never had a turnkey solution integrated into our Skybox platform that allows for kind of an immediate auto pricer to be turned on. We’ve also never allowed others to utilize some of our industry leading marketplace data to drive some of their revenue optimization strategies. I think those two things have strongly been in demand by the seller community, and we were happy to provide that, which again, I think, nobody else will be able to provide given that’s all proprietary. So in the long term as we launch that, we remain really excited about the fact that we can grow the install base, the Skybox Drive more stickiness to that and ultimately drive more value to our sellers.
And in turn, all of those things feed our flywheel better data, better insight and potentially advantaged cost structure, again, that flows through from kind of an embedded revenue optimization system that functions in real time. As you think about the economics, like I said, I think, it’s early for us, but I think it’s safe to say that in the market, nobody gives an auto pricer away for free. So there is probably some incrementality there. But for us, I think, still a little too early to gauge what the long term impact is going to be.
