Ryan Sigdahl: Hey, good morning, Stan, Larry. Not to beat a dead horse here on international, but you didn’t change GOV and revenue guidance. $10 million incremental spend, I guess is the right assumption that you’re layering in structural investment into infrastructure this year with no incremental revenue assumed in the guidance for that international spend?
Larry Fey: Yes, that’s exactly right. Yes, I think the view is put the effectively the fixed overhead burden into the numbers. And then when we’re ready to press go, we’ll then have both revenue and operational spend on the marketing front as we actively launch.
Ryan Sigdahl: And then just on SkyBox Drive, you have a new competitor with a new fan-to-fan reselling tools, kind of similar ERP for fan sellers, but I guess any notable market share change for SkyBox ERP with the professional sellers or just the market overall?
Stan Chia: Yes, I think on SkyBox, look, I think we we’re really excited. So, if you take out drive for a moment and just look at SkyBox, I think we continue to onboard new sellers on increasing the share that we already have with SkyBox. And I think as we look at the launch of Drive, I think that looks to really cement, I think our leading position with an adder that really provides, I think the combination of SkyBox and SkyBox Drive, I think are really a unique offering that no one player will be able to provide with very, very unique capabilities for the professional seller. And so, I think remain bullish on that given that professional sellers represent call it about 80% of the entire secondary ecosystem.
Ryan Sigdahl: Great. Thanks, guys. Good luck.
Operator: Thank you. And one moment for our next question. And our next question comes from the line of Dan Kurnos with The Benchmark Company. Your line is open. Please go ahead.
Dan Kurnos: Thanks. Good morning. Just to clean up on everyone’s favorite topic this morning. Stan, I guess, or Larry, just in terms of the guide change, is that just a timing of announcement for you guys, like you had planned this before? I mean, you guys don’t do anything haphazardly. So, was it a specific opportunity that sort of dictated this, or you guys were just not ready to talk about it yet? And can you leverage – obviously, you guys have a very unique corporate structure that has a lot of international relationships already. So, is there a way to leverage that as you expand in the international markets?
Stan Chia: Hey, Dan, thanks for the question. Yes. I think, look, I think we – I would say yes, we’re pretty deliberate I think and quite judicious in how we plan. And I think as we said, I think pretty transparently, I think our excitement level for the international opportunity has grown since the last time that we did this, right? And when you look at it, right, like I think we’ve reaffirmed our top-line guidance, right? I think still double-digit on top and bottom-line growth, and despite accelerating our international investment, which again, I point to others in the industry with sizable outplacement in international contribution versus domestic as certainly one of, but not the only data point out there that I think fuels our excitement. And so, we pulled forward a lot of that investment to make sure that we can drive the platform readiness that we’d like to take advantage of that. And in spite of that, still delivering 16% year-over-year EBITDA growth.
Larry Fey: Yes, I think Dan, we’ve talked about in the past, on a North America basis, we think our foundational growth will be in the double-digit range over the intermediate term. I think we view this international opportunity as just another pathway to ensure that you’re hitting and/or exceeding that double-digit top-line opportunity. So, when we look back on the most exciting parts of the 2023 results, expanding the TAM the way we did and now seeing that opportunity continue to reveal itself in a way that’s more, not less exciting, to just give incremental pathways to delivering that sustained double-digit growth, leads us to our statements that we view this as all exciting news.
Dan Kurnos: Yes. Larry, can I just double-click on that, because obviously you guys have said about as many times as possible, sustainable double-digit growth going forward. I don’t think that’s lost on anyone and it’s certainly above industry growth rates. You just beat your 2022 guide by 30% basically. And I guess I’m just trying to understand sort of either the level of conservatism to start here. I guess we got the international piece and just maybe some of the underpinnings, understanding, yes, you have to comp, I guess we’ll call it (payonce) this summer, but the concert environments up like double-digits, attendance up double-digits. So, just the confidence level you have in sort of underpinning that 10 plus percent, let’s call it at least top-line and probably bottom-line growth from here as well.
Larry Fey: Yes, I think as we look out over the foreseeable future, it’s very high. When you start layering on the opportunities both in North America and with the international path, you have multiple ways to get there. Yes, I think you called out, right, the reality is that there’s only one Taylor Swift. And so, will that be – impact to our average order size this year? Sure. Will it change our fundamental average order size trajectory? Absolutely not. So, come 2025, we’ll be right back on that average order size wagon. Alongside that, we’re just seeing really strong order growth. If you look at our Q4 numbers, I think you can see that, right, 36% order growth in Q4 in a call it stable underlying average order size environment. And so, I think that reveals just fundamentally well-matched supply and demand, and a fundamental increase in the amount of live events consumption that you’re seeing.
Stan Chia: Yes, maybe to bring it all home, Dan, and Larry, I think the term you used was, (payonce), which I think we might trademark, Dan. That’s pretty good.
Dan Kurnos: That was good.
Stan Chia: But look, I do think, Dan, it comes back to, when you ask like conservatism, look, I think we’ve been out there now public company for many, many quarters, and I think we’ve been really focused on making sure that when we put numbers out there, we have the ability to hit them. And I think we’ve delivered consistent I think performance against the guidance that we put out there and the ability to continue growing TAM, growing top and bottom line, as you said, sustainably in the double-digit range on both top and bottom. And I think we’re out there not just saying that, but look, we believe and the confidence level is high enough that I think the board and ourselves have authorized also $100 million share repurchase, right?
So, I can’t think of anything more that would overemphasize our own confidence and bullishness in the performance than our continued track record, our continued ability to invest and frankly putting our money where our mouths are and saying, hey, look, we believe there’s opportunity in the share price and very willing to back ourselves up on that by repurchasing shares as well.
Dan Kurnos: Makes total sense. Thanks, guys. Appreciate it.
Operator: Thank you. This will now close our question-and-answer session. Ladies and gentlemen, this also will conclude today’s conference call. Thank you for participating and you may now disconnect. Everyone, have a great day.
