Meredith Jensen: Yes, good morning. I was just trying to look ahead and explain to people what sort of happens next and what we could look for. And just in terms of what we see from you all in reporting, would we look at retention rates to see how some of the franchisees are reacting to this? What can we kind of take a look at to feed into beyond all the great information you’ve given us today. Thanks.
Stephen Holmes: Well, I guess I’ll — this is Steve, I’ll start that one. Right now it’s a confusing time. As you can imagine, the sales forces out there are not just sitting idly by and not trying to take advantage of this disruption. So we know that the other side is out there saying a lot of things that are not attractive to us and that make it more difficult to transact business. So I don’t know that I would necessarily look at just retention in the short term. In the long term, absolutely. Our owner first philosophy that Goeff has continued to push hard is all about us delivering more value for our owners. Do you want to talk about that anymore, Goeff?
Geoff Ballotti: Yeah, Meredith, I think it’s not, as Steve said, only about retention. It’s really about how our franchisees feel about us, how — as you follow the threads through all of the AHOA chatter that’s out there in terms of why Wyndham is a great company to do business with. It’s also about, as Steve said, what’s happening on the execution front. I mean, despite — if you look at year to date, transaction volume is still down 50% to prior year and down 30% to 2019, our teams were able in the third quarter to sign 10% more deals year-on-year with this rumor out there and 60% more deals versus 2019. And it’s not just Echo, those signings were up without Echo and Echo still are — everybody in that Echo campus is calling us and saying, we hope this deal doesn’t happen, and we’re with you folks. But I think it’s as importantly what happens to that continued pipeline that has marched on to an historic high right now. Yes, I guess I’ll leave it at that.
Stephen Holmes: Yes, Meredith, it’s Steve again. I’m thinking back to your question. You started the question, what are the next steps? And that’s actually a very good question, because it’s hard for us to say no more than we’ve already said no. And really they have to decide that they want to lay down their pen and their PR machine and let’s all get back to business. We can’t force that to happen. It’s not attractive what they’re doing. It’s not — I don’t think it’s very friendly. So if you want a friendly deal done, you don’t approach it the way they’ve approached it. God only knows how they can get a deal through the FTC where we are not a willing participant. I don’t get it. I don’t get why they would even release this. And they threatened to do it and I just thought, well, they’re smarter than that, they won’t do it. But they made a different decision. So, it’s very hard for us to say what’s next. The ball is really in their court.
Operator: [Operator Instructions] And it appears that we have no further questions at this time. I would now like to turn the call over to Geoff Ballotti for any closing remarks.
Geoff Ballotti: Okay. Thanks, Leo. And we appreciate everyone’s continued interest in Wyndham. And we thank you for joining this morning’s call. Michele, Matt, and I look forward to talking to many of you today and in the weeks and months ahead at many of the upcoming investor conferences that we’ll all be attending. Thanks again, everybody, and have a happy Halloween next week.
Operator: Thank you. This does conclude today’s Wyndham Hotels & Resorts Third Quarter 2023 Earnings Conference Call. Please disconnect your line at this time and have a wonderful day.
