Scott Wheeler: Sure. I would just — I don’t know if I’ll get the answer to that in the proper order, but I would say that — I wouldn’t say that we’re not interested in the number one asset in the market. We would be interested in the number one asset in the market. What we want to avoid is we want to avoid overpaying materially for something. And one of the things we do and we look at a particular portal, is we consider, if there are three portals in a market or four portals in a market, we will look at what the traffic on the lead portal, the number two portal, number three, number four portal. We look at the potential cost or value, like acquisition cost of each of those portals. And we’ll also be mindful of how we can change the outcome.
So, if we think that we can build traffic on a give portal up to the number one position, if we could take a portal from number four to number one, we can estimate the cost of what it takes to do that. And we know the cost of bringing the technology in. We balance that against the cost of buying the number one portal. And so, if it’s cheaper to build versus buy, we’ll build, but build from the context of acquire and invest, as opposed to acquire number one and try to hold that number one position. So, I think sometimes you could do the calculation in various European markets and determine that it would be — it would take you 60 years to get a payback relative to the cost of simply buying and building the traffic up. So, you’re looking for a better return.
So, we look at it through that lens, the value you get for the price you’re paying. There is a mindset that you’ve heard, that people believe that all of these 80 portals are set and locked in their stack rank, and that there’s no value to technology in any of these digital portals. I think that’s wrong. I think the positions will move, and they always have moved. If you look at who was number one five years ago it’s different than who was number one seven years ago. So, it’s more dynamic than people appreciate. And we just carefully are meeting some wonderful people in Europe, getting to know them, getting to know their companies, a lot of people we’d love to work with. But we want to make sure that our shareholder’s dollar goes as far as possible, and that we’re optimizing the investments we’re making.
Ashish Sabadra: That’s very helpful color. And I was just wondering if you can comment on aspirations for international resi strategy outside of Europe as well? Thanks.
Andy Florance: I’ve been doing this for a while, and the longer you do it the more you appreciate that it’s basically all pretty much the same everywhere. And when you get wrapped around an axle around the minor differences from one market to another, you’re missing the similarities. Like Steve Jobs would have been very definitive that human beings are very similar from Singapore to Brazil to South Africa, and to obsess about the cultural differences in delivering technology as opposed to the similarities would be a mistake.
Ashish Sabadra: That’s great color. Thanks again.
Operator: And there are no further questions at this time. So, we’ll turn it back to Andy to wrap up.
Andy Florance: Well, I’d like to thank everyone for joining us on this third quarter earnings call. And we look forward to having you join us again where we can share results with you on, I believe, February 20, at 5:00 p.m. Eastern Standard Time, 2:00 p.m. Pacific Time, on February 24. So, thank you for joining us, and thank you for participating. We enjoyed the questions. Thank you very much. Have a good evening.
Operator: And this concludes today’s conference call. You may now disconnect.
