And when we looked at our revenues kind of on a per-day basis, the last couple of days in November and into December, I think we were just really picking up those closings. And I think it speaks to the great work that our field employees did to, to work with individual customers and, and to move transactions off of a couple of days, to the next couple of days and maybe into the next week. So, you know, I think that’s why we said the, the impact was, was very, very minimal. And I think customers work with us very well in, in, in dealing with, with the event.
John Campbell: Yes, that’s great to hear. And then just moving on to the closing or the closed orders in December. I mean, if I look at the closing ratio, it was way, way below kind of what you’ve seen historically. I guess the question here is, do you think — would you expect a higher closing ratio in January, as you push some of that? I’m guessing this was probably capacity issues, but maybe a higher closing ratio in January, as you catch back up on those orders?
Mike Nolan: I have to go back and look at those numbers, John, to give you a better answer. I would say when we look at the full-year in ’23, closing ratios were probably lower than historical averages. And I think that’s driven by, obviously, the rate environment. I would expect, as we normalize potentially into the back end of ’24 and beyond, the closing ratio should improve overall. I would say the same for commercial.
John Campbell: Okay. Got it. And if I could squeeze in one more, I’ve gotten questions about the — growing your light position. So maybe if you could talk to that and then also the rationale behind that investment?
Tony Park: The light position? Is that what you asked?
John Campbell: Yes.
Tony Park: Yes. I don’t think we’ve grown the light position much. If we have, I think it’s been pretty, pretty negligible. It hasn’t crossed my radar. So I’d have to double check and get back to you on that.
John Campbell: Okay. Sounds good. Thanks, guys.
Mike Nolan: Thanks, John.
Operator: Thank you. [Operator Instructions]. Our next question comes from Mark Hughes with Truist Securities. Please state your question.
Mark Hughes: Yes, thank you. Was the $8 million frozen pension adjustment, was that adjusted out for your earnings number? Or was that still included in the expenses?
Tony Park: No, it was — Mark, it was adjusted out, yes.
Mark Hughes: Okay. All right. Very good. And then the inHere, you talked about $1 million contacts up 50%. What is the penetration now at that point, if you’ve got 1 million folks that are using it? What is the opportunity for that to continue to grow and have an impact on expenses or revenue?
Mike Nolan: I think — it’s Mike, Mark. I think the potential for it to continue to grow is significant. The — you know, from a kind of a real estate agent transaction coordinator standpoint, I think there’s still a lot of upside. And that $1 million number includes both consumers and agents and their staff. So I think there’s a lot of potential there. The consumer number is driven more just by the marketplace. So as more transactions occur, you know, rates come down and more transactions occur, we’ll send out more packages to consumers and more consumers will engage with us on it. And, and the numbers are actually suppressed given the lower market. So maybe a long-winded answer to say. I think there’s still quite a bit of potential.
Mark Hughes: Yes. Thank you very much.
Tony Park: Thanks, Mark.
Operator: Thank you. And this will conclude our question-and-answer session. I will now turn the conference back over to CEO, Mike Nolan, for closing remarks.
Mike Nolan: Thank you. We are proud of our very strong performance in 2023. We remain well-positioned to navigate the market cycle and are continuing to build and expand our Title business for the long term. Likewise, F&G’s opportunities are compelling with many prospects ahead to drive asset growth, deliver margin expansion, and generate accretive returns. Thanks for your time this morning. We appreciate your interest in FNF and look forward to updating you on our first quarter earnings call.
Operator: Thank you for attending today’s presentation, and the conference call has concluded. You may now disconnect.
