Ed Woo: A follow up question, have you seen any notice in both trends and people downgrading hotels from five star to four star, or instead of taking one week vacation taking five days shortening their vacation, just to get the budget lower? Have you seen any noticeable trends in that?
Holger Bartel: We have not seen that but what we have seen is a higher number of five star hotels that are looking to work with us, because they are not as busy as they were last year or in summer. So that offers great opportunities for our members, because we then negotiate with these hotels, exclusive offers. And that allows our members to continue to enjoy, for example, five star hotels, what they would normally pay when they went to a four star hotel. But we have not seen any indication that there’s less demand for upscale properties.
Operator: The next question is from Steve Silver with Argus Research.
Steve Silver: Thank you, operator and let me offer my congratulations on the quarter as well. My first question I guess is related to the META, Arveena, you’ve mentioned that this quarter was a little light in terms of movement in the launch and tracking those types of metrics. Just trying to get a sense as to whether we should be thinking about just looking for statistics on how the launch is going. Are you really thinking in terms of a quarter-over-quarter basis? Or are we looking at maybe something a little geared towards next year, just in terms of the signals that you’re looking for in order to invest in the business a little bit more aggressively?
Arveena Ahluwalia: Yes. Hi, and thanks for the question. So yes, we are looking for more data and quarter-over-quarter data at this point. Like I mentioned earlier, what we’ve been working on is testing various strategies and seeing which strategies yields the most optimal results for us to see. But ideally, as we’re tracking everything on a monthly or even quarterly data, but given the newness of this product and service, it will take some time to acquire meaningful data.
Steve Silver: Okay, great. And then one on the balance sheet. Just trying to get a sense as to given the fact that there was a little bit of paydown over the last quarter on the merchants payable, just trying to get a sense as to whether those are a little bit more longer term in terms of coming due, or do you think that we’re looking at maybe 2024 more significant reduction in whatever payables will come due. Thanks.
Holger Bartel: Good observation, Steve. Merchant payables were indeed down less than what we had expected. The reason for that is that new outshore sales and purchases in Q3 were higher than we expected. So that led to numerous payables while the merchant payables from previously sold vouchers indeed went down as we had expected, but net-net, the decrease was not quite as high as a result. That helped, of course, with higher revenues in Q3 because revenues came in better than what we had forecast. So that was quite good. And as a reminder, most of the vouchers that are now purchased are non-refundable. Members can refund them in the first two weeks, but after two weeks, they become non-refundable. So the merchant payables today, a little bit different than what they were a year ago.
But we expect over the next few quarters merchant payables to decrease further and as I said earlier, we also expect cash to increase over the next few quarters. So that gap between the two should become zero or actually become positive, meaning more cash than merchant payables that’s what we really expect in the next couple of quarters to happen.
