Operator: The next question is from Jim Goss from Barrington Research.
Unidentified Analyst: Good morning. This is Pat on for Jim. Just had a question with regards to the size of the number base. As you mentioned, the potential increase in interest in finding deals just because of price pressure. I’m just wondering if that — if you guys — how you guys see the benefits of marketing activity to try to drive membership growth and sort of what I guess, challenges you might be facing in terms of attracting members.
Holger Bartel: It is in the both. On one hand, Pat, we are seeing more members coming to us because they are upset or not happy with the prices they are seeing for hotels and airlines. And at the same time, we also increased our member acquisition during the third quarter, we were able to do that, while still maintaining overall costs and expenses flat versus the previous quarter. So that was quite good. But we did invest more in member acquisition. And as a result, you see that member growth quarter- over-quarter and year-over-year was actually quite good this quarter better than in previous periods.
Unidentified Analyst: Okay, and then with no, I guess, demand still relatively high, but maybe slackening. To what extent do you guys feel that you guys, that you have the capacity within your existing salesforce to continue to kind of evaluate or negotiate deals and kind of continue to, or do you like feel any need just to increase staffing to kind of make sure that you’re still presenting high quality offers to your members?
Holger Bartel: Yes, as I said, over the last two years, strong travel demands in hotels and flights that are full are not very good for us. But now things are slowing down, potentially economy is slowing down. That is good, because now more of the travel suppliers come to us and work with us. They want them to put offers to our members and get more guests into their hotel rooms or on their cruise ships. And that doesn’t mean we need more people, Pat, to negotiate these offers and research them, it just makes it easier. There’s more competition among them. It’s easier to negotiate a better offer. That translates then in better deals for our members and of course more interesting on the side of our members to take them to take advantage of these offers.
So the expense, as we said, over the last couple of years, the expense we have for the team for selling, negotiating for tours and publishing and so forth is relatively flat, whether we have more or less members. So as the member base increases and revenues increase. That doesn’t affect the expense side. But it makes it possible for us to increase margins, or to invest more in member acquisition to increase the member base further.
Unidentified Analyst: Okay. And then I guess the last question I had kind of similar to Mike’s question. I was just wondering what sort of share of revenue to like travel deals from to the Middle East generally contribute to quarterly revenue. And I realized that wouldn’t be like completely — complete absence of that revenue if it went away, because there would be some offset, but just wondering what sort of impact kind of the geopolitical tensions can potentially have.
Holger Bartel: It is actually quite slim, because offers to the Middle East were, they don’t represent a very large portion of the deals, or the offers we make to our members. But apart from countries like Israel, of course, people may be more hesitant to travel to Egypt. I would say that we may be seeing a very, very small impact in Europe. But in North America, its impact is close to zero. Also, keep in mind what I said earlier, 80%, over 80% of our members are completely open to destination. So if they cannot go to a certain destination, then they just look to go somewhere else. And that’s the beauty about travels, that we are able to show our members and motivate them to go to destinations that they didn’t think of. So if they can’t travel to the Middle East, they will find some other place where they can go to and maybe some place they haven’t thought about.
