Unidentified Analyst : Got it. And as a follow-up, and looking back to 2023, you guys are able to expand margins pretty nicely despite the top line. So in 420.4, do you feel like incremental margin gains are possible or is the objective more about preserving the margins that you have and setting yourself up for future growth?
Bruce Schuman: Yeah, I can try to answer that. So, yeah, if you look at Q4 and then full year, we definitely were focused on, we said we were going to get to adjusted EBITDA profitability. We did that. You know, we were able to deliver that despite a pretty substantial decline in revenue. Look, this is just a, this year-over-year improvement, this is just a result of better efficiency across the business. Every expense category was down. Rob and I and the management team were very focused on that. I think it’s important to also note we did that without sacrificing customer service and guest service level. That was also very important to us. There will be steps forward and steps back, but we’re very committed to this path. I will tell you this is a top priority for us. Rob and I are going to continue and the management team are going to continue prioritizing adjusted EBITDA profitability moving forward.
Rob Greyber: I would just add to that that if you look at what we are able to deliver those efficiencies are coming with better performance across a range of different operating metrics. So the guest experience has improved as we move through the year. The owner experience has improved as we move through the year. Those things are important for us as we’re driving these efficiencies in the business to remain, to become more effective as we’re driving these changes in the business. It’s a typical needle and thread, but that’s what we’re focused on, and we have some early promising signs of it.
Unidentified Analyst: Got it. Thank you.
Operator: Next question comes from the line of Ben Miller with Goldman Sachs. Your line is open.
Ben Miller: Thanks so much for taking the questions, maybe two if I can. I’m curious just your thoughts on the broader competitive environment and how you’re performing relative to other property managers that are also managing through the current environment? And then second, just on the local ops piece of the workforce reduction, is that a function of the demand environment or is that because of the efficiencies that you’re seeing through some of the automation tools that you’ve been implementing over the past year or so? Thanks so much.
Rob Greyber: Yeah, sure, why don’t I start and then Bruce can chime in. I think when we look at the competitive environment, I think first of all, we think that we look at a number of the industry benchmarks. We think that our competitors, our homeowners are seeing the same thing that we’re seeing in terms of the demand environment. So we feel like this is going to be an environment where being on your front foot when it comes to revenue management, being very focused on the owner experience and the guest experience and making sure that your teams are able to take care of our guests when they show up, that’s going to be tremendously important. There’s, everybody is going to be focused on those same dynamics. We’re just trying to be moved as much resource as much focus as much of our time and attention to those topics as we can.
When it comes to local operations that was a very small portion of the actions that we took today. A lot of that was the result of being able to be more efficient in terms of the some of the investments that we’ve made. Bruce, I don’t if you had any other comments as well.
Bruce Schuman : But that answers as well.
Ben Eisenberg : Thank you.
Operator: Our next question comes form the line our Bernie McTernan with Needham & Company. Your line is open.
Bernie McTernan : Great. Thank you for taking the questions. Maybe just to start the discussion on churn. But Rob you mentioned that there was double-digit supply growth in your markets. Just wondering what you’re seeing from the gross ads side and if you’re capturing your fair share of gross ads and if not some of the plans to maybe rectify that?
Rob Greyber : Yes. Happy to talk about that. We’re definitely seeing supply growth. It’s unclear what that’s going to — if that’s going to continue as we move through the year. But it certainly is something that impacts pricing as supply is increasing faster than demand for over the medium-term. When it comes to our home growth, look, there’s puts and takes to home growth, in terms of adding homes that really depends on the progress that we are able to make and what we’ve made in optimizing our individual organic sales approach. This is something where we try to be a lot more thoughtful than every quarter to try to be a lot more thoughtful here. We have shared with you. We’ve had a bias toward improving productivity and also a bias that if we choose between growth and profitability, we’re going to have a bias toward profitability.
I think the other dynamic on home growth for us is it’s really centered around churn. And we’ve seen that continue to be elevated. We’ve seen a number of the leading indicators that we watch move in the right direction, and to do that steadily, but we’ve not yet seen that show up in the results when it comes to churn. And that’s the driver on home growth and gross ads for us.
Bernie McTernan : Got it. And then just I like a lot of discussion on efficiency and it seems like you guys are using our technology to solve some of those issues. Do you think it was just maybe an area of underinvestment before or just trying to think about what inning you could be in in terms of using technology to drive efficiencies here?
