Julie Sweet: Yes. And, look, on our inorganic strategy remember that the way we think about it is, can we get into new areas through our inorganic, like what we did with Anser Advisory and Industry X, which is capital products. It’s basically we’re very small there before the acquisition, that’s an $80 billion addressable market. So that’s an acquisition to start to grow there. We think about it as being important to invest in our industry and functional expertise. So in France this year, we — this last quarter, we did an insurance acquisition in strategy and consulting. And we think about it in terms of scale. So we bought a data and AI practice in terms — in India this quarter. And so as we are pivoting to the higher areas of growth right now, a real advantage we have is the ability to leverage our investment capacity in order to do that pivot.
And of course we’re — right now, we’re kind of assuming 2%, but we have the ability to do more if we have the right opportunities. And so we really do think about this as a huge competitive advantage in our industry, in our ability to drive growth and to be in the hot areas of the market.
James Faucette: That’s great. Thank you so much.
Operator: We’ll go next to the line of Lisa Ellis with MoffettNathanson.
Lisa Ellis: Hey, good morning. Thanks for taking my question. I might start on the business optimization program. Can you just give a little bit more detail in terms of what — where exactly you are, what’s completed, what remains in 2024, and maybe a little bit of more detail on how we should expect that impact to sequence in throughout fiscal ‘24? And then just remind us whether that’s then the end of it and we should expect to kind of move back toward GAAP reporting at the end of ‘24?
Julie Sweet: Yes. Thanks, Lisa. So just in terms of — just as a reminder, so we — when we announced our business optimization program, we said it would be about $1.5 billion, and that would go through FY ‘24. So we still are saying $1.5 billion through FY ‘24. As it relates to next year, right, we expect to incur approximately $450 million. We were — we did record $1.1 billion in FY ‘23, which is a little bit more than we expected to do in ‘23. So we were able to get a bit more into the P&L in last fiscal year ’23. And I’m happy to go through the impacts on EPS, but you saw that it will be a $0.56 impact on EPS for ‘24, and I’m happy to go through some of the questions that you have. Yes. And also as we go throughout the year, the two — we take the business optimization out of our results as we go throughout the quarters, so that doesn’t — that’s not their driver for why we’ll have more margin variability as we go throughout the year.
And we’ll see how it plays out. It really depends on the countries and different things that we have to go through in terms of process and procedures. And so we’re not giving an update as we go throughout the year on the full-year estimate, but we’re not breaking that up by quarter.
Lisa Ellis: Got it. Okay, okay. Great, thank you. And then maybe my follow-up, just to — a quick follow-up on the managed services question, maybe just a little bit taking a step back, Julie, I think over the last few quarters, as we’ve been seeing some of the softness in strategy and consulting and this shorter duration discretionary work, you’ve been highlighting pretty consistently that has not really bled over into the larger transformation programs. And I just wanted to kind of ask if you could kind of update us on the latest you’re seeing on that given that we saw a little bit of a slowdown in some of the managed services bookings this quarter. Thank you.
