Rajeev Singh: Yes, yes. But all closely tied together, so I appreciate it. I’ll kind of wrap them all together, Glen. First of all, you have it right that, that 20% growth rate CAGR that we’re seeing is all based upon the demand environment and our execution over the past several years, and what we’re seeing as Raj was just describing, and so we’re expecting that to continue, call it over that foreseeable future, particularly that five-year period you talked about, which is, back in our Investor Day back in May, we laid out that path to 20% growth towards $1 billion. And fairly linear projection is how we’re — progression is how we’re thinking about that EBITDA bottom-line. As we break through into next year in the positive territory there in adjusted EBITDA, our guidance is a range of 2% to 4% of revenue and we would expect as we always do, balancing growth with profitability as we’ve done historically on our way to breakeven and into profitability.
And then going forward, there’s a big opportunity in front of us, so we want to make sure we invest accordingly, which we will do, but also drive profitability on that path. As to your other parts of your question around free cash flow and balance sheet, yes, we would expect free cash flow to be within the range of adjusted EBITDA. There are always puts and takes around working capital timing, but the CapEx on the business is fairly modest, typically a few million dollars a year or a percentage point or two of revenue and that’s usually with respect to things like the capitalized software and normal kind of workstation CapEx for our employees, but that’s really the extent of it. With respect to the balance sheet, you’re right, we’ve got about $292 million in cash on the balance sheet as we ended the August quarter.
The converts are due in 2.5 years in August of 2026. And we would expect by that time to be well into cash flow positive and have a lot of optionality around whether we pay it down in part or in full or refinance it, we’ll certainly be looking about that and talking about it with investors over the coming quarters, as that becomes closer, but we’ll feel we’ll have lots of optionality around that as we break through into cash flow positive and profitability.
Operator: Thank you. One moment for next question. Our next question will come from the line of Allen Lutz from Bank of America. Your line is open.
Allen Lutz: Thanks for taking the questions. One for Raj or Steve. Raj, you talked about the rapidly growing health plan channel. Is there a way to frame how much of the 19% growth you saw in the quarter is coming from the health plan channel? And then I guess over time, is the expectation that that’s going to grow as a percentage of growth? And then one for Steve. I guess is there anything to call out related to the GLP-1 dynamic, and why GLP-1-related activity declined quarter-over-quarter? Thanks.
Rajeev Singh: Yes. Sure. On the first question associated with breaking out health plan new bookings versus our employer or government new bookings, we haven’t broken them out that way. What I will say is, when we talk about the announcement of a new partner like we talked about today, what we’re really talking about is the expansion of our TAM, new opportunities that go into our health plan book of business. In this case, for advocacy, care, and our expert medical opinion capabilities, and that opportunity manifests over a — over months, quarters, and years. And we expect that we’re really excited about this particular opportunity. More to come in terms of commentary around that TAM in future quarters. We would expect over time, absolutely, that the health plan channel, which was relatively nascent if you knew our Company four years ago, there wasn’t much of a health plan channel in terms of our go-to-market motion.
Today, if you were to look across our book of business, it’s a pretty material part of how we go forward and we’re — and we believe we’re competing very effectively in terms of winning new opportunity to approach health plan books of business. So yes, we expect it to be a growing percentage of our new bookings 14 years ahead. Steve, you want to grab the GLP-1?
Steve Barnes: Sure. And Allen, to your question about GLP-1, both Raj and I had some elements of comments in here that, overall, this has been a driver of interest and strength around our — particularly around our primary care capabilities that consumers and employees of our commercial customers have inquired about and sought advice and prescriptions for that. We had a — quite a big surge for it in Q1. Growth continues there, but not quite at that same level, so I — in Q2 as we’ve read. I think even perhaps in one of your theses recently about some supply constraints happening that may affect some of those prescriptions and for us, visits. But I think what we are really positive about here as we think about the strength of the performance of the Company on the back of a diversified platform, that in any given quarter is not dependent upon outsized growth in any one of those.
Importantly, the advocacy offering continues to grow at attractive rates, the same with medical — extra medial opinion and primary care all growing along the lines of those growth rates we outlined in the past and certainly in depth on our Investor Day. So that’s a bit about what we’re seeing specifically with GLP-1 in terms of financially and more broadly across the platform.
Operator: Thank you. And one moment for our next question. Our next question will come from the line of Jeff Garro from Stephens. Your line is open. Jeff, your line is open. You may be on mute. Alright. We’ll go ahead and continue. One moment for our next question. Our next question will come from the line of David Larsen from BTIG. Your line is open.
