Dave Peacock: I think at the end of the day, we’re mindful of our competitors. But at the end of the day, we need to focus on our clients and customers and the job we’re doing for them. Our competitors become less and less relevant for us if we’re doing the best possible job for our clients and customers. And we’ve got — if we have the highest level of satisfaction as it relates to what we do and that the perceived value and efficiency to what we do. We obviously pay attention to what they’re doing. We’ve got a great relative market position in just about all of our businesses with more than 60,000 employees with over 3,000 clients and a significant position in the marketplace, both with retailers and with our branded CPG companies, we’ve got a unique perspective being at that intersection on the business and especially with the breadth of categories and business we worked on.
So key for us is just making sure that each of those relationships and each of those partnerships is managed properly. And then that we’re leveraging that collective intelligence to provide value to our clients and customers.
Operator: Thank you. Our next question comes from the line of Jason English from Goldman Sachs. Please go ahead.
Jason English: A pleasure to be here with phone, Dave. Look forward to being in person. I’ve got a number of questions. So first, starting with your confidence in the $400 million to $420 million for next year. If we take where you finished the year and we apply normal seasonality to it, normally deliver like 30% of the EBITDA in the fourth quarter. It implies $370 million of EBITDA at the run rate you exited. So what gets better next year to get you to that $400 million to $420 million?
Dave Peacock: No, I appreciate it, Jason. I look forward to working with you. I’ll give you some high-level thoughts initially. Brian may have an opinion as well. First, I’d say, while there’s been historic average as it relates to where — how our EBITDA has — where it’s been derived by quarter in this environment, especially when you have the volatility of both the labor market, you’ve got timing of pricing rolling in relative to contracts. You’ve got a recovering demo business. The percentage of EBITDA that comes from a quarter may change, number one. And while we’re seeing the first quarter a little bit like the fourth still as we look out. And obviously, we know both demonstrations are going to be booked. We have obviously a clear line of sight on some of our contractual terms and the work we’re going to be doing and a pretty good understanding of where range rates should go. We have confidence in the guidance we provided.
Brian Stevens: Yes, Jason, maybe I can add a little bit more. I agree with what Dave is saying. If you look at Q4, first of all, if you look at the COVID impact of ’21 versus not being COVID in ’22, and you look at the quarter — second quarter to second quarter, third quarter to the third quarter and just apply it trending for Q4, that’s about half of the difference. And then also in Q4, specifically, we have a timing difference in the sense of for demo, we had a price increase in Q4 of ’21 to address wage inflation in ’22. We did get a significant price increase in Q4 of this year, but it’s effective Q1 of ’23. And so there’s a quarter timing difference. And you’ll see that flow through in Q1 going forward. And then also, we’ve had headwinds, which I’m sure you’ve seen in the sector on the digital advertising aspects that hit us in Q4 as well.
So it’s — there’s a some differences within the quarter that we think give us confidence, I guess, going into our $400 million to $420 million for next year.
