Stephan Scholl: And maybe, Kyle – I mean, I already said a lot of it to Tien-tsin earlier, but maybe a different element to it is, I had a CEO dinner a couple of weeks ago. And what was interesting, how one CEO of a large company framed it up and says, listen, I spend about $300 million of administrative system spend across Workday and Alight and the vendor community. But that $300 million spend actually equals $2 billion of impact to my company. That’s the TAM we’re dealing with. When you start thinking about employee engagement, the cost of employees, claims data, attrition data, most of our clients are – that cost begins with a B. And so if you’re thinking about solving that $300 million problem, that’s more transaction oriented.
The platform approach is what solves the $2 billion problem. So we’re connecting the dots a lot better for a CEO on where is your spend going? Why is the attrition happening? A lot of our clients are dealing with really big attrition in their first year of having employees onboard. Why is that? And the category of well-being and benefits and support is a big topic that’s kind of not so clear to a CEO. So it’s really – solving that $2 billion problem has been really exciting for us, because again, it puts us in a unique position because of our capability to bring so much of the content to bear, but do it in the context of Alight Worklife and I think that’s been what’s unique for us.
Kyle Peterson: Got it. It’s a really helpful color. Just a follow up on kind of use of cash here. Great to see you guys stepped up the buyback a little bit in third quarter. But how should we think about how you guys are balancing, whether it’s the buyback and with the stock and where it is or how’s the M&A pipeline and how are you balancing those opportunities?
Katie Rooney: Yeah Kyle, we’re looking at all as we always do, right, and we’re taking a return on capital approach as we think about the best opportunities for us. You saw in the quarter that not only did we strengthen the balance sheet with repricing our debt, we obviously bought back shares more aggressively than we have in any quarter. And at the same time, we will continue to look at investing into the business. That’s a key priority for us, but we know we have to get that tradeoff right, and we’ve obviously been very disciplined this year, as you’ve seen from an M&A perspective, given where valuations sit and what we think we can do in terms of partnerships and kind of some of the organic builds we’re doing across our product pipeline. So we’ll continue to focus on getting that balance right and coming at it from a return perspective.
Kyle Peterson: Got it. Makes sense. Thanks, guys. Nice quarter.
A – Stephan Scholl: Yeah. Thanks, Kyle.
Jeremy Heaton: Thank you.
Operator: Our next question comes from Pete Christiansen of Citi. Please go ahead.
Pete Christiansen: Thank you. Good morning. Thanks for the question. And nice trends on the pipeline and certainly operating efficiency there. Good to see that. We’re actually getting a bunch of questions. I think it’s really the one gap, at least versus consensus estimates, was on the recurring – ES recurring revenue side. I realize it was a tough comp, but it did decline sequentially. Just was wondering if you could provide a bit more context on the performance there. And then as my follow-up, I know Stephan you called out some interesting stats on the enrollment season so far, certainly on the operating side. But just wondering if you had any early color on benefit attachment rate and any changes there. Thank you.
