Ian Zaffino: Okay, thanks for that caller. Tom, I know you touched upon P&L and the transition back to the P&L from cost plus. Where are you in that transition and then also, can you maybe touch upon the margin implications as you do that, and then maybe touching upon inflation as well, as you think about P&L? Thanks.
Thomas Ondrof: Sure. We’re not quite back to where we were ’19, where we had, particularly in the business side, we had about two thirds P&L maybe a little bit more. We’re not back there yet. But we are moving back purposefully to the P&L. We do like that model better in the long run. It can be more profitable as we control the entire P&L and a lot of the decisions around it. But we’re doing it very paced, making sure that it’s driven by the volumes and the economics that they account, before we make that transition. So that we really in the end are able to manage that margin. If we do it too quickly, we would take a hit. And so we want to make sure that it’s an account by account case by case basis to transition in conjunction in conversation with the client. So the margin implications should not be noticeable at all, if we do it at the right time.
John Zillmer: That’s right, I would add that we’re driven first by the service requirements of our clients and customers in contractual modifications back to P&L will take place as revenues continue to increase as customers return to their work sites. And again, this keep in mind, this is predominantly a B&I phenomenon. In the other businesses, they pretty much transition back to P&L. So as businesses, execute their return to work strategies, and the COVID pandemic continues to move into the past we will transition account as it makes sense. And as our clients need us need us to or want us to based on their service expectations.
Operator: Thank you. One moment for next question. And our next question in queue coming from the line of Andrew Steinerman with JPMorgan. Your line is open.
Andrew Steinerman: Hi, Andrew. Tom, I just want to get the exact margin in the guide. So you said nearly 100 basis points margin expense for fiscal ’23. I assume you using a 4.9 fiscal ’22 base. And when you say nearly 100 basis points, is there a notable difference between constant currency and reported and so like, what should we think of in terms of a target fiscal ’23 operating margin on a reported basis?
Thomas Ondrof: Well, if it were to sort of stick with that 11% to 13%, top line growth and 34%, 39% AOI dollar growth you can you can work with those variables to come up with a margin that at a margin range. So that’s really the focus for us is to continue to grow those dollars. And again, we think that at the midpoint that’s going to drive about 100 basis point margin improvement year-over-year.
Andrew Steinerman: And is the 100 basis points reported or constant currency?
Thomas Ondrof: It would be reported.
Andrew Steinerman: Okay, thank you very much.
Operator: Thank you. One moment for our next question. And our next question in queue coming from the line of Toni Kaplan from Morgan Stanley. Your line is open.
Toni Kaplan: Hi. I wanted to ask about competition. So on the slide where you broke out this source of new wins. It looks like you’re getting additional wins from the regional players. So anything to call out on that front are the sort of smaller players having more trouble competing because of the higher cost environment or would you attribute it to something else? Thanks.
