Yuan Zhi: Thank you for taking our questions. Good afternoon, Mike and Troy. Maybe one follow-up on Jacob’s question. So how should we understand the path of average two points improvement per quarter? Does it mean that you can achieve 40% adjusted margin by year-end 2023 and another 10% improvements in 2024? Just some additional color will be very helpful. Thank you.
Mike Rice: Yes. Good question, Yuan. And we would encourage people not to try to linearize that in terms of margin improvement because some of those things will be large step changes based on the new revenue streams, so new products and new services. And we don’t give obviously quarterly guidance when that’s going to happen, but we would discourage people from trying to just annualize that and then break it down into four chunks of two points apiece. That’s not the way we’re thinking about it internally here, okay.
Yuan Zhi: Yes. Got it. And then for your 2023 growth thank you for putting out the chart of the new customer acquisition in 4Q 2022. Just want to hear, do you attribute your 2023 growth to growing demand from existing customers versus acquisition of new customers?
Mike Rice: Yes, good question, Yuan. So more weighted toward growth with existing customers, as that book of revenue is spread out amongst that fixed overhead that supports that. So those new customers are great. There are seeds being planted, but they’re not that meaningful in their early years until they get to later stages of development. So most of the revenue comes from existing customers and we’re obviously doing all we can to sell more to those existing customers to get deeper while not obviously taking our eye off the ball with nurturing those nascent customers, some of which are going to grow up to be the meaningful customers of tomorrow in the next year as they make it across the goal line and their own therapies are commercialized.
Yuan Zhi: Yes. Got it. And one last question from us. As you may have seen Legend and Johnson & Johnson post their UK launch of their CAR-T product due to the supply chain stress, understand different cell and gene therapy service providers have different exposure to each CAR-T product. Does want to hear how this would impact your 1Q 2023 and two €“ 2023 revenue, full year revenue. Of course, we are only a few days away from 2Q, so 1Q might be less impacted in terms of forecasts.
Mike Rice: Yes, fair question, Yuan. But I’ll just say that we don’t speak about particular customers on a revenue basis. But I will say that just generally that news from Legend and Johnson, it’s not impacting our view of how this year’s going to turn out. I’ll leave it at that, okay.
Yuan Zhi: Yes. Thanks for taking our questions.
Operator: We’ll take our next question from Max Masucci with TD Cowen.
Unidentified Analyst: Hi, this is Stephanie on for Max. Thanks for taking my questions and congrats on a great year. So starting off
Mike Rice: Hi Stephanie. Thank you.
Unidentified Analyst: Yes, of course. So starting off last quarter you indicated some supply chain constraints in both your cell processing and freezers segment. How much did supply chain constraints affect Q4 performance in these segments and what are your expectations for the constraints in 2023?
