Calvin Sternick: Thanks. Just a couple of clarifications. I know you’re being conservative on the Stars assumption for next year. And you do get minimal improvement for 2025? Is the expectation that, that comes back to you in 2026 such that you keep it that 20202 ramp that you talked about over the next three years? And then on Medicaid, I know you mentioned having more member months this year and a little more visibility into the timing of when members could roll off. Just wondering if there’s anything you’re anticipating in terms of HBR or earnings seasonality. Thanks.
Sarah London: Yes, thanks, Cal. Let me hit the Star question. So if we — as I said, we are assuming a downside scenario out of conservatism, partly because cap tends to be the longest pole in the tent to recover in Star. And so see minimal improvement year-over-year. The important thing to look at will be the progression into 3.5 stars of our membership because, again, that’s as Drew talked about, where we get the economic benefit and the ability to continue to invest as we move through the progression. Again, we’ll look at the 3.5 star threshold and movement of membership across that threshold as the definition of success as we move through the next couple of years. But the 20/20/20 is not really a relevant post anymore because of those changes I described in the bid strategy, which is intentionally going to make the mix more complicated and shift the denominator and the fact that the CMS program rules really suggest different, more methodical approach contract by contract to the levers that we use to get to 4 star.
And then I’ll turn it over to Drew for the second part.
Drew Asher: Yeah. On earnings seasonality, we expect to be pushing about 65% of adjusted EPS for 2023 in the first half of the year, so maybe 35% or slightly under 35% for the back half of the year. That back half does include the fourth quarter assumption around the PDR. And I think you’re also referring to HBR seasonality in Medicaid. Think of it as like a check mark. So we expect to be down a little bit in Q2 relative to the 90.0 and then rising in the back half of the year.
Operator: Thank you. Ladies and gentlemen, that’s all the time we have for questions today. So I’d like to turn the conference back over to Sarah London for closing remarks.
Sarah London: Thank you. I just want to close out by reiterating Drew’s comments and my own that we don’t take the change in the 2024 lightly, but it’s not something that we would be doing if we didn’t firmly believe that it was the right thing for Centene in the long-term. So I appreciate the great questions. Appreciate everyone joining us today and look forward to updating you as we continue to execute in 2023 and build momentum for 2024 in the long-term. Thanks so much.
Operator: Thank you, ma’am. This concludes today’s conference call. We thank you all for attending today’s presentation. You may now disconnect your lines, and have a wonderful day.
