Andrew Asher: Yes. So as you’ve seen, we did quite a bit of buyback in 2022. And even as we were in the 70s in January, we were able to execute on a few hundred million more. That was largely driven by divestiture proceeds. So we’re continuing the portfolio review process. So the timing of buyback associated with divestitures will vary based upon sort of that M&A process. But in the normal course, yes, we expect late in the year a few billion of share buyback. We’re going to see what we can pull forward, but we also have improved the allocation process and therefore, the management fee process, and that will trap a little bit of cash in the first half, maybe the first 3 quarters of 2023. So that’s why we are back-weighted. As you look at our guidance for share buyback, we’ve sort of back weighted that share repurchase.
So it won’t have a meaningful impact on ’23, but it will roll into ’24. So we’re going to do our best. We’ll probably pay down a little bit of debt as well as we’re — if we sell off an asset that had EBITDA, we’ll pay off some debt as well to manage that. And now when you actually — you pay off debt, you get a benefit with the interest rates higher. So we’re going to do our best to take advantage of where we’re trading, but we also need to do that with a balanced view of the capital structure.
Operator: And our next question today comes from Kevin Fischbeck of Bank of America.
Kevin Fischbeck: Just wanted to make sure I understood. I think you guys said that you expected to add 200,000 to 300,000 lives on the exchanges from redeterminations. I just want to make sure that, that was now, I guess, in your guidance. And then you talked a little bit about the risk pool on the exchanges, really interested in that concept about the people who come on from redeterminations because that’s where I would guess, it would look more like the SEP from prior years, where you only have them for 6 months. You don’t have time to risk score. And in theory, they’re sicker than ever. So I would love to kind of hear how you’re thinking about the risk pool of those members.
Sarah London: Yes. So relative to the redetermining members into Marketplace, we do — again, as I said earlier, we do expect that on balance, they probably have slightly higher acuity. But at a minimum, pardon me, your point about the fact that we don’t have them for the full year means that they turn to profitability as we move into 2024. And again, this is something that the team had visibility to throughout 2022 and coming into the year and baked into our guidance, and I think will be — have the offset of our expectation that a number of those members who are coming into the pool will be healthier to offset that overall and are coming in with a 1/1 start date. So we have the full benefit of their 2023 risk adjustment. And then relative to the 200,000 to 300,000, that continues to be our estimate that is baked into guidance.
And a lot of that is of a belief that the vast majority of members who redetermine off will first go to the commercial book. And again, we just need to see how the data starts to play out and whether there are any adjustments to that as we see folks coming over on to the marketplace products.
Operator: And our next question comes from Steven Valiquette with Barclays.
Steven Valiquette: Really just a quick confirmation questions around potential impact for the changes for ’23. feel like they should be an as higher or greater to be offset by .
Operator: Pardon me, Mr. Valiquette, sir, I apologize. Your line is very bad, the connection. Can you pick up your handset if you’re using a speaker phone, sir?
Steven Valiquette: Is that better?
