Jan Siegmund: Yes. Maybe I’ll take this. The Health Sciences clients that we have is a volume-based contract-based on the performance of that healthcare client. And so as the outlook of our client has changed, we had to adjust our revenue expectations going forward, which led then to a charge that we had to take for the expected lower volumes of incoming business to us in essence. And so the revenue impact is really going to be baked into our natural revenue guidance and forecast. So the charge that we have been taking is a discrete charge of $60 million. And that is a non-cash charge of prior capitalized implementation costs that we are now taken out of the contract. So future volume changes of this client could impact our calculation on these capitalized implementation costs as well.
So there’s still outlook. We obviously work very hard with our clients to drive great revenue growth as our interest and the clients’ interest, but there is still a possibility of depending on the revenue development and the market performance of the client that we could be impacted in the future as well.
Ashwin Shirvaikar: Okay. Thank you.
Operator: Next question comes from the line of Tien-Tsin Huang with JP Morgan. Please proceed with your question.
Tien-Tsin Huang: Hey thanks so much guys. Steve, nice to hear from you upfront. It’s been a while. So I want to ask similar to Ashwin to Ravi here, just the goal of being the employer of choice and having a growth mindset makes a lot of sense. How long do you think it would take for €“ to change the culture to get to that level? I’m imagining it can’t be a quick fix, but maybe you feel differently?
Ravi Kumar: Yes, that’s a good question. I’m just three weeks into the job, so I’m continuing to assess what we have, what we need to do. It’s a virtuous self-reinforcing cycle. As I said, as much as it looks easy, it’s €“ if you’re on it it’s easy, if you’re not on it it’s not. I’m going to be on a listening tour for the next few weeks and months, meeting clients, meeting associates, meeting partners and I’ll come back with assessment. I think we have built enough both on client and employee infrastructure €“ organizational infrastructure. Now I have to refine it and reset it for growth; that’s how I see it. I want to build on it. We’re not going to go back to the drawing board. We want to build on what we have and refine it, and as we refine it, we’ll make some changes and get there.
With related to employees, a lot of our €“ two-thirds of our employees work out of India. So India is an integral part of our strategy to differentiate and I’m going to spend the next few weeks in India as well, later part of February. And I’m meeting 100 clients in 100 days, and this is a goal which I’ve set for my own self, so that you get to know the pulse, you get stay focused on large deals. In fact, I’m doing a monitoring of 10 large deals every week, and we are continuing to keep the focus on commercial momentum. So it’s in flight transformation, as I call it. We’ll continue to do this, but we will continue to look for the medium- to long-term sustained momentum, how you create it. That’s how I see it. It’s still a question I will probably like to answer once I spend a few more weeks going through the listening part.
