Marc Riddick: So, you actually covered a great deal of where I was going to go with the last answer. So, I do appreciate that. I was sort of curious as to maybe, if you could give us a quick reminder and update us to the timing of some of the tech spend, or any — if there’s anything lumpy that we should be thinking about for the first half of the year as far as the spending needs?
Barry McCarthy: Let me just start by giving a sort of framework on how ’24 is different than the last couple of years. So, we have completed all of our investments in modernizing our infrastructure. So recall, last year at this time, we went live with our ERP, which was the last piece of that infrastructure spending. So we’re complete with that now, fully modernized all of our core operating systems, moving them into the cloud. So this year, we are spending less on those infrastructure items and focusing more on investing in the businesses where we can generate growth, specifically in Payments and Data. So, while Chip said that we expect to slow down the spending a bit, we also expect slightly less on restructuring expense. I think the big point to note here is that the spending is shifting towards things that are going to drive more growth rather than simply stabilizing and improving our — and modernizing our infrastructure. What do you want to add on?
Chip Zint: Yeah, Marc, I think your question, there’s multiple layers to it, so I’ll try my best to predict where you’re going and just clarify if I’m not getting it there. But on the CapEx side, we guided $100 million. As Barry just said, we’ve really moved through, obviously the ERP. We’ve moved mostly through the site consolidation. So, we’re really starting to anchor on true prod dev software development. So, I don’t really think that $100 million is going to be very lumpy. I think it’s going to be relatively linear across the period. You’re going to see us continue to invest on the right high-return growth initiatives there. If your question is getting towards more of the restructuring charges, Barry alluded to a little bit, last year, our overall restructuring charges were $90 million.
And keep in mind, that was doing a number of things. ERP at the front end of the year, site consolidation, as well as the lockbox optimization in the middle, and then the launch of North Star towards the end. As we’ve said before and we still believe that’s kind of the peak of overall restructuring spending for us. Start to see it coming down. I could see the range of restructuring spending this year somewhere between $60 million to $80 million. Again, you can’t really perfectly estimate it with the nature of it, but that’s really all North Star. And so, in the $90 million we spent last year, roughly $45 million of that was North Star related. We have guided to you guys that overall North Star spend would be between $115 million to $135 million.
So, spending around $60 million to $80 million this year puts us near job there through the end of this year, with obviously, the remaining charges to occur in the early 2025 timeframe. So, hopefully, that overall perspective gives you what you’re looking for.
Marc Riddick: No, that’s perfect. I appreciate that. Thank you. And then, I know it’s early, but I was wondering if it was too early to see if there was any insights or any feedback that you’re receiving from clients as far as planning or if there’s anything that maybe has changed as far as general views, as far as client activity since the Investor Day? Thanks.
Barry McCarthy: So, a couple sort of top-line things for you there. We continue to be pleased with how our pipeline is expanding across all of our businesses, and we’re continuing to see benefits from our ability to cross-sell the whole One Deluxe model that we’ve talked about previously. I think we’re also seeing a decent consumer spending. It’s obviously early, but so far early indications seem encouraging. And we’ve got pretty good line of sight in the DDM business because we have understanding of how clients will be rolling out their programs across the rest of the year. And so, what I would tell you is, we think what we’re seeing today is very consistent with what we shared at Investor Day, which gives us confidence to affirm the guidance we provided you back in December. And we believe we’re going to have a really solid year and moving our transformation forward.
Marc Riddick: Great. Thank you very much.
Operator: We have no further questions in our queue at this time. I will turn the call back to Brian Anderson for closing remarks.
Brian Anderson: Thank you, Krista. Before we conclude, I’d like to share that management will be participating at the JPMorgan Global High Yield and Leveraged Finance Conference on February 26th and 27th, and at the Wolfe Fintech Forum on March 13th and 14th during the quarter. Thanks again for joining us today, and we look forward to speaking with you all again in May as we share our first quarter 2024 results.
Operator: This concludes today’s conference call. Thank you for your participation, and you may now disconnect.
