And as the market stabilizes and the market expands, that will drive accelerated growth, organic growth for the company. So we’ve been gaining share. We’ve been growing our account pool pretty substantially last year, growing the number of users or users of our solutions in a really difficult market. So when I look at our organic growth rate year-over-year, ’21 to ’22, we went from 13% to 7% AUM/A organic growth, that is much — it’s certainly a step back in ’22. But competitively, it is a significant outperformance. So I talked to Michael — answer Michael’s question about some of the things that will contribute to the organic growth going forward. We left the year last year with tremendous momentum in these higher value, tend to be higher revenue, higher margin solutions and the adoption rate, the floor plan or the footprint of our distribution grew substantially.
And then the usage is growing very substantially from an adviser standpoint, and you can see it in our account growth. And then if you look at our sequence of 2023, Surinder, it’s important to note that we’ll exit the year with double digit growth. And that is as we burn off the comps of €˜22 over €˜20 — to €˜23 and also we begin to overcome the impact of the markets last year. So it’s not a question of if we get there, it’s a question of we need a bit of help from a stabilization in the market. And as the market stabilizes, we believe we’re going to see the 15% organic revenue growth rate that we committed to, and we believe we’ll achieve that by 2025, given a stable or stabilized market. So it’s a long answer, but I think it’s important to provide that context.
We are making progress in that growth strategy that will drive long term value and long term growth for the company. We’re more deeply positioned with our customers and we’re getting more usage from advisers in higher value solutions, that’s exactly what we set out to do.
Pete D’Arrigo: And Surinder, just following up on that, you did ask about the acquired revenue in ’22 and ’23. The timing of the acquisitions we had was basically middle of the year. So if you add them all together, they came on at a run rate of about $10 million. So acquired revenue was about $5 million in 2022, $5 million in 2023. And then we’re already starting to see sprouts and really good opportunities for growth in those acquired businesses, both in D&A and in the wealth side.
Bill Crager: And then you had one other question, Surinder, regarding free cash flow and how we view kind of that expense set for the company. As we’ve made the investments, we brought down EBITDA. But we — what other things that come along with that is we’ve recruited over 1,000 kind of value driving — future value driving individuals into the company who are more data driven, data science, UX, API coders, et cetera, we used — as you look at the ’22 number, we use stock based comp to incent everybody to align the team into our objectives. That will be managed on a go forward basis. We use CapEx as we’re capitalizing more software as we’re pulling more and more of our environment into the cloud, there are capitalized cost to come with that.
