Faiza Alwy: Great. That’s very helpful. Just as a follow-up, I wanted to ask about capital allocation. So Linda you mentioned that you expect to slow the pace of repayments on the debt side. Maybe talk about how you’re looking to balance debt paydown versus share buybacks like should we expect all buybacks to happen immediately this year? Or just give us a bit more color in terms of how you’re — how you’re thinking about those things?
Linda Huber: Sure, Faiza. The first order for FactSet for capital allocation is to reinvest in our strong and fast growing businesses as Phil just explained. Our investment pool is pretty much the same this year as it was last year. We’ve tracked our investments. They’ve done very well. We’ll continue with the things that are going very nicely for us and maybe pick up a thing or two that’s — that’s new. But investment comes first. And then we have our dividend, which as you can see, has been quite steady and has grown nicely over the years. We’re about coming up to the time where we think about what will happen next with the dividend. And then on share repurchase. We have $181.3 million in our authorization. The plan is to spread that evenly over the remaining 5-ish months of the year, and we’ll use a 10b5-1 in grid repurchase program.
So we’ll put that into place here sometime in the coming weeks. And we’re — we’re pretty excited about resuming share repurchase. So I think that probably pretty much covers what we’ll be looking to do In terms of capital allocation. I think we see this more as sort of getting back to what we’ve done before. On the pay down of the loans — loan for CUSIP, we had been paying down 125 million a quarter. We may slow that down to even sort of half-ish of that pace. And you know all these things together I think should help us get some capital back to shareholders in a way that’s more typical of — of what FactSet has done in previous years. So we’re excited about getting back to share repurchase. It is the back half of the year. It’s not going to move the average share count all that much for 2023, but it will be quite helpful to us as we move into 2024.
So I hope that detail was helpful to you, Faiza.
Faiza Alwy: Yes, very helpful. Thank you.
Operator: And thank you. And one moment for our next question. And our next question comes from Craig Huber from Huber Research Partners. Your line is now open.
Craig Huber: Great. Thank you. My first question, if you go a little bit deeper, if you would please, on the sales cycle that you’re seeing on your buy side clients, both you know the asset managers, hedge funds, but also love to hear a little bit on the venture capital and private equity firms out there, how that sales cycle is tracking for you?
Linda Huber: Hi, Craig. I’ll take that one. Yeah, I think when we interestingly as opposed to specifically on the firm types, but as we’re taking a look at sort of the size of firms, that’s where we’re seeing a little bit of a difference with regard to — with regard to sales cycles. So what I mean by that is many of our larger clients are really going through their digital transformation. And because they’ve already spent probably 12 to 24 months investing, planning, our ability to continue with them, you know, when we think about deals that are taking longer, it’s not in necessarily the largest of deals. It’s actually more in the mid-size. So, as a result, we are, we feel some downside protection on that. But, you know, things will take a little bit longer. We can tell from the deals and how long they’re taking and moving from one quarter to the next, not, not, not very, very long. But as we said, the trend is coming that way. And so we’re just keeping an eye on it.
