And if we see challenges with the business, we can easily tap the breaks and slow down. So we’ve built a plan that we feel real comfortable with that is in line with our normal — or our go-forward model, but also allows us the flexibility to flex up or flex down given on what we’re seeing from a demand perspective.
George Tong: Got it. That’s helpful. And then as a follow-up, you’re guiding to at least 21.5% EBITDA margins in 2023. Under what conditions could you outperform the 21.5% target?
Craig Safian: Yes. I mean, I think that the major way would be from revenue upside. And as we mentioned in the prepared remarks, we’ve taken a prudent approach on the revenue, on the expenses and on the free cash flow. And if revenue does come in stronger, we would anticipate potential upside to the margins, that’s probably the primary way that we see it. We are, again, making sure that we are calibrating all of our expenses most notably headcount, but all of our expenses with what we’re seeing from a revenue perspective. And we’re making sure that we’re also seeing the right investments so that we can sustain growth into the future and also deliver really, really strong margins. And so, we feel like we’ve got the balance right now. We’re obviously — our structural margins are significantly higher than they were pre-pandemic. And as we talk about, we believe we could modestly expand margins on a year-over-year-over-year basis moving forward.
George Tong: Great. Thanks very much.
Operator: Thank you. Our next question comes from Jeff Silber from BMO Capital Markets. Your line is open.
Jeff Silber: Thanks so much. You mentioned the divestiture of the Talentneuron business. Can we get a little bit more color on that? It looks like you own that business for about five or six years. What did it do? Why we sell it now? And should we expect any other kind of divestitures?
Gene Hall: Hi, Jeff. So Talentneuron is a business that provides data — labor market data, principally to people that — in companies, that are doing long-term planning for where companies should have their workforce. And we’ve got the business when we bought CEB. It was an acquisition CEB had done. When we bought CEB, therefore, we acquired that business. As we looked at it, we’ve been looking at the business to see does it really fit with our business on a go-forward basis, and it is strategic to us. We’ve looked at it in a lot of depth. We’ve looked for innovative ways we could use it. And at the end of the day, we decided that it was not a strategic bet that were better owners for that business than us, which is why we divested it.
Let’s just focus on the — our core business in HR, which that was not really related to. In terms of other divestitures, again, if we see things that don’t fit our core business, we would divest them. We’ll discuss those when it’s appropriate.
Jeff Silber: All right. Great. Sorry, I got the name mixed up with Jimmy Neutron. In terms of my follow-up, nothing mid take here, you provided a tremendous amount of data. But in looking at wallet retention, it did decline slightly year-over-year. Is there anything to read into it? Are you giving pricing concessions or people pushing back on reordering, et cetera?
