I think we’ve proven that year-over-year, as there are changes like 48-hour other things, we’re pretty nimble in being able to accommodate those types of changes when CMS has those. The real question is, the uncertainty around just like in the commission rates year-over-year, this same dynamic of now in the proposed rule if there could be impact to compensation. But as we think about our Encompass workflow specifically, that was built up on really doing a fair market value of delivered services for the activities that we are performing on behalf of the health plan. And when you think about that, that is a model that has full documentation and background behind it. So we’re very excited about how that prepares us for what is to come, but again, we got to see the details of what comes out.
Sandeep Soorya: Okay, great, Thank you. And then how do we think about — I’ve got a couple longer-term questions and I think I like maybe two to four years, three to five years, but how do we think about revenue growth, EBITDA margins and EBITDA growth? And then even looking at cash flow, you had a strong cash flow this year. How should we think about cash flow dynamics over the next few years as well?
Vijay Kotte: Yeah. I mean, look, I think as we’ve talked about and we’ve even given in our qualitative comments here today, we believe growing in general with the overall market, there’s plenty of market share out there, right? As you think about the Medicare consumer groups growing, when you think about overall growth, that disruption factor that I described, on any — if you think about over a long term with Medicare, those of us who have been in it for a long time, it goes through cycles, right? And so, when you have a lot of excitement and everybody wants to grow, there’s a big cycle and that’s, obviously, a point at which a business like ours in that industry is going to see growth. When you see that the dynamics are changing, right, in the market landscape, there are those inflection points where people are assessing and then determining what they’re going to do with their financial needs and health plans.
And so that was what we really saw in the last AEP. They were kind of testing the water, specifically on the non-special needs plan side. You saw that very little investment in aggregate in new products in that year. And then when you move into the other part of the cycle is when they pull back on benefits. That’s actually, even though they’re not as focused on growth, the shifting between Medicare Advantage plans for a company like us is also an exciting marketplace for it. So when there’s a lot of new plans and interesting growing, it’s good for our type of business. When there’s a lot of disruption and they’re switching the benefits up and even if they’re not interested in growing, but they’re contracting a bit, but there’s a lot of switching around, that’s also a good market dynamic for us.
And that’s the market we’re expecting to go into. So, if we’re any, call it five year period, you’re going to see that type of a cycle generally happen in Medicare. It happens a lot and has over time. So as we think about how we think about revenue, margin expansion, and cash flow, the revenue line I’ve kind of given you a little bit of the indications of what you could see across that, of what market member growth in aggregate means that there’s an opportunity to grow and then the volatility and the benefits will determine how much more or less you’re going to play within that. And then as you look at margin expansion, we know that’s within our control. How efficient can you be and can you continue to demonstrate efficiency and growth with the invested dollar that we have?
And we’re going to continue to invest in that, right? And we’re pretty solid right now, but again, when you think about the core operations, it’s really going to be the effectiveness of your marketing over a long period of time. So what I would say is that, we expect to continue to deliver some efficiency there over time, but it’s not going to be by leaps and bounds versus what we’ve got today with the current enrollment business. But as we think about our expanding into being more of an engagement company, there are going to be some opportunities there with the efficiency of the minutes in the time we’re spending with consumers on the phone. And then finally, in cash flow, I think what we’ve proven is that, we’re diligent on making sure that the Member experience and cash are king as we deliver how we’re going to grow and invest in the company.
So we want to make sure that our cash flow is solid and predictable and not to spend money to chase revenue at any cost. So we’re balancing that approach and we want to continuously show in not ingesting cash flow from operations, in total cash, in free cash, et cetera, and the way we think about operating the business that we’re consistently delivering results. So as we think about overall growing our cash flow alongside with our earnings is the way we would think about that over the long run.
Sandeep Soorya: Okay, great. That’s it for me. Thank you.
Operator: I show no further questions at this time. I would now like to turn the call back to Vijay for closing remarks.
