So, effectively, our head count is pretty similar over the last really year. And I think it’s just a little bit of typical transition of some departures and then filling in with incremental either through promotions or external hirings.
Brennan Hawken: Great. Thanks for the color.
Operator: Thank you. Next question comes from the line of James Yaro with Goldman Sachs. Please go ahead.
James Yaro: Good afternoon Scott and Lindsey. Maybe we could just start with restructuring, which was a little bit weaker in the quarter than I think the quarter before, but against this, obviously, rates continue to rise. So, how do you think about the move in the long end of the curve and its impact on restructuring? And do you think the opportunity set has improved?
Scott Beiser: I think it’s pretty hard to make a case that things do not look good for the restructuring industry for at least the next couple of years just on where certain businesses are performing, where interest rates are, just the maturity wall, a whole host of dynamics. We’ve always found that, that business, at least for us, is probably the most lumpy or sometimes you get more sizable projects that may close in 1 quarter versus another. We did note in our remarks, there was a bit of a slowdown in new business activity, albeit it was only in the United States. And I think it continues to ramp up in other parts outside of the United States, and we expect that we will be operating at this higher level for the foreseeable future. And as you mentioned, yes, a continuation of the theme now, probably on interest rates, which might be higher for longer, net-net is good for the restructuring environment.
James Yaro: Okay. Thank you. And then as a follow-up, just — M&A continues to — maybe it’s past the trough. It’s increasing slowly, however you want to think about it. But I would imagine that perhaps opens up the window for you to contemplate more acquisitions as some of the smaller firms haven’t seen revenue recover. So maybe you could just talk about how you’re thinking about the potential for bolt-ons from here?
Scott Beiser: Lindsey, do you want to cover that? You’ve been talking to a number of the acquisition targets we’ve been pursuing.
Lindsey Alley: Sure. Look, I think the pipeline is as robust as it’s ever been. I think the longer this M&A recession, if you want to call it that, continues, as you suggested, the tougher it is on smaller firms that don’t have a restructuring practice in particular. But I think for us, it’s very important we don’t rush it. Our acquisition process is usually a long one. We like to get to know the management teams. We like to make sure that there’s a good cultural fit. And there’s normally a process of, for lack of a better word, dating, that we go through, and we’re doing that. And we’re not rushing it given the circumstances. So I think acquisitions will continue to be an important part of our nonorganic growth. It does provide some opportunities in a market like this, but we do have to move at a speed that makes sense for both parties and we continue to do that.
James Yaro: That’s very clear. Thank you.
Operator: Thank you. Next question comes from the line of Devin Ryan with JMP Securities. Please go ahead.
Alex Jenkins: Hey guys. This is Alex Jenkins stepping in for Devin Ryan. I hope you guys are doing well. I guess just to follow up on the restructuring question. Obviously, we’ve been talking a lot about the maturity wall coming in 2024 and 2025. Can you just talk about how you’re proactively getting ahead of clients and what the catalyst is going to be for them to take action, meaning, should we expect a flurry of activity leading up to that? Or will we see a step-up function of activity as time kind of runs out? Thank you.
