And then another thing I note is, and geopolitical is a great example of this. Anything that expands our network gets us into board rooms and C-suites, can have spillovers in a good way into our M&A business also. And so that’s another objective for many of these new things that we’re trying.
Jim Mitchell: Okay. Fair enough. But I think sort of some of your more established non M&A businesses whether sales advisory, sovereign advisory, private capital, all those things, how are you thinking about those in this environment?
Peter Orszag: It really varies by the individual business. So, the sovereign business is busy and the big question there, it almost comes back to restructuring question that Ken answered with regard to corporates, which is, are we going to see a wave over the next year or two of countries that have significant debt restructurings. There certainly is a class of countries that looking forward where that is possible. In the PCA business, that’s as you know to private equity. And so, the trends there, for example, are quite different than in the sovereign world. So, we do have a bunch of established businesses to your point. The trends tend to be different. In aggregate, we are pleased that they provide some offset or some diverse vacation away from just the core M&A business.
Jim Mitchell: Okay. Fair enough.
Kenneth Jacobs: Again, I’d say, restructuring business PCA, shareholder advisory, and these new ads are a pretty significant part of our overall revenues in Financial Advisory business and it’s been part of our strategy from the beginning to try to make sure that we have some of these businesses that buffet the cyclicality of the advisory business.
Jim Mitchell : Okay, thanks. That’s helpful. And maybe just as a follow-up, a quickie on the buyback. You guys were very aggressive buying your shares last year. How do we think about the pace in 2023?
Kenneth Jacobs: Mary, you want to take that?
Mary Ann Betsch: Yes, sure. I’ll take that one. So, obviously, a very good year for buybacks in 2022, got down below 100 million shares outstanding, which was an important milestone. I would €“ and the price that €“ the average price that we’ve been able to buy them back at has been really attractive. So, I think looking forward, as we see higher prices and lower volumes, I would expect that to moderate. And I would also just mention that we continue to plan to buy back shares to offset dilution from compensation. And use excess cash €“ return excess cash to shareholders based on the prices that we see and the attractiveness of the value.
Jim Mitchell: Okay, great. Thanks for taking my questions.
Operator: And our last question comes from Steven Chubak from Wolfe Research.
Steven Chubak: Hi. Good morning. Thanks for squeezing me in here. I had a couple on expenses. The first is just on the comp ratio. Ken, you noted the challenging setup for first half 2023 advisory revenues, which was really an extension of some of the pressures that you saw in the fourth quarter. Just given the upward pressure on comp that we saw in the most recent quarter, the lower jumping off point for the first half, how should we think about the comp trajectory versus the 60% accrual that we saw this past year? And could you speak also to what drove the divergence in awarded versus adjusted comp in 2022?
