Brian Tanquilut: I understand. I appreciate the comments. Maybe if I could flip the question to the other side, any color you can share on clinician or employee satisfaction and any efforts you’re putting in there to drive that further up?
Danish Qureshi: So both clinician and employee satisfaction is always top of mind for us. It is something that we track on a regular basis through multiple engagement surveys throughout the course of the year. As a direct indication of that, again, we talked about at least from the clinician standpoint, so retention remaining stable, which we believe is the most direct indication that we have a positive level of engagement in our clinician base and similarly on our non clinician base. However, you know, as Ken said, we do not rest on our hands. We believe that there is always room for improvement and we’ll continue to put our patient and clinician experience as well as all employee experience and engagement at the top of our priority list.
Ken Burdick: Yes, just a quick add on, we talk an awful lot about standardization, simplification and automation and obviously for the purposes of our earnings called, it tends to focus on the operating leverage that we can achieve. But make no mistake, as we make these investments and running a better business, the clinicians experience will directly benefit from these investments.
Brian Tanquilut: Awesome. I appreciate it. Thanks for your call, guys.
Operator: And we do have our last question comes from the line of Gary Taylor with TD Cowen. Your line is open.
Gary Taylor: Hi, good morning. Two clarifications and one question just wanted to clarify when you talked about 2024 cash flow approaching breakeven. You mean free cash flow, correct? Not just cash from ops?
Dave Bourdon: Good morning. It’s Dave. That’s correct. Free cash flow.
Gary Taylor: Got it. And then just on the legal settlement, I think this is clear. I just want to confirm, since I think only the securities class action was in the 2Q, but you’re saying today all three of those class actions have now been settled, correct? That’s the full $50 million for all three of those, right?
Ken Burdick: No, Gary, we’re referencing today the settlement relative to that shareholder litigation.
Gary Taylor: Okay. So in the press release, yes, there was the privacy and then a compensation class action. So there’s no reserve or estimated amount for those at this point?
Ken Burdick: That’s correct. Those are in early stage and are ongoing.
Gary Taylor: Got it. And then my last one would be, I think I understand this, but I just want to make sure. So when we look at year-to-year growth in the revenue per visit in the first quarter was up about $6, and the second quarter was up about $4, and then this quarter was up about $1 year-over-year, and you’re achieving these better low single-digit rates underlying. Is that cosmetic deceleration? Is that just the – in any given quarter, that’s the mix of clinicians, that’s the mix of acquisition, divestitures, all of that’s impacting that. And if so, when we think about 2024, do we get back to a place where we’re kind of just sort of modeling the low single-digit on that revenue per treatment line?
Ken Burdick: Well, Gary, we’re not going to give specific guidance relative to 2024, but you’re on the right track. There’s a lot of moving parts and a lot of influences on that revenue per visit. A couple that you didn’t mention is obviously we have geographic differences, so we have different rates across different geographies, so our growth can influence that. And we have some payer rate differentials, which will also play into the mix. So there’s a lot of moving parts, but I prefer to share with you the 2024 specifics when we provide guidance in our next earnings call.
Dave Bourdon: Yes, that’s right, Ken. And just to pile on is that in my prepared remarks, I did say for 2024, we’d drive mid-teens revenue growth, and that would come from both clinician growth as well as rate per visit growth. We just didn’t dimension that yet, and that’s what we’ll do on the next earnings call.
Gary Taylor: Okay, thank you.
Operator: There are no further questions at this time. I would like to turn the call back over to Ken Burdick, CEO for closing remarks.
Ken Burdick: Thank you, operator. I want to just take a moment to thank you for your continued interest in LifeStance. For those of you that have been following this story since we went public, there’s no question that the first six quarters, we were on our heels, and it was a challenge. Hopefully what you’re seeing now is that we are focused on standardizing, simplifying, and stabilizing this high growth business. We have now had four quarters where, in fact, we have delivered on our commitments, and we very much look forward to the day we’re in the very near future where we’re really on our toes instead of on our heels. And with that, I want to take a moment to thank all of the employees of LifeStance for their hard work and for the contribution they’ve made to the progress.
As I’ve said before, Danish, Dave, and I have the privilege of sharing these results, but we’re not confused about how these results are generated, and it’s through the collaboration of thousands of our employees across many, many geographies. And we are very thankful for their dedication and hard work. With that, I wish you all a happy Thanksgiving and a safe and healthy holiday season.
Operator: This concludes today’s conference call. You may now disconnect.
