Jesse Geiger: Yes, thanks, Jack. Yes, we’d expect headcount here for the balance of the year to remain in that mid-to-high teens level. And then, for 2024, we anticipate headcount growing in line with revenue?
Jack Wallace: Got you. That’s helpful. And then just thinking about the comments. On one hand, there’s maybe some of the less promising lead targets and lesser funded companies have kind of sorted themselves out. But it does sound like promising lead candidates are getting funded, and there’s a good amount of jump balls for you to go after. Have you – I mean had to have any changes in your selectivity of trials. And if so, has that played any role in your hiring plan, and just thinking about how much hiring ahead is taking place. Thank you.
Jesse Geiger: Yes. I mean we continue to be selective always in terms of targets and opportunities, but its impact on hiring plans, not too much of an impact. I think we’re well positioned for current work. We’re well positioned with our hiring plans for upcoming work. And we’ve had really good retention and that’s really helped us as well in terms of the capacity that we have for trials. We’ve had good employee retention, and that’s always easier than hiring and onboarding new people.
Jack Wallace: Yes, the hidden cost of running the business. And then just kind of lastly or just more of a housekeeping item. It looks like the – your customers six to 10 were down sequentially from a revenue standpoint. I was wondering if there’s any just trial roll-offs in there or kind of any kind of noise factors. So just looking historically, at the Top 10 and really the six to 10 category looks like there’s been some trading between, say, the Top 5. It didn’t look like there’s a graduate this year. So, just wondering if there’s any kind of timing nuances or anything going on there? Thanks.
August Troendle: Yes. I don’t think there’s anything and maybe we shouldn’t provide the detail. I don’t know. It’s like, you can’t – it’s a different subset of companies every time. You’re comparing apples to oranges. I guess you’re looking at a nine months ’22 versus a nine months ’23. I mean if you look at it quarter-by-quarter, what revenue is coming from our six to – clients six to 10, it’s increased sequentially every quarter over the past year. I really don’t – companies move in and out and up and down and it’s by the quarter and you’re looking at a three month, you’re looking at a three-quarter trailing and it’s – I just – I don’t think there’s anything there that’s meaningful or represents any large roll off or anything like that.
Jack Wallace: That’s it. Thank you. Appreciate it. Congrats again on the quarter.
Jesse Geiger: Thanks Jack.
Operator: Thank you. [Operator Instructions] And again, we have on the line, Max Smock of William Blair. Your line is open.
Christine Rains: Hi, thank you for coming back to us. Can you hear me?
August Troendle: Yes.
Christine Rains: Okay great. Thank you. It’s Christine Rains on for Max Smock. So I was wondering, now that you’ve paid off your debt, how should we think about capital allocation moving forward? And then also relatedly, how much interest income could you earn next year?
Kevin Brady: Yes, I think the capital allocation – or kind of our methodology, Christine will remain the same, continued investment in the organic growth of the business. In 2024 and the next couple of years, we will have some increased capital expenditures related to the expansion of our headquarters here in Cincinnati. But beyond that, we’ll opportunistically look for share repurchases. To the extent that we’re not able to execute that at the levels that we want, we’re okay building some cash. And to your question on kind of interest and how to think about that, I think the simplest way is to kind of think of it as, at current rates, a blended rate of kind of 4.5% or so is a reasonable assumption to build into your model.
