August Troendle: Sure. And we did talk several years back about expanding our look at things and our business development pipeline to be able to be more selective when needed and to avoid the kind of difficulty we ran into the last cycle. I think that’s been reasonably effective. Of course, there’s only so much you can do. I — there has been — what we’re seeing is a greater churn, greater risk to clients having stalled financing, and that’s a headwind, but it doesn’t mean there’s not other options and other opportunities and we’ve been able to pivot to those, and we’ve been more selective during the period of the last — not this past year but the year before that, when there was a large number of opportunities, we were able to select programs that we’re better funded than others.
And so I think it’s a mix of things. I think we’ve been fortunate to have enough opportunities to be able to switch and to fill things in when we’ve had cancellations. We’ve had a lot of cancellations we’ve been able to fill in. So I think there’s a lot of things there. We always try to be a bit conservative, particularly in a volatile environment with our guidance. So we do come out with a bit more conservatism when we have this kind of environment. And if things do not deteriorate as we hope they know, then we can exceed where we come out in the guidance.
David Windley: Got it. Following up on that, the — as you pivot to other opportunities, presumably those other opportunities, those other clients are or were being served by a competitor CRO, you — are you able to perceive that you’re taking share, and is price sensitivity is being a little bit more aggressive on price around the edges part of the lever to pry yourself into those opportunities.
August Troendle: Well, I think when you see opportunities that are kind of coming from dissatisfaction with a competitor price is not generally the feature that they’re looking for. They’re not coming to us and say, we’re just not getting the price we want somewhere else. It’s usually some other frustration. But it’s hard to sort out share — I look at share just in terms of revenue growth. Our revenue growth is fast, all the metrics on bookings and stuff, I think, are BS. I mean it all depends on your conversion rate and all the rest of it and your book-to-bill and a people talk about that in the end, it runs down to revenue growth. I think we have superior revenue growth, so we think we’re taking share. And I don’t describe any of the current environment to that. We’ve seen — we’ve just had an ability to pivot to other programs.
David Windley: Okay. Last question for me and related. I guess it’s a two-parter here. So you are very careful about your vetting and what you put into backlog to have clients without funding in backlog? I presume this is project has progressed quite a ways and they’ve burned through their — like they had financing at the time they went in backlog, but they don’t now or they’re a need soon, something like that. So maybe just clarify on that. And then relatedly, we hear a lot of — especially with small clients where capital is somewhat harder to get that they do start pinching around on terms. And if those are not direct pricing, they are less milestones upfront, delays in payment terms and things like that and your DSOs would suggest that you’re not seeing that or you’re not accepting that. So maybe kind of a little bit around balance sheet betting payment terms and what’s in your backlog in that regard?
