Alexander Hess: And then as a quick follow-up, maybe can you speak a little bit to the opportunity in Paris Aligned benchmarks and climate transition benchmarks with the index franchise. Is that a meaningful opportunity going forward?
Baer Pettit: Absolutely. So we’re clearly benefiting from our leadership role, both in ESG and climate and our market share in such indexing and related ETF products is very high, and it’s been consistently so. There are some questions related to flows in the short run, but we’re – if you look at – I’m very confident that if you look back on this in a number of years’ time, that this will be a moment that passes. And the fact of the matter is that, with all categories of investors globally, this is an enormous transition they have to go through. They will clearly do so through active management. But equally, they will need to do so by allocating capital on a timely basis through rule through indexes, through rules-based portfolios that indexes serve as a benchmark and underlying for – so we only see this category as growing.
And you mentioned certain specific methodologies, those will continue to grow as will many customized versions of things which serve specific investors’ specific need. So we certainly view it as an important and growing category.
Alexander Hess: Thank you.
Operator: Our next question comes from Owen Lau from Oppenheimer. Owen, please go ahead.
Owen Lau: Thank you for taking my question. I want to go back to your guidance. Could you please talk about your assumption about the market trend to come up with your free cash flow guidance. Do you expect the market to go up, stay flat or to go lower from here? And then on the expense side, could you please talk about the walk of the adjusted EBITDA expense build from 2022 to 2023? And what does it take to go to the low end of the guidance? And also what does it take to get to the high end of the guidance? Thank you.
Andy Wiechmann: Sure. Sure. So a lot in there. I’ll try to unpack it in a logical fashion here. So firstly, on the market assumptions that underlie all of our guidance. So we are assuming that market levels declined slightly from their current levels through the first half of the year and then rebound in the second half of the year. And so that assumption is underlying every piece of our guidance. You alluded to free cash flow. I do want to make a comment around our free cash flow guidance more generally, just to underscore that we are being cautious on it. if you look at the full year of 2022 relative to 2021 and even the fourth quarter of 2022 relative to the fourth quarter of ’21, we saw a pretty healthy growth in free cash flow.
Although if you remember, after the third quarter, we actually increased our free cash flow guidance. We made that change feeling confident about the strong momentum we had seen in collections. To be frank, we probably got a bit of ahead of ourselves on that one, and we actually saw a bit of a slowdown in collection cycles in the fourth quarter. And so we are making that same assumption of caution around collection cycles for 2023. And as a result, we have a degree of caution on our cash flow guidance for this year. On the expense guidance piece, I don’t want to get too specific here, but I want to underscore that – and you saw this in the fourth quarter, actually the last six months or so, we have been taking very tough actions in our expenses and identifying efficiencies to be able to continue to invest.
