Andy Wiechmann: Yes. I mean it’s very much a general comment that I made. You can see in the retention rates that, with the exception of the lumpiness we saw in Analytics in the fourth quarter, actually, our retention rates have remained quite resilient. I think you’ve heard us make comments in – particularly last quarter, that we saw some slowdown in sales cycle and in ESG. I’d say that the point that I would underscore is it’s going to be dynamic across the board. So I don’t think it will be necessarily concentrated in one product area or region or client segment, but these are things that just as the environment remains choppy and volatile and large financial organizations start to implement cost controls, it can cause slowdowns across the Board.
And so we’re just baking in our color and our commentary here, a degree of caution, although I do want to underscore that our pipeline is – it remains quite healthy and the overall size of the pipeline is quite large, and we are having an active dialogue and engagement and healthy discussion with our clients. It’s just we’ve seen in past cycles that we should be prudent and cautious in our outlook.
GeorgeTong: Got it. That’s helpful. You’ve taken actions to recalibrate head count and expenses as part of your downturn playbook. Can you talk about how much further runway you have for expense reduction, what kind of levers you have remaining? And would you say the majority of your cost rightsizing actions are now behind you?
Andy Wiechmann: Yes. I would say, and I alluded to this in a prior question, it’s important to really underscore that the tough actions we’ve been taking are really to enable investment. And so as I alluded to, we plan to continue to invest at a pretty healthy rate in those key investment areas, and we’re going to continue to have an intense focus on efficiencies throughout the year. Beyond the proactive actions that we took in – on the severance front, and I alluded to this in the past, we’ve continued to slow down and even stop hiring in certain less critical areas. We’ve been very selective about the areas where we are adding people we’ve imposed certain expense controls in areas like T&E and other professional fees. But it is important to underscore, we have numerous levers at our disposal, and we haven’t fully flexed the downturn playbook nor does our guidance reflect that we’re flexing fully our downturn playbook.
We can stop hiring in certain areas, implement hiring freeze is closing backfills. We have degrees of freedom on the non-comp side. As you know, our incentive compensation will move with the performance of the business. So it is a constant calibration and something that we’re going to continue to proactively manage. But we are being cautious in implementing cost controls, but we do have many more levers if we need to flex down further, including slowing down investment, which hopefully we don’t have to do, but that clearly can help us manage expenses. Very
GeorgeTong: Very helpful. Thank you.
Operator: Now we have a question from Faiza Alwy from Deutsche Bank. Faiza, please go ahead.
Faiza Alwy: Yes, hi. Thank you. Good morning. And so I wanted to talk a little bit more about ESG. Give us a sense of the new subscription sales that you signed on this quarter. How much of that is just a seasonal acceleration from 3Q to 4Q? Or are you seeing sort of sales cycles? And as you alluded to, the last quarter that those had increased a little bit. Are you seeing further increase in those sales cycles? Or are things sort of normalizing from your perspective?
