Phil Angelastro : I think it’s the first week in February, as John had said. And I think if we were sitting here 12 months ago, looking out at 2022, it was a very different macro outlook than it is today in 2023. And given that uncertainty, we expect there’s going to be some challenges that we’re going to have to manage through. And we expect to do it successfully, and we’re not going to be overly optimistic in terms of our guidance at this point.
John Wren : Yes. I mean the only other thing I would add is that when we issue our K, we’ll probably be — I’m sure we’ll be talking about our headcount. Our headcount definitely went up in ’22. It went up throughout the year. So we are looking at a full year’s cost for those incremental employees right now. It’s hard to really predict what’s going to happen in the payroll environment because we’re going to start to insist, you’ll see some reports that we are consistently bringing people back at least three days a week. That hasn’t been — that will be finished and completed but way before the end of this quarter. And there are costs associated with those people coming back that we haven’t necessarily had to bear as we were working remotely in the past.
So we’re being a bit cautious, but I think we’re being very sensible. And with the Fed raising interest rates as well as some of the other challenges that are going on with the war, there are uncertainties out there. So we plan for what we know. That’s not what we’re hoping for. I mean we will do everything in our power to reasonably control our costs while attracting the best and brightest people that are out there in the marketplace. And we will get some relief with some of the challenges that the tech companies are going through, but we haven’t seen the full impact of that yet.
Operator: Next question comes from the line of Michael Nathanson with SVB MoffettNathanson.
Michael Nathanson : One for John and one for Phil, for both you guys. One of the challenges we have is trying to figure out what’s normal, right? We had ’21 lapping ’20 and ’22 is a bit of a recovery year too, the growth was extraordinary 9%. When you look at your revenue buckets, what businesses do you think are expecting to slow, right? Is there a biggest kind of normalization? And in your forecast 3%, 5%, is there just some acknowledgment that maybe the ’22 growth rate is a bit of a catch-up? Or anything you help on looking at kind of the normalization of growth. I’m looking at ’22 and maybe Experiential, maybe there are some places that were caught up. And then Phil, can you remind me a bit of your currency and where it’s moving. Is that a positive or negative for margin? I know it’s translation effect, but is there kind of a bogey on margin due to where currencies move into where it could possibly go to?
John Wren : When we look at revenue, when we look at our clients, we look at what their business needs are in terms of selling their products. So we are most interested in share of wallet as opposed to individual expertise or crafts within the marketing experience. So — and we’ve gotten better and better at this, we’re on our front foot. So we’re not only answering the briefs that the client isn’t necessarily putting to us, we’re not just answering questions. We’re taking a look at their business, their sector and trying to be helpful as a partner to them in growing their businesses. So we don’t really make the distinctions other than what the accounting systems spew out is relevant to me. And in today’s environment, that marketing funnel continues to collapse and there’s a lot of overlap between the skills or the areas in which we call out for historic purposes.
