Will Febbo: Yes sure. Thanks Ryan. On the competitive front, most of the competition, other the ones that we’ve talked about have come in by connecting to various different pieces, but really don’t have the reach of the full network like we do. They’re not directly integrated, it’s always a Tier 2 relationship. And that’s going to do two things. That’s going to — to your second question, that’s going to really limit them on measurement just because when you’re going through someone who’s going through someone, you’re going to lose some of that data and — or you may not get it at all. So, I think that’s what we’ve seen. That’s been the noise. And you have to remember that pharma relies pretty heavily on agencies and agencies are looking for new solutions all the time.
So, in the last 18 months, a lot has hit the market and they want to try it. So, net-net, while it was crowded last year, still working itself through, we see a pretty clear path to being a unique data set, especially since we’ve layered on RWD-AI, which none of the others can do and that response from the client has just been tremendous. So, I think that will help us on our ROI. And those that do have scale, some of the ones that — other ones, the companies that you cover, they generally have a pretty strong ROI and they can actually measure it. But given how we are integrated, it’s very straightforward for us to do.
Ryan Daniels: Okay. Perfect. Thank you for the comments.
Will Febbo: Thanks Ryan.
Operator: Your next question comes from Sean Dodge with RBC Capital Markets. Please go ahead.
Sean Dodge: Yes. Thanks. Good afternoon. Just going back to the guidance, maybe if you could just give us some help reconciling the statements from the Q3 call. Will you said then just executing on the RWE opportunity to position you to grow over 20% in 2023. It appears based on what you’ve announced, you’re executing on it but guiding to less than 20%. So, is the difference — is this just the conservatism you mentioned? Is it kind of the ongoing challenging macro situation or is there cannibalization or attrition that’s happening also that’s offsetting some of the kind of the positivity on the RWE front?
Will Febbo: Yes. No, it’s mostly conservatism. We report late enough that we can listen to enough other executives and across the board, people are being conservative. And I think that’s why it’s in the macro economy we have. And also, as we said, the headwinds aren’t completely gone, right? So, you put the two together and I think it’s a lot better to be conservative and work real hard to exceed, and that’s our goal.
Sean Dodge: Okay. And then the comments you made about the RWE pipeline, you said now contains several dozen deals. Can you give us a sense of maybe what that pipeline looked like this time last year? And then those several dozen opportunities, are these largely existing clients looking to upgrade to RWE or are these, I guess, net new prospects?
Will Febbo: Yes, I’ll start, and then I’ll let Steve answer as well. But just remember, we didn’t have a pipeline this time last year. So, we had done two projects in 2020. We were measuring in 2021 largely and had those players come back and then generated another four. And this pipeline we talk about is all either existing clients getting into the ROI or new clients doing RWD-AI. But Steve, do you want to give a little bit more color to that?
Steve Silvestro: Yes, happy to. Hey Sean. I think one of the things that’s driving this for us is, we’ve got a really solid team of clinicians, people who’ve got clinical experience and have practice, two of which are MDs that are driving the patient architecture. So, that’s a really unique differentiator. And so these are people that are involved with existing clients. So, most of this work is being done in the top 20 and so they’re taking work that we’re doing and then adding on to it. So, it is enhancing the land-and-expand strategy that we implemented early on and driving it. So, same sort of logos on the clients, maybe some different brands, but much larger opportunities and no cannibalization, right? This is completely additive to the portfolio solutions that are already implemented.
Sean Dodge: Okay, that’s great. And then just last one, maybe for Ed. The RWE deals you’ve signed and I presume we’re in the process of implementing now, was there any revenue associated with those, maybe like architecture fees that were captured in Q4 or is all of this kind of net new or incremental beginning in Q1 of 2023?
Ed Stelmakh: Yes. So, there was some revenue from architecture and design that fell into Q4 but again, there were six projects that are signed. So, it wasn’t all captured before, so there’s more that will get converted within this year.
Sean Dodge: Okay, great. Thanks again.
Will Febbo: Thanks Sean.
Operator: Your next question comes from Stephanie Davis with SVB. Please go ahead.
Stephanie Davis: Hey guys. Thank you for taking my question. Will, last quarter, you pointed a 20% revenue growth fueled by that RWD-AI wins alone. So, obviously, we’re a little surprised by the 2023 outlook. So, talk to me about the drivers of this implied kind of decline in the quarter, is that client attrition? Is that pricing and market wallet shrinkage, or is that something else? And you called out a conservative approach to the guidance. Can we kind of just walk through what you faked in assumptions-wise?
Will Febbo: Sure Stephanie. Hey good to hear your voice. Yes. In Q3–
Stephanie Davis: I am back. Right. Should I leave–
Will Febbo: No. No way. You’ll bring it the great year together. No, we — look, in Q3, we said we could get up to 20% growth if everything went our way. We’ve seen continued headwinds, which we’ve talked about. And frankly, we’re not the only ones talking about it. So, it’s not like it’s a new thing. And so that’s going to make us more conservative, right? We’re not losing clients. We’re closing new deals on better solutions, which basically pull in the other solutions, which make for a more strategic relationship with the client. The clients digest it. It’s taken longer for them to make decisions, but their decisions are going to be bigger. And we’re one of a few at the table. And I like to think of us as the younger brother that’s more agile and a little smarter or maybe a little faster.
And I think it’s true actually, from what I’m being when I’m with the clients — peers. The pain points still exist for our clients. They have a hard time reaching HCPs. They have a hard time enabling patient support programs, and we have a network that can do that. So, no drama here, being conservative, want to be able to build up the year in a good way. And we have a lot of confidence that we can do that.
Stephanie Davis: All right. Understood. Let me put this a different way. You did a massive buyback ahead of this guidance. Should we read that as a more hopeful view on the macro than what’s implied in the guidance or is there’s something else we should consider in that move?
