Will Febbo: Yes, I think we did not only a buyback with the company’s money, but also the senior team did a buyback, too. So, we obviously get even the business. Look I should highlight everyone has choice in this market with unemployment where it is and the amount of new solutions that need good leaders, and we’ve had no turnover in our company. So, not that doesn’t mean that everyone is hitting on everyone which they share with us. But I think that’s a telltale Stephanie, that we’ve got a lot of conviction and we’re being smart in a market that requires you to be a lot smarter and a lot more careful with what you tell that we’re all going to do. So, we’re going to focus on our growth drivers through the year. We’re going to keep everyone updated on that.
I think that’s the thing to watch as an investor. You’re going to see the growth in other solutions because we’re getting some good traction there around helping different types of client sets and we don’t — we’re in no financial trouble at all, generating cash at this size business. I mean, if you look back at any of my peers, none of them are doing that. So, we feel like we’re in a great spot. Lots of conviction.
Stephanie Davis: All good. Thanks. Appreciate it.
Will Febbo: Yes, talk to you soon.
Operator: Your next question comes from David Grossman with Stifel. Please go ahead.
David Grossman: Good afternoon and thank you very much. So, I think this has been coming out a few other questions. So, sorry just to revisit this. But I was hoping maybe just to get a better sense of just the architecture of 2023, and it’s just not financially, but I’m thinking fundamentally as well. It looks like with your retention rate being down this year. I guess the first question is fundamentally just helping us better understand what the underlying dynamic was? And sorry if you covered this in one of the other questions, but I didn’t quite get it, in terms of why there was such a big drop in retention, what were the underlying drivers? And then as you kind of roll that forward, if you apply that to your base, it looks like you got to add about $15 million or so to hit your revenue guide for at least 10%.
And how do you want us to think about how much of that would fall in kind of to the ordinary cadence of the business in terms of new bookings and fees that you’re going to get from architecture fees from the RWD-AI deals that you’ve already signed, et cetera.
Will Febbo: Okay. A couple of questions in there. Ed, do you want to tackle the retention one first.
Ed Stelmakh: Yes.
Will Febbo: The KPI.
Ed Stelmakh: Yes, great question David. So, the KPIs, as you know, are trailing 12-month months to look back. So, obviously, with the less than stellar year in 2022, we’re now capturing the full year impact of that versus 2021, which had a very strong year. So, year-on-year comparison basically is skewed by that dynamic. As the year — as 2023 gets better, obviously, you should see an impact on those metrics and you see the recovery in that metric.
David Grossman: And Ed just before I go on to the next one, how much of the retention was kind of driven by things that happened earlier in the year versus the back half of the year? I don’t know if you think about it in those terms at all, but just wondering if — because I think you had some losses right towards the beginning of the year, and just wondering if that number changed much in your mind as you were thinking about next year as the year went on as 2021.
Ed Stelmakh: Yes, I don’t know if we really kind of get to that level of detail in terms of underlying good quarters. I mean there were several dynamics that occurred last year that we already disclosed. It was probably just a confluence of all those factors that played a role in driving revenues down within that top 20 pool of clients. We did grow, as you can see, outside of the pool to some degree. But since that metric hits the top 20, you’ll see the bulk of that decline driven within that portfolio of clients.
David Grossman: Got you.
Will Febbo: Yes, David. Yes, to your second part of the question, how much of the additional revenue for growth this year is sort of ordinary. It’s — clearly, RWD-AI is going to be a piece of that growth, but we also had projects last year that were pushed into this year. So, that is part of that as well and that’s already rolling. And then we’ve also, just given the differentiation of RWD-AI and we did some pretty aggressive marketing among the agencies that advise pharma as well as direct-to-pharma. We’re just seeing, as we said, a big pipeline there building. We don’t talk about the number, but it’s — we didn’t have one last year. So, that gives us more confidence in the year of closing on this kind of offering because we now have measurement to put against it. It’s not just a shiny object. It’s actually part of the toolshed now. So, those things combined should give us that additional revenue needed for the at least 10% growth.
David Grossman: Got it. And just one last one. I can’t remember if you just — if you provide this information, but just a qualitative look at whether we’ve got year-over-year patents, drugs coming off patent that may impact your business at all, either favorably or unfavorably?
Will Febbo: Yes, this year, we do not have one we’re dealing with that is material to our revenue. Steve, do you have any other comment on that, but it’s not something we — it’s not a headwind this year.
Steve Silvestro: Yes, nothing this year to impact us negatively on current programs at all, a couple next year, but they’re sort of latter part of next year and not larger programs. And we’re expecting several launches that will be more significant than the patent expiry. So, great question, something we’re always looking at.
David Grossman: Great. All right, guys. Thanks very much, good luck.
Will Febbo: Thank you.
Operator: Your next question comes from Neil Chatterji with B. Riley. Please go ahead.
