Final point, just the advertorial since this is my 12th year now, as you know, Jason, there was a point when our business was heavily depend on float 27% or so of net income. We’re in a different world right now. We’ll manage through it even if it doesn’t materialize quite the way we expect it to. But that’s the breakdown of the three pieces that I think will impact us going to in the future.
Operator: Thank you. Our next question comes from Kartik Mehta with Northcoast Research.
Kartik Mehta: Efrain, I wanted to go back to your comment on Management Solutions, payroll and pricing. Do you think it’s fair to assume that considering the inflationary environment we’re in and obviously, that’s impacting your costs as well that the pricing on the payroll side will be higher than normal, maybe not as high as it was last year, but higher than normal?
Efrain Rivera: So, I’ll turn it over to for John some comments on pricing because I think that I think we need to distinguish between pure pricing and value delivered to customers. So — but let me answer your question. So as you know, Kartik and everyone on the call knows, we typically have said that pricing is in the 2% to 4% range on a realized basis. So maybe it could be a little bit higher for some clients, but frequently or sometimes it’s discounted. I don’t want to talk too much to the specifics around pricing next year. I think the pricing environment will not be quite the same as it was this year. I think it was somewhat of an unusual situation given inflation. Having said that, I just want to limit that comment to the issue of pricing and not include value.
I do think there’s always an opportunity to think about how to add more value to a customer and then charge them for that because they’re willing to accept that. I’ll let John comment on some of the things that we think about in that respect.
John Gibson: Yes. We certainly don’t want to talk about future pricing on this call. But I think it’s fair to say that we have gotten far more scientific and precise about the ability and willingness of our customer base to pay based upon a series of attributes about the way that they consume our services, the way they want to be served, and what products that we attach, we see better stickiness and price elasticity. So a lot of AI, a lot of data science, a lot of modeling for us to be very precise in that regard. And then as Efrain said, I think we try to talk a lot more about value and about how we engage them in the utilization of our products and services. We approached over — for the first time in third quarter over 100 million mobile uses interactions with our Paychex Flex product.
And a vast majority of those are employees engaging the product. And we’ve been doing a lot to really introduce that to not only our clients, but their employees, but now they’re getting accustomed to the notification, the way Paychex, the way they can make changes in real time. And what we’re seeing is people that we can do that with actually see that as a higher value. And as you can imagine, it’s a higher — it’s a better customer experience, and there’s also some service and margin benefit there at the same time. So that’s been another lever that we understand as well that we’re pushing on. So, I think what you’re going to see is us continue to understand what things we need to engage the customer around that if we engage them on those items, it’s going to increase the value they get from Paychex.
And because of our competitive position, allow us to, I think, generate more value to the bottom line at the same time.
