Jailendra Singh: Thank you, and thanks for taking my question. First, a quick clarification follow up on Anne’s question on government plan. Are you implying that margins on that contract could be relatively higher even at a smaller revenue base or similar? And my main question is on 4Q guidance, just trying to understand why fourth quarter guidance implies a sequential step down on both revenue and margins. I can’t recall if you guys ever had a year where revenues declined from Q3 to Q4, and with some pull forward, some intra-year launches happening this year as well. I thought it would actually go up. Just curious on that trend.
Pete Anevski: Yes, so I’ll do the first question and I’ll give Mark, I’ll let Mark handle the second question, Jailendra. Regarding your first question, yes, margins will be higher, but revenue will be lower. And that’s sort of how you have to think about it relative to the overall contribution to the financial picture. It’s probably the easiest way I could describe that. Mark, do you want to take the second?
Mark Livingston: Yes, so on the sequential guide, one of the things that you have to keep in mind that there are seasonal impacts that we see each year on, let’s call it a same client basis. When you get into the end of the year, there are a number of clinics that close for routine maintenance, annual cleaning. Members actually will defer their treatments to avoid going through their treatments during the holiday periods and for other reasons. So there is a seasonal decline that hasn’t been as evident in prior years because we had so many launches in Q2 and Q3 of large clients, for example, in last year that ramp up as they’re going into Q4. So it’s been a little bit masked, I think, by that. So that’s really on the revenue side and that obviously impacts EBITDA margins as well.
And the thing I would, again, point out, which was in the script, but that we build up our staff in Q4 as we’re preparing to enter one, one we do a huge step up in members. And so the activity is very strong as we really begin the year. So we have to bring all those teams on, especially the member facing teams, throughout Q4 to be trained and prepared to do that. So we see a step down in EBITDA each year. And I think if you go back and look at the last couple of years, you’ll see that the sequential change from Q3 to Q4 that we’re now guiding to is pretty comparable to what we’ve seen in the last two years.
Jailendra Singh: Okay. And if one follow-up, if I can, around utilization trends, I understand there could be some variability, but it has been pretty strong this year, 10 basis point year-over-year, which is pretty meaningful. How do you think about this trend, this metric longer term? Should we assume or consider 2023 trends as a new baseline, or you think there could be some variability even in the near term?
Pete Anevski: It’s early to comment on utilization for next year. I will tell you that every year, as you combine your existing client base with the new client ads, the new client ads usually add slightly less utilization as an overall population than the existing clients, but there’s usually some organic growth with the existing clients, which is why it’s been balancing out. As we continue to grow, you’re going to see maybe a little less impact of that, but overall, I wouldn’t say that this is the new baseline. Every year, we look at utilization levels. We look at it early in the year, and we guide to what we’re seeing at that time. Then obviously adjust, as we have this year, to the extent that we see any strength or changes in that, but I think it’s early to comment on whether or not this is a new baseline or not relative to where we’re at.
Jailendra Singh: Great. Thanks a lot.
Operator: Thank you. Your next question is coming from Sarah James from Cantor. Your line is live.
