Greg Crawford: Yes, historically we haven’t seen seasonality in that from a revenue standpoint on the collection side in that we do it see seasonality in that we’re on the fiscal year nine thirty as a reminder, so typically maybe into our Q2 in that from a cash perspective and collections and that we could see a slight dip. But historically, we’ve picked that up in the prior quarters or in the following quarters.
Tania Armstrong-Whitworth: Perfect. Thanks guys. That’s all for me.
Operator: The next question comes from Justin Keywood with Stifel. Please go ahead.
Justin Keywood: Hi, good morning. Thanks for taking my call. And nice to see the operating leverage in the quarter. Just on the organic growth outlook of 8% to 10%, is that a big conservative given the already price increases implemented early last month, which I believe, is a blended rate of around 8% for Quipt?
Greg Crawford: Yes, that is correct. And that it is about €“ the CPI is about 8% overall. We believe that 8% to 10% in that is probably on the lighter side in that especially when we get into the back half of calendar 2023 between the expansion of the sales force that we’re starting to see some impact from and then the full integration in that Great Elm and then supply chain, like we’ve mentioned, we think at a minimum we can get back to where we were historically prior to supply chain constraints.
Hardik Mehta : And just to clarify, the CPI percentages you mentioned that is only on the Medicare revenue, not on the total revenue of Quipt.
Justin Keywood: Right. But is the private insurers, aren’t there rates somewhat comparable or is there a bit of a lag for that to catch up?
Greg Crawford: Well, most of the €“ I mean commercial payers in that typically don’t follow Medicare. There are some of the Medicare Advantage plans that do. It just depends on if our contract is related to the Medicare rate or not as a percentage or anything. Those we’ll see an increase on. But what we’ve referred to as this 8% is the overall blend and then the $6 million that Hardik mentioned in that that is inclusive of all of those Medicare Advantage plans that we’re aware of and the Medicare.
Hardik Mehta: The point, the distinction we are trying to make Justin is it wouldn’t be appropriate for our users to take 8% over our total revenue. The 8% is only over the Medicare Plus, Medicare Advantage plans, which is you can refer to our investor debt, but about 35% of our €“ 34%, 35% of our revenue would be impacted by that.
Justin Keywood: Understood. And thanks for clarifying that. And then on M&A obviously a bigger acquisition with Great Elm in a pretty favorable multiple of what you would see with some of the smaller deals. What’s your ability to continue to acquire larger size companies at that multiple? Was Great Elm a bit of a unique situation or do you think there is other opportunities out there like it?
Greg Crawford: Yes, as far as multiples in that, I mean, we’ve seen multiples kind of stay pretty consistent. We’ll say $20 million an under type revenue companies in that are still in that four just over five times. We’ve historically seen larger companies $20 million to say $80 million, $90 million in top line revenue, and that come in in that seven to nine times. All of those are kind of pre any synergies. I’ll say that the market has slightly changed in that and came down on the larger size deals. There tends to be a fair amount of those still on the market that were commanding that high end of the multiple in that say going back a year and a half ago. So we anticipate as long as we continue to remain disciplined in that, in our approach and that that we’ll be able to continue to fill the pipeline here and close some deals in that in 2023.