Jimmy Bhullar: So most of my questions were answered. I just had one on margins. If we think about the midpoint of your guidance in 2023, it’s suggesting lower margin than in 2022 despite the fact that your growth has been fairly healthy even with the slowdown. And then on top of that, you’ve got a restructuring charge, where the costs are going below the line, the benefits are going to go above the line. So I’m wondering if — like is this because of a lot of your expenses being variable in nature where there’s less leverage in the business to growth in revenues or any sort of fee pressure, commission pressure or any that sort — and I do recognize the comments about wanting to grow the business, but it is somewhat surprising that margins are not improving with the strong growth that you’ve had and fairly strong growth that you’re projecting?
Jeremiah Bickham: Jimmy, as I said, the business model is proven to scale. We were at 25% margin at the end of 2019, we’re at 30% at the end of 2022. What we’ve tried to be upfront and consistent about is making long-term investments in talent is the right thing to do to keep up our differentiated growth. We saw a big opportunity last year. We made it. There’s a run rate impact for this year. There’s an opportunity this year that we want to capitalize on. Like, that’s the right playbook, and we’re planning to stick to it. It won’t be the case every year that we have an outsized opportunity like we saw in 2022. And so I’ll go back to my prior statements, many years, not all, but many years, you will see scaling. And what we’re really excited — one thing we’re excited about for Accelerate 2025 is that we’re going to get a step change in margin once the program is fully built out.
And the capabilities, the efficiencies that we’re going to gain are going to make our continual annual scaling that much more rapid. So the model scales, Jimmy, it’s just when we have the opportunity, we think it makes sense to reinvest in our talent.
Jimmy Bhullar: Okay. And then on the uptick in sort of activity that you saw in your business in late December, are you able to comment if that’s continued through January and February as well, recognizing that certain business is booked more in a certain quarter and less in another quarter. But has that uptick in activity continued through the first half of this quarter?
Jeremiah Bickham: Sorry, Jimmy, when you say uptick in activity, what are you referring to?
Jimmy Bhullar: Or you’re just saying you saw stronger activity in the last two weeks of December, which caused you to do better on growth than you had previously indicated?
Jeremiah Bickham: Right. Okay. Yes, the comments on the late surge in property that benefited the quarterly organic, yes, we’re — and Tim touched on the ongoing state of play with regards to property. It’s — we’re still seeing a benefit from that as we sit here today.
Jimmy Bhullar: And despite that, your assumption for growth in the first half being less than in 4Q, is that a function of just booking less property revenues in the first half of the — or in the first quarter early on? Or is it something else that’s gotten worse?
Jeremiah Bickham: We actually haven’t made any statement about the growth of H1 relative to Q4, just that we’ve got tough comps. There’s headwinds we know about, so we know that it’s going to be a challenging H1. But the important thing to do is to focus on the annual growth rate, which we think is going to be a very healthy 10% to 13%.
Operator: The next question is from Ryan Tunis of Autonomous Research.
