William C. Stone: Well, that’s pretty sizable range, Kevin. And I think that we’re certainly hoping to beat the low-end. We’d love to beat the high-end. We’d also love to beat the midpoint. So, I don’t think that we think that the low end, The 2.8, I think it is the high hurdle, but it’s also when you’re $5.5 billion in revenue and you want 3% growth and you have about 3% attrition that means you need 6% on $5.5 billion which my early math tells me that it’s $330 million worth of sales that we have to do. So, it’s not a walk in the park. We’ve got a talented sales team, we’ve got talented implementers, we’ve got talented developers and we have a talented support organization. So, we’re cautiously optimistic that we’re going to have a really good 2024.
Kevin McVeigh: Sounds like it. And then can you remind us your whoever would be best, just the philosophy on the incremental margin you get from Blue Prism and just the deployment of the bots. How much of that goes to maybe margin as opposed to reinvestment as we think about that going forward?
Brian Schell: I think we feel pretty good about the investment levels that we already have in our business, whether that’s spending on R&D or other things. So, really the productivity enhancements do a couple of things for us. We think they make the customer experience better. We think it gives the employees better jobs and then it does most of it does go straight to the bottom line.
Kevin McVeigh: Thank you.
Operator: All right. Thank you, Kevin. [Operator Instructions] And our next question comes from the line of James Faucette with Morgan Stanley. James, please go ahead.
Michael Infante: Hi, everyone. It’s Michael Infante on for James. Thanks for taking our questions. Bill, I just wanted to ask on M&A. Clearly, there’s capacity here from a leverage perspective, and you called out a senior hire to assist with M&A earlier in the call. What does the deal pipeline look like right now, and what types of assets and geographies that are you targeting?
William C. Stone: Well, right now, we’re only targeting Earth. So, we’re going to try to wherever we can on the planet. And as far as types of organizations that we would acquire, we’re very interested in expanding fund administration, if we can buy existing businesses and figure out ways to help current clients, maybe improve their businesses by collaborating with us on a lift out or something along those lines. Secondly, we like technology. We think that’s the steep corner of our business. That’s why you hear me get somewhat passionate about protecting our IP. So, I think our key things on this stuff is to find pockets. So, we just had some seminars and some people out in the Far East. We were in McCall, we were in Hong Kong and pitching a bunch of clients and we have a really nice business in Australia.
And I think that there’s opportunity. We have a pretty nice business in China too. That’s somewhat of, the crapshoot is to whether or not it’s going to grow really fast or it’s going to stop. But I think it’s we have a lot of great clients and we think we provide some good services. So, we think there’s opportunity. We think there’s a lot of opportunity throughout Europe. We think that we have a number of initiatives that we’re executing on and then we’re pretty much a pretty big powerhouse here in North America.
Michael Infante: Got it. That’s helpful. And maybe just on pricing. In terms of the incremental revenue contemplated in ‘24. How much of it, do you expect to come from price increases, and how does that compare to what you’re able to to sort of enact in ‘23? Thanks.
Brian Schell: I think that the, we feel really good that we have a much more predictable view on this. We’ve been through a couple of rounds of this over the last couple of years. So, we expect a sort of a similar amount of price lift in ‘24 as we actually achieved in ‘23. And the process for getting it is a lot more laid out now. So, and then that ought to be just a continuous uplift for us in future years as well.
Michael Infante: Got it. Thanks, Brian. Thanks Bill.
Operator: All right. Thanks you for your patience, everyone. And, it looks like there are no further questions. So, I’d now like to turn the call back over to Bill Stone for closing remarks. Bill, the floor is yours.
William C. Stone: Thanks, and thanks, everybody. We appreciate you coming to this call. I know in New York City, it was a little snowy for you and then some of you might have forgotten your galoshes and all that. So, we really appreciate that you came out and we look forward to seeing you sometime in April and talking about where we’re going from here. So, thanks again and we’re working hard for you. Thanks.
Operator: Thanks, Bill. And ladies and gentlemen, that does conclude today’s call. Thank you all for joining and you may now disconnect. Have a great day everyone.
