Bill Dunaway: Yes, I think it’s because that you saw the fourth quarter, you saw the rates going up quite precipitously in the fourth quarter more so than you saw in the third quarter. And also you’ll note, we put a note in the slide deck you could take a look at, Dan. The ADV for the third quarter was higher than it should be. We had some double counting of transactions. So we gave you an adjusted figure here. And that obviously affects RPM. It had no effect on revenues itself, but kind of adjusted that figure to where Q3 RPM should have been 512 for the third quarter with that adjusted figure.
Dan Fannon: Okay, it makes more sense.
Bill Dunaway: And still, the fourth quarter is up precipitously because of the interest.
Dan Fannon: Okay. And then just in the context of what you guys have been talking about in terms of the new investment, digitizing the platform and then margin expansion potential and operating leverage as a result. So I guess as you budgeted and think about next year, fixed expenses in kind of — is there a inflation plus growth investment number we should be thinking about for fixed rate expenses, and obviously the revenues will be what they are, but in the hopes of driving margin expansion, I get the longer term goals of this, but just trying to get a sense from a dollar perspective or how the budget looks as you think about expenses for next year?
Sean O’Connor: Well, Bill can give you the exact number that we thinking about I guess, but I would say the good and the bad news, we’ve spent that money and have been spending it for the better part of two years. So these platforms don’t just get stood up overnight, right? There’s a long lead time. So a lot of that cost is already in our cost structure. So you shouldn’t see a big ramp up just for that, right. And as I said, we’re going to start rolling these out and have started rolling out some of these initiatives slowly and incrementally. And obviously, that’ll show some incremental revenue. And obviously, we’ll be positive against that cost base. I think we got to assume — I was kind of pleased to see that our fixed costs have sort of flattened out.
A year ago, we were talking about pretty big fixed compensation cost increases and it was largely because of the Gain acquisition. But you always worry that when you get through that cycle where we really see these numbers plateau, and they did. We’re up 3% or something sort of quarter-on-quarter in fixed compensation expense, I expect that to stay in a pretty modest range, but we obviously have to take account of sort of higher inflation. So we’re just going through our annual increase process now and it’s going to be larger than it was a year ago, right? So that is something to be taken into account. Well, I don’t know what your overall sort of view on that could be, but I would say it’s going to be inflationary largely, right?
Bill Dunaway: Yes, I would agree with you, Sean. I think a lot of that has come through so far. But I think inflationary, right, we have to be realistic here with the environment that we’re seeing. So I think that 7%, 8% growth is probably likely given just the inflationary pressures that we’re seeing on a go-forward basis, Dan.
Dan Fannon: Okay, that makes sense.
