I mean that’s really what we’re hoping for. It’s scalability rather than seeing the costs come down. But we are not anticipating a significant increase in fixed costs. I mean, we’ve got an inflation push, and inflation is obviously higher than it’s been for a while, and we’ll probably see somewhere between 3% and 5% sort of embedded growth in those fixed costs. But we’re not anticipating a sort of a step change in our fixed costs at this point. I think we took that step change a couple of years ago already.
Daniel Fannon: Okay. And then one more on expenses. Bill, you mentioned a positive offset within bad debt. Can you — just so we get a sense of what the — normalize or what the actual expense was versus the recovery?
Bill Dunaway: Yeah. It was, I think, a $1.5 million recovery in the Institutional segment, I think, is what we saw. You can kind of see if you look at the — or $1.3 million, I guess, as I’m looking at the earnings deck here.
Daniel Fannon: Okay. All right. Thank you. And then just one more on, I guess, expenses — the recent news around the litigation associated with BTIG and some of the claims made within that. I know it’s early, but I was hoping you could contextualize the businesses this impacts and any kind of first — kind of outlook or comments on it.
Sean O’Connor: Okay. Well, obviously, we can’t comment on pending litigation. So — but what I will say is we are aware of the complaint that was filed earlier this week. It seems to us that this action is more focused on media and attracting publicity than anything else because it appeared in the media before the complaint was even filed with the court. So, they went to press first. We’re reviewing the complaint, but at this time, we don’t believe any of these allegations of any merit. So, we will defend ourselves, we believe we’re in a good position, and we don’t think there’s any merit. So that’s about all I can tell you at this point. We’re looking into it.
Daniel Fannon: Understood. Okay. Thank you. And then I guess one more just on the environment. You have a lot of things that you mentioned you’d like to do and will do around expanding your client footprint as well as geographies and products. Can you talk about the inorganic opportunity today given the market volatility? And what that is presenting itself or not in terms of more opportunities? And how active is the pipeline for new transactions today versus kind of earlier this year?
Sean O’Connor: Sure. Well, we never plan for acquisitions. I know that always sounds strange when we say it, given that we’ve done like 30 acquisitions. We always focus, first and foremost, on sort of the organic growth of our ecosystem and opportunity. And as I said, it’s a very constructive environment, we believe for organic growth. I mean, I think the banks are going to be hit with another big capital charge. There was a big conference that the FIA held about that. They believe it could really affect the sort of trading and clearing business at the big banks as it has. That will just accelerate that, so that’s good news for us. So that’s our primary focus. That said, we do like to be in the pipeline. We included in most of the transactions that would be sort of sized for us, I think we see most of them.
And I would say there’s definitely been more interesting opportunities of late than there was probably over the last two years. As I said repeatedly, as we were sort of during the COVID years, things were crazy, people were having sort of big bumps in revenue, and obviously, multiples got to kind of hysterical levels. So at that point, we just didn’t see anything that was even remotely interesting. I think we’re now in a more normalized environment, and I think the push to consolidation continues. Smaller firms are struggling and they have to do something, and those are the kind of opportunities we tend to see. So, I think we’re sort of back to a more normal cadence. But having said that, I don’t think there’s necessarily anything on the horizon that we think is close or sort of — or could be meaningful, but we’re definitely looking at more stuff, if that answers your question.
Daniel Fannon: No, that’s helpful. Thanks for answering all my questions.
Bill Dunaway: Thank you, Dan.
Operator: I’m showing no further questions. I would now like to hand the call back to Sean for closing remarks.
Sean O’Connor: All right. Well, thanks, everyone. It was a long call today. I appreciate all your attention. And I guess on a final note, I’d just like to wish all of those in the U.S. a happy Thanksgiving, and to everyone else, a great holiday season, and we will speak to you in the New Year. Thanks very much. Bye-bye.
Operator: This concludes today’s conference. Thank you for participating. You may now disconnect.
