And that’s — if you look at that through perhaps the CFO lens, you are like, wait a minute, bookings are down, BD costs are up, that doesn’t make any sense. Well, we believe though, that longer term that’s what’s going to drive the growth of the business and move it forward and we are staying very much committed to that and continue to invest around that, as Michelle has said. For 2023 and the guidance, we always start with our backlog build, start with our pipeline and everything that we talked about and then we work through our initiative, whether it’s been our synergies from the initial transaction back in 2017 and our ForwardBound initiative that we had a lot of success with and now we have our Project Velocity that’s sort of our new operating model as we move forward, where we have demonstrated we can execute these initiatives.
We have looked at all that in the exact same way and put a sort of margin of error on it that we typically would plus perhaps a bit more given the macroeconomic uncertainty that’s out there and just some execution risk type thing. So feel good about the guidance ranges that we have given for 2023 and you are right, obviously, the better we do that makes that step back up in 2024 easier.
Luke Sergott: Great. Thank you.
Operator: Thank you. One moment please for our next question. And our next question coming from the line of Elizabeth Anderson with Evercore. Sir, your line is now open.
Elizabeth Anderson: Hi, guys. Thanks so much for the question. I was wondering if you could comment a little bit more on how pricing is trending both in sort of Clinical and Commercial versus sort of earlier in the year? And then also on — secondarily sort of accounting cleanup question, does your interest rate assumption for the full year assume that the hedge gets put on again, I was just slightly unclear on that point, so if that would — if you could answer that, too, that would be helpful?
Michelle Keefe: Sure. So, Elizabeth, thanks for the question. In regards to — I will let Jason answer the interest rate question.
Jason Meggs: Yeah. On the interest rate side, the current guidance assumes that we move to 75% variable as of April 1. So it doesn’t assume we put on a new hedge, and it assumes the forward curve that’s currently out there for SOFR.
Michelle Keefe: And Elizabeth, can you just repeat the beginning of the question?
Elizabeth Anderson: Yeah. Absolutely. So just if you could comment a little bit more on pricing in both Clinical and Commercial and kind of sort of how that’s trending versus a quarter or two ago?
Michelle Keefe: Yeah. Right. Sure. Great. Thank you, Elizabeth. So I think you have heard us say in both Clinical and Commercial that we think we price for value and we price for the operating delivery that we believe is going to get you the best outcome, whether it’s Clinical or Commercial. And I think that stands true today, I don’t think we have seen anything different around anybody’s pricing approach. I think all these customers are making decisions that they believe are in the best interest of maximizing their asset value. So we haven’t really seen a change in that.
Elizabeth Anderson: Great. That’s really helpful. Thank you.
