Jason Meggs: Yeah. Sandy, so we talked a little bit about the reimbursables that we had in Q4 that are going to impact Q1 in a positive way, primarily. A little bit in quarter two, but primarily quarter one. So when you look at total revenue, I think, sort of how you are thinking about it is in line with how we are thinking about it on the revenue side, given some of those dynamics. And then on the EBITDA side, we are making some investments earlier on in the year that will stay consistent throughout the year, we will continue to make investments, but some of them will sort of tail off from Q2 and Q3 onward given what they are, particularly around the Clinical business and Clinical Reimagined that Michael has talked about as we get through that first half and sort of get most customers into that new model and then the savings initiatives that we have start to pick up from Q2 onwards as well.
So think about EBITDA, seasonally low always in quarter one, has a little bit of extra headwind in it this year due to the investments and the cost savings not being ramped and then from quarter two onwards we start to see that ramp. And the exit rate of quarter four EBITDA is broadly in line with what we are talking about for that full year 2024.
Sandy Draper: Okay. Great. That’s really helpful. Thanks.
Operator: Thank you. And our next question coming from the line of Max Smock with William Blair. Your line is open.
Max Smock: Hi. Thanks for taking my question. Just wanted to follow up on some of the backlog conversion delays you discussed. I am curious how much of your 2023 guide for Clinical in particular is coming from existing backlog and how much visibility do you have into potential delays and cancellations moving forward?
Michelle Keefe: I can start. I mean I will start with cancellations. I mean our 2022 cancellation rate was lower than our 2021 cancellation rate. So we are right in line with where we have always said we expect our cancels to do. But maybe, Jason, you want to give a little more color on the backlog.
Jason Meggs: Yeah. I think, Max, you were asking the visibility of the backlog into 2023, is that right recovery?
Max Smock: Yeah. That’s right.
Jason Meggs: Yeah.
Max Smock: And how much of 2023 revenue is coming from…
Jason Meggs: Okay. Yeah. So roughly if you look at last year I think and the next 12-month backlog cover, I think, we are in around 90% or something and we are higher than that as we head into 2023. So you see good cover there. That doesn’t change the fact that we have to execute on the pipeline and the RFP flow in the bookings for the back half of the year and that’s what Michelle and Michael have talked about. So that’s what we see currently on the Clinical side. And that includes a very detailed bottoms-up review of every single project that we do every month as we come into the year and based on what we have seen in the past in terms of how our projects in backlog run out in a given 12-month period, we feel really good about that in terms of the accuracy and consistency.
