Ryan Potter: Got it. And I guess off of that, are you also seeing increased instances of clients undergoing better consolidation exercises? And if so, have you typically fared in these? Have you continued to maintain or approve wallet share with the majority of your clients?
Bryce Maddock: Yes. So we have seen a few instances of vendor consolidation efforts brought on by our clients increased focus on cost. Fortunately, we stared very well in all of those exercises and have increased our share. As I discussed on the call, we’ve seen our share increase materially as our €“ at our largest client. We try to size this by talking about the headcount increase that we saw in the year of about 29%. This has been consistent across our largest clients. We are a key part of their vendor strategy. They like to work with TaskUs because of our agility and innovation and our offshore delivery footprint in the Philippines and India positions us very well to help them save costs.
Ryan Potter: Great. Thank you.
Operator: Thank you. Our next question is from Dave Koning with Baird. Please proceed with your question.
Dave Koning: Yes. Hey guys, just a couple quick ones on, I guess in the content business, I know this year obviously the drag has been €“ in the back half has been just on offshore movement. Is that a business, do you expect that to grow or are there any headwinds whether it’s political ad review stuff or any one-off type stuff into 2023 that kind of goes away in the future? And just kind of how do we think of that once we’re steady state geographically, is that a 10% plus business?
Bryce Maddock: Yes. Thanks for the question, Dave. So at a volume level, this business continues to grow well into the double-digits, but obviously at a revenue level, we’ve faced some headwinds as a result of those shifts at our largest client. As we lap those shifts this year, we do expect to return to meaningful revenue growth within the trust and safety space. And to elaborate here a little bit, we’re seeing opportunities across clients in the social media, dating an e-commerce space for our content moderation solutions. And we’ve also embedded most of the work we’re doing in the risk and response space to be in our trust and safety numbers. And there we’re continuing to see strong demand for all of our financial crimes and fraud work across our e-commerce and FinTech customers.
Dave Koning: Yes. That makes sense. And then just for Balaji, just a couple really quick ones. Tax rate kind of moved around this last year, but is it kind of mid-teens to high teens, just like in 2022? And then debt rates, I would assume maybe interest goes up just a touch sequentially and then kind of holds in there the rest of the year?
Balaji Sekar: Yes. So from a tax rate perspective, again, 2022 effective tax rate was about 37% compared to the 2021 effective tax rate of 4%. And the reason why, 2021 was low is because we had the one-time Phantom stock payouts. And from a GAAP, non-GAAP ETR, we will be about €“ we were about 20% €“ 21% or 20% between 2022 and 2021. And then we expect 2023 ETR to be at about 36%, which is pretty much in line with 2022. And then from an interest cost perspective, again, we ended the year at about 6.6% interest rate and we would expect that to continue getting into 2023.
Dave Koning: Got you. All right. Hey, thanks, guys.
Operator: Thank you. Our next question is from James Faucette with Morgan Stanley. Please proceed with your question.
