So those 30 basis points are in net income. Those are neutralized. So that’s just a P&L placement. And then the other 20 basis points really are what we’ve been talking about all year long. This recently acquired operations, when they make up a more significant portion of the overall cost, you’re going to have the margin impacted by that. And you can see that our recently acquired operations continue to make up a significant portion of our cost. And again, quarter-over-quarter-over-quarter-over-quarter increase were a higher percentage of our overall revenue. A couple of other things with Q3 to Q4. You always have a little bit higher cost associated with benefits and GLPL and we did have some COVID costs. So you’ve got some — a little bit of noise to make up that additional 20 basis points up there, but that kind of rounds out 2023.
Pushing into 2024, what we try to get you guys to do is neutralize that deferred comp impact, kind of getting that out of there because again, that it’s below the line and above the line. And so kind of making that all neutralized, I really think that the overall neutralized effect will have really consistent margins to what we saw in 2023 and before. And so overall consistent to slightly improved on the top end.
Scott Fidel: Okay. Great. Very helpful. Then just last question. In 2023, you had really significant growth in both operating cash flow and free cash flow as well. And we’re just trying to think about how to model off of that, given, again, a very sort of sharp uplift in operating cash flow. So any guidance you can give us on, on thinking about operating cash flow, any sort of working capital or other items that we should be contemplating as we’re trying to trend out our cash flow forecast for 2024?
Suzanne Snapper: Yes. As you kind of think through, obviously, in Q1, we always have a significant hit in cash for a couple of different reasons, right? That’s when you see the outflow of our incentives go out, all the year-end incentives get paid out in Q1. So you’d anticipate that outflow going into Q1. It will be a little bit different pattern that we saw in 2023. Remember in 2023, we were able to defer a lot of our taxes all the way to Q4. And so you’re going to see those taxes really be spread out throughout the year in 2024. Other than that, we just don’t have as much lumpiness other than the timing of when we’ll pay out the settlement of the litigation matter that we disclosed that’s — there’s a little unclarity there.
So that will — my best guess would be maybe late Q2, early Q3, but that will be in there. But other than that, I think we’ll have nice, more steady cash flow, but those are some of the things that will make it a little bumpy in Q1 and then kind of steadied out throughout the rest of the year.
Scott Fidel: Got it. So overall, probably fair to think about operating cash flows just kind of generally consistent with the earnings 2024.
Suzanne Snapper: Correct. With the exception of Q1, that little bit of hit I talked about and then the other things being that the DOJ.
Operator: And that is currently all the questions that we have in our queue. At this point, I would like to hand the call back over to Barry for some closing remarks.
Barry Port: Thanks, operator, and thanks, everyone, for joining us today. We appreciate your support, as always, and look forward to an amazing 2024.
Operator: Thank you. And ladies and gentlemen, that does conclude today’s call. Thanks again for joining. You may now disconnect.
