Tim Nollen: Hi. Thanks very much. Could I ask a couple of cost-related questions, please. If my math is right, your $20 million in real estate savings equates to about 30 basis points of margin. Is that the kind of scope of upside we could expect in 2023? And maybe an offset to that or maybe a boon to that, I don’t know, would be any comments you could make on staff. I heard your comment on managing the staff cost inflation versus the revenue growth. It sounds like you guys maybe net might still be hiring rather than reducing staff. And there’s a lot of talent now available from all these layoffs and lots of other companies. I’m just wondering what you could say about your expectations in terms of staffing levels and growth in cost this year? Thanks.
Ellen Johnson: Sure. Maybe I’ll start with your second question first. We always — hiring always lags revenue growth. And so where — we are forecasting growth for next year and underneath growth, we will hire responsibly in a disciplined fashion. Conversely, when we have contractions, we take actions. As far as the real estate, I think your math is a little bit aggressive on the 30 basis points. And the $20 million that we noted on the call will happen over more than 1 year. You need to sublease some of the properties in order to realize the full benefit. But we’re very optimistic about the numbers we put out there, we feel really good that we’ve taken another look and really have been able to optimize our real estate portfolio. Like I mentioned, it’s a very centralized process and the way we manage it here and we’ve really taken the learnings that we’ve had over the last couple of years and then the pride in a way to become more efficient.
Tim Nollen: Great. Thanks a lot.
Operator: Thank you. Our next question is from Jason Bazinet with Citi. You may go ahead.
Jason Bazinet: I had a quick question in terms of the macro. In terms of the macro uncertainty, is there anything that you would call out in terms of either higher or lower risk profile as it relates to account reviews? It just doesn’t seem like it’s been as active as I would have thought, but I’d love any color that you have.
Philippe Krakowsky: That’s an interesting question and a fair one, right, because we’ve all been assuming that there was going to be a backlog going all the way back to pandemic. Understandable that there were fewer, but everybody sort of waited for the floodgates to open. And I think ’21 was — there was just a great deal of opportunity growing with your existing clients, doing more of the kind of new services that we have been building for some period of time. The word is that there likely will be, as I said, scale reviews these days tend to come in media and then to some extent in health care. But at the moment, it’s more kind of in the murmurs than the reality. But we’ll obviously all know, I mean the – our folks on the ground at agencies are growth leader here at the center are all saying that they believe that it will begin to pick up steam. But right now, I don’t have a ton of hard data that says that’s the case.
Jason Bazinet: Okay. Thank you very much.
