Offsetting that, you’ll see — so that’s about 60 basis points. Collectively, that’s offsetting about 150 basis points to 250 basis points of sort of core operating leverage. I haven’t broken that down between operating leverage, gross impact and the cost savings target, but those are all included in that 150 basis points to 250 basis points, bringing us to the net of 100 basis points to 200 basis points margin expansion.
Operator: Our next question comes from Ashish Sabadra with RBC Capital Markets.
Ashish Sabadra : Changing gears and moving to the top line, really strong OCC growth in the quarter. I was wondering for your 2023 guidance, what is the organic constant currency assumption for that guidance range? And then as we think about a quarterly cadence, I was wondering if you could provide any color on that? And any color on the puts and takes as we think about auto underwriting coming back, worker comp improving as well as any color on pricing trends and comping some of the Florida insurance headwinds. So any incremental color.
Lee Shavel : It’s like a four-part question. So let’s choose — I would consider that multiple choice. So
Elizabeth Mann : I’ll try to hit the main points there. So on the OCC revenue growth, we haven’t given that on a forecasted basis. We will report that out as the quarters develop. The one piece of slice for you, for 2023, the acquisitions that roll in from inorganic to organic are not — don’t create a major swing in the growth rates. And obviously, FX is — we’re not predicting. In terms of — you asked about the quarterly cadence of how that plays out, there’s nothing that we see here today that would imply a meaningful swing in the quarters from a financial perspective. If you look at the OCC comparability results to 2022, those could have some swings just based on the swings in ’22.
Operator: Our next question comes from Stephanie Moore with Jefferies.
Hans Hoffman : This is Hans Hoffman on for Stephanie. Congrats on a strong quarter. Just wanted to talk a bit about your strategy within insurance, specifically internationally and just how organic growth is trending there? And then just kind of maybe as part of that, are there any acquisitions in the international pipeline that could help you gain further critical mass therein going forward?
Lee Shavel : Yes. Thank you for the question. Let me try to address the components of that. So I think I outlined in my comments the general strategy where we are looking to make investments in data or technology that solve industry problems that we can monetize across that industry. And that strategy really holds across the business. Internationally where we’ve had a very solid success of finding businesses that have established products in international context, and I’ll use our acquisition of Sequel as an example, we have taken that business. We have found ways to support that with addition of other components such as a rate-making component or a binding component in that business that add value to the total offering for our business, thereby integrating components for the market participants in that ecosystem.
We will continue to look for opportunities to leverage those types of additions as well as data sets and functionality that we have within the U.S. business. We recently made an acquisition in Sweden, and you may be familiar with both our acquisitions of ACTINEO in Germany and Opta where we’re deploying similar strategies. And generally, across our international businesses, we have been able to deliver growth faster than our overall rate and generally in the double-digit range because of the penetration opportunities we have within those marketplaces. So hopefully that ties together with our general strategy and how it applies internationally and the contributions to growth from each of those elements.
Operator: Our next question comes from Jeff Meuler with Baird.
