Brian Meredith: Great. That’s helpful. And then my second question €“ go ahead, sorry.
Andrew Krasner: Yes. No, I was just going to say the other thing, don’t forget, we’ll have some gain on sale headwinds that continue through next year, right, that will temper that from a margin perspective.
Brian Meredith: Right, right, right. I got that. I got that. The second question would be a number of your, call it, peer companies or competitor companies highlighted the headwind from transactional business this quarter and maybe in the first quarter. Do you have a big transactional business? Was that a headwind at all this quarter to organic revenue growth and potentially first quarter?
Carl Hess: So we do have a transactional business of a successful one. I’m glad to say. And we faced the same headwinds as others. We’re €“ we didn’t think about that as we’ve talked about our expectations.
Brian Meredith: Great. Thank you.
Operator: Thank you. Our next question comes from the line of Mark Hughes with Truist. Your line is open.
Mark Hughes: Yes. Thank you. Good morning. Just a small question, in the transact business, anything that you saw around expected lifetime value seems like the enrollment season, people were more productive about new business. Did that have an impact on the persistency of the €“ of your customers there?
Carl Hess: Yes. We have taken actions, Mark, and good morning, to try and do our part to help with persistency, including working with carriers on sort of their customer treatment to make sure that customer satisfaction is as high as possible. And we’re happy that those actions seem to be fruitful, and we’ll look to maintain that sort of thing going forward, including post-placement customer support on our end. We continue to examine our lifetime values, which, of course, are subject to outside actuarial estimate. And I think that we remain happy with how we’re going. I mean persistency has improved. And so no signs that we have anything but to continue our actions and continue to improve, how we go about that business to keep the numbers going forward.
Mark Hughes: And you say persistency has improved?
Carl Hess: I did.
Mark Hughes: Yes. Okay. Thank you very much.
Operator: Thank you. Our next question comes from the line of Derek Han with KBW. Your line is open.
Derek Han: Good morning. Thanks. How do you think about buybacks to current valuations and just the way you think about buying back stock versus reinvestments for this year?
Andrew Krasner: Yes. Sure. As we’ve got a fairly disciplined approach to capital management that does begin with looking at share repurchases as the primary use of cash. And given current valuations, we do continue to think that is a very attractive return although we do need to look at our portfolio of potential investments through a strategic lens and you need to continue to reinvest in the business organically or inorganically as appropriate to ensure that we’re investing for growth in the future.
Derek Han: Got it. That’s helpful. And then my second question is more on a high level. At your last Investor Day, you talked about kind of moving upstream to larger accounts. Can you just give us an update on how that’s progressing? And how that’s contemplated in your mid-single digit organic growth guidance for this year?
