Andrew Krasner: Yeah. I think you’re I think you’re asking about sequential growth rates, parts of our business are seasonal. And we do have timing things which play out periodically between quarters year-to-year, so that is something to keep in mind and that is why we tend to focus on full year growth rates for our businesses.
Joshua Shanker: Does the seasonality shown in 2023 represent a seasonality that we should consider in the 2024 year?
Andrew Krasner: For the most part, I think throughout the year we call out a couple of unusual things. For example, the timing of BD&O between Q4 and Q3 revenue and I think there were a couple of other things throughout the year. And of course, you got to think about the impact of the book sales where we had some swings in some of the quarters where they were larger amounts of those, but expect to be through that largely going forward.
Operator: Thank you. Please stand by for our next question. Our next question comes from the line of Mike Ward with City. Your line is open.
Michael Ward: Hey, guys. Thanks. Good morning. I was just curious, the margin guide relatively consistent, but you’ve spoken to some incremental savings. So just wondering if we should think about those savings maybe being offset by some costs? Could that actually benefit 2025 margins?
Andrew Krasner: Yeah. So, as I had mentioned as regards — with regard to the 2024 margin target, we do expect to be toward the higher end of that range. There’s obviously some benefits from incremental savings that we talked about and the investments that we’re making are really for. Future growth opportunities, but also will help us unlock additional operating leverage opportunities in the future. So we do think they’ll be continual tailwinds beyond 2024 for some of the investments we’re making now this year.
Michael Ward: Okay. Thanks. And then you spoke into some of the booking in the quarter. Wondering if you could talk about where attrition is running? If 2024 is kind of a normal year, just curious how much of a headwind we should expect this year for booking?
Andrew Krasner: No, we expect to return back towards our historical normal level, so we don’t expect any significant headwinds or tailwinds from booking going forward.
Carl Hess: I would just add sort of thinking about attrition the overall level for the company, we are back down to well within the range we’ve had historically. So, a very manageable situation for us.
Operator: Thank you. Please stand by for our next question. Our next question comes from the line of Brian Meredith with UBS. Your line is open.
Brian Meredith: Yeah. Thank you fit me. And Carl, I’m just curious, on the 10% organic growth you had for the year in R&B, you mentioned that it was new business and it was retentions. Is a way to kind of parse that out and how much of the kind of growth was client retention? Are you back to kind of your historical client retention levels, or is there more room for that to improve?
Carl Hess: We are back which is great to see and that is the results superior client service I think that we have many, many, many colleagues. I do not rest on our laurels, but it’s very nice to be where we are. Our performance new business has been just really first rate and very proud of the effort of the team is made of representing what we can do with WTW in the marketplace.
Brian Meredith: Great. Thank you. And then the second question. I’m just curious with your 2024 outlook, what is the baseline assumption with respect to economic growth and inflation as you kind of look out to — you expect things to continue the way they, are any type of change?
Carl Hess: I think continue the way they are over — not looking too far back in the mirror on that one. We’re not sort of anticipating incredible economic dislocation, nor are we sort of looking toward the incredible geopolitical dislocation. But we do recognize there’s a lot of volatility out there. That is not — not necessarily great for our clients, but it does mean that there’s more opportunities for us to help them manage that volatility.
Operator: Thank you. I’m showing no further questions in the queue. I would now like to turn the call back over to Carl Hess for closing remarks.
End of Q&A:
Carl Hess: So, thank you all again for joining us. I appreciate all of our WTW colleagues globally who have worked tirelessly to help us end the year on such a strong note. I am proud of everything we’ve achieved in 2023. I look forward to us keeping up the momentum for 2024.
Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. You may now disconnect.
