Marc Benathen: No. So we already funded $15 million of it at closing deal. The other $5 million that is committed, there is no contingency as long as you’re in compliance with the agreement. There’s a EBITDA-related covenant in the agreement. So we don’t have to be at a certain level of access here. We just have to be, in general, compliance. And the reason that we didn’t necessarily fund that right away. I mean it was excess capital, and we can obviously fund it later in the year, it’s fully committed aside for us. The additional $20 million upsizing, in general, we have the ability to access that once the company reaches on a consolidated basis, approximately $150 million of TTM revenue, which obviously we expect to do around this year.
David Larsen: Okay. Okay. So it sounds like you got to be at $150 million in revenue in order to access the second $20 million of that $40 million. Is that correct?
Marc Benathen: Yes. Yes. And today, we actually on our updated corporate presentation, It just went up to the website. We illustrated with the 2023 cash flow is going to look like for the year, and we have more than sufficient cushion based on our estimates for this year. And at that point, by the end of the year, we’d expect to have access to the additional $20 million. We’re not factoring in and planning the business based on meeting that, but we expect to obviously have access to it by the end of the year.
David Larsen: Okay. And then what sort of revenue multiples have these PDF like software businesses sold for? I think there have been a few transactions announced in the case.
Marc Benathen: Yes. So Form Swift recently sold to Dropbox for $95 million of cash, that’s public information, the multiples that we’ve been hearing have typically been plus 2 to 3 axis typically been with the biggest factors being the economic profile, the size of the company any differentiation that they have as well as what their subscriber base looks like. Those have typically been — and Form Swift is probably the most recent transaction that is, we think, relevant. But we also think there’s a lot more value to be had in the WorkSimpli business. So they continue to differentiate more and more. And frankly, their financial profile continues to outstrip our expectations.
David Larsen: Okay. And then Justin, I think you talked a little bit about entering into deals with health plans and larger entities. Did I hear that correctly? And then, the revenue cycle process for billing plans for virtual care, it’s not a simple thing. Just any color there would be very helpful.
Justin Schreiber: Sure, David. We’re working with — well, with 3 excellent partners, one; two, kind of on the billing and revenue cycle management side of things; another on the compliance side and licensing side of things and contracting. So I feel really good about — we’re not going to certainly, initially, right, we’re not going to try to do all of this internally. And the providers that we’re working with that the consultant firms we’re working with on the billing side, work with several other very large companies in the virtual care space that are already working with Medicare and with private payers. And so they have a lot of experience doing this. And we’re really confident that we’ll be able to do a great job and get this live by the summer.
David Larsen: And then…
Justin Schreiber: First of all, David, we’re going to be starting — we’re going to be initially focusing on contracting with the top plans in the top 10 states where our patient volume currently is. And based on the guidance we’ve been given from these companies, it’s a 3 to 4 — it should be a 3- to 4-month process to get everything in place. .
David Larsen: Okay. And then just how do you see your payer mix trending by, let’s call it, like 4Q of fiscal ’24, would you still expect like 80% of the health care business to be cash pay? Or do you think there’s going to be a material shift where…
