Mark Keim: Good morning. It’s Mark. Yes, absolutely, there’s favorable PYD, and you’ll see that in the earnings release where we showed the prior year development on current year reserves. It tracks about as it normally does, not higher, not lower. And of course, we always replenish that. So, we feel very confident I showed 49% days claims payable, which is right in the middle of our standard range. We feel very good about our reserves even with a little bit of noise from the change situation that happened back in February. So very confident. — reserves replenished, we feel adequately reserved.
Andrew Mok: Was there any P&L impact in the quarter from the PYD?
Mark Keim: There always is. That’s a normal part of a reserving cycle. Typically, the way you reserve is in the current period, you pick a number, which is generally a little bit conservative. And typically, prior periods developed favorably. That is a standard cycle of the actuarial and reserving process and how we recognize earnings. Nothing unusual there in this quarter.
Operator: And the next question comes from Sarah James with Cantor Fitzgerald.
Sarah James : Thank you. I wanted to clarify the mix on the 2026 revenue guide. So, IDA, you guys talked about it being about 1/4 organic, quarter M&A and 50% contracts contract wins. Do you still see that as the mix? And then could you give us any clarity on your rate renewal timing? What percentage of your book renews in January versus April and September. Thanks.
Joe Zubretsky: I’ll answer the second question first. We have a really nicely laddered renewal pattern in our portfolio, which is great from a risk management perspective 52% of our revenue renews on January 1. 21% renews in the fall. The rest of it is [indiscernible] so the renewal pattern is nicely better throughout the year. Right now, given our guidance, we know 82% of rates, we know the rates on 82% of our revenue for this year’s revenue guide, which leaves us very little rate risk to our forecast. That’s the — that’s how we have great visibility. And as Mark said, if you get pressure, cost pressure, in the second half of the year. In fact, at 52% of the revenue then cycles into January 1, or we capture that nicely. Your other question was?
Sarah James: Yes. On the $46 billion premium rev in 2026, do you think of it as the buckets that you laid out at IDA, which was about 50% of the growth being from contract wins, 25% from M&A, 25% from organic?
Joe Zubretsky: Yes. I think that’s nothing has caused us to change that outlook. I mean it’s a very high-level outlook and more of it comes from M&A, that’s fine. When you’re buying the properties with the capital efficiency, we buy them at which we buy them. But that actual mix could change, but that’s probably the way to think about it. That is the way we think about it. But again, if the mix changes, we have more contract wins and more M&A. It’s all very accretive and as long as we’re refilling the bucket of embedded earnings, we feel good about it.
Operator: And this concludes the question session as well as the call itself. Thank you so much for attending today’s presentation. You may now disconnect your phone lines.
