Jeff Schmitt: Hi. Thank you. Alternative organic growth is holding up fairly well, 4.5% in the quarter. But it looks like private market is growing in the high-teens. So I presume the hedge fund business is it negative growth and maybe if you could speak to the disparity in growth in those two businesses.
Bill Stone: Rahul, you want to take that?
Rahul Kanwar: Sure. I actually think the hedge fund business is slightly positive. You are correct that it’s not — it’s nowhere near the private markets growth. But we are probably assuming in 2023 and our plan, 2% to 3% growth in the hedge fund side of it and mid-teens or higher in the private markets and that’s what kind of makes the sum of the two. I would say in commentary and specific on the hedge fund side is our sales performance continues to be strong. I think we have continued to see demand for middle office services and some of the additional modules and things that we have rolled out, including GoCentral. We are obviously not benefiting from a ton of inflows in hedge funds now. But as that turns around, we think we will be well positioned because we are taking market share, and in the meantime, the private markets and private credit businesses continue to become bigger parts of this, and so move the growth algorithm higher.
Jeff Schmitt: Okay. And then a question on the Healthcare business, it seems like it’s the medical business that is sort of you are downsizing and I think that’s a lower margin business relative to the pharmacy. But I guess my question is, with that sort of going down, is it big enough, is it having a positive impact on overall margins or how big is the margin disparity there I guess?
Bill Stone: But I think Healthcare runs in the high 20s and the rest of the business is running in the high 30s. Is that about right, Rahul?
Rahul Kanwar: That’s about right, Bill.
Bill Stone: So and it’s about — I guess about $280 million, $90 million business. So it’s still a substantial business with substantial opportunity and I just think it’s execution and attention, and I think we are putting execution and attention into that space.
Jeff Schmitt: Okay. Thank you.
Operator: Your next question comes from the line of Peter Heckmann with D.A. Davidson.
Peter Heckmann: Hey. Good evening. I had just a couple of follow-ups. There were a couple of larger customers that we talked about through last year. Can you talk about when you expect them to go live this year and then in terms of the couple of lift outs, you talked about the one in Texas, make sure if you talk about the others. But when we should see some of the bigger customers in the conversion backlog hitting and starting to contribute to organic?
Bill Stone: Yeah. A number of them we think are in the first quarter at the end, I think, primarily in March. Then we have a number of other ones that we would expect to be in the second quarter, and then hopefully, we will be able to with everything that started off and had been signed and closed in 2022 that we would be able to pretty much have them live by the end of the third quarter. So there’s still substantial amount of sold revenue that we have not recognized yet. And I don’t know, Rahul, if you have any more comment on that.
Rahul Kanwar: No. Bill, I think, that’s exactly right. It’s throughout the course of the year, some in Q1 and Q2, and we get pretty close to full towards the latter half of the year.
Peter Heckmann: Okay. And then I think you covered it in part, but I guess, how would you characterize the environment for new business in the fourth quarter, was it basically in line with your expectations, better or worse? And then how do you find customers kind of decision making, their willingness to make decisions here in the first half of 2023, given some of the uncertainties?
