Gautam Sawant: Can you please walk us through the growth dynamics in the data and access segment? Organic growth came in at 12% in 2022 above your medium term 7% to 10% guidance. But on your 2023 outlook, you kept it in the range. Can you expand on what some of the new product sale opportunities are? And if there is a growth deceleration or maybe some of the factors that drove the elevated growth in 2022, is that why you stick to the medium-term range?
John Deters: Yes, that’s a good question, Ken. So as you point out, 2022 was a phenomenal year with a 12% growth there. We continue with the industry-leading 7% to 10% guide as we really see continued opportunities to build on what we’ve built there. We talked about the revenue investments to really build that great platform for the index business to make everything scalable and also the cloud investments there. As we look forward to build on that growth rate of 7% to 10% after a 12% year is really solid and reflects our excitement for this particular segment. So, what we’re excited about is, again, the cloud opportunity. I mentioned that 72% of incremental revenue that came through there for the business, for the cloud portion of the business in 2022.
The great story there is that we see people taking different portions of the data, whether it’d be Australian, European or Canadian data through that single unified source. So, the opportunity there to continue to grow the sales and access as it comes through there. And then also adding new data sets, we mentioned the Cboe Digital addition to the CCCY channel then 24/7 Cboe global indices channel, so really excited about that as we go forward. And then leaning in again to that defined outcome override strategy trend we’ve seen as within the home of those index calculations and many of the listings associated with those products from global issuers that we’ve been able to attract to the platform. And then, it’s the options analytics, we’re going to move that capability by adding the European data sets and bringing that capability to Europe with our customers that take their U.S. product there looking to expand that into Europe.
And then, the growth really is predominantly around selling what we have is growth of existing subscribers and units at the platform there. And when you look at it, you look back on 2020, you see 60% of new market data sales coming from outside of the U.S. You can see the real focus there as we think internationally.
Operator: Thank you. And the next question comes from Alex Kramm with UBS.
Alex Kramm: I want to switch gears to the SPX ecosystem and specifically the zero DTE trading. I’m curious to what degree you see a real ecosystem building there, particularly on the institutional side. I guess what I’m asking is, I think people still believe 50%, 80% of that business is retail. And institutionals, I think, are entering the market. And — but what I hear is that trading more around certain events versus being there systematically every day. So just wondering, are you seeing that maybe changing this business this zero DTE becoming a real ecosystem? And then more importantly, what are you doing to maybe encourage and educate those institutional investors that maybe a little bit more sticky than some of the retail folks that you never know about?
