I would say that — and we said this last year, again, I think the moderation maybe was a little bit less than maybe what folks were expecting. But we would expect in ’24 and ’25 as we’ve continued to expand the network and as we start seeing some of these initiatives take off, we expect to see some — a little bit of margin expansion in some of those new initiatives from the — particularly from the acquisitions that are coming on board, right? It’s — the wonderful thing actually, we love our margins, we love the scale of our core business. And as we continue to expand when we bring some of those operations on, right, you’re going to get a bit of a mixed dilution as far as margin goes. But you’re having some really strong revenue — future revenue opportunity.
And you’re going to start seeing that in ’24 and ’25. And so, we would expect to see more margin expansion. And you’d see a moderation of that adjusted operating expense growth kind of beyond ’23. So I want to say we’re going to back off of the growth investments. Again, we’ve called that out, I’ll call it because of our efficiency and what we’ve done historically. And we don’t want to just blur that and say, we’re just — the way that we’re spending. So, we want to call it out, continue to measure those returns. We have a return on invested capital expectation of greater than 10% on everything that we do. Again, some of those are going to be multiyear periods to wait to measure, and some of those will be current year. So that’s the framework with how we’re thinking about it.
And I would say without giving explicit guidance for ’24 and ’25, we would expect to see that growth rate moderating.
Operator: Thank you. And the next question comes from Brian Bedell with Deutsche Bank.
Brian Bedell: Maybe just building on Dan’s question. The — how do you think about that long-term sort of trajectory of pass because obviously, there’s so many different growth opportunities, and you’re really building a very large ecosystem across both trading and in recurring revenue streams. But with — as you see those opportunities continue to unfold, is there a desire to continue to invest? And are you thinking maybe in the long term, you start to shorten some of those time frames for profitability? Or is it sort of the sky’s the limit on the potential for investment? And then just maybe real specifically, are we still looking at $25 million in annual revenue for European Derivatives in year three, which I believe will be 2025 and then the timing to get to profitability in Cboe Digital.
Brian Schell: So I’ll try to make sure I got all those. Okay. So on the first one, on the — similar to following up on Dan’s question, the one thing I realized, and thank you for kind of asking to expand on that is the point that I didn’t make as clearly as I would like to is with these investments and say, we have the — we might see an increase in transactional activity, say, the SPX complex or the other project in this complex, what we see with that also is incremental D&A. We see the incremental non-transaction pieces because of the need for incremental access. You’ll see that incremental access fees. You’ll see that in incremental market data fees. Dave touched on that as far as we’ve seen that growth. And then by enhancing the distribution or our ability then to deliver that, we’re seeing that growth of not only share of wallet, say, in the access, but also then more new clients.
