Hal Goetsch: Hey, thanks for having this call. I just wanted to get a big picture question. And you mentioned, Leland, going from legacy to a new gold standard modern platform. And could you share with us what your vision of €“ what does legacy look like? And what is €“ what’s the modern platform look like? And how difficult is to move? Where is most of the market at? Is it mostly still on legacy? Is it moving to modern standard? Can you define both of those words? Thanks.
Leland Strange: Well, it’s definitely on legacy. By a huge €“ we’re talking about credit cards now, not just €“ prepaid is still everywhere. But in terms of credit cards, it’s preponderance of legacy right now. And there’s nothing wrong with that if you want to have a cookie cutter plan program. They’re solid. They work well. They can give you low pricing, and there’s no reason to move. But there’s a certain percentage. And I just would have to guess the percentage. The percentage of problem issuers, they want to have more control. They want to have the ability to make moves, to make changes. It’s a dream of new ways of doing things, and they can’t do that on a legacy processor. They had to have one of the modern platforms to do it, but it has to be a modern platform that it also has a ledger, a system of record that can withstand the regulators would they look at €“ when they look and see these unique things that people want to do.
So I can’t give you numbers. I’ve typically say there’s probably going to be 10% to 20% of the card issuers. They’re going to want to really be on a modern platform. Meaning, they want to be innovative. Now I would say just as quickly, they’re probably 50% of the card issuers who say they want to be innovative, but they really don’t. I mean they wouldn’t be able to say, but they don’t want to spend the money or take the time or really be there. So €“ but whether it’s 10%, 20% or even 5%, there’s a huge market for folks that need more flexibility than they can get on legacy.
Hal Goetsch: Yes, makes sense. Thank you. Would you say that a new issuer as opposed to an established bank or credit issuer would more than likely if they were de novo want to go with a modern platform if it was a start-up €“ it was a start a new endeavor? Would that be faster you think?
Leland Strange: I’ll say it the way strange. So I could be crazy to go on legacy if you’re a new issuer. But €“ maybe back out. If you still said, all I want to do is exactly what Citibank does. Maybe it’d be fine. Maybe that gives you a 20% lower price than you do it. But yes, I mean your port is correct. Frankly, anybody that comes to the market now is going to want to go on to a modern platform.
Hal Goetsch: All right. Thank you so much.
Matt White: Thank you.
Operator: It appears that there are no further questions at this time. I would now like to turn the floor back over to Leland Strange for closing comments.
Leland Strange: All right. Thank you, everyone, for taking the time to listen to the call. I hope I’ve answered most of your questions. We are pretty pleased with what we’re doing. And as I said when I closed, we certainly understand the need to make a profit. We understand the need to get a good return on assets, equity investment, and we continue to manage the company with those goals in mind. So thank you very much.
Operator: This concludes today’s conference. Thank you for your participation. You may disconnect your lines at this time.
