Bryan Hipsher: Yes. No, I think that’s right, Craig. As we’ve gotten through a lot of the transformation efforts as we said over these last four years, it’s really the legacy credibility solutions, right, that were a bit of a drag in the quarter. And as Anthony said, we’re doing things differently. We’re bringing new solutions to bear there. But that’s certainly something that we’re looking to work through the coming quarters and as we head into ’24. And then on the International side, again, Neeraj and Anthony’s team have done a herculean effort there, right, with what we do with the UKI and owned markets, but also the integration of Bisnode from that perspective. So there’s still, I would say, some revenues in that portfolio that are legacy, and we’ll look to upgrade and evolve.
But again, there, that’s pretty common within a portfolio, right? You’re constantly growing, innovating, right, sunning down. And so we’re going through that cycle. But really, probably the biggest components, that Anthony mentioned is gaining that small business credibility in North America on track.
Craig Huber: Then a bigger picture question. When you guys think about the macro environment here in the U.S., do you feel like it’s getting better, worse or about the same? I realized this up in the Middle East has happened in recent weeks. It might come up with any answer, but how do you sort of feel the macro is doing now, better, worse or about the same?
Anthony Jabbour: Well, it’s interesting, Craig. We survey our clients in a very efficient way. And in September, the business optimism was higher. And so what’s interesting is we look at October tends to be another great month for stocks and how a company’s stock is performing, affects, their optimism in some ways. But when you look at the underlying data, and so from our perspective, at D&B we have phenomenal insight into businesses because it’s the core of what we do. And overall, like I said, there is a bump up in optimism as early as September. And I know it doesn’t feel that way right now. So again, as we look at the macro environment, again, I keep pointing back to our team. We don’t spend a lot of time on that candidly.
We really trying to spend all our time on what can we do? What do we control? We control the speed at which we’re improving our company, helping our clients. And so I just want to add that element to it as well, which is the macro will be the macro. Our job is to grow the Company, grow our earnings.
Craig Huber: If I could ask one more, please. Your small and medium business clients, what percent roughly of your overall revenues do they represent? What’s the growth rate there? It’s ballpark.
Bryan Hipsher: Yes. So Craig, I think we pulled this down in some of the Investor Day decks. But if you look at it on the North America side, it’s somewhere roughly around, call it, $130-ish million of revenue. And that’s primarily credibility side. We have a mix when you get into the international component. And one of the key, I would say, strategic components for the team over there is to continue to expand with enterprise clients. So you look at a business like Munich Re, you look at obviously, Siemens, et cetera, we’ve done a really nice job of continuing to expand our base of customers, not from a size perspective, but from a diversity perspective on industry verticals. And so part of the reason I think you see the durability of the business is, we’re not overweighted to sectors. We’re not overweighted to sizes of the clients. And certainly, I think that comes through in the defensible growth that we’ve continued to show.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Anthony Jabbour for any closing remarks.
Anthony Jabbour: Thank you. As always, I’d like to thank my Dun & Bradstreet colleagues for their exceptional efforts to sustainably grow our business for the years to come and to our great clients for their partnership and guidance. Thank you for your interest in Dun & Bradstreet. I hope you have a wonderful rest of your day.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
