Philip Snow: I wouldn’t attribute it to increased competition. New business is down because I think because of the environment. But we still are showing very strong growth in new logos from corporates. There’ll be a big opportunity for private equity firms. This quarter we actually grew our institutional asset management clients I think by ten. So we’re seeing growth, you know, across different firm types. So, you know, we are you know, we do exist in a lot of the large firms that are out there already. So, you know, the potential for FactSet really exists within a lot of the existing clients. But it is nice to get new names, you know, as firms get formed.
Russell Quelch: Thanks both.
Operator: And thank you. And one moment for our next question. And our next question comes from Kevin McVeigh from Credit Suisse AG. Your line is now open.
Kevin McVeigh: Great. Thanks so much. Hey, Phil, you had a comment on the call where you talked about CTS tilting more towards technology as opposed to content. Can you maybe just disaggregate that a little bit? How much, if you can, how much does CTS today is kind of content versus technology and is there a meaningful difference in the growth there? And then is it kind of the — the Snowflake relationships and Helen describing that technology adoption or is it to Helen’s point earlier just the sophistication of the clients you’re serving?
Philip Snow: Yeah, hey, Kevin, the vast majority of this content. And when I talk about technology, it’s probably being able to deliver that content in that same content in new ways. So if you went back ten years ago, we’d be shipping you a comma delimited flat file that you’d be putting into your internal systems and having to do a lot of work with. But now we do have, you know, delivery through APIs, through Snowflake, through lots of other partners and beginning to layer on some services. So one service that we have is something called concordance-as-a-service. So if you have some data, you don’t want to go through all of the mapping of it yourself. FactSet is very good at that. That’s what we built our business on. We will provide that service.
So we believe there’s opportunities like that. Moving forward to lean in real time, where I think I’m characterizing that as technology. You could say it’s content as well, but the fact that we’re — we’ve put this technology up in the cloud. We think is really interesting from a technology standpoint and going to drive growth further growth for CTS moving forward.
Kevin McVeigh: Super helpful. And then — this may be obvious, but Linda, if you could just humor me. The difference in the ASV relative to the revenue. It looks like a $5 million tweak and I know CUSIP comes in versus the revenue looks like it’s $15 million to $20 million. Is there any way to think about the delta between those two?
Linda Huber: Yeah, Kevin, I think you make a good point. The conversion of ASV into revenue a little bit perhaps slowed as to where it was before because we had a little bit lighter first quarter in particular. But I don’t think there’s going to be anything there that’s — that’s major. We feel pretty good about each of those estimates. And it’s probably worth saying we’re doing this, Kevin, as you know, it’s been a pretty dramatic time. We have to revise guidance here four days after a very eventful weekend. So it is possible that, that maybe we’re being overly conservative. We don’t know yet. But, you know, as we — as we watch going through the rest of the year, we’ll be updating as to where we stand. But we did want to try to be very thoughtful about what we’re — what we’re seeing right now. And good point on the — the conversion to revenue. Thanks very much, Kevin.
