Brendan Popson: Great. Thank you.
Operator: And thank you. And one moment for our next question. And our next question comes from Alex Kramm from UBS. Your line is now open.
Alex Kramm: Yeah. Hey, good morning, everyone. Just quickly on the pricing, 30.7 million, clearly a nice increase from last year. But if I look at this correctly and I just look at your US ASV, I think that works out to roughly 2.5%. I think you’ve been talking about the rec rate 6%. So just wondering, I know you don’t get it on all of your book of business, but just talk about maybe if you saw a little bit more incremental pushback than you expected or how pricing discussions had gone relative to expectations and how we should be thinking about the European increase, which should be coming in the next quarter?
Helen Shan: Hey, Alex, it’s Helen. I’ll take that one. We’ve made really good progress in capturing value, both because of our fit-for-purpose packages and our higher price realization. And as Phil mentioned, we did get to raise 31 million from ASV just in the Americas alone, which is 10 million higher than the previous year, and really a fifth of our total ASV growth rate. So to your point, this increase is in part due to higher rate, but also the fact that we are able to capture more clients. 60% of our — of our book here in America was captured, which is actually higher by 6.4%. But the remaining part a lot of that is in our long-term contracts that we have negotiated step ups. And so we don’t include that in the annual price increase or for those that we were able to recently renew or new clients in Q1.
And then also keep in mind, because of our calendar year end, Alex, that first quarter that folks are still on last year’s rate increase. And then so you’re really getting three quarters of it for this year. So that is part of the reason if you’re trying to get to a math piece there. But our sales force has been terrific in being able to help clients understand with our — the value of our increased investments and — and being able to get the higher price increase. We did not see more pushback this year than in previous years. So that is not at all the behaviour that we dealt with.
Alex Kramm: Okay, great. Thank you for the color. And then second question, I’m not sure if I’m the right person to ask it, but I will anyways. I mean, obviously UBS is buying Credit Suisse and I think this is the first, I guess, bulge bracket marriage or forced marriage that we’ve seen since the financial crisis. So when I go back to 2008, 2009 performance, you certainly saw that impact. Phil, I heard you in terms of highlighting how big some of or how big the biggest customers are. But could you talk about how something like that may impact you? I would assume this is more a fiscal year ’24 event. And then if I think about the relative size relative to what you said earlier, I mean, it’s like 15 million plus or minus the right ballpark for a client of that size. Or can you help us a little bit about a potential impact here?
Philip Snow: Yeah. So, hey, Alex, it’s Phil. I’m not going to talk about the specific size of any particular client, but I think you can assume, right, that FactSet has a good footprint within these large global banks. But it’s not just the investment banking teams. Very often it’s on the asset management side. And also there’ll be — there’ll be wealth users as well. So we’ve got a very nice distributed portfolio across these firms. You know I think part of why we’re being a bit more prudent here in the second half is, you know, we do get a lot of banking ASV in Q4 based on the hiring of these banks. So we’re not quite sure how this is going to play out, you know, whether or not there’s going to be more consolidation or not.
