Operator: And thank you. And one moment for our next question. And our next question comes from Russell Quelch from Redburn. Your line is now open.
Russell Quelch: Yeah, thanks for having me on. So I just want to go back to the point on margins. And if we go back ten years, your gross margin was somewhere around sort of 65%. Today that number sits just over 50%. Is it a function that you have to buy more third party data and that cost is increasing? I sort of heard your answer to George’s questions in terms of near-term margin drivers, but is there more you could do to improve efficiencies in operations to improve the gross margin over time, again just noting that best-in-class here operate above 80% gross margin.
Linda Huber: Russell, it’s Linda. Yeah, best-in-class in our competitor set is above where we are. But there are different businesses. Some of the companies have an index business which has a 75% plus margin, and some of them have ratings businesses which have 55% plus margins. We have neither of those businesses. We think we’re doing really well. On the margin increase front, we’ve said 50 basis points to 75 basis points on adjusted operating margin and that we will see that on average over the next few years. So we’ve been making really good progress on that. Are there more things we could do on margin? The answer is definitely yes. I spoke about what we’re looking to do in terms of further reduction in our real estate footprint, and we’re very proud of the cost control efforts that we’ve put in place already.
I think the main part of the effort here that Phil may want to pick up on is what we’re doing to automate our content collection. And that’s kind of the — the biggest opportunity that we have. And technology is changing very rapidly in that area. We are able to move much more quickly with content collection and do much more, much more quickly than we were able to do previously even a year ago. And I’m not sure that it’s relevant to comment on what happened really ten years ago. This company was very, very much different ten years ago. So we’re working on the margin. We have done what we said we will do even with a $15 million decrease in the core ASV growth, we’re still holding margin for — for the year with the increases that we had spoken about before.
So maybe I’ll turn it over to Phil here and let him talk a little bit more about some of the opportunities that we see particularly in the content area.
Philip Snow: Sure. Thanks, Linda. Yeah, so yeah, Russell, we’ve been re-architecting our content collection efforts and really automating things more than we had in the past. So that’s been an on-going effort. It was necessary for us to do that because of the deep sector initiative and some other content sets that we’re beginning to collect at scale. So we’re, you know, way less than half way through that. But we have a lot of content sets beginning to go through it. It looks very promising. And the question just becomes, okay, does that flow through to margin or does FactSet continue to invest in even more content, right, to help drive the top line? But there’s a lot of automation opportunity, not just within content, but I think within different parts of our business moving forward.
Russell Quelch: Okay. Yeah. Thanks. Okay. Just as a follow-up, in terms of client growth, the client growth has been under 100 for two consecutive quarters now I think. To what degree do you think that’s due to just the backdrop or is there an element to which we’re seeing the impact of increased competition particularly in financial markets, workstations from some of your peers?
