Stephanie Ferris: Yes, thanks Darrin. In terms of demand, I would say broadly–let’s separate the demand environment from what really drives the recurring revenue over time. Demand is high if you think about our capital markets business. I continue to talk about increasing demand from our existing customers, so increasing share of wallet from a lot of the modernized solutions we’ve brought into market. We talked about the clear derivatives platform which is having a lot of success, and not only selling into our existing customers but really opening up the door to sell those types of capabilities now that they’re SaaS-enabled into other capital markets participants, who may not be traditionally there. We see increased wallet share, and then we see the sales of the products on the capital markets side being really high demand from other people who are not traditional in that segment.
I think on the banking side, given the focus of banks on deposit generation, there is a high focus and demand for digital solutions. That’s been in market, it’s not necessarily new although it’s definitely heightened, and we’re seeing a lot of demand for that and we called out a couple of those wins this quarter. We feel really good about that. I think that’s from a demand standpoint. I would say the other thing is in terms of thinking about what’s driving the recurring, yes, it continues to be delivering those products and solutions into market, but also remember there is an inherent same store sales growth number that we get the benefit of from a number of transactions that go across the platform, as well as new deposit accounts, and so there is an inherent same store sales growth number that we get benefits from in addition to us being strong on the sales side, so we’re feeling good.
That’s not to say that in one quarter, it’s going to flip, but we’re feeling the momentum is there and we’re feeling good about it. I think from a culture standpoint, it’s going really well. I couldn’t be more proud of the team, honestly. The amount of passion and energy that they’ve brought to Future Forward, that they’ve brought to refocusing and repositioning the company and the Worldpay separation. James mentioned that was a lot of work in accounting – it’s just a lot of work, period, to separate two companies and people that have worked together for four years, so I really would say the teams have really rallied around that. It’s not easy, but they are definitely taking up the call to duty there, and between Future Forward and the Worldpay separation, I couldn’t be more proud of what the team has been able to do, so I think the culture is good.
Darrin Peller: That’s great to hear, thanks. James, just a quick follow-up – that Slide 18 was extremely helpful in clarifying some of the moving parts. Just to be clear, we look at ’23 and you back out the–if you wanted to back out the Worldpay contribution, then it’s, let’s call it $4.47 at the midpoint minus that $0.60 to $0.65. I think what you said was that that gives you a sense of ’23 pro forma RemainCo earnings, but it also doesn’t account for the fact that there’s high interest. There’s certain elements, I think you said, right – interest expense in there. I mean, it still ends up with a number very close to what we modeled for RemainCo, but I’m curious what the–if there’s any other moving parts.
James Kehoe: Yes, I think the key part is the right-hand side of that chart, which–you know, just to explain the disc-ops, there’s a set of rules around it that are somewhat illogical, because accounting is not always fully logical and you can only allocate to a disc-ops P&L something that’s actually directly related, so you can’t allocate anything–you can’t put it in the interest costs unless the legal entity had interest costs, so that’s why on the right-hand side. What we were thinking of is, you know, we’re going to–we’ve actually filed quarterly income statements for disc-ops and RemainCo to help you rebuild your models, but if you rebuild based on what we gave you, you’d arrive at $3.30 to $3.40 for RemainCo, but it’s wrong.
You’ve got $630 million, $650 million of interest expense. Once we pay down the debt, that’s going to go down by half – you know, I’m just giving you rough numbers, and then two is you’re taking the repurchases, and all we did in calculating this capital deployment of 65, we basically say you’re paying down $9 billion of debt and you’re paying it down at the average interest rate, which is quite low – it’s 3.2%. The other part is you’re taking the share repurchase, and this is quite conservative because what we’ve done is we took the $3.5 billion and we assumed that we would have repurchased shares during the course of 2023, but if you flip out–you know–no, 2023. Then if you flip out, because this is trying to represent what the base year would look like if the transaction was done at the beginning of the year, but if you look at some of the opportunities here, first of all, you’re going to grow off the $4.40 to $4.55 base, so you’re going to have a normal year of growth, but also you’re going to get the full year impact of the share repurchase program, right?
Once we start doing it, you’re going to get the full year. Now, that will hit more in 2025, and then as I look at this, I see there is incredible opportunity on the NCI line, so this $0.60 to $0.65, I think there’s a lot of opportunity. This is a standalone company, it will be more aggressively managed for cash. I think they’ll pay down debt incredibly quickly, and because they’ve loaded it with so much debt, the actual change in EPS contribution will be probably quite a fast clip. We’re just–we were careful here not to give guidance on the future, but what we’re saying is we’re trying to put a stake in the ground and say the base year is this. It will be kind of strange next year because once we start reporting against continuing operations and we’ve separated the two companies, we will be reporting very high EPS growth rates because we’ll be comparing against the $3.30, $3.40, and you will be implementing a buyback of $3.5 billion and you’ll have a huge savings on interest expense, so the headline EPS growth rates will be extraordinary.
But what we’re trying to say is some of that is coming from the fact that you’re recovering from the dilutive transaction. That’s why this chart, we hope it helps every participant to understand the way we’re thinking about this, but $4.40, $4.55 is the floor, and against that floor, we’re going to grow next year.
Darrin Peller: Yes, that’s really helpful. Thanks guys. Appreciate it.
Stephanie Ferris: Thank you.
Operator: One moment for our next question. Our next question comes from Dan Dolev with Mizuho. Your line is open. Dan Dolev with Mizuho, your line is open. If your line is muted, please un-mute or please re-join using the Call Me feature. One moment for our next question. Our next question comes from Vasundhara Govil with KBW. Your line is open.
Vasundhara Govil: Hi, thank you for taking my questions. I guess the first one, Stephanie, on just the macro backdrop and any help you can provide us on sensitivities that we might see in the banking and cap markets segments if the economy were to soften a little bit from here.
