You know, so, you know, I like to believe that we’re always engaged and working and thinking through it. And we’re highly selective to make sure we’re using our shareholders’ dollars as appropriately as possible. And I think we’ve got a pretty darn good track record in that so far.
Bob Hau: Ramsey, I think I’ll carry your analogy one step further in terms of the question on appetite. If appetite’s good, it’s strong appetite, but we’re not hungry. So, you know, you go to the shopping mall or to the grocery store, when you’re hungry you buy a lot of stuff. You get home and you realize you didn’t need all that stuff. We’re certainly seeing a lot of activity, but we’re not hungry. And while we have tremendous capacity on our balance sheet and could do deals, we’re making sure that what we see is of good value and brings value to our shareholders before we go ahead and strike on it.
Ramsey El-Assal: Fantastic. Thanks.
Bob Hau: Thanks, Ramsey.
Operator: Next, we’ll go to the line of Christopher Kennedy from William Blair. Please go ahead.
Christopher Kennedy: Good morning. Thanks for taking the question. So we have good targets for the value-added solutions for Clover. Is there a way to think about the opportunity for some of the other operating systems such as Carat, DNA, Finxact, or Optus?
Frank Bisignano: Well, I think it’s a — we have not articulated goals around them, but they’re clearly embedded in our guide and the things we think about our growth rates, right? I think what we think about, even at a more broader standpoint, is what those are, right? And you could go across the board from our fraud integration products like advanced defense to how even we bring in cash flow central. You heard us talk about that and that really hangs both in the SMB space through our own distribution and then, you know, obviously attached to a banking product. I think, you know, over time we probably should come back with a better clarity around some of it. Having said that, we’ve been selling value-added services to our clients, we’ve sold a gift product into our enterprise for a long time.
We’ve sold different forms of data and information to them. So I think really the way we look at it at the large macro level in the enterprise is really that you can go back to the circle that we used to have about, we’re going to sell a core, but really all the revenue comes when growth comes from debit, credit, right? Digital, and in their own right, those are value-added services hanging off the core. The same is true in our enterprise business and merchant. So I think in reality, when you look at how we report, we are reporting, you know, our economics and some of those actually value-added services and business lines also. So, you know, I’ll go think about it a little more, but I think, you know, it’s encompassed in the economics and how we show our business lines.
Christopher Kennedy: Thank you.
Operator: Next we’ll go to — yes next we’ll go to the Jamie Friedman from Susquehanna. Please go ahead.
Jamie Friedman: Hi. Good morning. And I wanted to mention I appreciate the incremental disclosures. The segmentation is really helpful. I wanted to ask about government. Frank, you — and if I mess this up because the transcript is not out yet, but I thought you said it’s a $500 million category. Again, I apologize if I heard that wrong. But what I wanted to ask is, is it correct that, that rolls into the financial solutions segment? And if possible if you could unpack like where in there, like is it issuing specifically? And generally, how are you going to market with government? Thank you.
Frank Bisignano: Good. So why don’t I start with how are we going to government, how are we going to market in government? We’ve been focused on government as a very large vertical calling and that is everywhere from state and local to federal. And so we have a team and their sole job is government, right? And the traffic in the transactions, you’ve even been hurt. And you know, our thought was always, it transcends the org. That’s why we have dedicated client sales force to it because, you know, at times we have opportunities to bid on merchant acquiring. At times you heard us talk about delivering FinXact. You know, the government is we called out the $0.5 because it demonstrated where we started, which was very, very small to the growth, but it transcends both segments.
And on any given day, almost any one of our products can play in the government space, right? You know, so I don’t know if that answers your question, but I think about it as dedicated coverage model, right? Transcending the businesses, and it can be anywhere from our core Finxact, which we just delivered to money network to merchant acquiring and we really love this segment, vertical, however you want to think about it. And we have a great, great team that knows how to cover government, and we’ve been very fortunate in that win.
