Operator: And your next question comes from the line of Nate Svensson from Deutsche Bank.
Christopher Svensson: I just wanted to double-click on organic growth within the fleet period a little bit. So if you take Russia out from all periods, it looks like organic growth was relatively flat at 3% this quarter. So can you give a little geographic detail on what drove that 3% growth? I know last quarter, you called out Mexico and Australia. So just wondering what happened this quarter, what deals grew well, which may have grown a little softer. Within that, how did the monthly trends progress as we moved through the third quarter? And then moving into the fourth quarter, should we expect that organic growth ex Russia to stay roughly flat at around 3%?
Thomas Panther: Nate, I’ll take that. Again, I’d say the international markets continue to perform quite well, both Mexico, in Australia, Europe, U.K., all of them performed very well. But even within our U.S. business, we saw our enterprise segment do quite well. Even some of the over-the-road trucking was able to do some level of positive growth relative to the overall blended growth rate. So while the international markets carried most of the weight of the positive growth, we did see some pockets within the U.S. business that was also accretive to the overall. As we said, some of the small fleet business is just struggling a little bit in terms of filling the bucket back up with the sales activity as we’ve pivoted upmarket.
Christopher Svensson: Got it. I appreciate that. And so I know there’s been a few questions on the shift into consumer vehicle payments, but I find that pretty intriguing. So I’ll ask another one here. Obviously, you’ve seen great success kind of building out the strategy in Brazil. But it seems to me like there’s a lot of idiosyncrasies about that market that may get fairly unique compared to the U.K. or the U.S. that you called out earlier. So maybe can you talk about some of the hurdles that you might see on your path to implementing the consumer vehicle ecosystem in the U.S. and the U.K.? And how you’re planning to get over those hurdles as you roll it out and what learnings you can take from the Brazil experience?
Ronald Clarke: Yes. It’s another good question. I think the whole thing turns on the existing active customer file. So the big learning, I think, in Brazil, just to walk back in time, is if you recall there, the original consumer business was mostly tags initially. So hey, you go to the toll booth, you go to a store, you go online and, hey, I want a automatic toll tag, and I get one, and I stick it on my windshield and there it is. And so the big idea a couple of years ago there was to get people onto the phone, to get those same people that had a tag to be on the phone. And so what we learned there is once they are on the phone and checking things like their account or, hey, we put the content on like what the value of their car is because we know the car and stuff, that we found that there were 3 million of the 5 million people every month on the app on the phone doing stuff.
And so that’s what enabled the sales of additional things, for example, insurance, providing insurance. And so that’s the hurdle. That’s the million dollar question is, can you take a couple million active users that are on a phone every month in the U.K. and point them at 3 or 4 other things related to their vehicle like EV, for example, like servicing their car? Will that take like it has in Brazil? Because we have the rest of it. We have the networks. We obviously have tech that connects to these networks and have the host computers and the like and all kinds of G&A that’s still on the top of all the stuff. So that’s the focus. The game is that conversation, that marketing, that app with the consumer and their willingness to basically take things.
And the secret idea I keep telling you is there’s no more dated input. So rather than having 3 or 4 separate apps where I type in, I’m Ron Clarke, I have a Range Rover, here’s the license plate, here’s my credit card, here’s my phone number and so on, it’s kind of one and done. The vehicle and you and your card stuff is already in place to make the parking app go. And so it’s kind of in place for the add-on apps. So I would point you to therein lies the big question to how fast we can grow this thing.
Thomas Panther: And in Brazil, that’s over 60% of the customer base is using multiple products. So it’s a number where we feel like we can get some really good penetration over time as a significant number of people would do just as Ron described, that use case of I wanted to use one app to service the multiple types of activities and, ultimately, payment transactions surrounding their vehicle.
Ronald Clarke: Yes. Let me just give you one thing, which I found fascinating. You like this or not. But to me, it’s a bit of peanut butter and jelly. Hey, you’ve got a phone in your hand, and you’re doing parking, getting to the park here. I’m going to be here for an hour or whatever. And then you carry it away and you go on the app and you extend your time another hour. So I know exactly when you parked, when you’re leaving and stuff. Hey, what about contents insurance for that 2 hours? How about while you’re parked at the stadium watching a game or something with no deductible, we covered during that 2-hour period theft from your vehicle? So I give that one as an example of we can nest, we think, some things like super duper close. We have your registration and stuff. We could provide notifications and reminders of when that thing is up. We’ll scan for fines that you have. So the power of it is really in it being super close to what the existing application is.
Operator: And your next question comes from the line of Trevor Williams from Jefferies.
