Cameron Bready: Yes, Jason, it’s Cameron, I’ll jump in there. I would say that overall split holds roughly pretty well post-EVO. Obviously, I don’t think at this stage we’ve kind of aggregated all the different geographies around the globe in terms of what the volume mix is across every single vertical that they have exposure to, but given the size of EVO relative to our existing merchant footprint globally, it’s not going to move the needle a great deal one way or the other even if their split is slightly different. I would say, and I’ll use the U.S. as kind of example, you sort of saw the trend around retail sales in the U.S., which is really food and kind of retail more broadly. In the first quarter, January was very strong and February slowed down relative to January.
And March, kind of slowed down relative to February, but I would say, overall, from a spending perspective, we continue to see spending skewed towards more services in experiences and less, sort of retail goods and food to some degree. So, a little better trends in the non-discretionary categories that we are heavy in, particularly as it relates to services, health care, et cetera, and a little lighter trends in the traditional, kind of retail, food and beverage, et cetera. But overall, the portfolios, I think, came together pretty well. I don’t think the trends we’re seeing in our business are any different than what you heard from Visa and MasterCard as it relates to March and April activity, more broadly, which we’ve talked about already.
But I like, obviously, the diversification we have across nearly 70 different vertical markets. I like the split and sort of weightings that we have across discretionary, non-discretionary categories. So, I think we’re well-positioned, obviously, for the macro environment as it continues to evolve through the balance of the year.
Jason Kupferberg: Okay. Appreciate the thoughts.
Cameron Bready: Thanks, Jason.
Operator: Thank you. Next question today is coming from Ramsey El-Assal from Barclays. Your line is now live.
Ramsey El-Assal: Hi, there. Thanks so much for taking my question. I will add my congratulations as well to both of you. I wanted to ask if you could provide a little bit more commentary on the timing of the revenue synergies with EVO. When do those start flowing in? Is there any work that needs to be done in order to unlock those and how long might that take?
Cameron Bready: Yes, Ramsey, it’s a great question. I tried in my opening comments to give a little bit of color on the types of revenue synergies that we’re pursuing with EVO. Naturally, all of those involve some level of investment. I wish more than anything else we could flip a switch and start distributing our products and capabilities through their distribution pipes overnight or bring some of our capabilities to markets that they operate in today that don’t have them, but as you can imagine, there’s a significant amount of work to stand those up, to integrate those environments into different platforms that EVO operates under to make sure that we have distribution to support, obviously, the product that we’re bringing to market, et cetera.
EVO multinational customers up in new markets on different platforms takes time as well. So, there’s a lot of work that goes into driving, kind of the revenue synergy potential that we see in the EVO business over a longer period of time. That’s why near term, much of the emphasis we talk about as it relates to synergies is really around the expense side. That’s much more actionable in the short to medium-term. We have clear line of sight to the 125 million expense synergies that we highlighted earlier today. And obviously, that drives a meaningful amount, obviously, of the accretion that we expect from the EVO deal in years one, two and three. I think revenue synergies create nice tailwinds, kind of as we get into the outer years. We certainly think we can add a point or two on top of EVO’s existing kind of run rate revenue north of 600 million.
