That gives me, I think, a lot of optimism and confidence about where we’re going as a business, and I think the pricing philosophies we’ve continued to utilize over a long period of time have served us well in terms of ensuring that we’re getting paid fairly for what we’re delivering to our clients, and we expect to continue to proceed with that as we move forward in time. Wouldn’t expect any material deviation from that, but obviously if the macro softens, we probably do have levers in our–more arrows in our quiver as it relates to continuing to optimize price in a way that would provide a little bit of tailwind for the business as well.
James Faucette: Great, thank you very much for that, Cameron.
Cameron Bready: Thanks James.
Operator: Thank you. Our next question is coming from the line of Ramsey El-Assal with Barclays. Please proceed with your question.
Ramsey El-Assal: Hi, thanks very much for taking my questions this morning. Could you comment on the drivers of the really healthy margin expansion in issuers? I think you mentioned [indiscernible]. Could you drill a little deeper in terms of how you’re getting [indiscernible]?
Cameron Bready: Ramsey, you were breaking up a little bit, but I think your question relates to issuer margin expansion and what the drivers are associated with that?
Ramsey El-Assal: That’s exactly right, sorry about that. Yes.
Cameron Bready: Yes, no worries. I’ll let Josh chime in on that.
Josh Whipple: Yes, look – Ramsey, if you think back in Q1 and Q2, we saw really great margin expansion in the business, our issuer business. We saw 300 basis points of margin expansion here in Q2, and that’s really driven from our shift to more technology-enablement and really strong expense management. I think for the rest of the year, we would expect the growth to moderate as we expect margins to be in the high 46% range that we reported in Q2 as the comparison gets tougher and we lap the strong expansion that we realized in the second half of 2022.
Ramsey El-Assal: Got it, okay. A follow-up question from me is basically wanted to ask you if you could [indiscernible] some topics around resiliency [indiscernible]. Discretionary versus non-discretionary mix [indiscernible] size of merchants you’re going after [indiscernible] you were describing your vertical markets business, you were talking about signing some [indiscernible]. I’m just curious in terms of how you’re thinking about the size of customers you’re servicing [indiscernible] discretionary versus non-discretionary [indiscernible].
Cameron Bready: Ramsey, I’m sorry but we can’t hear you. I suggest that you maybe hop out of the queue and hop back in, because unfortunately we can’t really pick up anything that you’re saying.
Operator: Thank you. We’ll move onto our next question, which is coming from the line of Jason Kupferberg with Bank of America. Please proceed with your question.
Jason Kupferberg: Good morning guys, nice results here. I just wanted to start on merchant. Can you tell us what organic merchant volume growth was in the second quarter, and then just comment on your organic revenue growth expectations in merchant for Q3 and Q4? Do you think it will be closer to 9 again, or could it tick up to 10? Thank you.
Cameron Bready: Yes Jason, good morning, it’s Cameron. Organic volume growth in the second quarter was roughly 9%, so EVO contributed roughly 11%, they contribute roughly 10-ish, 10.5% on top line revenue, and they contributed roughly 11% on volume, just in aggregate to the metrics for the quarter, so organic was around 9%. That includes a little bit of a headwind from fuel – I think you’ve heard other people talk about that, but in our portfolio, it’s a portion of our volume. It’s not a dramatic portion of the volume, but we did see a little bit of a headwind from that. So again, consistent with what I generally like to see, which is volume–organic volume growth and organic revenue growth generally tracking at a similar pace, which is obviously something we’re striving for in the business.
