You’re right – my focus on integrated today was very intentional, because I think it’s important to recognize why we’re different than other players in the market, why we’ve seen sustainable high rates of growth in that business and why we’re confident we’re going to continue to see sustainable high rates of growth in that business over a long period of time, and to try to draw a clear line of distinction between how we go about running our integrated business and how others in the market may be choosing to operate theirs. I’m very bullish long term on the partner model. As I said at the outset, I’m somewhat ambivalent as to whether we partner or own in a vertical market – again, it’s largely going to boil down to what opportunities are available and what do we think gives us the best path to growth and success in the verticals that we’re targeting.
Darrin Peller: Yes, that’s really helpful. Thanks guys.
Cameron Bready: Thanks Darrin.
Operator: Thank you. Our next question is coming from the line of Dan Perlin with RBC Capital Markets. Please proceed with your question.
Dan Perlin: Thanks, good morning. Cameron, I just wanted to–not to belabor this point, but just staying on merchant for a moment, you called out that–you know, I think you said 40% of merchant’s revenues are now embedded from the software component, which obviously includes [indiscernible] services, so my question is a little bit different than hat Darrin was just asking, which is shouldn’t you be able to decouple your revenue growth over time from volume growth, to the extent that that continues to grow faster? If that’s the case, how do you think about the stability of the business going forward? It would seem as though you’d get better visibility, not worse.
Cameron Bready: Yes, I think it’s a fair question. I do think there will be some slight decoupling over time, but remember we’re not selling software just for the sake of selling software. We’re selling software in payments and monetizing payment flows as we’re selling software. That’s why I think, notwithstanding the heavy emphasis on software, which is the right strategy for our business, there is obviously an element of that that’s going to drive volume growth as we execute on the software strategy. Software takes three flavors, as I mentioned before, but it’s rare that we’re selling software into an environment now where we’re not selling and monetizing the payment flows around that. From my vantage point, yes, you can see some decoupling as we continue to add more value-added services to the portfolio, other things that aren’t directly linked to volume, but by and large as we’re selling software, it’s going to be linked to volume, and you should see relatively consistent trends as it relates to volume growth and software and, obviously, revenue growth in the business over a long period of time.
But I do think it gives us, to your point, better visibility, better predictability around the business, and certainly it gives me a lot of confidence in the sustainability of the performance that we can achieve over a long period of time.
Dan Perlin: Yes, that’s great. Can you just flesh out, as my follow-up–you know, you highlighted this profac model that you have, that you said is unique to Global Payments, relative to the payfac? It sounds like–I wasn’t sure, are you taking on incremental compliance and underwriting risk associated with this model? It sounded like it was some sort of hybrid, so if you wouldn’t mind just fleshing that out a little bit, that would be great. Thank you.
