We had a record payroll sales month in December, and we continue to see near 20% bookings growth in our vertical market businesses, again, all targeted largely towards the SMB segments of the market here in the U.S., by and large. E-comm and omni continues to produce really good results. As we highlighted on the call, mid-teens growth again yet this quarter, we continue to benefit, I think from digitization trends that obviously help blend the physical and virtual world. But I think again, we are uniquely positioned to solve this complexity for our merchant customers, and we see great adoption of those capabilities from our merchants in virtually all markets around the globe in which we are operating today. So, look, I think we are fairly confident as we head into 2023 to the guide that we provided today.
Obviously, macro can evolve over the course of the year. I don’t think we are assuming perfect macro. We didn’t see perfect macro in Q4, as Jeff highlighted. So, I think some of that is obviously reflected in the guide today. I think the guide doesn’t assume it gets meaningfully worse nor does it assume it gets meaningfully better from where we are. And I think again, we feel confident in our ability to deliver on the results that we forecasted in our call earlier this morning.
James Faucette: Thanks everybody.
Jeff Sloan: Thanks James.
Operator: Thank you. Our next question comes from the line of Jason Kupferberg with Bank of America. Please proceed with your question.
Jason Kupferberg: Good morning guys. Thanks. So, we are talking about 9% to 10% organic growth in merchant, 4.5% to 5.5% in issuer. I just wonder if I try to understand Slide 10, where you pulled together some of the pieces here. I see the divestiture adjustment there, but I don’t see anything explicitly talking about the EVO acquisition. So, you showed 8% to 9% here. So, that, I guess is essentially the organic overall? I don’t know, I am still confused that we don’t see the adjustment for EVO?
Jeff Sloan: Yes. Jason, it’s Jeff. So, I will start. So, we will start with our GAAP guide, which is the first row, and then we have got our normal GAAP adjustments, which is the second row, the home adjustments to get adjusted net revenue. That’s what we report, the 6% to 7%. We said currency was roughly neutral. The truth is it’s a 20 basis point headwind. We are just going to absorb that. We didn’t think calling that out and trying to back out 20 basis points based on what we know is really worth anyone’s time. Our job is to manage those things. The reason we call it net divestiture, if that’s net of EVO. So, as I mentioned a minute ago, Netspend B2C and EVO are roughly similar in size. They are going to close, our expectation, is on around the same day.
So, there is no timing discontinuity of those things. Those offset more or less, I would say there is a little bit of leakage. So, there might be something like 50 basis points, 60 basis points of leakage on the sale of Netspend Consumer relative to the acquisition of EVO. But then remember, we were forced to exit the Russia business April 29th, Jason, of last year, so we have overlap there for a period. And then we obviously also announced today from a revenue point the sale of gaming, which is earnings-neutral, but obviously revenue-dilutive. So, the net effect of that is minus 1.7%. If you get the lot together, the acquisition of EVO, the sale of Netspend Consumer, the forced divestiture of Russia, the sale of gaming does net to minus 1.7%.
