So, if you add back currency and get back the net effect, which is why it says net there on Slide 10, you get to the 8% to 9%, which to your point, and we call it core here. That’s our view of what the core business is really doing. If you want to take that to earnings, and Josh actually put this in his quote in press release. If you back out the divestiture because it’s not our €“ our cycle guide doesn’t include divestitures. If you back that out, core earnings growth would have been 15% to 16%. That’s not what we were guiding to, because that’s not what we are going to report. But the 8% to 9% correlates to the 15% to 16%. Then if you say, well, what about EVO’s run rate of expense synergies because we only get 1 point or 2 points of accretion this year because we only own it for nine-twelfth of the year.
But if you look at our guide from August 1st, there is another 3% of accretion to EPS at full run rate €“ incremental free at full run rate phase in full expense synergies, which is from August 1st of last year. You put that in, and we are actually at 17% to 20% earnings guide. So, the way we think about it, Jason, is 8% to 9% is the run rate of what the quarter is doing. We are not guiding to that because we are going to report which is what Pages 7, 8, 9 do, what our press release does. We don’t want to have any confusion. But for those who are interested in what’s really going on, what’s the core revenue growth rate of the company, whatever it is, it’s 8% to 9%. What’s the core earnings growth of your company, it’s 15% to 16% and with full phase in EVO synergies, it’s 17% to 20%.
So, right on top again €“ and Josh already said, it’s 120 on the margin, so right on top again of our cycle guide despite all the uncertainties of the world.
Jason Kupferberg: Okay. Understood. And then just as a follow-up, I know the primary use of balance sheet this year is to pay down debt, but do you potentially see room to do deals if something particularly interesting pops up? And then just a quick housekeeping thing, can you just clarify how much interest income benefit you expect this year from the solid financing on the Netspend side? Thanks guys.
Josh Whipple: Yes, absolutely. So, our primary focus this year is to go ahead and pay down debt. And so we are currently 3.25x levered. Today, with the €“ once we close, EVO will be about 3.75x levered. And then we will focus on paying down debt for the balance of the year, and we expect to get back to our current leverage levels at the end of the year. If you think about interest income, it’s approximately $75 million for the year.
Jason Kupferberg: Thanks.
Jeff Sloan: Thank you.
Operator: Thank you. Our next question comes from the line of Bryan Keane with Deutsche Bank. Please proceed with your question.
Bryan Keane: Hi guys. Good morning and congrats on the solid results. Jeff, I wanted to ask about yields. A lot of chatter on looking at the merchant side. If you look at your volumes, they look very favorably versus peers. On yields, you guys are about flat. Others are showing large increases. Can you just give some comments on how you think about yields and yields going forward in the merchant business?
