Bryan Keane: Thank you.
Operator: We’ll take our next question from Dave Koning at Baird.
Dave Koning: Yes, hey guys, thanks. Nice job. I guess advertising is my question. It was the lowest in a long time, by quite a bit too. And I’m wondering if there’s some correlation between how much you have to advertise and even rebates, that if you’re giving back some in dollars to your clients, you don’t have to advertise quite as much. Is there a correlation there? And maybe just why is it down so much?
Sachin Mehra: Yes, look, I mean, the A&M spend is typically, it’s a cadence of how we see the promotions we want to do. So let me just step back and kind of think a little bit about why we spend on A&M. You could do it at the brand level, but you could do it towards activation of sponsorships. And depending on when your sponsorship assets are in play, is when you want to do the activation around those sponsorship assets. So that influences, Dave, the cadence of spend on A&M. So you’re right, we had lower A&M in the first quarter. I kind of mentioned in my prepared remarks about how it’s the timing of A&M. What I was basically alluding to is that as the year progresses, we will be spending more on the advertising and marketing line.
On the second part of your question, as to the toggling factor between the expense line and what we might be giving in terms of marketing for, marketing spend in terms of contract, there is an element of marketing which we do give in terms of rebates and incentives. It’s to drive portfolio spend. We work very closely with our issuing partners on that. And so, it’s across both of those that we are looking to actually optimize from a marketing standpoint.
Michael Miebach: Right. The last comment that I want to make on this is, so we are a very large Fintech, but we’re not just a Fintech. We have a massive consumer brand. It’s a fast-moving brand. It’s amongst the top 10 brands on brand Z. So investing in marketing is absolutely critical. This is not a trade-off that we make to from quarter-over-quarter. It fluctuates exactly the way that Sachin just talked about. When is the Champions League on? When is this on? When is that on? And we have a very carefully curated set of sponsorship assets and it drives a bit of the timing. But we love our brand. We invest in it. I think for the fifth year in a row, we have been the number one Sonic brand in the world.
Michael Miebach: So there’s a lot going on the marketing side that we are very proud about. And I think that brings us to the end. What a great question to end the call on. Thank you so much. It is Labor Day in most parts of the world today. So when I thank our colleagues yet again, which I do in every call on Labor Day that makes even more sense. So a big call out to the 33,000 at Mastercard and thank you to you and our shareholders for your continued support. Thank you very much. Speak to you next quarter. Bye-bye.
Sachin Mehra: Thank you.
Operator: And this concludes today’s conference call. Again, thank you for your participation. You may now disconnect.
