It’s the strategic priorities. It’s making sure we’re channeling our capital in the appropriate manner to drive growth both in the short, medium and long term. And that’s what we’ll continue to do. As you know, we are a people business, to a large extent, because a lot of what we do from a tech development standpoint is around people. A lot of what we do from a sales standpoint is around people. So that’s what we invest in. So when you see growth rates in terms of operating expenses, I tend to call out personnel as one of the line items essentially for that reason alone, which is the growth comes from people and people are the ones who actually bring the assets that are there for — which allow us to deliver that revenue. But really nothing unusual going on from an OpEx standpoint as we exit the year.
Michael Miebach: Yes. So we keep top and bottom line growth in mind. But there is a tremendous opportunity ahead of us right now. So we are using this tailwind that we’re currently seeing to continue to invest. You see the list of wins, the growth momentum in B2B, the growth momentum in services. So this is the time to continue to nourish that business and invest, and you will see us do that in a very prudent and disciplined fashion.
Operator: We’ll go next to Dan Dolev at Mizuho.
Dan Dolev: Just a quick question on the guidance. Like obviously, results were very strong. You exceeded your second quarter guidance on revenue. Like what was the thought process of not boosting the guidance for the year?
Sachin Mehra: So Dan, a couple of thoughts here. One, again, remember, we shared guidance in terms of ranges, and that’s what we’ve shared out here as well, right? And when you think about ranges, it — that’s what they are in essence. Point number two is some of the beat, which we had in Q2, as I mentioned in my prepared remarks, was driven by what we call timing of deal activity. We still expect to be active in the markets. We still expect to vigorously compete in these markets. And so I kind of intentionally mentioned that as timing only because we do expect that as the year progresses, we will continue to be active in the market. So I think you should take that into consideration as well. And then my only other comment I’d make is, in Q1, we had modestly increased our thoughts relative to what we had shared right at the start of the year.
So when you bring all of that together, right, that’s kind of our thinking behind what we shared from a full year guidance standpoint.
Operator: We’ll go next to Bob Napoli at William Blair.
Robert Napoli: On open banking, Mastercard has been pretty aggressive in investing in open banking. But I just like some additional thoughts on maybe on how that’s progressing and then how open banking maybe fits into other strategies like embedded finance and Banking as a Service.
Michael Miebach: All right. So open banking, as you know, we specifically called that out as 1 of 2 opportunities in new networks. The trend is here to stay. That’s pretty clear. This whole notion of people got to use their data footprint to avail better financial services. There’s a lot more regulation coming around that. PSD3 in Europe is coming out. So this train is — has left the station. That’s good. We’re on it. The way we look at it is we have to move beyond connectivity. We had a good start. We are well connected here in the U.S. through our Finicity asset and in Europe through our Aiia assets. And we’re very busy now building use cases on top of that, and this is where we think the future is going. Initial demand of Finicity was very clearly in lending-oriented use cases and asset verification use cases.
