Michael Miebach: Right. So we continue to believe in the whole notion of open banking and open data at large, where people and businesses use their own data to drive towards better services and better propositions for them. So the idea stands. And I think the idea gets hold and hold. If you look at Europe with, more regulation coming in, looking at PSD3 and so forth, you’re looking at the CFPB here in the United States putting out some thoughts on how regulation could look like. For us, I put this in context of the idea is understood. How do you make it safer? What does that need? It needs trusted parties in the middle. We’re in a world full of a bunch of bilateral relationships where people exchange data in a not so safe way.
That would be a bad world. That’s what regulators want to prohibit. We’re coming in and saying we could be one of those parties that really bring the idea to life for consumers. I can use my data for better financial services. So when I look at what the CFPB has put out, we largely support the idea. It aligns very well with our data responsibility principles that we put out. It’s your data, the consumer. You benefit from it. You control it. It is our role as a company to keep it safe, and we’re very good at that. So our interlocking circles stand for trust. For open banking to work, you need trust. I think that is where we’re going. So we’re engaging. In fact, we’re oftentimes in the room when these things are being thought about. In Europe, we were very much part of the dialogue on how data privacy on this context will looklike.
Operator: And we’ll take that last question from Jason Kupferberg at Bank of America.
Jason Kupferberg: Hey, thanks, guys. I just wanted to flash back to the analyst day two years ago. I know you had shared a three-year guide at the time for revenue CAGR of high teens through 2024, and it looks like you’ll basically be right there through the first two years of that forecast period. So I just wanted to take your temperature on that three-year outlook and give you a rear-view mirror.
Michael Miebach: Yeah, Jason. So, look, we’re not updating anything on the three-year outlook at this point in time. It’s like you said, the first year actually turned out to be a very nice year. Again, in the second year, we’ve delivered quite strongly year-to-date, and then we’ve shared with you what we think will happen from an expectation standpoint in Q4. The one thing I just want to kind of orient everybody to is that we’re in a very, very volatile time, and the world has actually changed quite meaningfully since then, which is what I’m alluding to here is the invasion of Ukraine by Russia and our suspension of activities in Russia. So that’s something to keep in mind. We certainly keep it in mind as part of the fact that what we were assuming at that point in time in period Russia right now, obviously we don’t have revenues related to Russia, which are coming through.
But beyond that, I have nothing really to share in terms of updated thoughts around our three-year outlook.
Devin Corr: So thank you for the questions today. Thank you for the trust in MasterCard. I always thank our people. And this is yet again the moment to do this. Times are not that easy for everybody, and they’re leaning in, and they’re leaning in for our customers. So thank you to everybody at MasterCard who is on the call, and thank you to all of you who listened in and asked questions. Speak to you one quarter from now. Thank you. Bye-bye.
Operator: And that concludes today’s conference call. Thank you for your participation. You may now disconnect.
