Vasant Prabhu : Yes. When we talked to you last quarter, we said for the full year revenue growth would be somewhere in the mid-teens on a constant dollar basis adjusted for Russia. And then when you adjust for Russia and you adjust for a full year impact at that time of about 2 points on FX, it was going to be high single digits in nominal dollars. And so you know sort of where we are in Q1 and Q2. And exchange rates have moved around some so you can do some of the math. We’re basically not changing any views on the second half right now because trends have been still fairly stable. The only thing you might want to change is what the exchange rate impact in the second half might be based on where these are right now. I also gave you fairly clear operating expense expectations.
We were about 15% growth in the first quarter. We said growth will be 2 points to 3 points lower in nominal dollar terms in the second quarter, another 2 points to 3 points lower in the third quarter and another 2 points to 3 points lower in the fourth quarter. And that reflects what we had said last quarter that is expense growth will moderate through the year, both as we moderate the rate of increase when also as we lap higher levels of expenses from last year. So those pretty much are the sort of the broad outlines of what we said last quarter. And then we’ll update you once again on our next call with any changes we might have based on trends.
Operator: Our final question comes from Tien-tsin Huang with JPMorgan.
Tien-Tsin Huang : Thanks so much, and congrats to Al and Ryan. Excited for both of you. On the renewal front and new deal front, I’ll ask on that if you don’t mind. Any call-outs on pricing contract requirements, that kind of thing? I know you’d named a bunch of big names on the renewal front. MasterCard talked about the Citizens win there. Just curious what’s happening in the whole balance of trade area?
Al Kelly: Well, it’s a competitive world out there, Tien-tsin, as you well know. I think that there’s a price that you need to get to and then a lot of it has to do with the combination of incumbency or not, the capabilities you have, what your line-up of customers’ clients are in that market, what kind of experience you’ve had, what kind of innovative ideas you bring to the table, the other kinds of capabilities that we have in terms of services and new flows. So every deal is different and potentially hinging on on different things depending upon the needs of a particular client. And we tried to be very bespoke when we look at deals and talk to clients because their needs and their situation will always tend to be a bit different.
Jennifer Como : And with that, we’d like to thank you for joining us today. If you have additional questions, please feel free to reach out to the Investor Relations team. Thanks again, and have a great day.
Operator: Thank you for your participation in today’s conference. You may disconnect at this time.
