So that’s sort of the underlying drivers. And then your first question actually was on revenue. We had a solid start for the year, a really good Q1, stable Q4 trends. Today, we’ve reaffirmed our full year guide on net revenue in constant dollars, and that includes the modest impact of Reg II that we talked about. So we feel good about Q1. We feel good about the outlook for the rest of the year, and we’ll continue to focus on execution.
Jennifer Como: Next question Jordan.
Operator: Our next question comes from Timothy Chiodo with UBS. Your line is open.
Timothy Chiodo: Great. Thanks for taking the question. I wanted to dig into Pismo a little bit. The website talks about large banks, marketplaces and fintechs. And you mentioned earlier the movement away from the legacy systems into more modern cores. I want to talk a little bit about the ambitions and the potential in terms of the bank sizing. And also, these core conversions, are they for new product and sort of sidecar cores, if you will? Or are we talking about the potential for your core kind of issuing clients in the U.S., midsized banks, to be moving their legacy core potentially over to something offered by Pismo in the future?
Ryan McInerney: So let me step back and talk a bit about how we found Pismo and then answer your question directly, Timothy. I mentioned in my prepared remarks these narratives and these priorities that we’ve been hearing from CEOs of banks all over the world, in the U.S. and all over the world, medium-sized, big-sized banks, which is, one, they’re trying to make this transition from their legacy tech stacks to the cloud; and the second is they want to expand, especially in emerging markets where they don’t have enough options of issuer processors to help them. That led us, hearing that over and over and over again, to go search the world for what we thought was the best cloud-based processor and core bank provider that we could find.
And that led us to Pismo. And so while Pismo is based down in Brazil, their platform is global. Their clients today are a mix of some of the biggest and most sophisticated banks in the world as well as medium-sized banks and fintechs. So they already today have a mix of different client types. And our ambitions, our ambitions are what I said in my prepared remarks, which is we want this to be the preferred provider of banks around the world. You asked specifically about midsized banks in the U.S. for their core banking platform, the short answer is absolutely. As you think about large banks and their issuer processing capabilities not just for debit, which we have today in the U.S., but for debit, credit, prepaid, commercial, not just in the U.S. but globally, we think Pismo is absolutely a solution that our issuers could be using around the world.
So yes, it is a global platform. We have global ambitions. Given the relationships that we have, the privileged relationships that we have with banks, big and small, in the U.S. and around the world, we feel good about our ability to distribute the product to them.
Jennifer Como: Last question, Jordan.
Operator: Our final question comes from Jason Kupferberg with Bank of America. Your line is open.
Jason Kupferberg: Thank you. Just wanted to ask if we’re still comfortable with low double-digit process volume and transaction growth for this year. I know both of those started off kind of in the high-single-digit range, ticked down a little bit in January. And also, any change in your thoughts around fiscal ’24 incentive guidance? I think we were looking for modestly less dollar growth than in F ’23, but you did a little better than expected in Q1. Thanks.
Chris Suh: Yes. Thanks, Jason. I think I answered some of the driver questions, but I’ll just recap very quickly at a summary level. We’re reaffirming the outlook for the full-year on drivers, second half benefiting from average ticket sizes in the U.S. and inflation in certain international regions and continuing to executing a number of our growth initiatives in global markets. Processing wins in LAC is the example that I used a minute ago. And so yes to your first question about reaffirming the guide on drivers. And then sorry, repeat your second question for me.
Jason Kupferberg: Just on the incentive guide.
Chris Suh: Incentives, yes. On incentives, yes, also no change in outlook for the full year. As you know, we manage the business to net revenue growth. That’s where we’re focused. We’ve updated our guidance for the full-year and Q2 on that. And we’ll continue to, like I said, focus on execution.
Jennifer Como: Great. And with that, we’d like to thank you for joining us today. If you have additional questions, please feel free to call or e-mail our 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.
