David Togut: Appreciate that. And just as a follow-up, perhaps, Bob, can you talk about the key drivers of operational effectiveness or operational excellence that will sustain margin expansion in your midterm range?
Bob Hau: Sure. And Dave, this is quite frankly, it’s just old-fashioned productivity. This is really what has been at the core of our company for a lot of years. The last couple of years have been focused on integration and cost synergies. And so, this is returning back to basics with integration synergy behind us from the large merger back in middle of ’19 and getting into productivity, reevaluating how we do everything and why we do what we do. It’s things like implementing our new SAP system and streamlining the process and getting more information in the hands of our business leaders more quickly so that we can make decisions faster. And it is, like I said, evaluating what we do on a day-to-day basis and streamlining that process so we can be quicker, more nimble, satisfy our clients and serve them in the way they need to be served with greater speed and efficiency.
David Togut: Understood. Thanks so much.
Operator: And for our final question, we’ll go to Dave Koning from Baird. Please go ahead.
Dave Koning : Yes, thanks. And great job. And maybe just my two questions on merchant. First one, ex Clover, it seems like you still did mid- to upper teens revenue growth in Acceptance. So, I guess my question really is, are you taking sure — even without Clover, it seems like you’re taking a lot of share in the industry. Is that fair to say?
Bob Hau : Yes, Dave, I think we had yet another very strong merchant quarter across the board. Contributions, yes, Clover continues to do well. We continue to server enterprise clients and gain there. Our international business, as you heard, hitting on all cylinders. So, this is — Clover is a big part of this segment, no doubt about it, and a big part of that growth that we laid out our intent, our goal to get to $10 billion by 2025. Clearly, Clover is part of that. But our enterprise clients are non-Clover SMB clients. Our international region is all part of that and all contributing to the growth in the first quarter and last year for that matter.
Dave Koning : Yes. Great. Thanks. And just as a follow-up, I think there might be a little misconception on the Street, just that volume growth being mid-single losing momentum. But when I look at it, I think over a third of your volume comes from bank JVs that generate almost no revenue. And I mean, I think those — that all could almost go away, and you still probably would have beaten consensus this quarter. Is it fair to say is that maybe where some of the slowness is where is the very high-yielding stuff actually is growing volume quite fast?
Bob Hau : Yes. Overall, it’s hard to be concerned in my mind with 18% top line when we did 17% for the full year last year, and to your earlier question, taking share across the board. There’s lots of different elements to that volume. It did ease a bit, and certainly the bank joint ventures are part of that. We have some processing revenue — processing volume that doesn’t drive big revenue and big profitability for us. And obviously, we continue to focus on that. And as we talked about, geez, a little more than a year ago now. And we think that, that holds going forward from a revenue standpoint, but isn’t a big growth driver for us.
Dave Koning: Yes, got you. Thanks, and great job.
Bob Hau: Great. Thanks, Dave.
Frank Bisignano : Yes, I’d like to thank everybody for their attention today. Please feel free to reach out to our IR team with any questions. Have a great day, and I look forward to talking to you. Thank you.
Operator: Thank you all for participating in the Fiserv first quarter earnings conference call. That concludes today’s conference. Please disconnect at this time, and have a great rest of your day.
