“From an operating margin perspective, we will continue to operate with the philosophy of delivering a minimum annual operating margin of 50%.”

In context

“I would like to update you on our three year performance objectives for the 2022 to 2024 period that we first introduced in November at our investment community meeting. The bottom line is that there is no change, although our jumping off point for earnings is slightly higher due to our Q4 2021 over performance. As a reminder, these objectives are on a currency neutral basis, exclude special items, gains and losses on equity investments and acquisitions closed after 2021. Using 2021 as our base over the 2022 to 2024 period, we expect to deliver a net revenue compound annual growth rate in the high-teens. This assumes an annual target market volume growth rate of 10% to 11%, cross-border travel returning to 2019 levels by the end of 2022 and doing our services revenues at a 20% plus CAGR. From an operating margin perspective, we will continue to operate with the philosophy of delivering a minimum annual operating margin of 50%. Having said this, I would like to emphasize that we continue to believe that it is important for us to invest with a long-term growth while delivering positive operating leverage, and we continue to exit -- continue with this philosophy in mind. And finally, we expect to deliver an EPS CAGR in the low-20s range on a currency neutral basis, excluding the impact of special items, gains and losses on equity investments and future acquisitions. And with that, I will turn the call back over to Warren. Warren Kneeshaw : Thank you, Sachin. Jumaria, we’re now ready for the question-and-answer session. Operator: [Operator Instructions] Your first question will come from Rayna Kumar with UBS. Rayna Kumar : Good morning. Thanks for taking my questions. So with cross-border spending now above pre-pa”