“So for example, Citizens, Webster, UniCredit, Deutsche Bank, all of these will play out over the course of ‘24 and in some instances, over multiple years.”

In context

“g term. And on the conversion piece, just to know, for the U.S., we saw -- I mentioned this earlier for Webster and for Citizens, conversion is starting. Some of the big conversions in Europe have already completed. Sachin talked about the lapping for NatWest and so forth. So Sachin, if there's anything else? Sachin Mehra: Craig, I would just add, like Michael said, right? I mean as you would imagine, in terms of how we think about 2024 and our thoughts for 2024, we do factor in what our best estimate as it relates to the conversion of the portfolios. What I'd tell you is, we've had a decent amount of wins across the globe. We for the most part, the sizable ones are staggered wins as and they come on over a period of time. They're not episodic flips, which will take place all at one time. So for example, Citizens, Webster, UniCredit, Deutsche Bank, all of these will play out over the course of ‘24 and in some instances, over multiple years. So we factor in our best estimates on those conversions as we kind of put our thoughts together for the year. Operator: Our next question comes from Sanjay Sakhrani with KBW. Sanjay Sakhrani: Sachin, thank you for sort of cadence for the year with the first quarter. But I was just wondering, could you just elaborate a little bit more on the expectations for payments versus the value-added service revenues? And then specific to that Brazil tax legislation. I guess, is it neutral to EPS? It adds to OpEx, but lower taxes? Just maybe you could help us with that, too. Sachin Mehra: Let me just take the Brazil one first, and I'll come back to your second question. So on the Brazil piece, it increases our operating expenses because it's an increase in indirect taxes, which are there. That is a -”