Good morning. My name is Jamie, and I will be your conference operator today. At this time I would like to welcome everyone to the first quarter 2018 Mastercard earnings call. Warren Kneeshaw, Head of Investor Relations, you may begin your conference.

Thank you, Jamie, and good morning, everyone. Thank you for joining us for our first quarter 2018 earnings call. With me today are Ajay Banga, our President and Chief Executive Officer; and Martina Hund-Mejean our Chief Financial Officer. Following comments from Ajay and Martina, the operator will announce your opportunity to get into the queue for the Q&A session. It is only then that the queue will open for questions. You can access our earnings release supplemental performance data and the slide deck that accompany this call in the Investor Relations section of our website mastercard.com. Additionally the release was furnished with the SEC earlier this morning. Our comments today regarding our financial results will be on a currency neutral basis and exclude special items unless otherwise noted. Both the release and the slide deck include reconciliations of non GAAP measures to their GAAP equivalents. Please note that due to our decision to deconsolidate our Venezuelan entity starting this year we're providing additional information regarding our switched transaction and card growth rates. The adjusted growth rates eliminate Venezuelan switched transactions and card counts from prior periods so that you can better understand the underlying growth rates of our business. Our comments on the call today will be on the basis of these adjusted growth rates. These are the only supplemental operational metrics which are significantly impacted by the deconsolidation. Finally, as set forth in more detail on our earnings release I would like to remind everyone that today's call will include forward-looking statements regarding Mastercard's future performance. Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect future performance are summarized at the end of our earnings release and in our recent SEC filings. A replay of this call will be posted on our website for 30 days. With that, I'll now turn the call over to our President and Chief Executive Officer, Ajay Banga.

Thank you, Warren. Good morning, everybody. We're off to a very strong start this year. Our first quarter net revenue growth of 27% and EPS growth of 43% versus a year ago on a currency neutral basis and excluding those special items. But even if you exclude the impact of the accounting changes, the acquisitions, and a couple of other items that affect year over year growth comparisons, all of which Martina will explain to you in some more detail later, our underlying net revenue growth was up 20% and operating income was up 27%. All these results are driven by the focus of our folks, of our employees, on execution and solid business fundamentals as we continue to invest for the long term future of our company. Now the macroeconomic front. We are continuing to see overall growth. We are, however, keeping a very close watch as central banks around the globe evaluate normalizing their monetary policies by reducing fiscal stimulus. The U. S. continues to perform well, low employment, healthy consumer confidence. Retail spending remains strong and our SpendingPulse estimates are increasing to 5.3% for the quarter versus a year ago. Now remember that estimate is ex-auto, ex-gas and we believe that's the best way to look at the underlying trends in retail spending. Now when looking at the rest of the world, we see generally favorable conditions. Europe remains positive overall with retail sales growth in the UK has picked up in the first quarter although showed some deceleration in March, again according to SpendingPulse in the U.K. We do remain concerned about the potential impacts of Brexit. Latin America continues its recovery, lower unemployment, improved consumer confidence. And there we will continue to monitor for potential impacts from the elections particularly in Brazil and in Mexico…

Thanks, Ajay, and good morning, everyone. We are very pleased to deliver a strong start to the year, even when you exclude the 4 ppt tailwind from foreign exchange to net revenue and the 6 ppt to net income, which was primarily driven by the appreciation of the euro since last year. Here on page 3, I will now highlight the numbers on a currency neutral basis. And also I will exclude special items related to litigation commissions. Net revenue grew 27%, driven by strong underlying performance and it includes a 4 ppt benefit from the new revenue recognition rules and a 2.5 ppt benefit from acquisitions. Excluding these items, underlying revenue growth was 20%. Operating expenses increased by 32% which includes 20 ppt of growth due to acquisitions our charitable contribution to the Center for Inclusive Growth and the impact of the new revenue recognition rules. Underlying expense growth was 12%. Operating income grew by 23% or 27% on an underlying basis based on the adjustments to revenue and operating expense I just noted. Net income was up 39% reflecting strong operating results and the impact of the U.S. tax reform, which contributed approximately 8 ppt to this net income growth. EPS was $1.50 per share, up by 43% year-over-year with share repurchases contributing $0.03 per share. During the quarter, we repurchased about $1.4 billion worth of stock and an additional $608 million through April 27, 2018. So let me turn to page 4, and here you can see the operational metrics for the first quarter. Worldwide gross dollar volume or GDV growth was 14% on a local currency basis and that's up 1 ppt from last quarter. We saw solid double-digit growth across most regions. U.S. GDV grew 10%, up 1 ppt from last quarter and was made…

Thanks, Martina. Operator, we're now ready for the questions.

And your first question comes from Bryan Keane with Deutsche Bank. Your line is open.

Hi, guys. Congrats on the solid results. I want to ask about the strength you're seeing in Europe and Asia in particular. Are those share gains versus the competitors, or is that just the overall growth in the markets? It's probably a little bit of both I'm guessing.

Yes, we're seeing both, Bryan. Actually in Europe, we're seeing domestic growth really showing up very nicely. Cross-border growth has actually improved from what the statistics that we have seen before, including what we're seeing, by the way, in the UK. So we are seeing very solid spend in the UK domestically. We see solid double-digit cross-border growth outbound of the UK as well as inbound into the UK. So we're seeing at the moment no clouds on the horizon, even though we are obviously worried about Brexit. We see very solid growth in Eastern Europe showing up. In Asia-Pacific, what we're really seeing is that Australia is coming back a little bit. And we're also seeing some healthy growth, it's like in the high single digit rate, from a cross-border perspective in China.

Okay. And just as a quick follow-up, on the rebates and incentives side, the pickup you expect, is there any way to think about the cadence throughout the rest of the year? Will it pick up each quarter going through, or is it just a little bit of a pickup here in the second quarter as some of the deal closes? Thanks so much.

You're asking me the $100 question here because that is always what I'm asking our people in the business. It really depends in terms of when we are signing agreements and when we're implementing the agreement. The best outlook that I have at this point in time is that probably Q3 is the high-water mark in terms of rebates and incentives. But again, once we close out Q2, we will let you know.

Okay, great. Thanks.

Next question, please.

Your next question comes from David Togut with Evercore ISI. Your line is open.

Thank you, good morning. Could you comment on the pace of RFPs you're seeing in Europe for ACH-related offerings? Specifically I'm asking about Vocalink's positioning on Continental Europe ahead of PSD2.

So there are a number of RFPs out there, not just in Europe but around the world. We're participating in all of them. I don't think there's any change in the pace of RFPs based on the implementation dates of PSD2. A lot of the RFPs have to do with countries and locations trying to upgrade their clearinghouse systems over the years from what was built many years ago to what's more state of the art in terms of Fast ACH with better messaging and better data transmission capabilities connecting to directories and the like. That's what we are participating in.

Understood. And then as a follow-up, could you comment on any update with respect to your B2B hub?

Yes, so that work progresses, and we are in the process of rolling out with the first client early in the second half of this year. Meanwhile, we already had a number of our clients who had relationships with AvidXchange. This is the partner we have used to build the B2B hub with. And those volumes are doing really well. In fact, one of those, for example, is KeyBank. And we have seen not just great volumes coming through, we've seen an increased share shift from check to card. So we've got good momentum on that commercial business beyond the B2B hub, as well with growth across Bank of America Merrill Lynch, Capital One, Citibank, and a bunch of other partners in commercial.

Understood, congrats on the strong results.

Next question, please.

Your next question comes from James Friedman with Susquehanna. Your line is open.

Hi, it's Jamie at Susquehanna. Martina, I wanted a clarification, if I could. You were going quick there. But when you were talking about other revenue growth and then you had called out advisers and safety and security. I think, and I apologize if I wrote this down wrong, but you said there was 10 ppt of growth contribution from Vocalink. Is that – what's the antecedent? Are you referring to other revenue or services revenue or total revenue?

So the other revenues, as you know, has most of our services business included, and it grew for the quarter by 33%. And 10 percentage points of that was related to the acquisition that we did of Vocalink, so the underlying growth actually was 23%. And of the 23%, the line items that drove it most was advisers as well as safety and security. The Vocalink acquisition, I just called it out because we still have not lapped the acquisition. Remember, we made the acquisition only on April 28, 2017, so it wasn't in there for the fourth quarter, so that's why we're calling it out for you. Of course, the impact in the second quarter will be much lower because you only have one month's worth of the Vocalink revenues coming in year over year.

Got it, thank you for the clarification. And then I guess like a moth to the flame, I've got to ask about the crypto. Let's see how to ask this one. That's a bigger callout than we had anticipated on the crypto. I guess what corridors are you seeing that come through and where is it deteriorating from? And do you think it will ever come back?

So the issue in this, first of all, in terms of the stacks, on the cross-border volume growth, the cryptocurrency funding or the crypto wallet funding really was 1 ppt. It was 1 ppt that we saw in the fourth quarter and it was 1 ppt that we saw in the first quarter. What the issue is that a number of the banks have decided, in particular in the United States, that they would not allow the usage of cards for this particular funding vehicle. And that's why we have already seen a relatively significant decrease of the volume related to that event. In terms of where the funding is coming from by country, we're seeing quite a bit coming out of the United States. We saw quite a bit coming out of Australia and some other select countries in Asia, and then a number of countries in Europe.

The governments around the world – I was out in Asia recently. And Korea, for example, has pulled back on allowing some of these exchanges as well to operate. There's a lot of concerns even in Japan because one of their biggest exchanges got hacked into and has now been bought out by another company in an effort to bring that back to an even keel. In general, the in and out of buying currency – a normal fair currency to put into a crypto wallet, which is what we were involved using our cards with, it depends a little bit on the interest in cryptocurrency. And as you can see, right now there's a little less interest than there was in the latter part of the fourth quarter and the first quarter. So when we did our earnings call last time, we actually said that this is not something we count on because we just don't know how to predict it or we don't even want to count it.

Next question, please.

Thank you.

Your next question comes from Dan Perlin with RBC Capital Markets. Your line is open.

Thanks, good morning. I had a question on the commentary around organic operating expense growth. So in the quarter it was 12%. I think you're guiding to kind of high single digits for the remainder of the year. So that to me would imply a step-down. But then there's the commentary about the significant ramp in investments or just continued advancement in investments. So I'm just trying to reconcile that statement a bit.

It's really year-over-year comps, so you're going to have to look at where the operating expense numbers were in the second and the third and the fourth quarter of 2017. So it's just a reality of that. There's nothing really more to it, Dan.

Okay.

I can maybe add one more thing. So in the fourth quarter, often enough we go for lower A&M expenses. And you might see some of that too because we are trying to move some of that into the earlier quarters. But that's really – it's not going to be very different than what you saw last year.

Okay. And then can you just provide some commentary around the step-down in these April statistics? You've already mentioned obviously cross-border but switching in global U.S., outside the U.S., they all kind of stepped down so. Thanks.

Okay. So, first of all, I just want to remind you that this is completely in line with our expectations. And I comprehended it totally in the stats for 2018 from a net revenue point of view. But when you look at the U.S. where the switched volume is down, really predominantly it's because of the debit programs. And there it's a seasonality adjustment. You might remember that we are powering the Social Security benefits with Comerica for the United States. And depending when they get paid, you have a little bit of an uptick in the first quarter. Secondly, we are also the provider for H&R Block in terms of tax reimbursements. And of course, in the first quarter, especially at the end of the quarter, there's actually quite a bit of an uptick which you don't expect to continue into the second quarter. So that's for the United States. In terms of the volume outside of the U. S., 18% down 2 ppt. Look, I mean this is like – if it's 1 or 2 ppt or even 3 ppt here or there, it's little upticks and downticks country by country. I'm not going to go through all of this. But it's just what we see from time to time quarter-over-quarter.

Thank you.

Next question, please.

Your next question comes from Don Fandetti with Wells Fargo. Your line is open.

Ajay, on the common checkout button, can you talk a little bit about sort of a realistic timeline when you think this could be up and running? And I guess my question is, do you think that this approach will be a little more successful in terms of merchant penetration? I think my sense is over the years that it's been a little bit of a struggle for the networks under digital wallets. And then, secondly, how important strategically is success here? Clearly if you look at where volumes are going, ecommerce is the future. And can you talk a little bit about that?

Sure, Don. I mean, look, ecommerce is definitely growing. And but remember we participate in ecommerce as well through the funding of lots of different wallets and methods of paying over the Internet, whether you pay from a phone or you pay from your computer. So ecommerce is growing which typically takes out cash as well and also does take out retail brick-and-mortar in some ways. It's a good thing as far as we're concerned. It's all about digital payments. So I'm not fussed about that. And remember this that ecommerce at the end of the day is if that's what the consumer wants to do and that's how they want to interact, our job is to make sure the consumer can do that in a safe way, in a simple way, in a convenient way, in a way that meets their needs and gives them rewards and incentives and the like to do it. So I'm actually quite inclined to think that that's where a lot of effort will go and think about the Internet of Things and digital physical commerce coming together, so all that's important. Therefore, finding a way to also grow in the digital space, not only by relying on other wallet providers but also giving our issuers a chance to be able to be present on merchants' checkout locations in an appropriate way, in a brand friendly way, in a simple way for consumers is also important. And for merchants which is to me where it all started from as well, if you go to them with each network or each wallet attempting to create its own way to connect with a merchant, think through what that means. Forget big merchants. It's a nuisance for them. Think of the medium and smaller sized ones. It's…

Thank you.

And I just want to add one step to what Ajay has been saying on how important the ecommerce business is to us. In this quarter, the ecommerce business grew 25% okay? So that's a very, very large growth. And by the way, these kind of stats we have been seeing quarter after quarter. It's either in the lower 20s, mid 20s or high 20s depends on which quarter you're looking at. So it's obviously a huge focus for us.

Your next question comes from Brett Huff with Stephens. Your line is open.

Good morning. Thanks for the time and congrats on a nice quarter. Can I dig in a little bit more on the B2B strategy that you have? It sounds like the investments are going to be accelerated there. Can you just be a little more specific on what specific strands of investment that you're going to accelerate there? Is it more partnerships? Is it more organic building of technology? Could you just be a little more detailed for us?

Sure, sure. So that's part of Martina's expense commentary that she was talking about, right? I mean look, we are taking advantage of two things. Let me put them in context. One is better revenue growth and two is the tax reforms that have allowed us to think in terms of accelerating some of our investments in strategic areas. Commercial B2B is one of them but there's safety and security. There's everything we're doing at digital and contactless. There's all the work we're doing on expanding acceptance with QR codes and the like. There's the matter of loyalty and rewards. And so there's a bunch of places the money is going into. Commercial and B2B is a very important part of that. That's why we called it out in a prior Investor Day. What are we doing? It's not just what we've done already which is commercial cards which, by the way, are growing well. And that's – somebody asked me a question a little while back and I talked about good commercial growth in the U. S. with Bank of America and Capital One and Citi and elsewhere as well. That's typically inside the traditional card based business, whether physical cards or virtual cards. And that basically aims at corporate T&E, at fleet cards, at purchasing cards, at B2B payments through Amadeus and the like. That's one part of it. That uses things like Smart Data. It uses In Control. Those are all, I would say, assets of ours that we are continually investing in to keep them state of the art but they're there. We own them, we have them. What's interesting is we're all seeing interest beyond the typical bankcard issuers. The technology providers who embed commercial payment solutions into their software, into their platforms are getting…

That's helpful. And then just any update on the economics of how you see the Vocalink business kind of being deployed, be it more network effects or network economics versus kind of being an arms dealer or a mix. I know that was something you talked about at your last Analyst Day. Thanks.

Arms dealer? I don't know if I used that. That's an interesting topic. So here's the deal. I'll start off and I'll give it to Martina. My view is that Vocalink will go in the marketplace, as I said, one, through RFPs where they are actually creating or participating in the infrastructure of fast payments in a country. The UK is where we not only participate in helping the infrastructure, we run it. In other countries like in the United States, it's our software that's powering the clearinghouse which is in the process of rolling out this instant ACH systems. Like that we are the participants as I said in Thailand, that's the example I gave you about that. One where we are more than just software and also helping them actually manage their capabilities. We do that in Sweden. We do that in Singapore. We do that in a number of countries. We're participating in RFPs for that kind of work in a number of markets around the world from Latin America to Asia. There is a second aspect, which is to be able to bring our knowledge and capabilities of this to banks as they attempt to make ACH become a bigger part of their payments but do it in a way that takes it from being a relatively blunt instrument where reconciliation and settlement is happening, sometimes one day later, sometimes two days later, to on-time, real-time instant. And what that changes in terms of the value added services they can provide and therefore find a way to build loyalty with their customer base. That work is another space. We call that fondly the scheme kind of thinking. Then there's a third which is more application built, which you read about us launching in the UK, the Pay by Bank app which is an ability for banks to pay at a merchant space and offer their consumer the choice of paying by card or by direct debit or with some kind of economics and value-added services that make sense for the consumer, the merchant, and the bank. All that is part of what Vocalink's up to. It's a different set of strategies for different markets. It's is not going to be one sort of fit of the code for every country.

From an economic point of view, typically when we go to the infrastructure layer, it's either a license fee. That is not a lot of money we always tell to our investors, or there is a basic fee for people who are using the infrastructure. Where the money is really going to be made is what Ajay referenced, when you run the scheme or when you have an app. And typically transaction-based pricing, very similar to our core model, comes in at that point in time. And that's what we're already proving out in the UK with the Pay by Bank app. And then lastly, on top of that with the services that we're building, and we showed a number of those services in our last Investor Day in September, that is a normal pricing if it's a data analytics service or if it's a loyalty service or if it's a fraud service. That's k the normal pricing that we have established already from a core perspective. So those are the three layers in terms of what you should be watching out for us to develop. Having said all of this, this will take some time. This is not like we're turning the key and suddenly you're going to see this all coming in next year. It's going to take us a number of years to really prove the case.

And the reason for that is we're dealing with clearinghouses in different countries. These are not individual one-on-one bank to us deals. These are deals where you're going to get either the government or a set of banks that own the clearinghouse together to be able to migrate to Fast ACH. There are lots of implications of this. But it makes us the player that can offer choice to a country, to an issuer, to a merchant, and to a consumer. And choice is what we are focused on.

Thank you so much.

Next question, please.

Your next question comes from Jim Schneider with Goldman Sachs. Your line is open. James Schneider - Goldman Sachs & Co. LLC: Thanks for taking my question, good morning. I was wondering if you could maybe address two items on debit. One is do you think that the – it seems like the trends are pretty strong globally. Anything to call out in terms of your debit share from an issuance perspective beyond the things that you noted in terms of Kroger and your confidence that can improve from here? And then the second one relates to the transactions processed on network or switched transactions. That seemed to step down a little bit. Was that purely an effect due to European mix, or was there something else going on there?

So first of all, our debit performance is very strong in the United States and in Europe, really in the rest of the world too, but that's the two questions that you asked. In the U.S., as you can see, we're winning some share. When you look at transactions in the U.S., it really depends which quarter you're looking at because the routing of the PIN transactions by the merchants can make a difference. And you might remember that we won quite a few of those routing RFPs quite some quarters ago, and some of those are lapping. But also merchants make dynamic decisions from time to time. So I don't think you should be reading into that anything from a U.S. point of view other than that we continue to make good progress. From a European...

We also have the PayPal debit deal in the U.S., which will help us.

Which will help us. It hasn't rolled in, of course at this point in time. And then in Europe, in Europe I think we're very strong in debit in most countries in Europe. There's only one country where we had a little bit more of an issue, which is the UK And as you can see from a number of these announcements that we have been making over the last few quarters as well as what Ajay talked about this morning with Santander, we are really going back into that space and being able to compete effectively. You are not seeing some of those stats yet coming into our actual numbers. It will typically take a 6 to 12-month period for the implementations to happen and for those portfolios to flip over.

Last time we talked about Crédit Mutuel in France. We got a debit flip there. We've got ING Bank in Italy. I just talked about Bank of Baroda in India. You'll find that our growth rate on debit in India is strong. And over the next couple of quarters, you'll see us talking about the India debit share there. The debit, you're aiming at millennials. You're aiming at everyday spend. You're aiming at contactless, which really attacks cash. So you're also obviously aiming at ATM withdrawals and getting cash out of ATMs. Debit meets all those needs. And so debit is important to us, and that's where we're focused on. We're also doing a lot of work on converting some Maestro cards to Mastercard debit because that gives banks and consumers a better capability of using those cards. So there's a lot of building blocks to our strategy on debit.

The one thing, Jim, I just want to point out because I'm not sure if you're getting confused because of that is, remember we are excluding the results of Venezuela starting the first quarter of 2018, which in particular impacts transactions. It doesn't really impact volume. And so you're not seeing – you're seeing the same 17% growth or so that we had in transactions. But in fact, if you strip that out, then the transaction growth in the fourth quarter was 15% ex-Venezuela, and in the first quarter is 17%. So you actually saw an acceleration from a transaction point of view. James Schneider - Goldman Sachs & Co. LLC: That's very helpful, thank you.

Your next question comes from Jason Kupferberg with Bank of America Merrill Lynch. Your line is open.

Hey. Thanks, guys. I was just wondering if you could give us some rough sizing on your China outbound business as a percent of total cross-border. We just continue to get some questions around the expanded acceptance of Alipay and WeChat Pay. I know we've talked about this a little bit in the past. But as the acceptance footprint in the U.S. and other Western countries expands and more Chinese citizens traveling in the West potentially use some of those services, is this something that's significant enough to ultimately move the needle on those outbound China cross-border volumes? Is it too small to really matter? Just any context there would be helpful.

I'm going to start and then probably Ajay is going to add some comments on it. First of all, we're seeing from a cross-border volume growth point of view, outbound in China high single digits, okay? That's what we saw in the last quarter and then it went around that for the last few quarters. The Alipay, the Tenpay, that's not a big impact at this point in time. What is much more of an impact, what happened in China last year in terms of the dual-branded cards were actually not allowed to be issued or banks took the PBOC guidance not to issue dual-branded cards. And that got changed some quarters ago where the banks were willing to again go into the dual-brand card business. And dual-branded cards as you know both have a cup logo which is the card is being used domestically as well as Mastercard logo on it where the card is being used cross-border. And that actually did impact our growth when they were cut off and it does impact our growth positively as they're starting to come back into the market. In the meantime, we have issued quite a few what's called single-branded cards. So these are just Mastercards. There's no domestic logo on it. And those single-branded cards are used by customers only in the cross-border context. As you can appreciate, those cards have to work their way up to top of wallet, right, because a Chinese consumer is not going to be able to use it daily in China. But we're going to have to make sure that they put out that card overseas and there are lots of loyalty programs and other things that we're doing actually with our issuers. But those cards also carry less spend than the dual-branded cards because they're less top of wallet. That was much more of an impact than what you saw from the pays.

The only think I'd add to that is that you've got to realize that I think China is an interesting market going forward. But today, total numbers, it's a relatively small part of what Mastercard is. So yes, some of the cross border from China goes one way or the other, one quarter it's up, one quarter it's down. It's interesting, but it doesn't transform our life. Yes, out some period of time, some years depending on how the strategy in China plays out, I believe there is a very interesting opportunity for our company there. And we are deeply thinking our way through that. And that's where our focus is. That, by the way, includes our ability to operate for domestic processing in China which, as you know, we've got our own effort to apply to get the ability to get a domestic processing license. We went in there with a joint venture structure, constructed in a way that brings lot of local expertise with us into the system but enables us to offer value added services from our technology overseas as well. So it's a very nice balance of allowing local business people to be helpful to our company while also helping us add value from our global constructed services. We're obviously waiting for clarity from the Chinese government and talking to them regularly. Clearly, the U.S. China trade circumstances will help or impede some of that movement, but I don't measure this in three months and six months. I measure this over a few years. I've been here nine years and I've been working on this topic for nine years. So it's not going to change in a day. Meanwhile, Alipay and Tenpay are actually partners of ours in a number of ways. So I have a lot of respect for them. I admire their capability. I think we can do a lot together with them as well. There is a change on the ground in China as well with the regulator and the government beginning to put a more constructive playing field around what banks are doing and what digital players are doing. And I think you should kind of go and study that a little bit to get a sense of this isn't going forward, what it was looking back. It's just there's a whole new landscape working out in China and we believe that there's opportunity for us as well as others in what's a very large marketplace.

Operator, I think we have time for one last question.

And your final question comes from the line of Tien-Tsin Huang with JPMorgan. Your line is open.

Hey, Tien-Tsin.

Thank you, thank you. Good morning. Hi. Good morning. Good stuff. I don't have a lot of stuff. Just wanted to ask on the regulations side, because we've been getting this question. Just on the euro cross-border and dynamic currency conversion proposals. Any implications for Mastercard?

Not really. I mean, I think implications always in a sense is going to help get it implemented, but I actually think it's consumer-friendly. And so if you do it the right way it actually helps consumers understand what they're paying, when they're paying and how much they're paying. So I don't think it's – implications is there to get it done, but it's probably the right thing to do.

Okay. Good. And then just one quick one. Just on the services side. It sounds like very strong growth there. I'm curious, given all the focus and sensitivity on data sharing, does this change in any way your thinking on monetizing analytics and info services and things of that nature?

No. In fact, Tien-Tsin, I believe that we can set a bar on how GDPR kind of rules get implemented in different parts of the world. We are ready with the GDPR work in Europe. We're are not really ready with our work. We're creating a commercial opportunity out of what most people think is a cost. And we believe if you do it the right way you can still protect consumer privacy. You could still protect their interests, as you and I want our interest provided, but still provide you with good value added services that include your ability to choose how your data is shared. I don't see that as conflicting. Remember that the majority of what we see as data today is essentially not consumer specific. The overwhelming majority is only of card number, the dollar value, or the euro value, the time of the transaction and the merchant code. So I don't think that's changing.

All right. Great. Thank you.

Ajay, any final questions or any comments.

Thank you all for your question. We'll wrap up with some closing thoughts. We are off to a very good start of the year with record revenue and earnings growth this quarter. Martina actually has willingly raised our expectations for the year as well, which is a first. We're pleased with our deal momentum with wins like Santander in Europe. And that leverages our differentiated service offerings. That's what Tien-Tsin is also getting at just now. And to advance our digital strategy, we are executing on delivering the best digital experience across all channels, all devices, in both developed and emerging markets. So we believe that our investments in these and other key areas will continue to position us really well for long term growth. And so, with that, thank you for your support of the company. Thank you for joining us today.

This concludes today's conference call. You may now disconnect.