If you have followed our business for some time, you’ve come to appreciate the deliberate approach we have taken to establish and evolve a strategy that identifies and delivers on both near and long-term opportunities. This approach has created the foundation — and a flexibility — to diversify and strengthen our business across many areas, geographies, audiences, buying groups, products and so on.

Today, the value of this effort is appreciated as our teams deliver on the agenda we have set — our strategic priorities. As has been the case for decades, our priorities start with payments. Those transactions bring data. Put simply, the more transactions we switch, the more data we see. And the responsible use of that data creates insights that inform the value-added services we offer customers and partners. Those services differentiate our payment products, which has added new business, delivering more data and the virtuous circle continues.

This virtuous circle powers Mastercard. You see it in how we deliver — and offer easier access to — products that directly solve customer needs and support their growth. The broader portfolio works together to deliver more value and set the stage for continued innovation.

This disciplined approach — supported by a strong franchise, world-class technology and trusted brand — have enabled us to adapt to evolving customer needs, expand into new buying groups and scale efficiently across industries and segments.

In sharing Mastercard’s quarterly performance today, Michael and I reinforced how our teams are delivering on this strategy today, while also highlighting the foundation this work sets for tomorrow. In this most recent quarter, the entire business performed well — net revenue grew 17% year over year, or 15% on a currency-neutral basis. Payment network net revenue increased 12%, or 10% on a currency-neutral basis, while value-added services and solutions delivered net revenue growth of 25% year over year, or 22% on a currency-neutral basis.

These services are not new to Mastercard. They’re a critical part of the business and help differentiate the value we deliver in business intelligence, analytics, safety, security and fraud prevention. Let’s take a look at a few ways we’re innovating to grow our addressable market.

Last year’s acquisition of Recorded Future laid the groundwork for a differentiated capability that we introduced earlier this week — Mastercard Threat Intelligence. It’s a cutting-edge solution that combines payments expertise, data insights and cybersecurity to allow financial institutions to take immediate steps to protect their business.

The October launch of Mastercard Commerce Media gives brands a new tool to connect with their customers in new ways, making advertising more personalized, relevant and effective. It’s a great example of how our different products work together to deliver new and powerful solutions. Commerce Media comes to market with 500 million enrolled and permissioned consumers and 25,000 merchant advertisers on day one.

Our merchant customers and partners were our focus in creating Merchant Cloud. Our work with this critical group over decades identified the need to create a simpler way for them to engage with our services and optimize their operations. They are able to accept digital forms of payment securely in one single, easily accessible platform.

This quarter is just the latest snapshot of the work of our teams. The work continues to support our solutions in market while keeping an eye on how we build on this success and momentum. There is still more to achieve as we build on this momentum to capture new opportunities ahead.