“Taking this all into account, including our well-diversified business model, we are increasing our expectations for net revenue growth for the full year 2022 to a low 20s rate on a currency-neutral basis, excluding acquisitions and special items.”

In context

“l trajectory. Specifically, if inbound travel to these three countries had continued to grow at the historical three-year CAGR through [Indiscernible] we would have expected to be at approximately 135% of 2019 levels rather than approximately 110%. We are well-positioned to capitalize on this growth with our travel-oriented portfolios. As Michael mentioned, there are a number of macroeconomic factors that could influence future economic growth, employment and wage levels, consumer savings levels, persistent and elevated inflation and rising interest rates and geopolitical tensions in particular. We are monitoring each of these, but on balance, expect a modest improvement in cross-border travel versus 2019 levels and a generally resilient consumer spending through the remainder of 2022. Taking this all into account, including our well-diversified business model, we are increasing our expectations for net revenue growth for the full year 2022 to a low 20s rate on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecasted to add about one ppt to this growth, while foreign exchange is expected to be a headwind of five to six ppt for the year, primarily due to the strengthening of the U.S. dollar versus the euro. It is worth highlighting that this performance is despite the cessation of our Russia operations in Q1. For the year, we expect operating expenses to grow at the low end of a low-double-digit rate on a currency-neutral basis, excluding acquisitions and special items. This reflects continued investment in our people and strategic priorities, as well as impacts from FX-related expenses primarily due to a remeasurement of monetary assets and liabilities. Acquisitions are forecasted to add about four ppt to this growth, while foreign exchange is expected to be a tailwind of”