“finally we expect a tax rate of approximately 19% in Q4 based on the current geographic mix of our business.”

In context

“n the current mix of the business, the annual impact to net revenue of a $0.01 change in the value of the euro relative to the U.S. dollar is approximately $55 million. From an operating expense standpoint, we expect Q4 operating expenses to grow at a low double digit rate versus a year ago on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecast to add about 3 PPT to this growth. Foreign exchange is expected to be a tailwind of approximately 4 to 5 PPT for the quarter. Other items to keep in mind, on the other income and expense line, we are at an expense run rate of approximately $100 million per quarter given the prevailing interest rates. This excludes gains and losses on our equity investments which are excluded from our non-GAAP metrics, and finally we expect a tax rate of approximately 19% in Q4 based on the current geographic mix of our business. With that, I’ll turn the call back over to Warren. Warren Kneeshaw: Thanks Sachin. Audra, we’re now ready for the Q&A session. Operator: [Operator instructions] We’ll take our first question from Sanjay Sakhrani at KBW. Sanjay Sakhrani: Thanks, good morning. Sachin, I was just wondering if you could just parse out a little bit of the fourth quarter net revenue expectations - it was a little bit lower than we were thinking. I’m just curious, is it incentives kind of spiking up in the fourth quarter, or is it just the gross number? Any color there would be helpful, thanks. Sachin Mehra: Sure. Firstly, I’m just going to kick it off by saying the fourth quarter thoughts that I just shared with you are very consistent with what we had shared in our implied fourth quarter numbers when we gave”