“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 and debt levels.”

In context

“s to note. Q1 will be the last quarter in which we experience the lapping effect of our decision to suspend operations in Russia in Q1 of 2022. And we expect cross-border volume growth in Q1 2023 to be elevated as a result of the effects of Omicron in Q1 2022. Acquisitions are forecast to add about 0.5 a ppt to this growth, while foreign exchange is expected to be a headwind of 2 ppt for the quarter. From an operating expense standpoint, we expect Q1 operating expense growth to be at the low end of a high-single-digit rate versus a year-ago on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecast to add about 2 ppt to this growth, while foreign exchange is expected to be a tailwind of approximately 1 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 and debt levels. This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics. And finally, we expect a non-GAAP tax rate of approximately 18% in Q1 and 18% to 18.5% for the year based on the current geographic mix of our business. And with that, I will turn the call back over to Warren. Warren Kneeshaw: Thank you, Sachin. Audra, we’re now ready for the Q&A session. Operator: Thank you. [Operator Instructions] We’ll go first to Harshita Rawat at Bernstein. Harshita Rawat: So Mike or Sachin, I wanted to ask about Pay-by-Bank. Over the years, you’ve developed and acquired capabilities for Pay-by-Bank in different countries. You talked about this new partnership with JPMorgan. But a skeptic could also argue that Pay-by-Bank is a risk to cards longer term, and there’s”