“Acquisitions are expected to have a minimal impact to this growth.”

In context

“well for the many opportunities ahead. That being said, we are closely monitoring the elevated macro and geopolitical concerns and stand ready to adjust expenses should circumstances warrant. Consumer spending patterns continue to normalize post-pandemic, while pockets of opportunity remain for further recovery of cross-border travel, notably into and out of China. This will take some time as these corridors continue to face a variety of constraints. Having said this, our base case scenario continues to assume consumer spending remains resilient, buoyed by strong labor markets, and reflects recent spending dynamics. With respect to the fourth quarter, we expect year-over-year net revenue to grow at the low end of a low double-digit rate on a currency-neutral basis, excluding acquisitions. Acquisitions are expected to have a minimal impact to this growth. Due to the recent strengthening of the U.S. dollar in Q4, foreign exchange is now expected to be a tailwind of approximately zero to one ppt for the quarter, as compared to the three to four ppt benefit we had previously expected. This follows the impact we saw in the third quarter where the stronger dollar led to a foreign exchange benefit of two ppt to revenue, down from our initial expectations of a three ppt benefit. From an operating expense standpoint, we expect Q4 operating expenses to grow at 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 one ppt to this growth, and foreign exchange is expected to be a headwind of between zero to one ppt for the quarter. Other items to keep in”