“You would expect that contra sequentially would be up as a percentage of our, assessment revenue in the fourth quarter, not too different than what you would see in any other year.”

In context

“going forward? Thanks. Sachin Mehra: Sure, Sanjay. So, a couple of thoughts. One, in the fourth quarter, you remember last year, we continued to experience elevated levels of FX volatility in the fourth quarter of last year. And those FX volatility levels are certainly moderated by a meaningful extent. You saw some of that come through in Q3. There's more that we would expect at current volatility levels in Q4. So that's certainly, baked into our thinking. And then to your point around rebates and incentives, look, we continue to compete in this market, and we have a strong pipeline of deals. We continue to win, as you've seen, in the nature of the various announcements we've put out. And I would say our planning, for planning purposes, we're continuing to, execute on the strong pipeline. You would expect that contra sequentially would be up as a percentage of our, assessment revenue in the fourth quarter, not too different than what you would see in any other year. We typically have higher contra levels in the fourth quarter when you look at them as a percentage of our assessment revenue. So really, that's what's there. And to your specific point around macro, it's like I said, our base case assumes, a resilient consumer. And that's very much what we're assuming going forward as well. there are always puts and takes depending on markets in question, but broadly speaking, we continue to see a strong consumer. Sanjay Sakhrani: Thank you. Operator: We'll go next to Tien-Tsin Huang at J.P. Morgan. Tien-Tsin Huang: Hi. Thanks. Good morning to everyone. Just on the Europe front, I noted that it's so a little bit, the four points, I think, sequentially, Euro and Euro. Is that just a NatWest comp out? Is there anything else to call out? I'm curious if you s”