“Starting in 2025, we expect the new Pillar Two global minimum tax rules will offset the benefit of this incentive brand.”

In context

“the cadence of spend related to our sponsorship activities. Acquisitions and FX are forecasted to have a minimal impact to this OpEx growth for the quarter. Other items to keep in mind, on other income and expenses, in Q4, we expect an expense of approximately $85 million. This assumes the prevailing interest rates and debt levels continue, and excludes gains and losses on our equity investments which are excluded from our non-GAAP metrics. Finally, we expect a non-GAAP tax rate of approximately 17% for Q4 based on the current geographic mix of our business. A further comment on tax, there’s now more clarity on the potential impact of the Pillar Two global minimum tax rules as more countries continue to enact these rules. As disclosed in our 10-K, we have an incentive grant in Singapore. Starting in 2025, we expect the new Pillar Two global minimum tax rules will offset the benefit of this incentive brand. For reference, Q3 year-to-date 2024, this benefit had the impact of reducing our tax rate by approximately 4%. On a personal note, I’d like to thank all of you for the well-wishes I’ve received over the last several weeks. I feel good and happy to be here speaking with you today. And with that, I’ll turn the call back over to Devin. Devin Corr: Thank you, Sachin. Brianna, you may open the call up for questions now. Operator: Thank you. [Operator Instructions] Your first question comes from the line of Sanjay Sakhrani with KBW. Your line is open. Sanjay Sakhrani: Thank you. Good morning, and I’m glad you’re doing well, Sachin. Just a quick question on the U.S. volume uptick, I know you mentioned some of it was related to some of those items that you mentioned. But is the rest of it just co”