“From an operating expense standpoint, we continue to expect growth to be at the low end of a low double-digit range versus a year ago on a currency-neutral basis, excluding acquisitions and special items.”

In context

“cts and services and discretionary and nondiscretionary spend categories. And we remain laser-focused on the execution of our strategy, as Michael said, while maintaining a disciplined capital planning approach. Now turning to our expectations for the full year 2025. Our base case for the remainder of the year assumes continued healthy consumer and business spending. Given the strong first half results, we are tightening the full year net revenue outlook range to the high end of the range we shared with you at the time of our Q1 earnings. We now expect net revenues to grow at the low teens range on a currency-neutral basis, excluding acquisitions. Acquisitions are expected to add 1 to 1.5 ppt to this growth for the year while we now estimate a tailwind of 1 to 2 ppt from foreign exchange. From an operating expense standpoint, we continue to expect growth to be at the low end of a low double-digit range versus a year ago on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecasted to increase the OpEx growth rate for the year by 4 to 5 ppt, while we expect a headwind of 0 to 1 ppt from foreign exchange. Now turning to the third quarter. Year-over-year net revenue growth is expected to be at the high end of a low double-digit range on a currency-neutral basis, excluding acquisitions. Acquisitions are forecasted to add 1 to 1.5 ppt to this growth rate, and we expect a tailwind of 1 to 2 ppt from foreign exchange for the quarter. From an operating expense standpoint, we expect Q3 growth to be at the low end of a low double digits range versus a year ago, again, on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecasted to add approximately 5 ppt to this OpEx growth, while we expect a headwind of 0 to”