“Foreign exchange is forecasted to be a headwind of approximately 2.5 ppt for the quarter.”

In context

“revenue growth from FX volatility in 2025. From an operating expense standpoint, we expect growth to be at the low end a low double digits range versus a year ago on a currency-neutral basis excluding inorganic activity and special items. We expect a headwind of 0.5 to one ppt from foreign exchange on a full-year basis. Now turning to the 2026. Year over year net revenue growth is expected to be at the low end of a low double digits range. On a currency-neutral basis, excluding inorganic activity. Estimate a tailwind of approximately 3.5 to four ppt foreign exchange for the quarter. From an operating expense standpoint, we expect Q1 growth to be in the high end of high single-digit range versus a year ago, again, on a currency-neutral basis, excluding inorganic activity and special items. Foreign exchange is forecasted to be a headwind of approximately 2.5 ppt for the quarter. Separately, as Michael mentioned, based on the recent strategic review of our business, we expect to record a one-time restructuring charge in Q1 of approximately $200 million will be recorded as a special item and is excluded from our non-GAAP metrics. These actions will impact approximately 4% of our full-time employees globally. We expect these actions will free up capacity to further invest in our strategic priorities and best position us to continue to execute on our growth algorithm. Other items to keep in mind, on other income and expenses in Q1, we expect an expense of approximately $50 million including the benefit from the government grants previously discussed. This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metric. Finally, we exp”