“That said, our objective is to grow revenue ahead of this baseline.”

In context

“ions for the year, our forecasted tax rate increased, and we now expect the externalization of part of our Pay Later receivables portfolio to result in several cents of dilution. Offsetting these headwinds are benefits from additional cost savings, higher interest income, and from a shift from cash compensation to stock for a portion of our annual incentive plan, increasing share-based compensation. In putting together our financial architecture for the year and guiding 18% non-GAAP EPS growth, we have been prudent about our planning assumptions for our revenue performance and in establishing an efficient cost structure that enables us to deliver on this commitment. We believe we can deliver 18% earnings growth even with revenue growth in the mid-single digits on a currency-neutral basis. That said, our objective is to grow revenue ahead of this baseline. Our revenue growth is highly correlated to discretionary e-commerce spending in our core markets. We are optimistic that when e-commerce growth reaccelerates, we will fare better than most. In addition, our framework contemplates as much as a high single-digit decline in non-transaction-related expenses on a year-over-year basis. Over the past year, we significantly increased the operational rigor with which we run our business. We've sharpened our focus on strategic priorities, strengthened our planning process and increased our discipline with respect to capital allocation. We've also begun to realize benefits from cost savings initiatives. We are continuing our work removing complexity within our organization. We believe we are on track with streamlining and resetting our cost base an”