“Second, we continue to take an active and prudent approach to managing our credit exposure. We are carrying lower credit receivables after tightening originations last year. And for our off-balance sheet originations, we are planning for ongoing normalization and loss rates, which will impact the revenue share that we earn.”

In context

“transaction margin dollars. Alex discussed our innovation and product enhancements earlier. Many of these are already in pilot or launch, but will require execution throughout the year before we begin to see impact. Our guidance includes minimal impact from these initiatives. We expect a low single-digit increase in non-transaction operating expense. As Alex mentioned, we announced actions last week to reduce cost to drive continued efficiencies while at the same time, investing more in our product engineering and platform teams to drive growth. There are 2 factors to be mindful of that will impact our other value-added services revenue. First, while we are still seeing benefit from the higher interest rate environment, we expect that this tailwind will be much less significant in 2024. Second, we continue to take an active and prudent approach to managing our credit exposure. We are carrying lower credit receivables after tightening originations last year. And for our off-balance sheet originations, we are planning for ongoing normalization and loss rates, which will impact the revenue share that we earn. We expect free cash flow for 2024 to be approximately $5 billion. From a financial policy perspective, we remain committed to maintaining an investment-grade credit rating. Absent inorganic growth opportunities, we expect to continue allocating approximately 70% to 80% of our free cash flow to share buybacks. However, given our strong cash position as we enter the year, we are currently planning for at least $5 billion in share buybacks in 2024. That concludes my prepared remarks. I'll now hand it back over to the operator to begin Q&A. Operator: [Operator Instructions]. Your first question comes from the line of Tien-Tsin Huang of JPMorgan. Tien-Tsin Huang: Appreciate all the details here. I wanted to dig in on the outlook for transaction margin dollars to be flat. Can you just give us”