“And then if I pull to '25, I think the thing to think about is, when we look at '25, ex-interest income, we expect transaction margin dollars to grow at least as fast as 2024 on that same basis.”

In context

“ter. But what we've see in fourth quarter that is a little bit different is that, number one, interest income, it's been a benefit all year, that is going to be a meaningfully lower tailwind in fourth quarter. I'm planning on less than 1 point of contribution to transaction margin dollar growth in the fourth quarter. So really relatively immaterial. And then we're also planning for transaction loss normalization as well. We're launching new products, and we also have some lower fraud recoveries just on a comparative basis. So if I pull up for fourth quarter, we're really looking at low to mid-single digit transaction margin dollar growth for the fourth quarter. Quarter's off to a good start. But the most important holiday weeks are ahead of us, but the consumer feels strong at this point. And then if I pull to '25, I think the thing to think about is, when we look at '25, ex-interest income, we expect transaction margin dollars to grow at least as fast as 2024 on that same basis. Alex Chriss: Great. Thanks, Jamie. And Darrin, just to hit on the merchant response. I've personally been involved in a number of these conversations and I'd characterize them as very healthy and very strategic. As Jamie described in her remarks, a lot of this is, us really laying out our strategy to be focused on profitable revenue growth. And sometimes that comes with a relook at our contracts and a relook at the partnership, but I’d say we're bringing more to the table now. And so the conversations we're having with these merchants is, we're innovating, we're bringing Fastlane, we're bringing ads platform. We're bringing additional value-added services that allow us to have a healthier, stronger conversation about where we're going. So it's not that all the merchants were excited to ha”