“We expect that trend to continue through 2025 as we really shift from focusing on high portions of revenue to just more holistic, better margin contracts.”

In context

“e line of Dan Dolev with Mizuho. Your line is open. Dan Dolev: Hey, guys. Amazing results again. I wanted to ask, if it wasn't addressed already. Are you able to give us like a sneak preview of how you see '25 because from our conversations, this remains a big debate? So I appreciate it. Thank you. Jamie Miller: Good morning, Dan. I think some of the comments that we've talked about already really helps shape '25 to a degree. You start with the revenue line. When we looked at some of the very deliberate and intentional conversations we've had with Braintree merchants, I mentioned in my prepared remarks that we're seeing the impact of some of the revenue trades we're making begin to flow through the numbers in the third quarter. And that's also implicit in our fourth quarter guide as well. We expect that trend to continue through 2025 as we really shift from focusing on high portions of revenue to just more holistic, better margin contracts. Transaction margin, we've talked about a little bit that ex-interest income, really expect to see at least as favorable in 2024. One area we really haven't talked about is OpEx. And if I spend a minute on that, we do expect to see a higher proportion of OpEx in the fourth quarter than we've seen all year. And we're really reinvesting favorability back into the business. And in addition to that, we had deferred marketing expenses very deliberately from the first half into the second half. So you see that pop-up in the fourth quarter. We now expect the full year to be up low-single digits from an OpEx perspective. And when you look at 2025, that's probably the right framing and way to think about it as well. But just more balanced throughout the year in terms of how it flows through. Alex C”