“For 2025, our guidance includes about a $150 million or about a 1 point headwind due to interest rate cuts.”

In context

“% growth at the midpoint. We are planning for low single-digit non-transaction OpEx growth in the quarter, and we expect to deliver non-GAAP EPS in the range of $1.15 to $1.17 or approximately 7% growth at the midpoint. Moving to the full year. We plan to continue guiding revenue one quarter at a time. We believe this approach has served the company well during our transformation, enabling healthy long-term decision-making that prioritizes driving faster transaction margin dollar growth. Over time, we are focused on accelerating both revenue and profitability. For the full year, we expect transaction margin dollars of approximately $15.2 billion to $15.4 billion, representing approximately 4.5% growth at the midpoint. In 2024, we had a two-point benefit from interest on customer balances. For 2025, our guidance includes about a $150 million or about a 1 point headwind due to interest rate cuts. Excluding interest on customer balances, we expect transaction margin dollars to grow by at least 5% compared to 4.6% growth in 2024. In the first quarter, we expect minimal benefit from growth of interest on customer balances and then a headwind for the remainder of the year. One other factor to keep in mind is that in 2024, we saw a 1 point benefit from transaction loss improvements. We are planning for some normalization and transaction loss during 2025, as we roll out new products. Our focus in 2025 is to strike the right balance between investment and productivity, seeking to fund long-term investments largely through savings generated from better tech and automation deployment. We expect full year non-transaction operating expenses to increase in the low single-digit range. There wi”