“But the revenue growth should build as we lap some of the larger agreements fluffing-off over time.”

In context

“he world. We now have an ads platform, we have reward platforms. We have the ability to enable our unbranded processing customers to create rewards and offers inside of our PayPal app to be able to drive additional growth for them. And so these become really fun conversations, to be honest, because we are now having holistic, not just processing but end-to-end, how do we leverage their marketing dollars, how do we leverage their ability to acquire customers in our two-sided network. Jamie Miller : Yes. And with respect to forward trends on this, we do expect similar dynamics in the next few quarters, some volatility. I mean, this is not something that just happens in a perfect line. And we still do have some large agreements over the next couple of years that we will work our way through. But the revenue growth should build as we lap some of the larger agreements fluffing-off over time. For 2025, we expect the renegotiations to be about a 5-point revenue growth headwind. But the other important point here is that it's a 1-point accretive on the TM dollars growth in 2025. So I think an important dynamic there that as you mentioned, we are very intentionally driving. Operator: The next question comes from Jason Kupferberg with Bank of America. Your line is open. Jason Kupferberg : Good morning guys. I just wanted to come back to the branded TPV topic. I think you mentioned U.S. accelerated 3 points in the quarter, if I caught that right. I guess that would imply international slowed. So perhaps you can quantify that and then maybe give us a sense of how that mid-single digit global branded volume outlook for '25 splits between U.S. and non-U.S. And just a little bit of col”