“The first is we expect transaction loss to normalize as we get into the year. We had a full point benefit of that in '24 and -- or a full basis point benefit. And when we get into 2025, we expect about 0.5 basis point headwind.”

In context

“lay for European softness in there. Having said that, we've left ourselves room for to navigate different things because as we roll this out, the impact of how this will flow through may be uneven as we see it. And then Darrin remind me of your second question? It was on TM, but I didn't pick up the exact question you were asking. Darrin Peller : Growth rate, you're at 6% already without any acceleration in the underlying KPI despite all the initiatives you've done. And you're guiding 5% plus -- I guess, 5% plus, right from a non-float impacted. So just making sure there is nothing unsustainable in Q4's exit rate that should inform you on '25's growth. Jamie Miller : Yes. When you look at '25 from a TM perspective, there is probably two things to think about that are headwinds to 2025 TM. The first is we expect transaction loss to normalize as we get into the year. We had a full point benefit of that in '24 and -- or a full basis point benefit. And when we get into 2025, we expect about 0.5 basis point headwind. And really, we are growing products that should carry with it a higher transaction loss rate. And then you mentioned the 6%. I would talk a little bit, even though around interest rates. When you look at total all-in TM, we are expecting about $150 million of interest rate headwind on all-in TM there, too. But when you look at the underlying profile of TM which really revolved around branded checkout, Braintree, Venmo, credit, I mean all of those things are things that we believe are durable it is clearly diverse and things that we fully expect to continue as we get into '25 and beyond. Alex Chriss: And Darrin, I just -- I want to pile on to Jamie's comments as well because I think it is really important to set our branded checkout strategy in context. First, as Jamie said, and I think we”