“When you look at total all-in TM, we are expecting about $150 million of interest rate headwind on all-in TM there, too.”

In context

“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've been consistent throughout the year, we are excited about the innovations. I think we've been pretty prudent in the way that we have looked at a forward guide. We want to see the results before we tell you they're coming. But if I just step back and think about the strategy, think about what we did in '”