“With revenue mix improving from higher cross-border volumes, incentives as a percent of gross revenues would range between 25.5% to 26.5% for the year.”

In context

“mes and cross-border e-commerce volume as well as the associated transactions are largely in line with expectations. At the end of December, we were running significantly ahead on cross-border travel indexed to 2019 relative to our assumptions in the fall. As such, we are now assuming that the cross-border travel index for 2019, excluding intra-Europe, end the fiscal year 10 points ahead of our prior assumptions are at 90%. Inclusive of intra-Europe travel, this would be back at 2019 levels. With these updated assumptions, net revenue for the full year would grow at the high end of high teens including 1 point of exchange rate drag. Obviously, revenue growth would be higher if the cross-border recovery is more robust in the second half and more akin to what we saw in October and November. With revenue mix improving from higher cross-border volumes, incentives as a percent of gross revenues would range between 25.5% to 26.5% for the year. We expect organic non-GAAP operating expenses growth at the high end of mid-teens. The inclusion of Currencycloud will add another point to non-GAAP operating expense growth. Tax rate is expected to be at the upper end of the 19% to 19.5% range. On a GAAP and non-GAAP basis, the impact of Currencycloud is not material for the year. As a reminder, in our non-GAAP numbers, we make adjustments to exclude amortization of intangibles and nonrecurring acquisition-related costs. In summary, FY '22 is off to an excellent start. We expect our growth this year will be well above the pre-COVID rate as cross-border recovers. This will likely continue into fiscal year '23. Beyond that, we are confident the business can sustain a revenue growth rate above pre-COVID levels for three reasons. First, an a”