“We currently expect non-operating expense to be in the $200 million, $250 million range for fiscal year 2023.”

In context

“be in the low-double digits in the first half and at the high end of mid-single digits in the second half, highest in the first quarter, which is also impacted by the FIFA World Cup and moderating through the year. Should there be a recession or a geopolitical shock that impacts our business, slowing revenue growth below our planning assumptions, we will, of course, adjust our spending plans by reprioritizing investments, scaling back or delaying programs and pulling back as appropriate in personnel expenses, marketing spend, travel and other controllable categories. In a business like ours, this always requires a careful balance between short- and long-term considerations. As interest rates have risen, non-operating expense will benefit from higher interest income from our cash balances. We currently expect non-operating expense to be in the $200 million, $250 million range for fiscal year 2023. We will provide quarterly updates through the year. Our tax rate is expected to remain in the 19% to 19.5% range in FY 2023. Honing in on the first quarter, based on everything I just walked through, we expect reported nominal dollar net revenue growth in the high single-digit range, with client incentives on par with the fourth quarter of fiscal year 2022. Nominal dollar non-GAAP operating expense growth is expected to be in the low teens. The tax rate could be lower than the 19% to 19.5% range in the first quarter, depending on the resolution of some items. Second quarter net revenue growth is expected to be lower than the first quarter because of the Russia impact, which is higher. Second quarter operating expense growth is also expected to moderate to the low end of double digits. In”