“Interest income from cash will likely offset interest expense from debt by $5 million to $10 million in the third quarter.”

In context

“nge rate. As we indicated previously, non-GAAP operating expense growth is expected to moderate through the year. Our expectations remain unchanged. Q3 non-GAAP operating expense growth is expected to be 2 points to 3 points lower than the second quarter inclusive of an exchange rate impact, which may add half a point to growth. And Q4 non-GAAP operating expense growth will likely be another 2 points, 3 points lower than Q3. Non-GAAP results exclude certain acquisition-related items and the litigation provision from the third quarter last year. Non-operating income will continue to benefit from the attractive rates we're earning on our cash balances. As you know, short-term rates have been high lately, which is very helpful given that we always have very low duration on our cash balances. Interest income from cash will likely offset interest expense from debt by $5 million to $10 million in the third quarter. Our tax rate is expected to remain in the 19% to 19.5% range in the third quarter. As we've said previously, should there be a recession on a geopolitical shock that impacts our business, slowing revenue growth below our presumptions, they 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 summary, as Ryan said, Visa today has three robust growth engines, consumer payments, new flows, and value-added services. Our results in the second quarter attest that growth remains healthy across all three businesses. The opportunity is vast and the runway for growth remains long. With that, I'll turn this back to Jennifer. Jenni”