“As a result, we expect overall adjusted net revenue growth to be lower in the first half than in the second half of FY 2024.”

In context

“rtain tax matters. In total, this will put us between 18.5% and 19% for the full fiscal year. Putting all this together, we expect full year adjusted EPS growth in the low teens with about 0.5 point of FX drag to nominal non-GAAP growth. Also FY 2024 will likely be a tale of two halves with variability in our growth rate from the first half to the second half. A few aspects to keep in mind. First, cross-border volume ex intra-Europe grew 31% year-over-year in the first half of FY 2023 and 20% in the second half. Second, recall that we had relatively high currency volatility in the first half of FY 2023, and it moderated considerably in the second half. Third, incentives were 16% higher in the second half of FY 2023 versus the first half due primarily to deal timing and client performance. As a result, we expect overall adjusted net revenue growth to be lower in the first half than in the second half of FY 2024. This will also be the case on a nominal basis, even with a slightly larger FX headwind in the second half of FY 2024 than the first half. On the expense side, as Ryan mentioned, this is an Olympics year, and we expect Q2 and Q3 expense to have the largest percentage increases as we ramp. But adjusted operating expense growth and the FX impact will roughly be the same in both half. The tax rate is expected to be lower in the second half than the first due to the anticipated onetime tax benefits I mentioned. So for the first quarter specifically, given the variables I just described, Q1 is expected to have the lowest adjusted year-over-year net revenues growth rate with an improving trend throughout the year, and Q4 is expected to be at the highest adjusted growth rate. We expect first quar”