“In terms of quarterly variability, we expect the second half revenue performance to be better than the first due to some of the dynamics I have spoken about, volatility, pricing and, to a lesser extent, incentives.”

In context

“and Featurespace in 2025, and when we do, we will update our estimates for the acquisition impacts. We pulled these assumptions together on an adjusted basis, defined as non-GAAP results in constant dollars and excluding acquisition impacts. You can review these disclosures in our earnings presentations for more detail. In 2025, we expect full year adjusted net revenue growth to be in the high single to low double digits, with incentives being the key driver of the difference between '24 and 2025. As always, revenue performance is sensitive to several factors so to the extent that there are deal delays or significant deal performance adjustments and or macro volatility and driver performance that is better than expected, adjusted net revenue growth would be on the higher end of the range. In terms of quarterly variability, we expect the second half revenue performance to be better than the first due to some of the dynamics I have spoken about, volatility, pricing and, to a lesser extent, incentives. Now moving to expenses. We currently expect to grow adjusted operating expense in the high single digit to low double digits as we continue to fund new flows and value-added services projects, our sales efforts and growth initiatives in specific countries. Non-operating income is expected to be between $150 million and $200 million as a result of lower interest rates. Our tax rate is expected to be between 18% and 18.5%. On capital return, the Board has declared an increase to our quarterly dividend by 13%, and we intend to return excess free cash flow to shareholders through buybacks. All this results in adjusted EPS growth to be in the high end of low double digits. Now moving to Q1. For the first three weeks of October through the 21st, with volume growth in constant dollars, U.S. paym”