“And when you add it up, we're going to finish a very strong FY '25 higher than we thought entering the quarter.”

In context

“last year, Q4 growth -- digits. So that's sort of the absolute description of Q4. Now versus Q3, which was your specific question, Q3 was a very strong quarter driven by strong drivers, higher currency volatility, strong VAS and lower incentives, as we talked about. And if I compare the 2 quarters, really the big differences are going to be currency volatility, which was high in Q3, especially early in the quarter, has settled down, and that's our assumption through the rest of Q4; and the second one is incentives where, again, Q3 benefited from onetime incentives that we talked about -- that I talked about in my prepared comments, and Q4 is anniversarying the benefits that we saw incentives from a year ago. So normalize for those 2 things, Q3 is a strong quarter, Q4 is a strong quarter. And when you add it up, we're going to finish a very strong FY '25 higher than we thought entering the quarter. Operator: Our next caller is Tien-Tsin Huang with JPM. Jennifer Como: Tien-Tsin, are you there? Tien-Tsin Huang: I am. Can you hear me, Jennifer? I'm sorry. Jennifer Como: Yes. Now we can. Tien-Tsin Huang: Just want to -- maybe I'll ask on investment priorities, if that's okay. I'm just curious if that's changing at all given -- I know, Ryan, you talked a lot about AI and stablecoin to us here intra-quarter. So I'm just curious if your priorities have changed because it does look like OpEx is running a little bit higher and fourth quarter reported implies not much operating leverage. So I'm just curious if you're changing some of your investments there given some of the news, GENIUS Act, et cetera. Ryan McInerney: Tien-Tsin, let me talk about your question around priorities. And then I'm”