“For now, we're assuming 2025 billings growth will be similar to full year 2024 number.”

In context

“a year and we're planning to maintain that pace in 2025 along with other enhancements to our membership model for both our consumer and commercial customers. Turning to guidance for the year. We expect 2025 revenue growth of 8% to 10% and EPS of $15 to $15.50 or a 12% to 16% increase over 2024 adjusted for the Accertify Gain. Regarding our thinking and establishing this year's guidance, as we've said, Card Member spending is the largest component of our total revenues. In putting our plan together, our assumption had been that steady billings growth we saw through most of 2024 would continue in 2025. But the fourth quarter spend numbers were stronger than we expected. While it's too soon to tell how this year will play out, we're encouraged by that increased momentum we saw exiting 2024. For now, we're assuming 2025 billings growth will be similar to full year 2024 number. However, if spend growth continues at the elevated Q4 level throughout this year, we would expect to come in at the higher end of our revenue range, all else being equal. I'll now turn it over to Christophe for additional commentary about our results and our 2025 guidance. Christophe Le Caillec: Thank you, Steve, and good morning, everyone. Given we are at year-end, I will discuss both our Q4 and full year results. Starting first with our full year performance, 2024 was a strong year with 10% revenue growth on an FX adjusted basis and EPS of $14.01 up 25%. And we continue to deliver superior returns driven by our spend and fee-led model as we ended the year with an ROE of 35%. Notably, we also returned $7.9 billion of capital to shareholders this year which included the Accertify Gain. We”