“Given the stability of our performance to date, we are maintaining our guidance of revenue growth of 8% to 10% and earnings per share between $15 and $15.50.”

In context

“of share repurchases. And this quarter, we increased our dividend by 17%. Our differentiated spend and fee driven business model generates a strong ROE, which was 34% in the quarter, providing us with very strong capital flexibility. Before we turn to our 2025 guidance, let me talk about the trends we're seeing in recent weeks. As Steve discussed, looking at the first week and a half of April, overall spending trends are consistent with Q1. We are seeing this performance for both T&E and goods and services as well as across our U.S. consumer, international, and commercial customer segments. Given the environment, we have also seen SME purchases accelerate with wholesale merchants. Additionally, demand for our products is in line with our expectations. This brings me to our 2025 guidance. Given the stability of our performance to date, we are maintaining our guidance of revenue growth of 8% to 10% and earnings per share between $15 and $15.50. This guidance incorporates a macroeconomic outlook with a peak weighted average unemployment rate of around 5.7%, higher than the outlook as it stood at quarter end. Of course, there are clearly many uncertainties in the macroeconomic environment, but given the balance of factors, we believe this guidance is appropriate. And more importantly, we remain confident and focused on the long-term growth of the company. With that, I will now turn the call back over to Kartik, and we will take your questions. Kartik Ramachandran: Thank you, Christophe. Before we open up the lines for Q&A, I will ask those in the queue to please limit yourselves to just one question. Thank you for your cooperation. And with that, the operator will now open up the line for questions. Operator? Operator: [Operator I”