So, I think we do expect that certainly the business fundamentals to remain strong as we roll into ’16 which I think will present a nice tailwind for margins. We expect the pricing initiatives to be positive. But I think we also expect FX to be a continued headwind, certainly at least for the first half of the year.
Brett Huff
Okay great. That’s what I needed. I appreciate your time.
Jeffrey S. Sloan
Thanks, Brett.
Operator
Thank you. Our next question is from Tim Willi of Wells Fargo. You may begin.
Tim Willi, Managing Director, Wells Fargo Securities, LLC
Thanks, and good morning. I just had one question for Jeff, David. Obviously, you’re off to a strong start. You’ve let some of the upside come to the bottom line in terms of revised guidance. But I’m just curious, Jeff or David. When you think about areas of the business that you would have liked to have had more dollars to spend on, when you originally set out on this year, where are you going to spend extra money? Or where are you most encouraged about allocating some of this extra earnings power that’s emerging — is it geographic, is it product? Just sort of curious too — anything that really highlight that’s going to get a bit more focus than maybe it otherwise would have.
Jeffrey S. Sloan
Yes, Tim, it’s Jeff. I’ll start at answering your question. It’s a very good one. What I would say, and I take it more in the corporate development area versus the product area, and David may augment that with his thoughts, too. But on the corporate development side, we always start with, what types of partners are really available and are they partners that we’re comfortable with?
So, one area of the company that I’ve mentioned before that, if I had all my wishes kind of come true, would be an expanding presence in Latin America. So, as you know, we have our business that we started, De Novo, about a year-and a-half ago in July of 2013 in Brazil. We’re currently up to 6,500 merchants and our partners at Caixa, we are pretty pleased with where we are.
But I think we’ve also acknowledged that, in the context of a business of our size, it’s not enough to make a meaningful increase in our revenue or our EBITDA or our cash earnings in the immediate term. So, sitting here today, I would love to be in a position, Tim, over the next 6 or 12 months to be able to say that we’ve significantly increased the size of our business in Latin and South America. Part of that, of course, is Brazil, which we’re in already today.
But we’ve talked a lot about other Latin American markets like Mexico, given its size and its prominence, that we’re not in directly, that we really wish we could be. So, if I could snap my fingers and find a place to substantially expand the footprint of the business, I would certainly say that additional investments in Latin America, in those markets in particular, would be most welcome. Dave, do you have any comments on the other?
David E. Mangum
Yeah, I think he asked a great question, and I think — I’m glad you did, because it allows us to say we are re-purposing some of this solid year into other, more tactical things, even beyond, what Jeff said, at the strategic level in terms of entering new markets. We are putting some of the money actually back into new product — into new solutions. We’re accelerating some solutions that are already on the drawing board.
