“As we said last quarter, NNAs for Q2 will represent our low watermark for the year. We are reiterating our full year guidance of approximately 10 million NNAs.”

In context

“efit the company on a run rate basis. We are also still sharpening our pencils to identify additional areas of productivity improvements across our servicing, marketing and engineering functions as well as opportunities to rationalize our real estate footprint and shift our hiring to lower-cost geographies. These efficiency gains will allow us to increase our investments in our highest conviction growth opportunities, which, as I mentioned, include Checkout, Braintree and our digital wallets. Importantly, as a result of this exercise and disciplined leadership from our team, we are targeting nontransaction-related operating expenses to be roughly flat as we exit 2022. Consequently, we expect operating margin expansion beginning in the fourth quarter of this year and continuing in 2023. As we said last quarter, NNAs for Q2 will represent our low watermark for the year. We are reiterating our full year guidance of approximately 10 million NNAs. However, as with all of our forecasts, NNA growth could be affected by broader economic factors, given the channels that drive organic customer acquisition may be negatively impacted by falling consumer sentiment and reduced demand for discretionary goods. That said, almost 80% of our volume is driven by 30% of our active accounts, which is why our primary focus is on driving engagement across our base. And here, I'm pleased to report that our transactions per active account, or our TPA, grew 12% to 48.7x per year. And our core daily active users are up over 40% from Q2 2019, a 3-year CAGR of about 13%. Signaling its confidence in our business, the PayPal Board of Directors has authorized an additional $15 billion share repurchase plan. We expect the pace of our share repurchases to rem”