“And we are planning similar levels in 2023.”

In context

“deliver at least 100 basis points of operating margin expansion. Let me now turn to our results. Our revenues in the third quarter were $6.85 billion up 12% FXN and 11% spot, exceeding our guidance. I'm pleased to say that eBay's migration to manage payments is behind us and will be inconsequential to our results in the fourth quarter. Normalizing for eBay's migration to manage payments, our Q3 revenues grew approximately 13% on an FX neutral basis. Non-GAAP EPS was $1.08 which exceeded the midpoint of our guidance by $0.13. The cost containment actions we discussed on last quarter's call have slowed the growth of our year-over-year non-transaction related expenses to 4%. We now expect that non-transaction related operating expenses for Q4 will be flat to slightly negative year-over-year. And we are planning similar levels in 2023. We are pleased with this execution particularly as we are driving reinvestment in key growth areas and continue to enhance our strategic position. In the quarter, our free cash flow was $1.8 billion, up 37% year-over-year and an all-time record for us on an organic basis. We added 2.9 million NNAs in Q3 and we expect to add another 3 million to 4 million NNAs in Q4. I'm also very pleased to report that our transactions per active account in the quarter grew by a record 13% to 50.1x per year. I'd like to spend a few moments discussing our progress on checkout. With 35 million active merchant accounts and nearly 400 million active consumer accounts. Our scale is like few others in the world and represents a substantial competitive advantage in a business that is driven by network effects. I”