“The back half, we actually have some lapping dynamics and some nuances that will result in much more modest operating margin expansion for 2H overall.”

In context

“mind. And just as a quick add-on to that, when would we expect the strength of the Braintree volume, we're seeing to actually translate to some higher-margin offerings at a faster pace? Thanks again guys. Gabrielle Rabinovitch: Yes, you bet. I'll start. You're right. So, we have some margin dynamics that are worth calling out, as it relates to first half versus second half performance, specifically as it relates to operating margin. Our Q1 operating margin performance was very, very strong with about 200 basis points operating margin expansion. In Q2, our expectation is actually that it would be ahead of that from an expansion standpoint. And so, we're really delivering the vast majority of the margin expansion on the year from an operating margin standpoint in the first half of the year. The back half, we actually have some lapping dynamics and some nuances that will result in much more modest operating margin expansion for 2H overall. Within that, I'd say it's worth highlighting that Q3, I'd expect to see some pressure on operating margin, maybe some slight pressure. And then in Q4, we'll see expansion again, but more modest expansion than you're seeing in the first half of the year, and really sort of what the drivers of that are, and Dan highlighted a few of them. We do have some lapping dynamics in the back half of the year. In Q3, specifically, there were some benefits on the TE side. We're also beginning to really lap, the benefit from increased interest rates. And the increased revenue that we earn on customer store balances, that really starts in Q3 continued in Q4. So as we lap that, don't expect to see as much operating margin expansion in the back half. In addition, we began to really lap a lot of the cost sa”