“We still expect that to decline consistent with what we talked about by 10%.”

In context

“o these are some of the things that we're doing that are making a big difference. We've got a lot of things planned for Q3, and we're beginning to see it in the results and hope to be able to continue to point that out and continue to highlight what we hope to be increased growth in branded checkout. Operator: Your next question comes from the line of David Togut with Evercore ISI. David Togut: Could you provide an update on your cost takeout plan for 2023, the progress you've made? And do you have any preliminary thoughts quantifying how OpEx reductions will carry into 2024? A – Daniel Schulman: Yes. Thanks, David. I'll start and then probably Jens will jump in on this. Look, we're going to continue to do surgical discipline in our cost structure. -- down 11% and in Q2 for the full year. We still expect that to decline consistent with what we talked about by 10%. And therefore, when we think about our operating margin expansion coming up by at least 100 basis points and some of that incremental pressure that we're absorbing on the credit side that as Gabi mentioned, we'll kind of move through our numbers by the end of the year. You're obviously seeing growing margin expansion driven by some of the top line enhancements we're doing not just the cost discipline that we've demonstrated. I would just say that this is not just about efficiencies, but this is about doing things faster and accelerating the velocity of our innovation. -- it's not about trade-offs. It's about lower cost, but higher performance. And you're seeing that because I look at our MBS being at 7-year highs. Look at the amount of innovation that we're now pumping through the system”