“For the full year, we continue to expect to allocate approximately $5 billion to our share repurchase program.”

In context

“tfolio are also classified as held-for-sale and are reflected as outflows within cash flow from operations. In Q3, this dynamic reduced free cash flow by $810 million. In future periods, we will recognize the cash from proceeds of sales as an offsetting inflow to cash flow from operations. Adjusting for this temporary impact, free cash flow grew 21% to $1.9 billion. Our strong balance sheet and free cash flow generation are competitive differentiators and provide us with significant optionality for value creation. We have also made progress this year, executing a disciplined approach to capital allocation and managing our balance sheet. In the third quarter, we completed an additional $1.4 billion in share repurchases. Through September 30, we've now returned $4.4 billion to shareholders. For the full year, we continue to expect to allocate approximately $5 billion to our share repurchase program. Given our conviction in our business, relative to its valuation today, we've taken a more aggressive approach to our capital return program and have reduced our weighted average shares outstanding by 7% over the last eight quarters. We believe that share repurchase remains an optimal use of capital, allowing us to retain the flexibility to continue investing opportunistically in our business. In addition, as a result of our decision to sell our European Pay Later receivables to KKR, we ended Q3 with $5 billion in net credit receivables, a 16% decline year-over-year and a 9% decline sequentially. Two weeks ago, we closed on the first step of this commitment, receiving approximately $1.4 billion in proceeds. Later this month, we will close on the next tranche of our back book sale of credit”