“This sale, which is expected to close in the current quarter, will enable us to put even more focus on our core business and priorities.”

In context

“ened origination strategy for the PayPal business loans portfolio. Principal and interest receivables declined nearly 30% in the quarter, and this portfolio now represents approximately 12% of our overall credit receivables portfolio versus 21% 12 months ago. As you heard from Alex, we're evaluating our growth priorities and aligning our resources to accelerate our velocity and [Technical Difficulty] with greater focus, we can be more effective. Consistent with this approach, we're divesting Happy Returns. In September, we entered into an agreement to sell Happy Returns to UPS for $465 million in cash, meaningfully higher than our acquisition price. We're thrilled that following a rigorous process over many months, our team was able to find Happy Returns the right long-term home with UPS. This sale, which is expected to close in the current quarter, will enable us to put even more focus on our core business and priorities. I would now like to discuss our outlook for the remainder of the year. Relative to the plan laid out on our earnings call three months ago, branded checkout growth has been lower than expected. As I mentioned earlier, after an acceleration in the summer, we've seen a return to growth that is more in line with trends throughout the first half of 2023. We now expect fourth quarter revenue to grow between 7% and 8% on a currency neutral basis or approximately 6% to 7% at spot. In addition, we expect non-GAAP EPS in Q4 to be approximately $1.36, representing 10% growth relative to 2022. Our guidance contemplates a sequential improvement in transaction margin dollar performance. That said, on a year-over-year basis, we now expect transaction margin dollars to decline. In addition, we expect ou”