“Related to this, we expect lower volume and revenue growth as we move through the second half of the year.”

In context

“e growth from our branded checkout business and feel confident in the progress our teams are making. It is encouraging to see the initial impact of our initiatives related to price to value, as well as ongoing product enhancements in areas like P2P. Some of our efforts, particularly on the innovation side, are still early and will take time to scale. But we are encouraged by the initial results and customer response, as we begin moving from the test and pilot phases into launch. As we move into the second half of the year, we expect to continue to make progress on these fronts, but there are a few factors to keep in mind. Consistent with the strategy we laid out in prior quarters, our teams continue to prioritize high-quality, profitable growth as we execute against our long-term roadmap. Related to this, we expect lower volume and revenue growth as we move through the second half of the year. This is deliberate, and it shows good progress. By strategically focusing on price-to-value in areas like large enterprise processing within Braintree, we are driving transaction margin dollar improvements even on a lower volume growth. Offsetting some of these improvements, we expect a much smaller tailwind from growth and interest on customer balances, which represented an approximately 3 percentage point tailwind to transaction margin dollar growth in the first half. We were also planning prudently and forecasting less favorability with some normalization in transaction and credit losses. We continue to expect non-transaction operating expenses to increase slightly with ongoing efficiency funding our strategic growth investments. Our investment spending will ramp as the year progresses”