“We were also planning prudently and forecasting less favorability with some normalization in transaction and credit losses.”

In context

“s, 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 to support our highest priority growth initiatives that go-to-market of new products, partnerships, and innovation, as well as reinvigorated marketing and brand campaigns for both PayPal and Venmo. These investments are all in support of re-accelerating durable, profitable growth for the company. Given the strong start to the year, we are raising our 2024 free cashflow guidance to approximately $6 billion. We are also increasing our share buyback plan to $6 billion compared to our prior guidance for at least $5 billion. In closing, we've been making good progress throughout the first half of”