“We are not assuming that those higher activity levels persist for the entire quarter.”

In context

“. As Alex mentioned, despite our strong start to the year, we’re maintaining our full year guidance, and this guidance now implicitly builds some incremental flexibility into the second half of the year from macroeconomic uncertainty. Throughout different macro environments, we will remain focused on making the right long-term decisions for the business, striking an appropriate balance between investment and productivity. For the second quarter, we expect low to mid single-digit revenue growth on a currency neutral basis, which is impacted by the Braintree renegotiation efforts I discussed earlier. We’ve seen a good start to April and are watching trends closely. Tariff-related concerns and news flow have likely resulted in some spend being pulled forward for certain verticals in the U.S. We are not assuming that those higher activity levels persist for the entire quarter. We expect second quarter transaction margin dollars to be between $3.75 billion and $3.8 billion, which represents 4.5% growth at the midpoint. Excluding interest on customer balances, we expect transaction margin dollars to increase by approximately 6.5% at the midpoint. We are planning for mid single-digit non-transaction opex growth in the quarter due to the timing of initiatives and marketing spend, and we expect to deliver non-GAAP EPS in the range of $1.29 to $1.31, or 9% growth at the midpoint. For the full year, we are maintaining our guidance as I mentioned earlier, and I’ll just highlight a couple of lines. Excluding interest on customer balances, we expect transaction margin dollars to grow by at least 5% compared to 4.6% growth in 2024, and we expect to deliver full year non-G”