“Our guidance continues to assume approximately $6 billion in share buybacks for the full year, and we continue to expect full year free cash flow of approximately $6 billion to $7 billion.”

In context

“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-GAAP EPS in the range of $4.95 to $5.10, representing about 8% growth at the midpoint. This includes negative impact from lower interest rates and compared to our guidance a smaller headwind from our expected non-GAAP effective tax rate. Our guidance continues to assume approximately $6 billion in share buybacks for the full year, and we continue to expect full year free cash flow of approximately $6 billion to $7 billion. I’d like to wrap up by thanking the PayPal team for their continued focus and dedication. We have a solid foundation to build on as we execute on the second year of PayPal’s transformation. With that, back to you, Alex. Alex Chriss: Thanks Jamie. To summarize, we had a great start to the year and our strategy is taking hold. We’ve built a solid foundation and have multiple ways to win. A huge thank you to the PayPal team for their focus on delivering for our customers and our business. Steve, let’s go to Q&A. Steve Winoker: Before we open the line, I’d ask everyone in the queue to consider your fellow analysts and ask just one question, so we can get to as many people as possible. Pauly, please open the line. Operator: [Operator instructions] Your first question comes from the line of Tie”