“Second quarter on revenue, we expect pretty similar profile to the first quarter and then a second half ramp, and overall continuing to contribute to that transaction margin growth for 2025.”

In context

“r activity accelerating. I mentioned before it’s likely a pull forward, we’re not assuming that continues. But all in, we’re on track for a mid single-digit branded checkout TPV guide, what we gave earlier this year. Then you also asked about branded and unbranded and how to think about, I think, the revenue side of that. Maybe I’ll just anchor there around the unbranded side of that. You saw that pull back this quarter - that was expected. That deceleration really began in the second half of last year. The one thing I would say about unbranded, or PSP and VAS, is that it’s been a very strong and growing contributor to transaction margin dollars, so while revenue is shifting down, we’re seeing a nice contribution to TM as we really just shift that margin profile of the business over time. Second quarter on revenue, we expect pretty similar profile to the first quarter and then a second half ramp, and overall continuing to contribute to that transaction margin growth for 2025. Operator: Your next question comes from the line of Jason Kupferberg from Bank of America. Your line is open. Jason Kupferberg: Good morning guys, thank you. It looks like online branded, you were stable on an underlying basis here in Q1 at up 6%; but now, we’ve got almost half the U.S. on the new checkout experience, it sounds like Europe is on tap to start pretty soon, so could we start to see some initial acceleration in online branded volume growth by the end of this year, if the macro stays stable, and could you just give us a word on what the U.S. versus international branded split looked like in terms of Q1 growth rates? Thank you. Alex Chriss: Hey Jason, thanks. Again, just to unpack our branded strategy, I’d really think about it as three parts. One is the improved branded checko”