“Adjusted free cash flow was negatively impacted by timing shifts in working capital, which we expect to reverse in the second half of the year.”

In context

“what's even more exciting is the foundation we are building to sustain and accelerate this growth in the years ahead. TM dollars growth had multiple sources in the quarter, including strong credit performance, branded checkout flow-through, improvements in PSP profitability and Venmo. We drove operating leverage through a combination of top line growth and cost discipline as we remix less productive spend into product, tech and marketing. Taken together, non-GAAP operating income grew 13%. Share buyback and a favorable tax rate more than offset headwinds from lower interest rates, contributing to 18% growth in non-GAAP earnings per share. Adjusted free cash flow, which excludes the net timing impact between originating and selling European buy now, pay later receivables was $656 million. Adjusted free cash flow was negatively impacted by timing shifts in working capital, which we expect to reverse in the second half of the year. We continue to expect full year free cash flow of $6 billion to $7. Turning to Slide 11. Account and engagement trends are healthy. Active accounts and transactions per account, excluding PSP, both continue to grow. Total active accounts increased by nearly 2 million from the first quarter to 438 million. Monthly active accounts also continued to show steady progress, up 2% year-over-year to 226 million. Transactions per active account, excluding PSP processing, grew 4%. Moving to Slide 12. Total payment volume grew 6% at spot and 5% on a currency-neutral basis to nearly $444 billion. Looking across the product portfolio, there are a few key areas I'd like to highlight. As Alex noted, we are driving faster growth at Venmo. Venmo TPV increased 12%, its highest rate of growth in 3 years. In”