“With that as a backdrop, we are reiterating our guidance for the full year.”

In context

“% in the quarter to $1.5 billion. Moving to capital allocation. In the first quarter, we completed $1.5 billion in share repurchases, bringing our trailing 12-month total to $6 billion. We ended the quarter with $13.5 billion in cash and cash equivalents and investments and $11.6 billion in debt. Moving to guidance on Slide 11 for the second quarter and for the full year 2026. While first quarter was a solid start to the year, it's early. The macro and geopolitical environment remains complex and we operate in a dynamic, highly competitive industry. The company is also in the midst of a significant multiyear transformation during which we are taking steps including the business realignment discussed today to better organize around our key market opportunities and drive stronger execution. With that as a backdrop, we are reiterating our guidance for the full year. We see a significant opportunity to enhance customer lifetime value by driving consumer engagement through a combination of scaling new experiences, improving presentment and increasing consumer selection with rewards and loyalty. We continue to expect our targeted growth investments to represent approximately a 3-point headwind to transaction margin dollars growth in 2026, while driving durable long-term benefits in the years ahead. We have conviction in the impact these initiatives can drive in the future, but it will take time to keep scaling our programs and experiences. For online branded checkout specifically, our guidance continues to reflect slightly positive to low single-digit branded checkout TPV growth for the full year. Quarter-to-date, we are seeing trends at the low end of”