“Pulling all this together, for the second quarter, we expect low single-digit revenue growth on a currency-neutral basis, a low single-digit or approximately 3% decline in transaction margin dollars.”

In context

“including segments sometime next year. Turning to more specifics for the second quarter. Let me start by noting that the second quarter has the most demanding year-over-year comparison this year. You may recall that last year second quarter had 1.5 point of transaction margin dollar benefit from the renewal and expansion of a relationship with a key payment partner as well as very strong credit performance. This year, our transaction margin dollar investments also ramped through the year and pressure will be more pronounced in the second quarter compared to the first. In 2Q of last year, nontransaction OpEx also benefited from discrete items within general and administrative expense, including a nonrecurring decline in indirect tax expense. The 2Q tax rate was below the full year average. Pulling all this together, for the second quarter, we expect low single-digit revenue growth on a currency-neutral basis, a low single-digit or approximately 3% decline in transaction margin dollars. Transaction margin dollars excluding interest to decline low single digits or approximately 2% and mid-single-digit growth in nontransaction operating expenses and non-GAAP earnings per share to decline by high single digits or approximately 9%. For the full year, we are reiterating our guidance, and we continue to expect transaction margin dollars to decline slightly or be roughly flat, excluding interest on customer balances, approximately 3% growth in nontransaction operating expenses and non-GAAP earnings per share ranging from down low single digits to slightly positive. Our guidance continues to assume approximately $6 billion in share repurchase and at least $6 billion of adjusted free cash flow. I'd like to wrap up by thanking the PayPal team for their continued focus and dedicati”