“non-GAAP earnings per share ranging from down low single digits to slightly positive.”

In context

“uding 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 dedication. We have a solid foundation to keep building on as we drive value creation by executing on PayPal transformation. With that, Steve, let's go to Q&A. Enrique Lores: Before we open the lines for Q&A, I'd like to ask everyone to limit themselves to 1 question so we can get to as many of your fellow analysts as possible. Sarah, please open the line. . Operator: [Operator Instructions] Your first question comes from Harshita Rawat with Bernstein. Harshita Rawat: I want to ask about branded checkout, Enrique, Jamie, can you maybe talk about the market dynamics in Europe, and also”