PayPal Holdings, Inc. (PYPL) 2018 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to PayPal's Third Quarter 2018 Earnings Conference Call. (Operator Instructions) .

各位女士、各位先生，大家好，歡迎參加 PayPal 2018 年第三季財報電話會議。（接線員指示）

As a reminder, this conference is being recorded. I would now like to introduce your host for today's conference, Ms. Gabrielle Rabinovitch, Head of Investor Relations. Please go ahead.

提醒各位，本次會議將被錄音。現在我想介紹今天會議的主持人——投資人關係主管 Gabrielle Rabinovitch 女士。請開始。

Thank you, Cheri. Good afternoon, and thank you for joining us. Welcome to PayPal Holdings' earnings call for the third quarter 2018.

謝謝你，Cheri。各位下午好，感謝各位加入我們。歡迎參加 PayPal Holdings 2018 年第三季財報電話會議。

Joining me today on the call are Dan Schulman, our President and CEO; John Rainey, our Chief Financial Officer and EVP, Global Customer Operations; and Bill Ready, our EVP, Chief Operating Officer.

今天與我一同出席電話會議的有：我們的總裁暨執行長 Dan Schulman；我們的財務長暨全球客戶營運執行副總裁 John Rainey；以及我們的營運長 Bill Ready（執行副總裁）。

We're providing a slide presentation to accompany our commentary. This conference call is also being webcast, and both the presentation and call are available through the Investor Relations section of our website.

我們提供投影片簡報以配合我們的說明。本次電話會議亦同步網路直播，簡報與會議內容皆可於我們網站的投資人關係專區取得。

We will discuss some non-GAAP measures in talking about our company's performance. You can find the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures in the presentation accompanying this conference call.

在討論公司表現時，我們將提及部分非 GAAP 指標。您可在本次電話會議隨附的簡報中，找到這些非 GAAP 指標與最直接可比的 GAAP 指標之調節表。

In addition, management will make forward-looking statements that are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include our guidance for fourth quarter and full year 2018, our initial outlook for 2019, our medium-term guidance and the impact and timing of our acquisitions. Our actual results may differ materially from these statements.

此外，管理團隊將發表以前瞻性陳述為主的內容，該等陳述係基於我們目前的預期、預測與假設，並涉及風險與不確定性。這些陳述包括我們對 2018 年第四季與全年之指引、對 2019 年的初步展望、我們的中期指引，以及我們併購案的影響與時程。我們的實際結果可能與這些陳述有重大差異。

You can find more information about risks, uncertainties and other factors that could affect our results in our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC and available on the Investor Relations section of our website. You should not rely on any forward-looking statements. All information in this presentation is as of today's date, October 18, 2018. We expressly disclaim any obligation to update the information.

您可在我們最近一期向美國證券交易委員會（SEC）提交的 Form 10-K 年報與 Form 10-Q 季報中，找到更多關於風險、不確定性及其他可能影響我們結果之因素的資訊；相關文件亦可於我們網站的投資人關係專區取得。您不應依賴任何前瞻性陳述。本簡報中的所有資訊截至今日（2018 年 10 月 18 日）。我們明確聲明不負有更新該等資訊之義務。

With that, let me turn the call over to Dan.

接下來，讓我把電話交給 Dan。

Thank you, Gabrielle, and thanks, everyone, for joining us.

謝謝你，Gabrielle，也謝謝各位今天加入我們。

PayPal had another excellent quarter, with $3.68 billion of revenue, growing at 14% on both a spot and currency-neutral basis. Normalizing for the sale of our U.S. consumer credit receivables to Synchrony, revenues grew at 21%. Our non-GAAP operating margin of 21.4% grew 142 basis points from last year. And we delivered $0.58 of non-GAAP EPS, up 26% year-over-year. In short, we continue to drive strong financial performance.

PayPal 本季再度交出亮眼成績，營收達 36.8 億美元，以即期與固定匯率（currency-neutral）基礎計算皆成長 14%。若將我們把美國消費者信用應收款出售給 Synchrony 的影響予以標準化調整，營收成長為 21%。我們的非 GAAP 營業利益率為 21.4%，較去年提升 142 個基點。我們的非 GAAP 每股盈餘（EPS）為 0.58 美元，年增 26%。總而言之，我們持續推動強勁的財務表現。

As pleased as I am with our financials, the highlight of the quarter was our growth in net new actives and engagement. We drove a record 9.1 million net new active accounts, surpassing 254 million customer accounts by the end of the quarter. We added 34 million net new actives to our platform in the past 12 months, averaging almost 3 million net new customers per month.

儘管我對財務表現感到滿意，本季最大的亮點是我們在淨新增活躍帳戶與使用黏著度（engagement）方面的成長。我們創下 910 萬個淨新增活躍帳戶的紀錄，季度末客戶帳戶數突破 2.54 億。在過去 12 個月中，我們的平台淨新增活躍帳戶達 3,400 萬，平均每月新增接近 300 萬名新客戶。

During the quarter, we drove $2.5 billion transactions, growing 27%. Our engagement per active user increased 9.5% to 36.5x per year. A major driver of engagement is the use of mobile devices across our platform, predominantly driven by our market-leading checkout conversion rates with One Touch. One Touch continues to expand with 112 million consumers and 10.4 million merchants using One Touch.

本季我們處理了 25 億筆交易，成長 27%。每位活躍用戶的使用頻次提升 9.5%，達到每年 36.5 次。推動使用黏著度的重要因素之一，是我們平台上行動裝置使用的提升，主要由 One Touch 在結帳轉換率方面的市場領先表現所帶動。One Touch 持續擴張，目前已有 1.12 億名消費者與 1,040 萬名商戶使用 One Touch。

In Q3, we saw mobile growth of 45%, with approximately $57 billion of mobile volume processed in the quarter. Mobile checkout now represents 40% of our total payment volume. Customer choice also continues to yield a meaningful lift in our engagement metrics. Today, nearly all of our customers have choice available to them, and more than 55 million PayPal customers have actively used choice in some 200 markets.

第三季我們的行動端成長 45%，本季處理的行動支付交易量約 570 億美元。行動結帳目前占我們總支付交易量的 40%。客戶選擇權（choice）也持續為我們的使用黏著度指標帶來顯著提升。如今，我們幾乎所有客戶都可使用 choice，且已有超過 5,500 萬名 PayPal 客戶在約 200 個市場中主動使用過 choice。

Another very important outcome of choice was that it enabled PayPal to develop deep partnerships throughout our ecosystem. In just over 2 years, we've signed over 35 partnerships with some of the world's largest and most influential brands in finance, technology and commerce. Today, I'm very pleased to announce that we've signed a multifaceted partnership agreement with American Express. As one of the leading brands in the world, it always made sense that PayPal and American Express would become strategic partners.

choice 的另一個非常重要的成果，是它使 PayPal 能夠在我們的生態系中建立深度合作夥伴關係。在短短兩年多的時間裡，我們已與全球金融、科技與商務領域中一些規模最大、影響力最強的品牌簽署超過 35 項合作。今天，我非常高興宣布，我們已與美國運通（American Express）簽署一項多面向的合作夥伴協議。作為全球領先品牌之一，PayPal 與美國運通成為策略夥伴一直是合情合理的選擇。

Steve Squeri and his team have been great to work with, and I'm very pleased with the comprehensive nature of our partnership going forward. Over the next several quarters, PayPal will have enhanced access to American Express as a payment option in our wallet. The agreement will allow PayPal to access American Express tokens and enables a deep integration of our Venmo and PayPal P2P capabilities within the Amex platform.

Steve Squeri 及其團隊合作起來非常愉快，我也對我們未來合作的全面性深感滿意。在接下來幾個季度，PayPal 錢包中將可更強化地把美國運通作為付款選項。該協議將使 PayPal 能夠使用美國運通的代碼化（token）服務，並促成我們的 Venmo 與 PayPal P2P 功能在 Amex 平台內的深度整合。

Additionally, PayPal and American Express consumers will be able to use their American Express reward points to pay for their purchases at millions of PayPal merchants around the world. Over the next year, we will roll out these capabilities to our mutual customers, and we are pleased to begin what will be an important relationship for both companies. With this agreement, we now have strategic relationships in place with all of the major card networks. Not only have these partnerships redefined our competitive landscape, they have also created new and unique commerce experiences for our mutual customers around the world.

此外，PayPal 與美國運通的消費者將可使用其美國運通獎勵點數，在全球數百萬家 PayPal 商戶完成購買。在未來一年內，我們將把這些功能逐步推廣給雙方共同客戶，並很高興能開啟這段對兩家公司都很重要的合作關係。透過這項協議，我們如今已與所有主要卡組織建立策略關係。這些合作不僅重新定義了我們的競爭格局，也為全球共同客戶創造了全新且獨特的商務體驗。

Most of you on the call know that we also recently announced a significant and growing partnership with Walmart. Working together, Walmart and PayPal have developed innovative new product experiences to create a more affordable and convenient way for the unbanked segment of customers to more efficiently manage and move their money and as a result, empowering more people to gain access to the digital economy. As part of this deep collaboration, PayPal money services will be available at all Walmart locations in the U.S. beginning in November. Using the PayPal mobile app, customers can easily load cash into their PayPal balance, and for the first time, customers can withdraw money from their PayPal balance at Walmart retail stores and Walmart money centers across the country.

在座多數人也知道，我們最近也宣布與 Walmart 建立一項重要且持續成長的合作關係。Walmart 與 PayPal 攜手開發創新的新產品體驗，為未持有銀行帳戶（unbanked）的客群提供更平價、更便利的方式，以更有效率地管理與移動資金，進而讓更多人能夠進入數位經濟。作為這項深度合作的一部分，自 11 月起，PayPal 的金融服務將在美國所有 Walmart 門市提供。透過 PayPal 行動 App，客戶可輕鬆將現金加值至其 PayPal 餘額；而且客戶也將首次能在 Walmart 零售門市及全美 Walmart 匯款/金融服務中心，從其 PayPal 餘額提領現金。

Additionally, customers can use the PayPal Cash Mastercard to shop in-store, on mobile and online at Walmart as well as withdraw cash at the register or from Walmart's ATM locations nationwide.

此外，客戶可使用 PayPal Cash Mastercard 在 Walmart 門市、行動端與線上購物，並可在收銀台或透過 Walmart 全美各地的 ATM 據點提領現金。

This is just the beginning. We are currently working hand-in-hand with the Walmart team to introduce even more capabilities in the future. Walmart and PayPal share the belief that managing and moving money should be affordable, accessible, efficient and secure for all segments of our population. And while digital and mobile commerce continues to grow at remarkable rates, there are tens of millions of people that still do not have access to the benefits of the digital economy. This partnership, which leverages and combines the unique strengths of both our companies, is aimed at addressing that issue.

這只是開始。我們目前正與 Walmart 團隊密切合作，未來將推出更多功能。Walmart 與 PayPal 共同相信，對所有族群而言，管理與移動資金應該是平價、可及、有效率且安全的。儘管數位與行動商務仍以驚人的速度成長，但仍有數千萬人尚未能享受到數位經濟的好處。這項合作結合並發揮兩家公司各自獨特的優勢，目標正是為了解決這個問題。

We also continue to grow our partnerships around the globe. For instance, we are pleased to announce that we have finalized a strategic partnership with Itau Unibanco, one of the largest banks in Brazil. With this agreement, we add another major issuing partner in Latin America to help drive digital spend and improve convenience for our joint customers.

我們也持續在全球擴展合作夥伴關係。例如，我們很高興宣布，已與巴西最大銀行之一 Itau Unibanco 完成策略合作夥伴關係的定案。透過此協議，我們在拉丁美洲新增另一家重要的發卡合作夥伴，以協助推動數位消費並提升雙方共同客戶的便利性。

We continue to work closely with our large merchant partners. We recently struck a comprehensive strategic agreement with Chevron to improve the payment experience at its gas stations in the U.S. Together, we plan to launch a new mobile payment app in early 2019 that will reduce the amount of time that a customer spends at the pump. This is yet another example of how we are using PayPal's extensive platform capabilities to help our partners create differentiated customer experiences. Chevron joins the list of our existing partnerships in this industry including Shell, BP and ExxonMobil.

我們也持續與大型商戶夥伴緊密合作。我們近期與 Chevron 達成一項全面性的策略協議，以改善其在美國加油站的支付體驗。我們計畫於 2019 年初共同推出一款新的行動支付 App，以縮短客戶在加油機前停留的時間。這再次展現我們如何運用 PayPal 廣泛的平台能力，協助合作夥伴打造差異化的客戶體驗。Chevron 也加入我們在該產業既有的合作夥伴名單，包括 Shell、BP 與 ExxonMobil。

In addition to all the progress we've made in forging new partnerships, this was an extremely busy period for our product development teams as we brought several new products to market, and we saw significant advances across a wide array of Venmo monetization efforts. I'm especially pleased with the strong overall momentum surrounding Venmo.

除了在建立新合作夥伴關係方面取得的進展之外，這段期間對我們的產品開發團隊而言也極為忙碌：我們將多項新產品推向市場，並在多元的 Venmo 變現（monetization）工作上取得顯著進展。我對 Venmo 周邊整體強勁的動能尤其感到滿意。

For the third quarter in a row, Venmo posted yet again another record for net new actives. This is driving accelerating network effects as volume grew 78% to $16.7 billion, with an annualized run rate now approaching $70 billion. And while it is still early, our monetization efforts appear to be reaching a tipping point. 24% of Venmo users have now participated in a monetizable action. This is up from 17% 1 quarter ago and 13% in May of this year. Pay with Venmo monthly active users increased approximately 185% month-over-month in September versus August. And across the Uber and Uber Eats apps, we saw more than 300% month-over-month volume growth in September versus August.

Venmo 連續第三個季度再次創下淨新增活躍用戶的新紀錄。這正帶動網路效應加速，交易量成長 78% 至 167 億美元，年化運行率（annualized run rate）目前已接近 700 億美元。雖然仍處於早期階段，但我們的變現努力似乎正到達臨界點。如今已有 24% 的 Venmo 用戶參與過可變現的行為，較一季前的 17% 以及今年 5 月的 13% 明顯提升。9 月「Pay with Venmo」月活躍用戶數較 8 月約成長 185%（月增）。而在 Uber 與 Uber Eats App 上，我們在 9 月相較 8 月也看到超過 300% 的交易量月增。

Our Venmo card is also off to a strong start with approximately 320% month-over-month growth in monthly active users from August to September. Notably, the 2 top purchase categories since launch for our card are supermarkets and restaurants. These daily use cases demonstrate how we are rapidly gaining omni-channel ubiquity and becoming a part of our Venmo customers' everyday spend. Finally, last month alone, we processed over $1 billion in instant transfer volume on the Venmo platform alone.

我們的 Venmo 卡也有一個強勁的開局，從 8 月到 9 月，月活躍用戶數約呈現 320% 的月增長。值得注意的是，自推出以來，我們卡片的前兩大消費類別是超市與餐廳。這些日常使用情境顯示，我們正迅速取得全通路的普及性，並成為 Venmo 客戶日常支出的一部分。最後，僅上個月，我們在 Venmo 平台上處理的即時轉帳交易量就超過 10 億美元。

In summary, I couldn't be more pleased with the customer adoption across our Venmo initiatives. This quarter, we addressed one of the biggest issues facing small businesses: the amount of time it takes for them to access cash from their sales. The launch of Funds Now gives PayPal merchants who are in good standing access to their sales within minutes at no extra cost. By eliminating holds, delays and reserves, we are providing our merchants immediate access to the funds they need to invest back into their business, pay their bills and service their customers. We aspire to set a new standard in payments that immediate access to funds should be the norm rather than the exception for small businesses in good standing. We are pleased to say that over 1 million merchants across the globe are already taking advantage of Funds Now.

總結來說，我對我們 Venmo 各項計畫的客戶採用情況感到非常滿意。本季，我們解決了小型企業面臨的最大問題之一：他們從銷售中取得現金所需的時間。Funds Now 的推出，讓信用狀況良好的 PayPal 商戶可在不增加任何費用的情況下，於數分鐘內取得其銷售款項。透過消除保留、延遲與準備金，我們讓商戶能立即取得其所需資金，以再投資於業務、支付帳單並服務客戶。我們希望在支付領域樹立新標準：對於信用狀況良好的小型企業而言，資金的即時可得應是常態而非例外。我們很高興地表示，全球已有超過 100 萬名商戶正在使用 Funds Now。

Another way we are helping merchants to expand their sales opportunities is through the rollout of PayPal Checkout with Smart Payment Buttons. The new PayPal Checkout improves the purchase experience by dynamically presenting the most relevant payment methods to each shopper, including PayPal, PayPal Credit, Venmo and a wide range of alternative payment methods around the world. This means businesses don't need to clutter their checkout pages and shoppers see the options they would be most likely to use, which is proven to increase conversion for our merchant customers. And we're currently deploying this innovative checkout experience globally.

我們協助商戶擴大銷售機會的另一種方式，是推出搭載智慧支付按鈕（Smart Payment Buttons）的 PayPal Checkout。全新的 PayPal Checkout 會依據每位消費者動態呈現最相關的付款方式，包括 PayPal、PayPal Credit、Venmo，以及全球各地多種替代性支付方式。這表示企業不必讓結帳頁面充斥各種選項，而消費者會看到最可能使用的付款方式，經證實可提升我們商戶客戶的轉換率。我們目前正將這項創新的結帳體驗在全球部署。

A little more than a year ago, we acquired Swift Financial to bolster the financing options for small and midsized businesses. Our PayPal business financing solutions, which includes PayPal Working Capital and PayPal business loans, provided our customers more than $1 billion in funding last quarter. This more than doubles the $480 million in funding in the same period last year. We believe we are now one of the top 5 providers of working capital to small businesses in the U.S.

一年多前，我們收購 Swift Financial，以強化對中小企業的融資選項。我們的 PayPal 商業融資解決方案（包括 PayPal Working Capital 與 PayPal 商業貸款）在上季為客戶提供超過 10 億美元的資金支持。這較去年同期的 4.8 億美元增加逾一倍。我們相信，我們目前已是美國小型企業營運資金的前五大提供者之一。

We will continue to leverage acquisitions to strengthen our 2-sided platform and maintain our position as the leading global open platform for digital payments.

我們將持續運用併購來強化我們的雙邊平台，並維持我們作為全球領先的開放式數位支付平台的地位。

Last month, we closed our acquisition of iZettle, strengthening our global platform capabilities and in-store presence. We believe this acquisition provides significant value for our small business merchants as we expand our point-of-sale capabilities globally. We expect to close the acquisition of Hyperwallet this quarter, and we are excited to extend its enhanced global payout capabilities to our marketplace customers.

上個月，我們完成對 iZettle 的收購，強化了我們的全球平台能力與線下門市布局。我們相信，隨著我們在全球擴展銷售點（POS）能力，這項收購將為我們的小型企業商戶帶來顯著價值。我們預期將在本季完成對 Hyperwallet 的收購，並很期待把其強化的全球付款（payout）能力延伸至我們的市集客戶。

Before I turn the call over to John for more details on our financial results, I want to say how proud I am of the PayPal team and their efforts to provide ever-increasing value for our customers. As proof of that, Interbrand recently announced that PayPal had increased its brand value by 22% in the last year, making us one of the top 6 fastest-growing brands in the world. These kinds of results are what create sustainable and long-term value for our shareholders.

在我把電話會議交給 John 更詳細說明我們的財務結果之前，我想表達我對 PayPal 團隊的努力感到非常自豪，他們致力於為客戶提供不斷提升的價值。作為證明，Interbrand 近期宣布 PayPal 在過去一年品牌價值提升了 22%，使我們成為全球成長最快的前六大品牌之一。這類成果正是為股東創造可持續且長期價值的關鍵。

And with that, I'll turn the call over to John.

接下來，我把電話會議交給 John。

Thanks, Dan. PayPal had another solid quarter in Q3, both financially and operationally. Our targeted growth strategies and investments to strengthen both the merchant and consumer sides of our platform continue to drive strong financial results. Our consistent growth in active accounts, payment volume, engagement and revenue demonstrate the power and resiliency of our business. In addition, our growth in operating income, while at the same time delivering operating margin expansion, highlights the scalability of our model. In the third quarter, we not only expanded our operating margin but also reinvested to grow users, volume and revenue.

謝謝你，Dan。PayPal 在第三季（Q3）無論在財務或營運面都再度交出穩健的成績。我們聚焦的成長策略，以及為強化平台商戶端與消費者端所進行的投資，持續帶動強勁的財務表現。我們在活躍帳戶、支付交易量、使用黏著度與營收上的持續成長，展現了我們業務的力量與韌性。此外，在擴大營業利益的同時也實現營業利益率擴張，凸顯了我們模式的可擴展性。第三季，我們不僅擴大了營業利益率，也同時再投資以成長用戶、交易量與營收。

Before I go into our financial results, I'd like to provide a few highlights from the quarter. As a reminder, the sale of our U.S. consumer credit receivables to Synchrony closed in early July. Where relevant, I will provide normalized results for comparability. In addition, our acquisition of iZettle closed in late September. Our Q3 operating metrics and financial results include no impact from this transaction.

在我深入說明財務結果之前，我想先提供本季幾項重點。提醒一下，我們將美國消費者信用應收帳款出售給 Synchrony 的交易已於 7 月初完成。在相關之處，我將提供經常化（normalized）結果以利可比性。此外，我們對 iZettle 的收購於 9 月下旬完成。我們第三季的營運指標與財務結果不包含此交易的任何影響。

Revenue grew approximately 21% in Q3, adjusting for the sale of our U.S. consumer credit portfolio. Operating income grew 22%, with 142 basis points of operating margin expansion. Non-GAAP earnings per share grew 26%, and on a normalized basis, we generated $0.21 of free cash flow for every dollar of revenue.

在調整美國消費者信用投資組合出售的影響後，第三季營收約成長 21%。營業利益成長 22%，營業利益率擴張 142 個基點。非 GAAP 每股盈餘成長 26%，且在經常化基礎上，我們每 1 美元營收可產生 0.21 美元的自由現金流。

Turning to our financial performance for the quarter. Total payment volume was $143 billion, an increase of 24% at spot and 25% on a currency-neutral basis. In comparison to the third quarter of 2017 on a spot basis, we experienced more than 5 points of pressure from the lapping of TIO Networks and as a result of a stronger dollar. U.S. payment volume growth was 27%, and international payment volume growth was 22% on a currency-neutral basis.

接著看本季的財務表現。總支付交易量（TPV）為 1,430 億美元，按即期匯率成長 24%，按固定匯率（currency-neutral）成長 25%。與 2017 年第三季相比（按即期匯率），由於 TIO Networks 的基期因素以及美元走強，我們的成長承受超過 5 個百分點的壓力。美國支付交易量成長 27%，國際支付交易量按固定匯率成長 22%。

Merchant services volume was $127 billion, growing 28% on a currency-neutral basis, and volume associated with eBay grew 3%. For the quarter, eBay-related volume represented 11% of volume on our platform, down from 20% 3 years ago. This is a continuation of a multiyear trend. And in this quarter, our merchant services volume grew more than 8x faster than our eBay Marketplaces volume.

商戶服務交易量為 1,270 億美元，按固定匯率成長 28%，而與 eBay 相關的交易量成長 3%。本季 eBay 相關交易量占我們平台交易量的 11%，低於 3 年前的 20%。這延續了多年來的趨勢。而在本季，我們的商戶服務交易量成長速度比 eBay 市集（Marketplaces）交易量快超過 8 倍。

P2P volume, which is part of merchant services, grew 50% to $36 billion and represented approximately 25% of total payment volume versus 21% last year. We ended the quarter with 254 million active customer accounts, adding 9.1 million net new customer accounts. Q3 represents the fourth consecutive quarter with 15% growth in total active accounts, demonstrating the success of our customer-centric model and the continued demand for our industry-leading payment solutions.

P2P 交易量（屬於商戶服務的一部分）成長 50% 至 360 億美元，約占總支付交易量的 25%，高於去年的 21%。本季末我們的活躍客戶帳戶達 2.54 億個，淨新增 910 萬個新客戶帳戶。第三季是連續第四個季度活躍帳戶總數成長 15%，顯示我們以客戶為中心的模式成功，以及市場對我們業界領先支付解決方案的持續需求。

Account growth in the third quarter was driven by core PayPal followed by Venmo. In the third quarter, we continued to see strong momentum in engagement on our platform. Payment transactions per active account increased 9.5% to 36.5 versus 33.3 in the third quarter last year, and transactions grew 27% to 2.5 billion. Over the last 12 months, we have processed more than 9.2 billion transactions.

第三季的帳戶成長主要由核心 PayPal 帶動，其次是 Venmo。第三季我們持續看到平台使用黏著度的強勁動能。每個活躍帳戶的支付交易筆數成長 9.5% 至 36.5 筆，高於去年第三季的 33.3 筆；交易筆數成長 27% 至 25 億筆。過去 12 個月，我們已處理超過 92 億筆交易。

Revenue in the third quarter increased 14% on both a spot and currency-neutral basis to $3.7 billion. However, this growth was affected by the sale of our U.S. consumer credit receivables to Synchrony, which had about a 7-point impact. Adjusting for the sale, revenue growth would've been approximately 21%, in line with the third quarter last year.

第三季營收按即期匯率與固定匯率皆成長 14%，達 37 億美元。然而，這一成長受到我們將美國消費者信用應收帳款出售給 Synchrony 的影響，約造成 7 個百分點的影響。若調整出售影響，營收成長約為 21%，與去年第三季一致。

On a spot basis, transaction revenue grew 17% in the quarter, and revenue from other value-added services declined 11%. I'd like to give additional color on the trends in transaction revenue growth.

按即期匯率計算，本季交易營收成長 17%，其他加值服務營收下滑 11%。我想就交易營收成長趨勢補充一些說明。

In comparison to Q3 '17, the stronger U.S. dollar, softness in our eBay business and the lapping of TIO Networks affected our year-over-year revenue comparisons. While the stronger dollar and ongoing pressure on our eBay Marketplaces business had an impact on our quarterly results, our diversified portfolio, both from a geographic and a product perspective, allowed us to continue to deliver solid revenue growth. The 11% year-over-year decline in revenue from other value-added services was a result of the sale of the U.S. consumer credit receivables portfolio to Synchrony. This overall decline was partially offset by solid growth in both our merchant working capital and international consumer credit businesses.

與 2017 年第三季相比，美元走強、我們 eBay 業務的疲弱，以及 TIO Networks 的基期因素，影響了我們的年對年營收比較。雖然美元走強與 eBay 市集業務持續承壓對本季結果造成影響，但我們在地理與產品面向的多元化組合，使我們仍能持續交出穩健的營收成長。其他加值服務營收年減 11%，主要是因將美國消費者信用應收帳款投資組合出售給 Synchrony 所致。此整體下滑部分被我們商戶營運資金與國際消費者信用業務的穩健成長所抵銷。

For the third quarter, our transaction take rate was 2.34%, a decline of 14 basis points from last year. Approximately 2/3 of the change in transaction take rate was related to growth in P2P. The remainder was related to slower growth in eBay and lower cross-border volume.

第三季我們的交易抽成率（transaction take rate）為 2.34%，較去年下降 14 個基點。交易抽成率變動約有 2/3 與 P2P 成長相關，其餘則與 eBay 成長放緩及跨境交易量較低有關。

In Q3, total take rate was 2.58% versus 2.81% in Q3 '17. The sale of the U.S. consumer credit portfolio resulted in a 16 basis point reduction in total take rate. This was the largest single driver of the overall decline and reduces comparability to prior periods. We expect this impact to continue for the next 3 quarters.

第三季總抽成率（total take rate）為 2.58%，相較 2017 年第三季的 2.81%。出售美國消費者信用投資組合使總抽成率降低 16 個基點。這是整體下滑的最大單一驅動因素，也降低了與前期的可比性。我們預期此影響將在未來 3 個季度持續。

Volume-based expenses increased 13% in Q3 to $1.7 billion. Transaction expense was $1.4 billion, and represented 96 basis points as a rate of TPV, which was flat to last year and a 2 basis point improvement sequentially. Transaction loss was $259 million or 18 basis points as a rate of TPV versus 19 basis points in Q3 '17 and Q2 '18. Improvements in both core and Venmo helped to drive these results.

以交易量為基礎的費用在第三季增加13%，達到17億美元。交易費用為14億美元，以TPV的比率計為96個基點，與去年持平，且較前一季改善2個基點。交易損失為2.59億美元，或以TPV比率計為18個基點，相較於2017年第三季與2018年第二季的19個基點。核心業務與Venmo的改善共同推動了這些成果。

Loan loss was $36 million or 3 basis points as a rate of TPV, down 75% year-over-year, again, due to the sale of the U.S. consumer credit portfolio. Transaction margin dollars grew 14% to $2 billion, with a transaction margin rate of 55%.

貸款損失為3,600萬美元，或以TPV比率計為3個基點，年減75%，同樣是因為出售美國消費者信用投資組合。交易毛利金額成長14%至20億美元，交易毛利率為55%。

Nontransaction-related expenses grew 9% in the third quarter to $1.2 billion. As a percentage of total revenue, these expenses leveraged 130 basis points versus the third quarter last year. Normalizing for acquisitions and cost directly related to the sale to Synchrony, nontransaction-related expenses grew approximately 6% year-over-year. Again, this demonstrates our sustained ability to scale our platform at a low marginal cost.

第三季非交易相關費用成長9%至12億美元。以總營收百分比計，這些費用相較去年第三季槓桿改善130個基點。若將併購影響及與出售予Synchrony直接相關的成本予以常態化調整，非交易相關費用約年增6%。這再次展現我們以低邊際成本擴大平台規模的持續能力。

This performance drove 22% growth in operating income and 142 basis points of operating margin expansion. We continue to balance delivering operating margin expansion with reinvesting back into the business to further strengthen our platform and competitive positioning. Solid top line growth, in conjunction with OpEx discipline, resulted in 26% growth in non-GAAP EPS to $0.58.

此表現帶動營業利益成長22%，營業利益率擴張142個基點。我們持續在推動營業利益率擴張與再投資業務之間取得平衡，以進一步強化我們的平台與競爭定位。穩健的營收成長，加上營運費用（OpEx）紀律，使非GAAP每股盈餘成長26%至0.58美元。

We ended the quarter with cash, cash equivalents and investments of $10.5 billion and short-term borrowings of $2 billion. On a reported basis, our free cash flow was $4.4 billion. Adjusting for the Synchrony proceeds, our free cash flow in the third quarter was $772 million. This equates to $0.21 of free cash flow for every dollar of revenue.

本季結束時，我們持有的現金、約當現金及投資為105億美元，短期借款為20億美元。按報表口徑，我們的自由現金流為44億美元。若扣除Synchrony交易款項影響，第三季自由現金流為7.72億美元。這相當於每1美元營收可產生0.21美元的自由現金流。

Our business delivered strong growth, robust profitability and consistent free cash flow. This enables us to make significant organic and inorganic investments for our future growth while at the same time returning cash to our shareholders. In May, we announced our plans to return approximately 40% to 50% of free cash flow to shareholders over the next 5 years. In Q3, we returned $600 million, and year-to-date, we returned nearly $3 billion.

我們的業務實現強勁成長、穩健獲利能力與一致的自由現金流。這使我們得以在回饋股東現金的同時，為未來成長進行重大的有機與無機投資。5月，我們宣布計畫在未來5年將約40%至50%的自由現金流回饋給股東。第三季我們回饋了6億美元，年初至今已回饋近30億美元。

I would now like to discuss our updated guidance for the fourth quarter of 2018 and the full year as well as our initial thoughts on 2019.

接下來我想討論我們對2018年第四季與全年更新後的指引，以及我們對2019年的初步看法。

For the fourth quarter, we expect revenue in the range of $4.195 billion to $4.275 billion or 13% to 15% growth on a currency-neutral basis. Normalizing for the U.S. credit receivables sale, the implied revenue growth rate would be 20% to 22% for the fourth quarter. This guidance incorporates approximately $30 million of impact from changes in foreign currency and a later close in Q4 than we previously expected for the Hyperwallet acquisition as well as anticipated softness in our eBay Marketplaces business.

就第四季而言，我們預期營收介於41.95億至42.75億美元之間，按中性匯率基礎計為13%至15%的成長。若將美國信用應收款出售影響常態化調整，第四季隱含的營收成長率將為20%至22%。此指引納入外匯變動約3,000萬美元的影響、Hyperwallet併購案在第四季的交割時間較我們先前預期更晚，以及我們預期eBay Marketplaces業務可能走弱。

We are raising our non-GAAP earnings per share to be in the range of $0.65 to $0.67. Our EPS expectations include a higher-than-normal below-the-line benefit. We are electing to opportunistically reinvest some of this benefit back into the business, which will offset some of the natural leverage we realize from efficiencies of scale. We believe this is the right decision to drive long-term value for PayPal.

我們將非GAAP每股盈餘上調至0.65至0.67美元區間。我們的EPS預期包含高於正常水準的稅後（below-the-line）利益。我們選擇把其中一部分利益以機會性方式再投資回業務，這將抵銷部分因規模效率所帶來的自然槓桿。我們相信這是為PayPal創造長期價值的正確決策。

For full year revenue guidance, we are raising the low end and maintaining the high end of our previous range, which absorbs the $30 million headwind from U.S. dollar strength and the Hyperwallet timing. We now expect 2018 revenue to be in the range of $15.42 billion to $15.5 billion or 17% to 18% growth on a currency-neutral basis. Normalizing for the sale to Synchrony, the implied revenue growth rate would be approximately 21% for the full year.

就全年營收指引而言，我們上調先前區間的低端並維持高端不變，並已吸收美元走強與Hyperwallet時點所帶來的3,000萬美元逆風。我們目前預期2018年營收介於154.2億至155億美元之間，按中性匯率基礎計為17%至18%的成長。若將出售予Synchrony的影響常態化調整，全年隱含的營收成長率約為21%。

We are raising our non-GAAP earnings per share guidance to $2.38 to $2.40. In addition, given the strong free cash flow we have generated all year as well as the Synchrony proceeds, we now expect free cash flow for the full year to exceed $4.5 billion.

我們將非GAAP每股盈餘指引上調至2.38至2.40美元。此外，鑑於我們全年所產生的強勁自由現金流以及Synchrony交易款項，我們目前預期全年自由現金流將超過45億美元。

We are still in our planning process for 2019 but I'd like to provide you with an initial framework for how we're thinking about our business next year. We expect revenue to grow approximately 17% on a currency-neutral basis. This growth rate reflects the reduction in other value-added services revenue in the first half of 2019 as a result of the sale of the U.S. consumer credit portfolio. Normalizing for this, our expectation is that revenue would be growing in the range of 20% to 21%.

我們仍在進行2019年的規劃流程，但我想先提供一個我們對明年業務思考方式的初步框架。我們預期按中性匯率基礎計，營收約成長17%。此成長率反映了因出售美國消費者信用投資組合，導致2019年上半年其他加值服務營收下降。若將此影響常態化調整，我們預期營收成長將落在20%至21%區間。

In addition, we expect non-GAAP EPS to grow approximately 20%. This outlook incorporates our integration plans for the 4 acquisitions we have announced this year. Normalizing for this, we would expect our EPS to grow approximately 23%.

此外，我們預期非GAAP EPS約成長20%。此展望納入我們對今年已宣布的4項併購之整合計畫。若將此影響常態化調整，我們預期EPS約成長23%。

Next year, we expect our 2018 acquisitions to contribute approximately 1.5 points of growth to revenue and $0.08 to $0.10 of dilution to earnings per share. And in 2020, we expect these acquisitions to be accretive to our earnings.

明年，我們預期2018年的併購將為營收貢獻約1.5個百分點的成長，並對每股盈餘造成0.08至0.10美元的稀釋。而在2020年，我們預期這些併購將對盈餘具增益（accretive）。

As we reflect on the first 3 quarters of 2018, we're very encouraged by our performance and the opportunities ahead. Already this year, we have announced approximately $2.7 billion in acquisitions, returned approximately $3 billion in cash to shareholders, delivered operating margin expansion and significantly improved the overall growth profile of our business.

回顧2018年前三季，我們對自身表現與未來機會感到非常振奮。今年至今，我們已宣布約27億美元的併購、向股東回饋約30億美元現金、實現營業利益率擴張，並顯著改善我們業務的整體成長輪廓。

We are innovating at scale and introducing great payment experiences for our consumers and merchants. The sustained momentum we see in the business gives us confidence to invest in high-potential areas such as Venmo, global expansion, in-store strategies and PayPal business loans. We're extremely pleased with our progress.

我們正以規模化方式創新，並為消費者與商戶推出優質的支付體驗。我們在業務上看到的持續動能，使我們有信心投資於高潛力領域，例如Venmo、全球擴張、店內策略以及PayPal商業貸款。我們對進展感到非常滿意。

I want to close by thanking all of PayPal's customers and our colleagues worldwide for making this another strong quarter.

最後，我要感謝所有PayPal的客戶，以及全球各地的同仁，讓本季再次成為強勁的一季。

With that, let me turn it back over to the operator for questions. Thank you.

接下來，我把時間交回給接線員進行提問。謝謝。

(Operator Instructions) Our first question comes from Bryan Keane with Deutsche Bank.

（接線員指示）我們的第一個問題來自德意志銀行（Deutsche Bank）的Bryan Keane。

Wanted to ask about eBay. I know they announced the managed payments initiative. And it doesn't look like PayPal is featured as a payment option. So I'm trying to figure out what's the impact to PayPal's model. I mean I guess what we're trying to get at is figure out how much the weakness in eBay is due to the run rate of core eBay volumes versus volumes coming off of PayPal in payments to other providers.

想請教關於eBay。我知道他們宣布了受管支付（managed payments）計畫。而看起來PayPal並未被列為支付選項。所以我想了解這對PayPal商業模式的影響。我想我們要釐清的是，eBay的疲弱有多少是來自核心eBay交易量的常態水準（run rate）變化， versus 有多少是因為支付量從PayPal轉移到其他支付服務提供商。

Yes. Thanks, Bryan. It's Dan. I'll take a crack at that and then turn it over to John and Bill if they have anything else to add of it. So first of all, eBay's performance on our platform had nothing to do with intermediated payments. They announced publicly, I think they had $20 million of TPV that moved to intermediated payments. We don't even see that as a rounding on our results. So intermediated payments has just started off for them. No impact on their performance on our platform.

是的，謝謝你，Bryan。我是Dan。我先嘗試回答，之後如果John和Bill還有其他補充，我再把問題交給他們。首先，eBay在我們平台上的表現與中介式支付（intermediated payments）毫無關係。他們公開宣布，我記得大約有2,000萬美元的TPV轉到中介式支付。我們甚至不會把這視為對我們結果的四捨五入影響。所以對他們而言，中介式支付才剛開始。對他們在我們平台上的表現沒有影響。

So let me take a step back and talk to you a little bit about what I see going forward. So I think that PayPal and eBay are going to continue to be close strategic partners for the foreseeable future, and so why do I say that? I say that because it's not just that we have signed a 5-year term with them to display PayPal-branded services on their intermediated payments or that we just signed a while ago a comprehensive 7-year deal to provide eBay shoppers with PayPal Credit offers. Those things are just deals that we've done with eBay. The most important thing is that our mutual sellers and merchants demand it. The consumers that we have, the sellers that eBay and PayPal share demand to have PayPal. Their sales actually depend on it. And we just put out -- Bill, I think, just published a market research that was done with Ipsos that was a comprehensive study. And that study showed what we've been talking about for quite some time. And in the study, it said that consumers, on average, are 54% more willing to buy when a merchant accepts PayPal. And by the way, that's at the low end of that. That goes up when it's a cross-border transaction, when it's mobile, when it's unfamiliar brands and if you think about the long tail of eBay merchants. So that 54% is a low number for those. And so you also have 59% of PayPal users who have abandoned a transaction because PayPal wasn't a checkout option. And so we've got 254 million customers on our platform right now. Imagine if almost 60% of them would abandon a sale because checkout -- PayPal Checkout wasn't available. And so -- and by the way, we've been talking about this for quite some time.

所以讓我先退一步，跟各位談談我對未來走向的一些看法。我認為在可預見的未來，PayPal 與 eBay 將會持續成為緊密的策略夥伴。那我為什麼這麼說？我這麼說是因為，並不只是因為我們與他們簽了一份 5 年期合約，在其代收代付（intermediated payments）中展示 PayPal 品牌服務，或是我們不久前也簽署了一份全面性的 7 年協議，向 eBay 買家提供 PayPal Credit 的優惠。那些都只是我們與 eBay 做過的交易安排。最重要的是，我們共同的賣家與商戶有這樣的需求。我們的消費者、eBay 與 PayPal 共享的賣家，都要求能使用 PayPal。他們的銷售其實仰賴於此。而我們剛發布——Bill，我想，是剛公布了一份由 Ipsos 進行的市場研究，是一項全面性的研究。該研究顯示了我們談論已久的內容。研究指出，平均而言，當商戶接受 PayPal 時，消費者購買意願會提高 54%。順帶一提，那其實是偏低端的數字；在跨境交易、行動端、陌生品牌的情境下，這個數字會更高——如果你想到 eBay 商戶的長尾（long tail）。因此 54% 對那些情境而言是偏低的。另有 59% 的 PayPal 使用者曾因為沒有 PayPal 作為結帳選項而放棄交易。而我們平台目前有 2.54 億名客戶。想像一下，如果將近 60% 的人會因為結帳——PayPal Checkout——不可用而放棄一筆銷售。所以——而且順帶一提，我們談這件事已經有一段時間了。

And if you look at the seller feedback on the eBay seller forum and look at what those sellers are saying, those that have moved over to intermediated payments, you'll see comments from them that their sales have dropped 40% to 60%, and they're clamoring to come back to PayPal. So both eBay and PayPal want to serve our mutual customers extremely well. It's a major integration for eBay to put PayPal on. We're committed, both of us, to having PayPal on intermediated payments beginning next year. But we feel really great about the growing value proposition that we have. And we feel great about the partnership that we'll have with eBay going forward as well.

如果你去看 eBay 賣家論壇上的賣家回饋，看看那些賣家怎麼說，尤其是已經轉到代收代付的賣家，你會看到他們留言表示銷售下滑了 40% 到 60%，並且強烈要求回到 PayPal。因此 eBay 與 PayPal 都希望把我們共同的客戶服務得非常好。對 eBay 來說，把 PayPal 上線是一個重大的整合。我們雙方都承諾，從明年開始在代收代付中提供 PayPal。但我們對自身日益增強的價值主張感到非常振奮。我們也對未來與 eBay 的合作關係感到很有信心。

Anything you would add, Bill?

Bill，你還要補充什麼嗎？

I would just add to that, that eBay has responded to those comments saying that sellers have issues with the drop in sale. They can revert back to PayPal in the near term. And in the long term, they're working hard to make PayPal available as a payment option. And we're working hand-in-hand with eBay to try to make sure that's available to those customers given the strong demand from customers as Dan was describing.

我只想補充一點：eBay 已回應這些評論，表示若賣家對銷售下滑有疑慮，短期內可以切回 PayPal。長期來看，他們也在努力讓 PayPal 成為可用的付款選項。我們也正與 eBay 緊密合作，確保如 Dan 所描述、在客戶強勁需求下，能讓這些客戶使用到該選項。

Our next question comes from Paul Condra with Credit Suisse.

下一個問題來自瑞士信貸（Credit Suisse）的 Paul Condra。

I just wanted to follow up on Venmo because you gave us some good updates there. Just could you help us think through the contribution? You mentioned the $1 billion instant transfer volume in September. Should we think of that as $1 billion monthly run rate? And then would you say there are any other monetization activities that are starting to scale? Just kind of want to make sure I'm thinking about the contribution correctly.

我想追問一下 Venmo，因為你們剛才提供了一些很好的更新。能否幫我們釐清一下貢獻度？你提到 9 月即時轉帳（instant transfer）交易量達到 10 億美元。我們是否應把它視為每月 10 億美元的 run rate？另外，你是否會說還有其他變現（monetization）活動也開始進入規模化？我只是想確認我對貢獻度的理解是否正確。

Sure, yes. The $1 billion in instant transfer volume was for the month of September, and that's been growing nicely. We don't see anything to disturb that trend. And instant transfer is one of the monetization initiatives that we see scaling well. As Dan mentioned in his remarks, Pay with Venmo is growing very nicely. Uber, Uber Eats, Grubhub, Eat24, Seamless have all integrated pay with Venmo. That's been growing quite remarkably. I mentioned 185% month-over-month growth on Pay with Venmo. And the card, seeing 320% month-over-month growth.

當然可以。是的，9 月的即時轉帳交易量是單月 10 億美元，而且成長得很不錯。我們沒有看到任何會干擾這個趨勢的因素。即時轉帳是我們看到能良好擴張的一項變現計畫。如 Dan 在發言中提到的，Pay with Venmo 成長非常亮眼。Uber、Uber Eats、Grubhub、Eat24、Seamless 都已整合 Pay with Venmo，成長相當顯著。我提到 Pay with Venmo 的月對月成長為 185%。而卡片（the card）則呈現月對月 320% 的成長。

Those are early, but those are the kinds of rapid growth results that we've seen with other initiatives on Venmo. And so across all 3 of our major monetization initiatives, instant transfer, Pay with Venmo and other apps like Uber and Grubhub and the card, we see all of those starting to really scale in a meaningful way.

這些都還在早期，但這類快速成長的結果，我們在 Venmo 的其他計畫上也曾看過。因此在我們三大主要變現計畫——即時轉帳、Pay with Venmo（以及像 Uber、Grubhub 這類 App）和卡片——我們看到這些都開始以有意義的方式真正進入規模化。

And you also saw the number of Venmo customers who have now been in the monetizable act go to 24%, up from 17% just 1 quarter ago. So as I mentioned in my remarks, it's still early, obviously, but it looks like we've achieved some kind of tipping point right now. And I think both Bill and I are extremely pleased with the results of Venmo.

你也看到目前已發生可變現行為（monetizable act）的 Venmo 客戶占比提升到 24%，而僅在一個季度前是 17%。所以如我在發言中提到的，顯然仍屬早期，但看起來我們現在已達到某種臨界點（tipping point）。我想 Bill 和我都對 Venmo 的成果感到非常滿意。

One other thing that I would just point out is, as I mentioned, it seems repetitive, but we don't take it for granted. For 3 quarters in a row right now, we've, each quarter, seen record net new actives signing up to Venmo. So not only are you seeing Venmo expand quite rapidly, but the percent of people using a monetizable event is going up quite rapidly as well. So you combine all of those things together, you can see why we're quite pleased with the momentum as of now.

我還想再指出一點：如我所說，聽起來可能有點重複，但我們不會視為理所當然。連續三個季度以來，我們每一季都看到加入 Venmo 的淨新增活躍用戶（net new actives）創下新高。所以你不僅看到 Venmo 非常快速地擴張，使用可變現事件的人占比也在快速上升。把這些因素合在一起，你就能理解為什麼我們對目前的動能感到相當滿意。

Our next question comes from George Mihalos with Cowen.

下一個問題來自 Cowen 的 George Mihalos。

Just wanted to ask, John, as we look at the initial guide for '19, how are you thinking about pricing broadly across the company from '18 to '19? I know you're anniversary-ing some pricing on the cross-border side. And then maybe related to that, the shift in Venmo going from operating in the red to going into the black, how should we think about or ballparking that kind of contribution in the guide?

我想請教一下 John，當我們看 2019 年的初步指引時，你如何看待公司整體從 2018 到 2019 的定價（pricing）策略？我知道你們在跨境（cross-border）那邊有一些定價因素會進入周年比較（anniversary-ing）。另外也相關的是，Venmo 從虧損轉為獲利，你們認為在指引中應如何看待或粗略估算這類貢獻？

Sure. So starting with pricing. Pricing is something that -- as we said before, George, it's not a one-time thing for us where, I've described it in the past as a sugar high, where you're trying to monetize something for the next quarter. We take a very long-term perspective to that. And there are opportunities every year to look at pricing. And pricing sometimes can mean going out and taking advantage of where you provide significant value in the market and pricing higher. In other cases, given the enormous addressable market that we have, it can be about capturing market share and being more aggressive on pricing. So that goes both ways.

好的。先從定價談起。定價這件事——如我們之前跟你說過的 George——對我們而言不是一次性的操作。我過去形容過，像是「糖分飆升」（sugar high），也就是為了下一季去榨取某個項目的變現。我們對此採取非常長期的視角。每一年都有機會重新檢視定價。而定價有時意味著：當你在市場上提供了顯著價值時，可以提高價格以反映價值；但在其他情況下，考量到我們擁有龐大的可服務市場（addressable market），也可能是為了取得市占而在定價上更具進取性。所以兩種方向都有可能。

And certainly, we have assumptions built into our plans about optimizing pricing in various areas going in 2019. One example of that is the recent announcement that we made about increasing our pricing to be more in line with where the market is on instant transfer. And so that's just one example that we have there related to pricing.

當然，我們在 2019 年的規劃中，已納入在多個領域優化定價的假設。其中一個例子，就是我們最近宣布在即時轉帳（instant transfer）上調整定價，使其更貼近市場水準。這就是我們在定價方面的一個例子。

On Venmo, as we said, this is -- it's hard not to be excited about some of the growth numbers that we're talking about today and the fact that each of the last 3 quarters we've seen a record number of net new customers come to the platform. But this is a long game. And we're not going to -- we're going to be measured in terms of our approach to this, make sure that we optimize for the experience, and profitability will certainly come. We've got a good history here in terms of what happened with PayPal as that moved from P2P to being able to monetize that in ways where one can shop at a merchant. And so that is a transition that will take place in a couple of years, not a couple of quarters. And so we expect to see improvement in our Venmo economics next year and each year thereafter.

至於 Venmo，如我們所說——很難不對今天談到的一些成長數字感到興奮，尤其是過去三個季度每一季都有創紀錄的淨新增客戶加入平台。但這是一場長期戰。我們不會——我們會以審慎的方式來推進，確保以體驗最佳化為優先，而獲利能力當然會隨之而來。我們在這方面有很好的歷史經驗：PayPal 當年也是從 P2P 轉型，進而能以讓用戶在商戶端購物等方式實現變現。因此這個轉變會在幾年內發生，而不是幾個季度內。我們預期明年 Venmo 的經濟性（economics）會改善，且此後每一年都會持續改善。

Our next question comes from Tien-tsin Huang with JPMorgan.

下一個問題來自摩根大通（JPMorgan）的 Tien-tsin Huang。

Thanks for the 2019 framework. It's encouraging. Just maybe on that. Just a fairly steady EPS growth for '19 adjusting for the acquisitions despite some eBay degradation that you talked about and perhaps in cross-border, too. I'm not sure if maybe you want to comment on your outlook for cross-border specifically. But I'm curious, just in the aggregate, what's maybe getting better? What are some of the key offsets that are giving you confidence to achieve that steady EPS growth in '19?

感謝你們提供 2019 年的框架，這很令人鼓舞。也許就此再問一下：在扣除收購案影響後，2019 年 EPS 成長看起來相當穩健，儘管你們談到 eBay 方面會有一些劣化（degradation），跨境可能也有一些影響。我不確定你是否想特別評論一下你們對跨境的展望。但我好奇的是，整體而言，究竟有哪些地方在變得更好？有哪些關鍵的抵銷因素（offsets）讓你們有信心在 2019 年達成這樣穩健的 EPS 成長？

Sure. I'll start, and Dan or Bill can jump in as well. 2019, there's a lot of things in store as we sort of enter this next chapter post our previous relationship with eBay. And so excited about the partnership opportunities that are out there. We're excited about integrating some of the acquisitions that we've had and potential ones in the future and what that can mean to make our platform even better than it is today.

當然。我先開始，Dan 或 Bill 也可以補充。2019 年，隨著我們在結束與 eBay 先前關係後進入下一個篇章，將有許多事情值得期待。因此，我們對外部的合作夥伴機會感到非常興奮。我們也很期待整合我們已完成的部分收購案，以及未來可能的收購案，並思考這將如何讓我們的平台比今天更好。

As we look at parts of the P&L and the effect on sort of achieving that guidance into next year, we certainly expect to continue to realize operating leverage in our business. And Tien-tsin, I didn't talk about this in my prepared remarks, but we often talked about the marginal economics of our business. In this most recent quarter, for every dollar, incremental dollar of revenue that we brought in, our nonvolume-related cost only went up $0.10. That is a model for scaling a platform. And as we've said before, we think that we can continue to do that.

當我們檢視損益表（P&L）的各個部分，以及對於在明年達成該指引的影響時，我們確實預期將持續在業務中實現營運槓桿。Tien-tsin，我在事先準備的講稿裡沒有提到，但我們經常談到我們業務的邊際經濟性。在最近這一季，我們每增加 1 美元的營收，與交易量無關的成本只增加了 0.10 美元。這就是平台規模化的模型。而且如同我們先前所說，我們認為可以持續做到這一點。

With respect to cross-border, that's an area that if you look at it in terms of the percentage of total volume for PayPal, it's down slightly from where it was in the previous quarter. That's in part because of mix in our business, as we see things like Venmo growing more, Braintree growing more.

就跨境業務而言，如果以其占 PayPal 總交易量的百分比來看，較上一季略有下降。部分原因是我們業務組合的變化，例如我們看到 Venmo 成長更快、Braintree 成長更快。

But I think the takeaway from this is that if you were to go back 3 or 4 years ago when we were more of just a button on a marketplace, we were very dependent -- or I should say our profitability was very concentrated in certain areas. And what you're seeing us evolve into as a platform is we have a much more diversified portfolio, both regionally as well as product-wise, where we're monetizing a lot of other aspects of our business that we haven't before. And so despite the fact that cross-border, which is a lucrative part of our business, is a smaller overall piece of our portfolio, and eBay, you can say the same thing about, you're seeing us expand our operating margin and continuing to grow earnings at a mid-20% growth rate. So we're very excited about that, and it gives us confidence going into 2019.

但我認為重點在於：如果你回到 3、4 年前，當我們更像只是市集上的一個按鈕時，我們非常依賴——或者我應該說，我們的獲利高度集中在某些領域。而你現在看到我們作為平台的演進，是我們擁有更為多元化的組合，無論在區域面或產品面皆是如此；我們也在將過去未曾變現的其他業務面向加以變現。因此，儘管跨境（這是我們業務中獲利性很高的一部分）在我們整體組合中的占比變小了，eBay 也可以做同樣的描述，你仍然看到我們擴大營運利潤率，並持續以約 20% 中段的成長率提升獲利。所以我們對此非常興奮，也讓我們對邁入 2019 年更有信心。

And I'll just add 1 or 2 things on top of that. You saw this quarter us adding for the first time ever over 9 million net new active accounts. And interestingly at the same time, engagement growing by 9.5%. For those of you who look carefully at our engagement numbers, which I know many of you do, now that's the highest percentage gain we've had in probably 2 years or so. And 3 years ago, we guided like 3 million to 5 million net new actives per quarter. We took that up last year to 6 million to 8 million. We're clearly at the very high end of that. And we see that continuing as we look forward as well. And when you have your net new actives growing by 30 million, 35 million a year and your engagement growing by 8% to 10%, that bodes well as we look forward.

我再補充 1、2 點。本季你們看到我們首次單季新增超過 900 萬個淨新增活躍帳戶。更有意思的是，同時互動度成長了 9.5%。對於那些仔細關注我們互動數據的人（我知道你們很多人都會），這大概是我們近 2 年左右最高的百分比增幅。3 年前，我們每季指引大約是 300 萬到 500 萬淨新增活躍帳戶；去年我們把它上調到 600 萬到 800 萬。現在我們顯然處在該區間的高端，而且我們也預期未來仍會延續。當你的淨新增活躍帳戶每年增加 3,000 萬、3,500 萬，而互動度成長 8% 到 10% 時，這對未來展望是非常正面的。

And I would say some of the new products and services that Bill and the team are introducing or have introduced into the market, some of the new partnerships that are just coming underway right now, we feel pretty good about our position in the digital payments ecosystem right now.

我會說，Bill 和團隊正在推出或已經推向市場的一些新產品與服務，以及目前剛開始啟動的一些新合作夥伴關係，讓我們對自己在數位支付生態系中的定位感到相當有信心。

Our next question comes from James Faucette with Morgan Stanley.

下一個問題來自 Morgan Stanley 的 James Faucette。

I wanted to circle back to the Venmo commentary, particularly, Dan, your comments of feeling like you're at a tipping point there. I'm just wondering if you can give us a little color on how we should think about efforts to drive increased acceptance of Venmo and where we may see some evidence of that. And I guess dovetailing with that is that with kind of the new instant transfer fee structure, how should we -- like what should we be anticipating in terms of contribution to moving the monetization of Venmo forward from that particular initiative?

我想回到 Venmo 的評論，特別是 Dan，你提到你覺得那裡正處於一個臨界點。我想請你多提供一些背景，讓我們理解應該如何看待推動 Venmo 受理度提升的努力，以及我們可能會在哪裡看到一些證據。另外延伸來看，隨著新的即時轉帳費率結構，我們應該——也就是說，針對這項措施，對於推動 Venmo 變現進程的貢獻，我們應該預期到什麼程度？

Yes, you bet. I'll just say, first of all, again, it's early. But substantial progress, and the numbers we gave are month-over-month numbers, not year-over-year but month-over-month growth numbers. So you can see the acceleration that's happening. We have a very strong pipeline of large merchants, the merchants you might expect who are lining up to integrate Pay with Venmo buttons. We also obviously are rolling out these Smart Payment Buttons capabilities into PayPal Checkout, where if it is a Venmo customer, we will dynamically present a Pay with Venmo button. And so you'll start to see that also accelerating quite a bit.

是的，當然可以。我先說，首先，這仍然是早期階段。但進展顯著，而且我們提供的數字是月對月（month-over-month）的數字，不是年對年，而是月對月的成長數字。所以你可以看到正在發生的加速。我們有非常強的、由大型商戶組成的管線——也就是你所預期會排隊整合「使用 Venmo 付款」按鈕的那些商戶。我們也正在把這些智慧支付按鈕（Smart Payment Buttons）的能力導入 PayPal Checkout；如果是 Venmo 客戶，我們會動態呈現「使用 Venmo 付款」按鈕。因此你也會開始看到這部分加速得相當明顯。

And then if you look across the monetizable services that we're offering, all of those services are benefits to the Venmo consumer. And I think that's a really important point. A Venmo consumer doesn't think about engaging in a monetizable act. They think about how can I use my Venmo card to spend off-line, have that come right back into my Venmo feed, share, split those purchases, and it's a value add for them. Being able to take your Venmo balance and being able to spend on online merchants or on Uber, that's a value add for them. Just as it is to be able to instantly gain access to their balances is a value add to them as well.

再來，如果你看我們所提供、可變現的各項服務，這些服務對 Venmo 消費者而言都是好處。我認為這點非常重要。Venmo 消費者不會把它想成是在進行一個可變現的行為；他們想的是：我如何用我的 Venmo 卡在線下消費，然後交易能立刻回到我的 Venmo 動態裡，讓我可以分享、分攤這些消費，這對他們是加值。能夠把你的 Venmo 餘額拿去在網路商戶或 Uber 消費，對他們是加值。同樣地，能夠即時取得他們的餘額使用權，對他們也是加值。

And so the more services we put out there, and we've been careful to be sure that the services we put out are real value-added services. But the more we put out, the more Venmo customers use and start to engage with that. I mentioned that you're seeing the Venmo customers engage in groceries and restaurants. These are everyday types of activities, and we're really just becoming an embedded part of our Venmo customers' digital financial services life. There are other things that we're looking at going forward, but we're really pleased with the efforts we have so far and very pleased with the momentum. Bill, anything you'd add on that?

因此，我們推出的服務越多——而且我們一直很謹慎，確保推出的服務是真正有加值的服務——推出越多，Venmo 客戶就越會使用並開始與之互動。我提到你們看到 Venmo 客戶在雜貨與餐廳等場景的使用。這些都是日常活動類型，而我們正逐步成為 Venmo 客戶數位金融服務生活中內嵌的一部分。未來我們還在看其他事情，但我們對目前的努力非常滿意，也對這股動能非常滿意。Bill，你有要補充的嗎？

I would just add to that, that in addition to Dan's points there around how simple we're making it for merchants to add a dedicated Pay with Venmo through things like Smart Payment Buttons, the integrations we've done like with Uber, for example, we're seeing tremendous growth that we're quite pleased with, but they're quite pleased with it as well. They're seeing us really driving engagement on the platform, and the usage of Venmo is outpacing their own expectations, which are certainly quite high given how rapidly they grow.

我只想補充一點：除了 Dan 提到的、我們透過智慧支付按鈕等方式讓商戶能非常簡單地加入專屬的「使用 Venmo 付款」之外，像我們與 Uber 的整合等，我們看到令人振奮的成長，我們非常滿意，而他們也同樣非常滿意。他們看到我們確實在平台上帶動互動，而 Venmo 的使用量超出他們原本的預期——而他們的預期本來就很高，因為他們自身成長非常快速。

And so as we continue to make merchants happy with the engagement we're driving to them, as Dan said, we're seeing a lot of merchants really line up for that. But we're providing multiple ways for users to get great new experiences and to make money by providing them great new experiences whether it's Pay with Venmo, the card or things like Instant Cash Out. So all of those together are really bringing great value to the user and great growth to the monetization for us.

因此，當我們持續讓商戶對我們帶給他們的互動成效感到滿意時，如 Dan 所說，我們看到很多商戶真的在排隊等著加入。同時，我們也提供多種方式，讓用戶獲得很棒的新體驗，並且透過提供這些很棒的新體驗來賺錢——不論是「使用 Venmo 付款」、Venmo 卡，或像即時提領（Instant Cash Out）這類功能。這些加總起來，確實為用戶帶來很大價值，也為我們的變現帶來很好的成長。

Our next question comes from Lisa Ellis with MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Lisa Ellis。

Dan, this one's for you, on the topic of partnerships. So just one of the topics of the day. You have a history of converting would-be enemies into friends or at least frenemies. And I'm wondering if you can comment on 2 groups out there that are sort of in that category, the large global merchant acquirers and then also the Chinese digital wallets. As you think about partnerships, is there a path to converting those players? Do you see a partnership path with PayPal?

Dan，這題問你，關於合作夥伴關係。所以這也是今天的主題之一。你過去有把潛在敵人轉變成朋友、或至少是亦敵亦友（frenemies）的歷史。我想請你評論兩個大致屬於這類別的群體：大型全球商戶收單機構，以及中國的數位錢包。當你思考合作夥伴關係時，有沒有一條路徑可以把這些玩家轉化過來？你是否看到與 PayPal 合作的可能路徑？

Yes. Lisa, I also consider you to be one of those partners that also turned into a friend as well. So obviously, as we've moved towards customer choice and as we move to being an open platform, our ability to now partner, it's just night and day difference from where we were 2 years ago. I talked about 35 -- I think we've done 37 major partnerships in the last 2 years. And as you know, we started to work with and partner with some of the leading Chinese players today, whether that be Ali with their international merchants. I think PayPal is now on over 50,000 of their merchants being accepted, allowing PayPal consumers outside of China to purchase from Chinese merchants. We support some 300,000 Chinese merchants who have the PayPal mark on them today, enabling consumers outside of China to purchase from those merchants.

是的。Lisa，我也把你視為那種也從合作夥伴變成朋友的人之一。所以很明顯，隨著我們走向客戶選擇、並走向開放平台，我們現在的合作能力，和 2 年前相比簡直是天壤之別。我提到 35——我想我們在過去 2 年做了 37 個重大合作夥伴關係。而且如你所知，我們已開始與一些目前領先的中國玩家合作與結盟，例如 Ali 及其國際商戶。我認為 PayPal 現在已在他們超過 50,000 家商戶中被接受，讓中國以外的 PayPal 消費者可以向中國商戶購買。我們也支援約 300,000 家中國商戶目前掛有 PayPal 標誌，使中國以外的消費者能向這些商戶購買。

And we're looking at doing the opposite with people like Baidu and others where Chinese consumers can seamlessly pay and buy at PayPal merchants outside of China. So we think that we can facilitate cross-border for all of those players in China and in other countries. In terms of merchant acquirers, we had a long history actually of partnering with merchant acquirers. We're very close partners with First Data. Again, a number of years ago, there is First Data against PayPal. That is not the case anymore. We work hand-in-hand together. And so, Bill, do you want to add to that?

而我們也在考慮與百度等合作，做相反方向的事情，讓中國消費者能夠在中國境外的 PayPal 商戶順暢地付款與購買。因此，我們認為我們可以為中國以及其他國家的所有這些參與者促進跨境交易。就商戶收單機構而言，我們其實長期以來一直與商戶收單機構合作。我們與 First Data 是非常緊密的合作夥伴。再說一次，多年前曾有 First Data 對 PayPal 的情況，但現在已不再如此。我們是攜手合作的。那麼，Bill，你想補充一下嗎？

Wells Fargo, Chase, I mean there's a number of major merchant acquirers that we work with, we bring in tremendous amount of volume. And it's another example, as Dan was describing, of how we're able to partner with others in the ecosystem as we've made our platform more open and have really gotten focused on how we can provide value to customers and partnership with others, and acquirers are certainly one of those constituents that we work closely with.

Wells Fargo、Chase，我是說，我們合作的主要商戶收單機構有很多，我們帶來了龐大的交易量。這也是另一個例子，正如 Dan 所描述的，隨著我們讓平台更加開放，並真正聚焦於如何為客戶創造價值、以及如何與生態系中的其他夥伴合作，我們就能與他人建立夥伴關係；而收單機構當然就是我們密切合作的其中一類重要成員。

Our next question comes from Darrin Peller with Wolfe Research.

下一個問題來自 Wolfe Research 的 Darrin Peller。

Let me just start off. I mean, first, you have 9.1 million active accounts, net new, this quarter, annualizing 36 million, I guess, per year. First of all, is there any reason why this quarter was unusual in terms of seasonality? Or is that now obviously better than 30 million run rate you had call it a year ago?

我先從這裡開始。我是說，首先，你們本季淨新增 910 萬個活躍帳戶，年化大概是每年 3,600 萬。我想先問，這一季在季節性方面有任何不尋常的原因嗎？還是說，這顯然已經優於你們大約一年前約 3,000 萬的年化運行水準？

And then just the follow-up is just on the OVAS line, it was much higher than I know we and The Street were. Can you give us a little more color if that's either -- whether it's Synchrony revenue share or it's all the great stuff in Venmo we're seeing, that'd be great?

接著追問一下 OVAS 這條線，表現遠高於我們以及華爾街的預期。你們能否多提供一些背景，這究竟是來自 Synchrony 的營收分成，還是我們在 Venmo 看到的那些很棒的進展所帶動？如果能說明一下就太好了。

Yes. So first one, the net new actives, nothing unusual in the quarter. As John mentioned in his remarks, nothing from the iZettle acquisition that came in there. That was 9.1 million accounts that came in naturally. We -- I'd be remiss to say we also have over 20 million merchants now on the platform too, and that's growing quite nicely. So, we projected being about 30 million, we thought, this year. We'll clearly be over that. And we see no reason for these types of numbers to be our new run rate going forward.

好的。先回答第一個，淨新增活躍帳戶，本季沒有任何不尋常之處。正如 John 在他的發言中提到的，這裡沒有來自 iZettle 收購案的貢獻。這 910 萬個帳戶是自然成長而來。我也必須補充，我們的平台上現在也有超過 2,000 萬商戶，而且成長相當不錯。所以，我們原本預估今年大約 3,000 萬，我們顯然會超過這個數字。而且我們看不出有任何理由，讓這類數字會成為我們未來的新常態運行水準。

And I would just add to that, we started seeing increased consumer adoption going back a couple of years, and we started getting used to questions of is that sustainable. And for the last 2 years, you've seen us continue to drive significant improvements in net new actives. And part of that is that there's not been any one silver bullet to -- what's bringing those new users to the platform. It's a combination of great checkout experience with things like PayPal One Touch, P2P, choice.

我再補充一下，我們從幾年前就開始看到消費者採用率提升，也逐漸習慣被問到這是否可持續。而在過去兩年，你們看到我們持續推動淨新增活躍帳戶的顯著改善。其中一部分原因是，並沒有任何單一的「銀彈」能解釋——是什麼把這些新用戶帶到平台上。這是多種因素的組合：像 PayPal One Touch 這樣出色的結帳體驗、P2P、選擇性。

All these things together are bringing more and more users on to the platform, deepening engagement with them through being a great digital engagement channel with card issuers and others. It's the composite effect of all these things together. And so as Dan said, there's nothing that we see slowing that down. It's something we think is a new normal for us in terms of the way that we're driving increased engagement and increased new users to the platform.

所有這些因素一起，讓越來越多用戶加入平台，並透過我們作為與發卡機構及其他夥伴之間優秀的數位互動通路，深化與他們的互動。這是所有因素疊加的綜合效果。因此，如 Dan 所說，我們沒有看到任何會讓這放緩的跡象。我們認為，這在我們推動更高互動度與更多新用戶加入平台的方式上，已成為一種新常態。

And Darrin, on other value-added services, there's 2 -- 3 things probably that are influencing that in rough order of significance. First would be we're seeing great growth in our merchant working capital business. Recall we've got the acquisition of Swift, and we're just really pleased with how that's performing, really good growth there.

Darrin，關於其他加值服務（other value-added services），大概有 2——可能 3 個因素在影響，重要性大致依序如下。第一，我們看到商戶營運資金業務成長非常好。回想一下，我們收購了 Swift，我們對其表現非常滿意，那裡的成長非常不錯。

Second thing that I would call out is while we sold the U.S. consumer credit portfolio, we still have an international consumer credit portfolio. And that is performing very well in the entities where we've launched that.

第二點我想指出的是，雖然我們出售了美國的消費者信貸投資組合，但我們仍然保有國際消費者信貸投資組合。而且在我們已推出該業務的各個實體中，其表現非常好。

And then lastly, I would say that the profit-sharing arrangement we have with Synchrony, we still receive economic benefit depending upon the performance of that U.S. consumer credit portfolio. And we're very pleased with that. And I would venture to say Synchrony is very pleased with how it's performing as well.

最後，我想說的是，我們與 Synchrony 的利潤分成安排，會讓我們仍能依據美國消費者信貸投資組合的表現獲得經濟利益。我們對此非常滿意。我也敢說，Synchrony 對其表現同樣非常滿意。

Final question comes from Heath Terry with Goldman Sachs.

最後一個問題來自 Goldman Sachs 的 Heath Terry。

Dan, as just been pointed out earlier, you guys had a lot of success over the last couple of years in signing partnerships and bringing a lot of partners onto the platform. I guess it's probably too much to ask to try and kind of quantify the impact of those partnerships or how much of an impact you're seeing on TPV or revenue as it relates to those. But curious if just qualitatively you can try and give us a sense of the impact that you've seen there.

Dan，正如先前有人指出的，你們在過去幾年簽下許多合作夥伴關係、並把很多合作夥伴帶上平台方面取得了很大成功。我想，要你們量化這些合作的影響、或它們對 TPV 或營收的貢獻可能有點強人所難。但我很好奇，你能否從質性角度，試著讓我們了解你們在這方面看到的影響？

And then as it relates to the Walmart and Amex deals that have been signed, how you would sort of scale those deals relative to what we've seen from partnerships thus far. What kind of potential do you think those 2 deals have?

另外，關於已簽署的 Walmart 與 Amex 交易，你會如何相對於目前為止我們看到的合作夥伴關係來衡量這兩筆交易的規模？你認為這兩筆交易各自有多大的潛力？

Yes. So I'd say, just in general, we've announced quite a number of partnerships over the past couple of years. These partnerships take multiple quarters before they start to come up to speed. Some of them a year plus. And so I would say we are still quite early in the impact that we are seeing from all of those partnerships. And so just from a qualitative perspective, we're beginning to see some nice momentum. But I would say it's very, very early days.

好的。我會說，整體而言，我們在過去幾年宣布了相當多的合作夥伴關係。這些合作通常需要好幾個季度才會開始上軌道，有些甚至要一年以上。因此我會說，就我們從所有這些合作中看到的影響而言，我們仍處於相當早期的階段。從質性角度來看，我們開始看到一些不錯的動能，但我會說，現在仍然非常、非常早期。

One example of that would be rewards points. We've got maybe 4 or so issuers now, major issuers, who are going to be putting their rewards points onto the PayPal platform. We're going to be a platform that aggregates all of those, that users of our mutual customers can take those reward points, turn them into fiat currency, use their rewards points and a combination of any other financial instrument they have on board to make purchases at basically 20 million merchants across the world. It's the first time that we're giving that kind of utility.

其中一個例子是獎勵點數。我們現在大概有 4 家左右的主要發卡機構，將把他們的獎勵點數放到 PayPal 平台上。我們將成為彙整所有這些點數的平台；我們共同客戶的用戶可以把這些獎勵點數轉換成法定貨幣，並使用他們的獎勵點數，搭配他們帳戶中任何其他金融工具，在全球基本上 2,000 萬商戶進行購買。這是我們第一次提供這種程度的效用。

And the American Express announcement, they're one of the, if not the leader in rewards points and having their rewards points come on to the platform and their customers being able to use them at PayPal merchants, and the only place where they can use them at all of those different merchants, right? Amex is only integrated into a couple of merchants right now to be able to use reward points. Those are all things that are coming in the future.

而美國運通（American Express）的公告方面，他們是獎勵點數領域的領導者之一，甚至可以說是領導者；讓他們的獎勵點數上到平台，並讓其客戶能在 PayPal 商戶使用，而且是唯一一個能在所有這些不同商戶使用的地方，對吧？目前 Amex 只整合到少數幾個商戶，才能使用獎勵點數。這些都是未來會逐步到來的事情。

And I would say Walmart has a tremendous amount of potential for us. It's the largest retailer, one of the largest marketplaces and with a lot of aspirations. And we have a quite good relationship with them and a growing relationship with them.

我也會說，Walmart 對我們而言具有巨大的潛力。它是最大的零售商，也是最大的市集之一，而且有很多企圖心。我們與他們的關係相當良好，而且正在持續深化。

And as you see, almost every quarter, we announce new partnerships and some of them can be quite large. And my anticipation as we look out over the next several quarters is that you will see more of those come onto play as well. This is an ongoing part of our strategy, is to be a great partner and to be the underlying platform and the largest digital distribution channel for a lot of our partners. And so we're seeing a good deal of success right now, but still, I would say very early innings for us in terms of the -- of what they could be and will become for us.

而且如你所見，幾乎每一季我們都會宣布新的合作夥伴關係，其中有些規模相當大。展望未來幾個季度，我預期你們也會看到更多這類合作開始發揮作用。這是我們策略中持續的一部分：成為優秀的合作夥伴，成為許多合作夥伴的底層平台，以及最大的數位分發通路。因此我們目前看到相當不錯的成功，但我仍會說，就它們對我們可能帶來、以及將會帶來的影響而言，我們還在非常早期的階段。

Okay. Operator, thank you. Everybody, thank you for joining us. We look forward to talking to you over the hours and days and months ahead. So thank you very much, everyone, for joining us.

好的。接線員，謝謝。各位，感謝加入。我們期待在接下來的幾個小時、幾天、幾個月與各位交流。非常感謝各位的參與。

(technical difficulty)

（技術問題）

Q&A session. Ladies and gentlemen, thank you for participating in today's conference call. This concludes the program. You may now disconnect. Everyone, have a great afternoon.

問答環節。女士們、先生們，感謝各位參與今天的電話會議。本次會議到此結束。您現在可以掛線。祝各位下午愉快。