PayPal Holdings, Inc. (PYPL) 2019 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to PayPal's First Quarter 2019 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to introduce your host for today's call, Ms. Gabrielle Rabinovitch, Head of Investor Relations. Please go ahead.

各位女士、先生們，大家好，歡迎參加 PayPal 2019 年第一季財報電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。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, Andrew. Good afternoon, and thank you for joining us. Welcome to PayPal Holdings' earnings conference call for the first quarter 2019. Joining me today on the call are Dan Schulman, our President and CEO; Bill Ready, our EVP, Chief Operating Officer; and John Rainey, our Chief Financial Officer and EVP Global Customer Operations. 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.

謝謝你，Andrew。各位午安，感謝各位加入我們。歡迎參加 PayPal Holdings 2019 年第一季財報電話會議。今天與我一同出席的有：我們的總裁暨執行長 Dan Schulman；我們的執行副總裁兼營運長 Bill Ready；以及我們的財務長暨執行副總裁（全球客戶營運）John Rainey。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透過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。您可在隨本次電話會議提供的簡報中，找到這些非 GAAP 指標與最直接可比的 GAAP 指標之調節表。

In addition, please note that beginning with the first quarter of 2019, we reclassified certain operating expenses within our consolidated statements of income. These changes have no impact on the company's previously reported consolidated net income for prior periods.

此外，請注意，自 2019 年第一季起，我們在合併損益表中對部分營業費用進行重新分類。這些變更不影響公司先前所報告之過往期間合併淨利。

On April 9, 2019, we furnished an 8-K to the SEC that details these reclassifications.

2019 年 4 月 9 日，我們向美國證券交易委員會（SEC）提交了一份 8-K，詳細說明這些重新分類。

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 second quarter and full year 2019 and the impact and timing of our acquisitions. Our actual results may differ materially from these statements. 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, April 24, 2019. We expressly disclaim any obligation to update the information.

另外，管理團隊將作出前瞻性陳述，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 2019 年第二季及全年之指引，以及我們收購案的影響與時程。我們的實際結果可能與這些陳述存在重大差異。關於可能影響我們業績的風險、不確定性及其他因素之更多資訊，請參閱我們最近一期的 Form 10-K 年報與 Form 10-Q 季報（已向 SEC 申報），並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（2019 年 4 月 24 日）。我們明確聲明不負有更新該等資訊之任何義務。

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

接下來，我把電話交給 Dan。

Thank you, Gabrielle, and thanks, everyone, for joining us on today's call. I'm pleased to report that PayPal had a strong start to the year. In the first quarter, we generated $4.13 billion in revenue, in line with our expectations. This represents year-over-year growth of 12% on an FX-neutral basis or approximately 19% revenue growth normalized for the sale of our U.S. consumer credit receivables.

謝謝你，Gabrielle，也謝謝各位今天加入我們的電話會議。我很高興報告，PayPal 在今年有一個強勁的開局。第一季我們創造了 41.3 億美元營收，符合我們的預期。以固定匯率（FX-neutral）計算，這代表年增 12%；若就我們出售美國消費者信用應收款項進行常態化調整，營收年增約 19%。

For the first quarter, we delivered $0.78 of non-GAAP EPS, $0.08 of which came as a result of our recent MercadoLibre investment. Excluding that gain, we delivered $0.70 in Q1, up 23% year-over-year, outperforming our expectation.

第一季我們達成非 GAAP 每股盈餘（EPS）0.78 美元，其中 0.08 美元來自我們近期對 MercadoLibre 的投資。排除該項收益後，我們第一季 EPS 為 0.70 美元，年增 23%，優於我們的預期。

Once again, a highlight of the quarter was our growth in both net new actives and engagement. We added 9.3 million net new actives in the quarter, up 15% year-over-year. We now have 277 million active accounts on our platform with approximately 255 million consumers shopping at 22 million merchants. We are on pace to exceed 300 million active accounts by year end. We added 40 million net new actives in the past 12 months, an all-time record. That is over 2x our trajectory from just 2 years ago. And even as we add record net new actives, our customer engagement continues to grow. Engagement grew by 9% to 38 transactions per active account. This increasing use of our platform help to drive $161 billion of TPV in the quarter, up 25% on a FX-neutral basis, consistent with the past 2 quarters.

本季另一個亮點，再次是我們在淨新增活躍用戶與使用黏著度（engagement）兩方面的成長。本季我們淨新增 930 萬名活躍用戶，年增 15%。目前我們平台上有 2.77 億個活躍帳戶，約 2.55 億名消費者在 2,200 萬家商戶購物。我們正朝著在年底前超過 3 億個活躍帳戶的目標前進。過去 12 個月我們淨新增 4,000 萬名活躍用戶，創下歷史新高。這是相較於僅 2 年前的成長軌跡超過 2 倍。即使我們持續創下淨新增活躍用戶紀錄，客戶使用黏著度仍在提升。每位活躍帳戶的交易次數成長 9% 至 38 次。平台使用度的提升，推動本季 TPV 達 1,610 億美元；以固定匯率計算年增 25%，與過去兩季一致。

Total payment volume, excluding eBay, grew 29% on an FX-neutral basis, outpacing the overall payments market as we continue to gain share. eBay had negative TPV growth of 4% this quarter and now represents just 9.7% of our overall TPV.

若排除 eBay，總支付交易量（TPV）以固定匯率計算成長 29%，在我們持續提升市占的同時，增速超越整體支付市場。本季 eBay 的 TPV 成長為負 4%，目前僅占我們整體 TPV 的 9.7%。

Our Merchant Services TPV growth rate has accelerated over the past 2 quarters, offsetting a 700 basis point decline in eBay's TPV growth rate during that same period.

過去兩季，我們商戶服務（Merchant Services）的 TPV 成長率加速，抵銷了同期間 eBay TPV 成長率下滑 700 個基點的影響。

Mobile continues to fuel our growth with over 66 billion of mobile TPV in Q1 and One Touch with 136 million consumers and 12.1 million merchants remains the clear market leader in mobile checkout with almost 2x the conversion of competing wallets.

行動端持續推動我們的成長，第一季行動 TPV 超過 660 億美元；而 One Touch 擁有 1.36 億名消費者與 1,210 萬家商戶，仍是行動結帳的明確市場領導者，其轉換率幾乎是競爭錢包的 2 倍。

Venmo continues its significant momentum. At the end of Q1, over 40 million active Venmo customers drove significant increases in volume growth and monetizable transactions. Venmo total payment volume increased 73% year-over-year to $21 billion, and we remain on pace to drive nearly $100 billion in TPV through Venmo in 2019.

Venmo 持續展現強勁動能。截至第一季末，超過 4,000 萬名 Venmo 活躍客戶帶動交易量成長與可變現交易（monetizable transactions）的顯著提升。Venmo 的總支付交易量年增 73% 至 210 億美元，我們仍按計畫在 2019 年透過 Venmo 推動接近 1,000 億美元的 TPV。

As user growth continues to accelerate, merchants are increasingly turning to Venmo as a way to attract a valuable and engaged consumer base.

隨著用戶成長持續加速，商戶愈來愈多地將 Venmo 視為吸引高價值且高度參與之消費者族群的方式。

For example, in the first quarter, we launched a customer engagement partnership with Chipotle, engaging customers through Venmo payouts to drive awareness for their new rewards program. In less than 1 week, they surpassed their launch campaign objective with 1 million sign-ups. And this is just the beginning of brands leveraging Venmo to drive engagement and conversation within the social feed.

例如在第一季，我們與 Chipotle 推出客戶互動合作，透過 Venmo 發放款項（payouts）與客戶互動，以提升其全新獎勵計畫的知名度。不到 1 週，他們就以 100 萬次註冊超越了啟動活動的目標。而這只是品牌運用 Venmo 在社交動態（social feed）中推動互動與討論的開始。

In January, we reported that Venmo had an annualized revenue run rate going into 2019 that exceeded $200 million. I'm very pleased to report that our annual revenue run rate coming out of Q1 is now over $300 million. And with over 40 million active users growing substantially each and every quarter, we fully expect to see that annualized revenue number continue to grow.

今年 1 月，我們曾表示 Venmo 在進入 2019 年時的年化營收運行率（annualized revenue run rate）已超過 2 億美元。我很高興報告，第一季結束後，我們的年化營收運行率現已超過 3 億美元。隨著超過 4,000 萬名活躍用戶每一季都大幅成長，我們完全預期該年化營收數字將持續上升。

In addition to Venmo, core peer-to-peer continues to experience strong growth. P2P is a large source of net new active users on our platform as well as a significant driver of lifetime value. Total P2P volume was 42 billion, growing 41% year-over-year.

除 Venmo 之外，核心點對點（peer-to-peer）業務也持續呈現強勁成長。P2P 是我們平台淨新增活躍用戶的重要來源，同時也是終身價值（lifetime value）的顯著驅動因素。P2P 總交易量為 420 億美元，年增 41%。

Over the past several years, we've announced more than 40 partnerships with leaders across the tech and financial services industries. These partnerships have enabled new experiences for customers and have helped to connect business and consumers across new platforms and marketplaces. Last month, we extended our partnership with Facebook to support the payments infrastructure for Instagram shopping, starting in the U.S., which will allow users on the platform to pay in context using their PayPal account or with other financial instruments. We are building deep platform integrations with Facebook, which also include product experiences within Facebook Messenger and donations. Instagram shopping is an important expansion of our strategic relationship as we work to create new experiences for our joint customers.

過去幾年，我們已宣布與科技與金融服務產業的領導者建立超過 40 項合作夥伴關係。這些合作為客戶帶來新的體驗，並協助在新的平台與市集中連結企業與消費者。上個月，我們延伸與 Facebook 的合作，以支援 Instagram 購物的支付基礎設施，先從美國開始，讓平台用戶可在情境內使用其 PayPal 帳戶或其他金融工具完成付款。我們正與 Facebook 建立深度平台整合，亦包括 Facebook Messenger 內的產品體驗與捐款功能。Instagram 購物是我們策略合作關係的重要延伸，我們將持續為雙方共同客戶打造新的體驗。

We continue to help consumers and businesses get faster access to their money. We are rolling out the ability to complete Instant Transfer to bank accounts for consumers and businesses in the U.S. with international expansion expected in the near future. For too long, digital payments offered a faster and better technology, but in many cases, it actually made getting access to money slower. We've launched multiple initiatives over the last few years to give people and businesses more ways to instantly move money using their PayPal account. Through our partnership with JPMorgan Chase, PayPal is one of the first companies to introduce real-time payments for both consumers and merchants as part of our ongoing effort to offer our customers faster and flexible access to their funds.

我們持續協助消費者與企業更快速取得其資金。我們正推出讓美國的消費者與企業可將「即時轉帳（Instant Transfer）」完成至銀行帳戶的功能，並預期在不久的將來進行國際擴張。長期以來，數位支付提供了更快、更好的技術，但在許多情況下，反而讓取得資金的速度變慢。過去幾年，我們已推出多項計畫，讓個人與企業能透過其 PayPal 帳戶，以更多方式即時移轉資金。透過與摩根大通（JPMorgan Chase）的合作，PayPal 成為最早導入即時支付的公司之一，讓消費者與商家皆可使用，作為我們持續為客戶提供更快速且更具彈性的資金取得方式之努力的一部分。

Our $750 million investment in MercadoLibre was a meaningful development in our drive to increase our international scope and scale. We expect to significantly expand our footprint with a strong global partnership. Our aspiration is to be the global digital payments platform of choice for merchants and consumers around the world. Our full suite of services and products are intended to bring everyone into the digital economy. MercadoLibre is one of the largest online commerce and payments ecosystems in Latin America. Our 2 companies share a common vision. We both want to help small businesses compete globally and offer innovative financial solutions to help people that may be underserved by the traditional financial system. By working closely together, we can jointly leverage our scale and platform capabilities to help drive inclusion and access to the global digital economy. As part of our investment, our teams are working hard to develop a robust commercial agreement that brings together our respective payments capabilities to unleash incremental value to our combined 500 million-plus customers around the world. We look forward to sharing more about our plans to work together as we finalize our agreement.

我們對 MercadoLibre 的 7.5 億美元投資，是我們推動擴大國際版圖與規模的重要進展。我們預期透過強大的全球合作夥伴關係，大幅擴展我們的觸及範圍。我們的願景是成為全球商家與消費者首選的全球數位支付平台。我們完整的服務與產品組合，旨在讓每個人都能融入數位經濟。MercadoLibre 是拉丁美洲最大的線上商務與支付生態系之一。我們兩家公司共享共同願景。我們都希望協助小型企業在全球競爭，並提供創新的金融解決方案，幫助可能未被傳統金融體系充分服務的人群。透過緊密合作，我們可共同運用我們的規模與平台能力，協助推動包容性並提升對全球數位經濟的可及性。作為投資的一部分，我們的團隊正努力制定一項強健的商業協議，整合彼此的支付能力，為我們合計超過 5 億名全球客戶釋放額外價值。隨著我們完成協議，我們期待分享更多關於合作計畫的內容。

I'd like to end my remarks by reiterating our commitment to our values and to being a role model corporate citizen. I strongly believe that companies must stand up and take responsibility to address the issues that face every global citizen. In a few days, we will release our Annual Global Impact report, highlighting the progress we've made in driving social impact, managing our environmental footprint and supporting our employees and their communities. We had a strong start to 2019, and we remain confident in the annual targets we outlined during our last earnings call. We will continue operating in a disciplined manner, leveraging our wide range of unique assets, strategically investing both organically and inorganically with the goal of strengthening our two-sided platform. We look forward to delivering another strong set of results this coming year. And with that, I'll turn the call over to John.

我想在結語中再次重申，我們對自身價值觀的承諾，以及成為企業公民典範的承諾。我堅信企業必須挺身而出並承擔責任，以解決每一位全球公民所面臨的議題。再過幾天，我們將發布《年度全球影響力報告》，重點呈現我們在推動社會影響、管理環境足跡，以及支持員工與其社群方面所取得的進展。我們在 2019 年有一個強勁的開局，並且仍對我們在上次財報電話會議中所提出的年度目標充滿信心。我們將持續以嚴謹的方式營運，運用我們廣泛且獨特的資產，並以強化我們的雙邊平台為目標，在內生成長與外部併購兩方面進行策略性投資。我們期待在接下來的一年再交出一份強勁的成績單。接下來，我把電話交給 John。

Thanks, Dan. We started the year with a great first quarter. Our financial and operational performance was a continuation of our trends exiting 2018. Our results demonstrate the increasing relevance, functionality and utility of our payments platform. We delivered solid volume and revenue growth with strong expense discipline and earnings growth. Importantly, similar to the fourth quarter of last year, we achieved these results in the face of declining eBay volumes, ongoing year-over-year pressure from the stronger dollar and a continued mixed macro environment.

謝謝你，Dan。我們以非常出色的第一季展開今年。我們的財務與營運表現延續了 2018 年底的趨勢。我們的成果展現了我們支付平台日益提升的相關性、功能性與實用性。在嚴格的費用紀律與獲利成長的支撐下，我們實現了穩健的交易量與營收成長。重要的是，與去年第四季相同，即使面臨 eBay 交易量下滑、強勢美元帶來的持續年對年壓力，以及宏觀環境仍然混合的情況下，我們仍達成了這些成果。

Overall, our first quarter performance is consistent with the recent results that our business has been delivering in terms of growth, volume-based expense dynamics as well as operating leverage in our nontransactional related expenses. I will discuss our financial results and then I will spend some time on our investment in MercadoLibre, our restructuring charge and our updated guidance.

整體而言，我們第一季的表現與近期業務所展現的成果一致，涵蓋成長、以交易量為基礎的費用動態，以及在非交易相關費用上的營運槓桿。我將先說明我們的財務結果，接著會花一些時間談談我們對 MercadoLibre 的投資、重組費用，以及更新後的財測指引。

Revenue in the first quarter increased 12% on both the spot and a currency-neutral basis to $4.13 billion. Adjusting for the sale of receivables to Synchrony, revenue growth would have been approximately 19%. Acquisitions contributed approximately 1.5 points to revenue growth in the quarter. The translation effect from the stronger dollar negatively impacted revenue by $116 million. This impact was offset by $52 million in revenue from hedge gains. As a result, the net effect of the stronger dollar was a revenue headwind of $64 million in the quarter.

第一季營收在即期匯率與固定匯率（currency-neutral）基礎下皆成長 12%，達 41.3 億美元。若調整與 Synchrony 的應收款出售交易，營收成長約為 19%。本季併購對營收成長貢獻約 1.5 個百分點。強勢美元的換算影響使營收減少 1.16 億美元。此影響被避險收益帶來的 5,200 萬美元營收所抵銷。因此，強勢美元的淨影響為本季營收逆風 6,400 萬美元。

U.S. revenue grew 8% versus Q1 2018 and approximately 22%, adjusting for the credit receivable sell. International revenue grew 17% on a currency-neutral basis.

美國營收較 2018 年第一季成長 8%；若調整信用應收款出售，則約成長 22%。國際營收以固定匯率基礎計算成長 17%。

On a spot basis, transaction revenue grew 17% in the quarter. Revenue from other value-added services declined 19%. Normalizing for the receivables sale, this revenue would have grown approximately 35%.

以即期匯率基礎計算，本季交易營收成長 17%。其他加值服務的營收下滑 19%。若就應收款出售進行常態化調整，該項營收原本約可成長 35%。

In the quarter, we recognized $55 million of revenue from Synchrony related to transitional loan servicing and collections. In the first quarter, transaction take rate was 2.31%. Compared to Q1 2018, transaction take rate declined 11 basis points. Strong P2P growth contributed to 2/3 of the decline. Weakness in eBay's Marketplace's business as well as pressure on some of our key cross-border corridors from the stronger dollar were also drivers of the reduction in transaction take rate.

本季我們認列了 5,500 萬美元來自 Synchrony 的營收，與過渡期間的貸款服務與催收相關。第一季交易抽成率（transaction take rate）為 2.31%。相較 2018 年第一季，交易抽成率下降 11 個基點。強勁的 P2P 成長貢獻了約 2/3 的降幅。eBay Marketplace 業務走弱，以及強勢美元對我們部分主要跨境通道造成的壓力，也都是交易抽成率下降的原因。

Total take rate in Q1 declined 22 basis points from the prior year. Approximately 2/3 of this decline was attributable to the credit receivable sell. The same factors that affected transaction take rate also contributed to the decline in our total take rate. Both transaction take rate and total take rate benefited from revenue related to our hedge gains.

第一季總抽成率（total take rate）較去年下降 22 個基點。其中約 2/3 的降幅可歸因於信用應收款出售。影響交易抽成率的相同因素，也導致我們總抽成率下滑。交易抽成率與總抽成率皆受惠於我們避險收益所帶來的相關營收。

Volume-based expenses increased 20% in the first quarter to $1.9 billion. Transaction expense represented 96 basis points as a rate of TPV, flat sequentially and versus last year. Transaction loss was 18 basis points as a rate of TPV, also flat sequentially and versus last year. Loan losses were 3 basis points as a rate of TPV.

第一季以交易量為基礎的費用增加 20%，至 19 億美元。交易費用占 TPV 的比率為 96 個基點，較前一季及去年同期皆持平。交易損失占 TPV 的比率為 18 個基點，較前一季及去年同期亦持平。放款損失占 TPV 的比率為 3 個基點。

Transaction margin dollars grew 6% to $2.2 billion in the first quarter. Transaction margin as a rate was 54%, a decline of approximately 290 basis points versus Q1 '18. The credit receivable sell was a meaningful driver of this decline. We expect to see transaction margin dollar growth reaccelerate in Q3.

第一季交易毛利金額（transaction margin dollars）成長 6%，至 22 億美元。交易毛利率（transaction margin as a rate）為 54%，較 2018 年第一季下降約 290 個基點。信用應收款出售是造成此下降的重要因素。我們預期交易毛利金額的成長將在第三季重新加速。

Nontransaction-related expenses grew 2% versus last year. Growth in these expenses was affected by both the lapping of the held-for-sale accounting changes, which resulted in a lower rate of growth year-over-year, as well as an increase in expenses related to our 2018 acquisitions. Normalizing for both of these, nontransaction-related expenses grew 7%. On this adjusted basis, we delivered 280 basis points of operating leverage.

非交易相關費用較去年成長 2%。這些費用的成長同時受到兩項因素影響：其一是「待售（held-for-sale）」會計處理變更的比較基期效應，使年對年成長率較低；其二是與我們 2018 年併購相關的費用增加。若將上述兩項因素常態化調整，非交易相關費用成長 7%。在此調整基礎下，我們實現了 280 個基點的營運槓桿。

Operating income in the first quarter grew 13% to $934 million, and our operating margin modestly improved versus last year. Adjusting for 2018 acquisitions, operating income would have grown 16% and our operating margin would have expanded 110 basis points in the quarter.

第一季營業利益成長13%，達到9.34億美元，且我們的營業利益率較去年小幅改善。若排除2018年收購案的影響，營業利益將成長16%，且本季營業利益率將擴大110個基點。

Other income in the quarter increased by $185 million primarily from net unrealized gains on strategic investments. On a per share basis, unrealized gains contributed approximately $0.12 after tax. $0.04 of the benefit was included in the EPS guidance we provided in January. The incremental $0.08 was not in our guidance and resulted from our investment in MercadoLibre, which closed on March 15.

本季其他收益增加1.85億美元，主要來自策略性投資的淨未實現收益。以每股計，未實現收益在稅後約貢獻0.12美元。其中0.04美元的效益已包含在我們1月提供的每股盈餘（EPS）指引中。額外的0.08美元未包含在我們的指引內，係源自我們對MercadoLibre的投資，該投資於3月15日完成交割。

Going forward, our other income line item will be affected each quarter by movements in MercadoLibre's stock price. I will discuss this more in a moment.

展望未來，我們的其他收益項目將在每一季受到MercadoLibre股價波動的影響。我稍後會再多談一些。

Non-GAAP EPS for the first quarter grew 37% to $0.78. We ended the quarter with cash, cash equivalents and investments of $9.5 billion. In addition, we generated $809 million of free cash flow and repurchased $750 million of stock.

第一季非GAAP每股盈餘成長37%，至0.78美元。季末我們持有的現金、約當現金及投資為95億美元。此外，我們產生8.09億美元的自由現金流，並回購7.5億美元的股票。

Before discussing guidance for the second quarter and updated guidance for the full year, I'd like to provide more color on how we plan to disclose the effect of unrealized gains and losses from strategic investments on our income statement as well as context for the restructuring charge that we recorded in Q1.

在討論第二季指引與更新的全年指引之前，我想先更詳細說明我們計畫如何在損益表中揭露策略性投資未實現損益的影響，以及我們在第一季認列的重組費用之背景。

Our strategic investments create earnings volatility given that unrealized gains and losses are recognized from observable price movements. As a reminder, as of January 2018, equity investments are required to be marked-to-market when a reportable event occurs. Given the difficulty in predicting public market valuation changes, when we provide quarterly guidance, we will not be able to estimate the overall EPS impact from our strategic investment portfolio. For the remainder of the year, as soon as practicable following quarter end, we will issue an 8-K providing the net gains or losses and related earnings impact on the entire strategic investment portfolio for the prior quarter. In addition, going forward, to the extent that our guidance includes an expectation of gains or losses related to these investments, we will quantify this estimated impact when we provide that guidance.

由於未實現損益會依可觀察到的價格變動而認列，我們的策略性投資會造成獲利波動。提醒一下，自2018年1月起，當發生可報導事件時，股權投資必須按市價（mark-to-market）衡量。鑑於難以預測公開市場估值變動，在我們提供季度指引時，將無法估計策略性投資組合對整體每股盈餘的影響。在今年剩餘期間，我們將在每季季末後儘快發布8-K，提供上一季整體策略性投資組合的淨收益或淨損失及其對盈餘的相關影響。此外，未來若我們的指引包含對這些投資相關收益或損失的預期，我們將在提供該指引時量化其估計影響。

In the first quarter, we also recorded a $78 million GAAP-only restructuring charge. This charge relates to workforce actions that are intended to better align our teams in support of our key business priorities as well as actions related to the transitioning of our credit and collection operations to Synchrony. As we grow and evolve, we will continue to evaluate our structure, processes and resource allocation for improvement opportunities. We expect to reinvest the majority of the related savings back into our business to drive growth. This charge was previously contemplated by the GAAP guidance we provided in January for the first quarter and the full year 2019.

第一季我們也認列了7,800萬美元、僅適用於GAAP的重組費用。此費用與人力調整相關，旨在使團隊配置更能支援我們的關鍵業務優先事項，亦包含將我們的信用與催收作業移轉至Synchrony的相關措施。隨著我們成長與演進，我們將持續評估組織架構、流程與資源配置，以尋求改善機會。我們預期將把相關節省的大部分再投資回業務，以推動成長。此費用先前已納入我們1月提供的第一季及2019全年GAAP指引之考量。

Now I'd like to discuss our updated guidance for 2019 and our guidance for the second quarter.

現在我想討論我們更新後的2019年指引，以及第二季的指引。

For the full year 2019, we are raising our earnings outlook and affirming the revenue guidance we previously provided in January. We now expect GAAP earnings per share to be in the range -- I'm sorry, non-GAAP earnings per share to be in the range of $2.94 to $3.01, representing 22% to 24% growth. Our raised earnings guidance incorporates both our core earnings outperformance in the first quarter as well as the unrealized gain we recognized from our investment in MercadoLibre. As a reminder, we expect this investment to create earnings volatility as we move through the year.

就2019全年而言，我們上調獲利展望，並確認我們先前於1月提供的營收指引不變。我們現在預期GAAP每股盈餘將落在區間——抱歉，是非GAAP每股盈餘將落在2.94至3.01美元之間，代表成長22%至24%。我們上調後的獲利指引，納入第一季核心獲利優於預期的表現，以及我們對MercadoLibre投資所認列的未實現收益。提醒一下，我們預期這項投資在今年進行期間將造成獲利波動。

For the second quarter, we expect revenue in the range of $4.3 billion to $4.34 billion or 12% to 13% growth on a currency-neutral basis. Adjusted for the credit receivables sell, we expect our revenue growth rate to be 19% to 20%. In addition, we expect non-GAAP earnings per share of $0.68 to $0.70, representing 16% to 20% growth. Our second quarter EPS guidance includes an estimated benefit from unrealized gains we expect to recognize in the quarter of slightly less than $0.01.

就第二季而言，我們預期營收介於43億至43.4億美元之間，或以中性匯率基礎計算成長12%至13%。若就出售信用應收款項進行調整，我們預期營收成長率為19%至20%。此外，我們預期非GAAP每股盈餘為0.68至0.70美元，代表成長16%至20%。我們第二季每股盈餘指引包含一項估計效益，來自我們預期在本季認列的未實現收益，略低於0.01美元。

To wrap up, our first quarter results set us up well for another year of strong financial performance. I'd like to thank all of our employees, our customers and our partners for a great quarter. And with that, I'll turn it over to the operator for questions. Thank you.

總結來說，我們第一季的結果讓我們為另一個強勁的財務表現年度奠定良好基礎。我要感謝所有員工、客戶與合作夥伴，讓本季表現出色。接下來我將把時間交給接線員進行提問。謝謝。

(Operator Instructions) Our first question comes from the line of Jason Kupferberg with Bank of America.

(接線員指示) 我們的第一個問題來自美國銀行（Bank of America）的Jason Kupferberg。

Well, thanks. I appreciate -- well, thanks for the updated Venmo disclosure. Pretty impressive growth there in a very short period of time, but actually I want to ask you about eBay. I know you were down 12% on the volume side there in Q1. So how does that affect your thought process on the full year outlook for eBay volume? And maybe if you can talk a little bit about the impact, quantifying the impact that eBay had on the cross-border number. And then we are starting to get some more questions about the potential shape of 2020 just given obviously the operating agreement expiring the middle of next year. And I know it's clearly too early for actual guidance, but just directionally, should people be thinking about a noticeable deceleration in the P&L in the second half of next year? Or is that not a foregone conclusion because of certain offsets that you guys still have time to continue developing?

好的，謝謝。我很感謝——嗯，謝謝你們更新Venmo的揭露。在很短的時間內就有相當亮眼的成長，但其實我想問的是eBay。我知道你們第一季在那邊的交易量下滑了12%。那這會如何影響你們對eBay全年交易量展望的思考？另外，如果可以的話，能否談談影響，並量化eBay對跨境（cross-border）數字的影響。再來，我們也開始收到更多關於2020年可能走勢的問題，因為很明顯營運協議將在明年年中到期。我知道現在顯然還太早提供實際指引，但就方向性而言，大家是否應該預期明年下半年損益表（P&L）會出現明顯的減速？或者這並非必然結論，因為你們仍有時間持續發展某些抵銷因素？

Thanks, Jason, for the question. We'll spend the next 45 minutes answering it. There's a lot in there. So let me start off and then maybe I'll turn it over to John to talk a little bit about some of your -- some parts of your question.

謝謝你，Jason，提出這個問題。我們接下來45分鐘都會用來回答它。裡面包含很多內容。所以我先開始，然後也許我會把時間交給John，請他就你問題中的——某些部分再多談一點。

But first, I would just say is, look, I expect eBay and PayPal to be close strategic partners for a long time to come. eBay just added PayPal into their intermediated payments. Our mutual customers, whether they be consumers or merchants, basically demand that we work together and that PayPal be there. We've got 277 million people now on the platform, and consumers are 54% more likely to buy when a merchant accepts PayPal. And so the eBay sellers know that. They know people abandon if they don't use PayPal, and so I think we're going to be close partners on an ongoing basis, and eBay adding PayPal into their intermediated payments I think is a net incremental benefit for us as we look forward. On the OA, the operating agreement, it goes through July of 2020. And so today, our eBay TPV is at 9.7%. It's now under 10%. It's likely to be if you just extrapolate out by the end of the operating agreement, somewhere between like maybe 5% to 6% of our overall TPV. And by the end of 2020, as you probably heard Devin talk about, this ends at the end of July 2020, but very rapidly right after that, you're going into the holiday selling season. And so there aren't a lot of changes that merchants will do in that interim period to make any major changes. And so by the end of that 2020, you're going to see our TPV well under 5% at that point.

但首先，我想先說的是，請看，我預期 eBay 與 PayPal 在未來很長一段時間都會是緊密的策略夥伴。eBay 剛把 PayPal 納入其代收代付（intermediated payments）體系。我們共同的客戶，不論是消費者或商家，基本上都要求我們必須合作，而且 PayPal 必須在其中。我們的平台目前有 2.77 億人，且當商家接受 PayPal 時，消費者購買的可能性會提高 54%。因此 eBay 的賣家都知道這點。他們知道如果不能使用 PayPal，人們就會放棄結帳；所以我認為我們會持續保持緊密合作關係，而 eBay 將 PayPal 納入其代收代付，我認為從長遠來看對我們是淨增量的利多。至於 OA（營運協議，operating agreement），有效期到 2020 年 7 月。因此今天我們來自 eBay 的 TPV 佔比為 9.7%。現在已低於 10%。如果你把趨勢外推，到營運協議結束時，可能會落在我們整體 TPV 的約 5% 到 6%。而到 2020 年底，如你可能聽到 Devin 提到的，這在 2020 年 7 月底結束，但緊接著很快就進入假期銷售旺季。因此在那段過渡期間，商家不太會做出很多重大調整。所以到 2020 年底，你會看到我們的 TPV 佔比在那時會遠低於 5%。

And I feel like what we're seeing right now is not really an impact from intermediated payments, but really more of an impact from the decline in GMV in the marketplaces of eBay. And so even with that decline, they've declined from a TPV perspective 700 basis points in the last couple of quarters with us, even with that, you're seeing on an adjusted basis, our margins would have been up 110 basis points this quarter. You're seeing us reaffirm our guidance for revenues. And by the way, our revenue guidance for the year is between 19.5% revenue growth and 20.5% revenue growth, and we just upped our EPS guidance for the year.

而我覺得我們現在看到的，其實不太像是代收代付帶來的影響，而更像是 eBay 市集 GMV 下滑所造成的影響。因此即便在這樣的下滑下，從 TPV 的角度來看，他們在過去幾個季度與我們相關的部分下降了 700 個基點；即便如此，你仍會看到在調整後口徑下，我們本季的利潤率本來會提升 110 個基點。你也會看到我們重申（reaffirm）對營收的指引。順帶一提，我們今年的營收指引是 19.5% 到 20.5% 的營收成長，而且我們也上調了今年的 EPS 指引。

And so I would say they are just becoming a much smaller part of PayPal at a more rapid pace, which by the way, is great because it's just a more even decline than we might have expected, and I think we can easily contain that within our guidance.

所以我會說，他們正以更快的速度成為 PayPal 中更小的一部分；順帶一提，這其實很好，因為這是一個比我們原先可能預期更為平滑的下滑，我認為我們可以很容易把它控制在我們的指引範圍內。

I'd also just say there is nothing we see in eBay's intermediated payments that gives us any pause for concern right now. I might even say the opposite of that. I think we feel very well positioned as we go forward.

我也想補充，目前我們在 eBay 的代收代付方面沒有看到任何會讓我們停下來擔憂的事情。我甚至可以說恰恰相反。我認為我們對未來的布局感到非常有利。

Bill talked about this on a previous call, but I'd just reiterate it because the trends are still valid. Merchants who use PayPal to list in multiple markets see a 3x lift in sales and often pay less in total expenses than they would on eBay when you look at commissions and payments in total. And we're helping small businesses to list in multiple marketplaces with our One Touch activation, and that -- so that's helping small businesses and we feel like that's a big part of our responsibility. The other thing I'd point out is our top 20 marketplaces, excluding eBay, drove $90 billion of TPV in the last 12 months, growing at 39%. So you can see that we are really integrated into these marketplaces. They're growing substantially. We have a big opportunity once the OA expires to work much more closely with a couple of major marketplaces around the world that we were prohibited from working with before. And so we're feeling pretty good about where we sit right now and nothing in the eBay results would change that perspective.

Bill 在之前的一次電話會議談過這點，但我想再重申一次，因為這些趨勢仍然成立。使用 PayPal 在多個市場上架的商家，銷售可提升 3 倍，而且當你把佣金與支付等總成本合併來看，他們的總費用往往比在 eBay 上更低。我們透過 One Touch 啟用，協助小型企業在多個市集上架，而這——因此是在幫助小型企業，我們也覺得這是我們責任的重要一環。另外我想指出的是，我們前 20 大市集（不含 eBay）在過去 12 個月帶動了 900 億美元的 TPV，成長 39%。所以你可以看到，我們確實深度整合進這些市集。它們正在大幅成長。一旦 OA 到期，我們就有很大的機會能與全球幾個主要市集更緊密合作，而過去我們是被禁止與其合作的。因此我們對目前的位置感到相當不錯，而 eBay 的結果也不會改變這個看法。

I'd just add a couple of things, Jason, to address your question on cross-border as well as the outlook for the back half of the year. First, on cross-border. Like a lot of companies that have the global breadth that we do, we are affected by the stronger dollar, and eBay is part of that cross-border activity. I wouldn't say that they're an outsized portion of that cross-border activity though, so that does affect our numbers.

Jason，我再補充幾點，以回應你關於跨境（cross-border）以及下半年展望的問題。首先談跨境。像許多具有我們這種全球廣度的公司一樣，我們會受到美元走強的影響，而 eBay 也是這些跨境活動的一部分。但我不會說他們在這些跨境活動中占比特別高，所以這確實會影響我們的數字。

Secondly, with respect to the outlook for the year, certainly, to a certain extent, we have to rely on the guidance that eBay provides, and that influences our expectations around our business and we're certainly seeing slowing growth there and they're becoming a declining percentage of our business. But at the same point in time, we're demonstrating that we can expand operating margins and grow our revenue on an adjusted basis 20% while absorbing this decline and, in fact, absorbing the dilutive effect from some of the acquisitions that we had in 2018. And we're able to do that through all the other portfolio of products that we have like we've talked about the new experience with Instagram, what we're doing with Venmo, and we're excited about the relationship with MercadoLibre. All of these things and others that we're working on enable us to achieve those kind of financial results while we absorb the declining percentage of the eBay business.

第二，關於今年的展望，當然在某種程度上，我們必須依賴 eBay 所提供的指引，而這會影響我們對自身業務的預期；我們也確實看到那邊的成長在放緩，而且他們在我們業務中的占比正在下降。但同時，我們也在證明：即便吸收這個下滑，甚至吸收我們在 2018 年進行的一些收購所帶來的稀釋效應（dilutive effect），我們仍能擴大營業利潤率，並在調整後口徑下讓營收成長 20%。我們能做到這點，是透過我們其他產品組合——例如我們談過的 Instagram 新體驗、我們在 Venmo 上的作為，以及我們對與 MercadoLibre 關係的期待。這些以及我們正在推進的其他事項，使我們能在吸收 eBay 業務占比下降的同時，仍達成那樣的財務成果。

And our next question comes from the line of Bryan Keane with Deutsche Bank.

我們的下一個問題來自 Deutsche Bank 的 Bryan Keane。

I wanted to ask about Venmo. The 40 million Venmo users, that's an impressive number. I think that's ahead of most people's estimates, but even the Q1 exit revenue run rate now $300 million is above our expectations. So just trying to get a feel where the excess growth is coming from or just give us a sense of the magnitude of the growth. Is it pay with Venmo debit? Instant Transfer? And then secondly, hearing plans to come out with a Venmo credit, maybe you could just talk about that as well.

我想問一下 Venmo。Venmo 有 4,000 萬名用戶，這是個令人印象深刻的數字。我認為這高於大多數人的估計，甚至第一季期末（Q1 exit）的營收年化運行率（revenue run rate）目前達到 3 億美元，也高於我們的預期。所以我想了解一下，超額成長主要來自哪裡，或請你們說明一下成長幅度的概況。是「使用 Venmo 付款」的簽帳金融卡（debit）嗎？即時轉帳（Instant Transfer）嗎？另外第二點，聽說你們計畫推出 Venmo 信用卡（Venmo credit），也請你們談談這部分。

Bryan, this is Bill. Yes, we're certainly pleased with the monetization of Venmo and the rate at which that is progressing. And as we've talked about before, it's not really concentrated on any one thing. We've got multiple initiatives that are monetizing for Venmo. We've got the Venmo debit card. We've got Pay with Venmo, we've got Instant Transfer. And Instant Transfer is where we're getting a lot of the discussion if you go back sort of 6 months ago. And we talked about on the last call that approximately half of the monetization is coming from our initiatives in commerce outside of Instant Transfer. So we feel like there's a really good balance between the multiple initiatives we have there going from the $200 million annual run rate a quarter ago to -- or over $200 million a quarter ago to over $300 million now. We feel like it's in great progress, but it's not really concentrated in any one of those things. And what we're really seeing across the user basis is those Venmo users, while still growing in number quite rapidly are also deepening their engagement with us and are looking for more and more products from us. And so to your second question on a Venmo credit card, there's nothing we've announced on cards beyond the Venmo debit card, but we're certainly seeing great demand for that and we see great demand across our user base for more and more products from Venmo. And we're engaging with the banking ecosystem in a very broad way across PayPal and Venmo. And so we're always looking for new ways that we can go deepening engagement with our users as well as work with our bank partners to deliver great services to our users. But to be very clear, there's nothing beyond the Venmo debit card that we're announcing at this moment in time.

Bryan，我是 Bill。是的，我們對 Venmo 的變現以及其推進速度當然感到很滿意。而且如同我們之前談過的，這並不是真的集中在任何單一項目上。我們有多項正在為 Venmo 帶來變現的計畫。我們有 Venmo 簽帳金融卡。我們有「使用 Venmo 付款」（Pay with Venmo），也有即時轉帳（Instant Transfer）。如果你回頭看大約 6 個月前，即時轉帳是我們討論很多的部分。而我們在上一通電話會議也提到，大約一半的變現來自即時轉帳以外、我們在商務領域的各項計畫。因此我們覺得多項計畫之間的平衡非常好，從一季前約 2 億美元的年化運行率（annual run rate）提升到——或說一季前超過 2 億美元——到現在超過 3 億美元。我們覺得進展非常好，但並不是真的集中在其中任何一項。而我們在整體用戶基礎上真正看到的是：Venmo 用戶數仍在相當快速地成長，同時也在加深與我們的互動，並且向我們尋求越來越多的產品。所以回到你第二個關於 Venmo 信用卡的問題：除了 Venmo 簽帳金融卡之外，我們沒有宣布任何其他卡片產品，但我們確實看到對此有很強的需求，也看到我們用戶基礎對 Venmo 更多、更多產品的強勁需求。同時，我們也正以非常廣泛的方式，在 PayPal 與 Venmo 兩端與銀行生態系互動合作。因此我們一直在尋找新的方式，一方面加深用戶互動，另一方面也與我們的銀行合作夥伴一起為用戶提供優質服務。但要非常清楚地說，目前此刻我們沒有要宣布任何超出 Venmo 簽帳金融卡之外的內容。

I'd just say, Bryan, if I can add a little bit to what Bill said. One of the reasons why we announced the 40 million is there was a lot of numbers that we saw flying out there that were inaccurate, and we thought it was important to set the record straight. There are a lot of people who talk about downloads and different things. To us, what's really important is how many active customers do you have? How many engaged customers do you have? And we've seen a tremendous number of new customers coming onboard, but we actually have an increasing engagement curve. In other words, you actually -- these engagement of Venmo users increase over time, not churn over time. And so to us, that really demonstrates some of what Bill was just saying that our base truly does want to engage in the service, is looking for more and more functionality from us and brands are also increasingly seeing the value of that.

Bryan，我補充一點 Bill 剛才說的。我們宣布 4,000 萬的其中一個原因，是因為外界流傳了很多不準確的數字，我們認為有必要澄清事實。很多人談下載量和各種不同的指標。對我們而言，真正重要的是：你有多少活躍客戶？你有多少高度互動的客戶？我們看到大量新客戶加入，但實際上我們的互動曲線是在上升的。換句話說，Venmo 用戶的互動會隨時間增加，而不是隨時間流失（churn）。因此，這也確實印證了 Bill 剛才所說的一些觀點：我們的用戶基礎確實想要使用這項服務，並且向我們要求越來越多的功能；同時，品牌方也越來越看見其中的價值。

I think the Chipotle example is a really powerful one. Within a week, they hit their campaign objective with over 1 million sign-ups. Those are pretty impressive numbers, and we see a lot more opportunities to work with brands to engage with their consumers inside the social feed.

我認為 Chipotle 的例子非常有說服力。在一週內，他們就達成了活動目標，註冊人數超過 100 萬。這些數字相當令人印象深刻，而我們也看到更多機會與品牌合作，在社交動態（social feed）中與其消費者互動。

I would also add that one of the reasons that we're providing as much information as we are right now on Venmo is because of some of the questions that were out there about our ability to monetize that, which we've never questioned. But giving you these nuggets of information around revenue growth and active accounts, it's not something we're going to do every quarter. That's -- we don't report different aspects of our business that way, but given the importance of Venmo and the focus on that, we thought that early on, we will give a couple data points, some markers out there to better understand the trajectory of Venmo.

我也想補充，我們之所以現在提供這麼多關於 Venmo 的資訊，其中一個原因是外界對我們是否有能力將其變現提出了一些疑問——而這點我們從未懷疑過。但我們提供這些關於營收成長與活躍帳戶的零星資訊，並不是我們每一季都會做的事。那是——我們不會用那種方式去揭露我們業務的不同面向；但鑑於 Venmo 的重要性以及市場對它的關注，我們認為在早期提供幾個數據點、一些指標，有助於更好地理解 Venmo 的發展軌跡。

And our next question comes from the line of Tien-Tsin Huang with JPMorgan.

下一個問題來自 JPMorgan 的 Tien-Tsin Huang。

I wanted to build actually on both Jason and Bryan's question with the margin clarification. So you beat our forecast in this quarter, but with eBay slowing again and cross borders slowing a bit and then you just described Venmo and the opportunity there to invest and monetize, et cetera. I'm curious how confident are you in delivering on the margin expansion this year? What kind of levers do you have to drive that confidence? And maybe just a bigger picture question, does it make sense to expand margins when there's a lot of potential sounds like to really shape consumer behavior on to your consumer platforms like Venmo, et cetera, by upping marketing or promotions or what have you? So big picture question on margins there, if that makes sense.

我想在 Jason 和 Bryan 關於利潤率澄清的問題上再延伸一下。你們本季表現優於我們的預測，但 eBay 再度放緩、跨境也稍微放緩，而你們剛才也描述了 Venmo 以及在那裡投資與變現等機會。我想知道，你們對今年實現利潤率擴張（margin expansion）有多大信心？你們有哪些槓桿可以支撐這份信心？另外從更宏觀的角度來看：當看起來有很大的潛力可以透過加大行銷、促銷等方式，把消費者行為導向你們的消費者平台（例如 Venmo 等）時，擴大利潤率是否合理？所以如果這樣問合理的話，這是一個關於利潤率的宏觀問題。

Sure, Tien-Tsin. I'll start and others can jump in. Certainly, as we look at this quarter that we're reporting today, we were able to modestly expand operating margins even with absorbing some of the headwinds that were discussed as well as the acquisitions that we brought on last year. But we're constantly looking at our ability to invest in the business as well expand margins, and we believe that we can do both. We've got significant growth opportunities, but we've also were beginning to really demonstrate the scalability of our platform at a low marginal costs. And we've demonstrated that by about 280 basis points of operating leverage this quarter, but at the same point in time, investing in things like Venmo, investing in other things that we're doing organically and still using our free cash flow to go out and augment that with inorganic investments.

當然，Tien-Tsin。我先回答，其他人也可以補充。就我們今天所報告的這一季而言，即使吸收了先前討論的部分逆風，以及我們去年併入的收購案，我們仍能小幅擴大營業利潤率。但我們一直在評估：既要投資業務、也要擴大利潤率的能力，而我們相信兩者可以兼顧。我們有重大的成長機會，同時也開始真正展現我們平台在低邊際成本（low marginal costs）下的可擴展性。本季我們以約 280 個基點的營業槓桿（operating leverage）展現了這點；同時也投資於像 Venmo 這樣的項目，投資於我們其他的有機成長項目，並且仍運用自由現金流去進一步透過非有機投資來補強。

So I guess to summarize my answer to your question is yes, we do believe that we can do both, but at the same time, we are not going to be a prisoner to trying to show operating margin expansion each individual quarter. We're managing this business for the long term, and we will periodically make investments that might cause us to, in 1 quarter, see a decline in operating margin but maybe there's a better growth opportunity. Other quarters, it may be the opposite of that, but we believe over the long term, we can invest in our business to grow it at the rates that we've talked about with mid-20% TPV and revenue growth that's in the high teens and also expand our operating margins.

所以總結我對你問題的回答：是的，我們相信兩者都能做到；但同時，我們不會被「每一個單季都要呈現營業利潤率擴張」這件事綁住。我們以長期角度經營這門生意，我們會在某些時點進行投資，可能導致某一季營業利潤率下滑，但也許能帶來更好的成長機會。其他季度可能相反；但我們相信從長期來看，我們可以投資業務，使其以我們談到的速度成長——TPV 與營收成長在 20% 中段（mid-20%），同時也能擴大營業利潤率，而營收成長在高十位數（high teens）。

Yes. And also remember, I think it's important to point out that operating margin expansion doesn't just come with, for instance, expense reduction. As we grow revenues on Venmo, you see that improvement in our margin structure there, and that will continue going forward. And that's really -- that's a great way to grow your margins because you're growing your revenues, and we see that in other parts of the business as well. And so we think there is a lot of areas where we can still be more efficient. We're continuing to see that as a company, but there are also a lot of areas where we'll grow margins by growing our top line in certain parts of the business as well and filling holes that we had in the income statement.

是的。另外也請記得，我認為很重要的一點是：營業利潤率擴張不只是來自例如削減費用。當我們在 Venmo 上的營收成長時，你會看到我們那裡的利潤結構改善，而這在未來會持續。而那真的是——這是一種很好的擴大利潤率方式，因為你是透過營收成長來擴大利潤率；我們在業務的其他部分也看到同樣的情況。因此我們認為仍有很多領域可以更有效率。我們作為一家公司持續看到這點；但同時也有很多領域，我們會透過在某些業務部分拉升營收規模、以及補上損益表中過去的缺口，來擴大利潤率。

One more thing I would add too, Tien-Tsin, is that when we look at some of these below-the-line benefits that we've had, and not MercadoLibre but the $0.04 that were contemplated as we gave our guidance and went into the quarter as well as some of the benefit that we had in our fourth quarter results, we very deliberately talked about it reinvesting in the business. These are -- this is earnings growth. And while one could argue that it's a lesser quality because it's below the line, it gives us an opportunity to grow earnings and pour some of that reinvesting back into the business so that we can grow our core platform in some of the better parts of our business like Venmo.

我還想再補充一點，Tien-Tsin，就是當我們回頭看我們拿到的一些線下（below-the-line）利益時——不是指 MercadoLibre，而是我們在給出指引、進入本季時所考量的那 0.04 美元，以及我們在第四季業績中獲得的一些利益——我們非常刻意地談到要把它再投資回業務中。這些——這是獲利成長。而且，雖然有人可能會主張因為它是在線下所以品質較低，但它讓我們有機會提升獲利，並把其中一部分再投資回業務，讓我們能在像 Venmo 這類我們業務中較好的部分，持續壯大核心平台。

Yes.

是的。

And our next question comes from the line of David Togut with Evercore.

我們的下一個問題來自 Evercore 的 David Togut。

Congrats on the strong customer metrics especially. Looking at the 15% growth in net adds in the quarter and the 9% increase in customer engagement, can you talk about what you're seeing in some of these newer cohorts overall in terms of engagement? You touched on that with respect to Venmo, but I'd be curious in terms of what you're seeing for PayPal overall in terms of the new cohorts.

恭喜你們，尤其是在客戶指標方面表現強勁。看到本季淨新增成長 15%，以及客戶互動提升 9%，你能談談你們在一些較新的 cohort（用戶群組）整體互動表現上觀察到的情況嗎？你提到 Venmo 的部分，但我也想了解就 PayPal 整體而言，你們在新 cohort 上看到什麼樣的趨勢。

Yes. Thanks for the question. I'll start off, and I'm sure Bill will add in, to put pressure on Bill. So I'd just start off by reiterating a little bit what I said on the call. This was a very strong quarter for us in net new actives. It was our, I think our second best quarter ever in net new actives. The majority driven by core PayPal, but a good amount through Venmo as well, and both PayPal and Venmo increased year-over-year as we look at net new actives.

是的。謝謝你的問題。我先開始，我相信 Bill 也會補充，我也順便給 Bill 一點壓力。我先重申一下我在電話會議上說的內容。這一季我們的淨新增活躍用戶（net new actives）非常強勁。我想這是我們史上第二好的淨新增活躍用戶季度。主要由核心 PayPal 帶動，但 Venmo 也貢獻了相當一部分；而且就淨新增活躍用戶來看，PayPal 與 Venmo 都呈現年增。

And the reason I think both our engagement is up and our net new actives are up are a couple of reasons. One obviously we've got a network effect going on right now. That is clearly helpful, clearly helpful on the Venmo side with 40 million with a social feed that connects people together, but also when you look at 22 million merchants and 255 million consumers. It's a little bit of a must-have for both sides of the two-sided platform.

我認為我們的互動提升、淨新增活躍用戶也提升，原因有幾個。其中一個很明顯是我們現在正在產生網路效應。這在 Venmo 端特別有幫助——4,000 萬用戶加上把人們連結在一起的社交動態（social feed）——但同時你看 2,200 萬商戶與 2.55 億消費者。對這個雙邊平台的兩端而言，這多少已經是「必備」的。

I think the product teams have done a great job improving customer experiences. Whether it be One Touch P2P enhancements choice that we put into place, new things that we're just beginning to see some nice impact from like rewards being on the platform, not only are we seeing increasing engagement as a result of that, but we're seeing less churn as a result, too. So net new actives are a combination of top of the funnel and bottom of the funnel, and we're seeing improvements on both sides.

我認為產品團隊在改善客戶體驗方面做得非常好。不論是我們推出的 One Touch、P2P 的強化與選擇（choice），或是一些我們才剛開始看到帶來不錯影響的新功能，例如把獎勵（rewards）放到平台上；我們不僅因此看到互動提升，也看到流失（churn）降低。所以淨新增活躍用戶是漏斗上端與漏斗下端的綜合結果，而我們在兩端都看到改善。

Obviously, partnerships are helping us. We got a lot of partnerships. They are driving a lot of marketing dollars towards us. We think we're at the very beginning. We've met with senior leaders of a ton of the FIs -- financial institutions recently. They're all looking at driving incremental volume to us because we drive so much incremental transaction volume to them.

顯然，合作夥伴也在幫助我們。我們有很多合作夥伴。他們正把大量行銷預算導向我們。我們認為這才剛開始。我們最近與許多 FI（金融機構）的高階主管會面。他們都希望把增量交易量導向我們，因為我們也為他們帶來大量的增量交易量。

Obviously, Venmo is -- we talked about that. That's gone from strength to strength. And I am pretty pleased with our global expansion right now, whether it be in India, Japan. We've just done some things with the eKYC. Brazil, our partnership with Itaú is really starting to take off. And so I'm feeling pretty good about a wide range of activities here that are helping to drive both the engagement and the net new actives. Bill, are there other things you can think of?

當然，Venmo——我們談過了。它是愈來愈強。而且我對我們目前的全球擴張也相當滿意，不論是在印度、日本。我們剛在 eKYC 上做了一些事情。在巴西，我們與 Itaú 的合作夥伴關係真的開始起飛。所以我對這裡一系列活動能同時帶動互動與淨新增活躍用戶，感覺相當不錯。Bill，你還想到其他的嗎？

Yes. And I would just say with regard to how the cohorts are performing, we've talked about this in prior calls. For the last 3 years or so, you've seen us have a steady trend line up on increasing the number of net new actives each quarter, and we closely watch the quality of those cohorts. And we've seen that each cohort has gotten better and better and better over time, and that really just speaks to everything Dan was describing in terms of how well rounded our offerings are.

是的。我想就 cohort 的表現而言，我們在先前的電話會議也談過。過去大約 3 年，你們看到我們每一季的淨新增活躍用戶數呈現穩定上升的趨勢線，而我們也密切關注這些 cohort 的品質。我們看到每一個 cohort 隨著時間推移都變得更好、更好、再更好；這其實就呼應了 Dan 所描述的——我們的產品與服務組合有多完整。

We've expanded the range of services we can provide to consumers, the different places that a consumer can engage with us. And so engagement's up overall and the quality of our cohorts even as we've really widened the top of the funnel, so to speak, in terms of getting new users onto the platform, the quality of the cohorts has not only remained strong, but we see each successive cohort being stronger and stronger than the prior cohorts. There's nothing we've seen that has really changed in that overall trend.

我們擴大了能提供給消費者的服務範圍，也擴大了消費者可以與我們互動的不同場景。因此整體互動提升；而且即便我們大幅拓寬了所謂漏斗上端、把新用戶帶上平台，cohort 的品質不僅維持強勁，我們還看到每一個後續 cohort 都比前一個更強。我們沒有看到任何跡象顯示這個整體趨勢有真正改變。

And our next question comes from the line of Heath Terry with Goldman Sachs.

我們的下一個問題來自 Goldman Sachs 的 Heath Terry。

Just to dig into the acceleration in merchant services growth a little bit now that we've seen it for a few quarters. Dan, you've talked in the past about the leverage that you're seeing processing payments for companies like Uber and Airbnb and Apple Pay, and now you're adding Instagram, Shopping. How much are these named partners impacting the acceleration in Merchant Services growth? And particularly, something that's relatively early stage like Instagram Shopping, how do you think about the impact that it or maybe other partners that we haven't talked about yet are meaningfully contributing to future growth?

想再深入探討一下商戶服務（merchant services）成長加速的情況，因為我們已經連續幾季看到這個趨勢。Dan，你過去談過你們在為 Uber、Airbnb、Apple Pay 這類公司處理支付時所看到的槓桿效益，而現在你們又新增了 Instagram Shopping。這些點名的合作夥伴對商戶服務成長加速的影響有多大？特別是像 Instagram Shopping 這種相對仍在早期階段的合作，你如何看待它的影響，或是一些我們還沒談到、但可能會對未來成長做出實質貢獻的其他合作夥伴？

Yes. Well, I think some of those, as you mentioned, are just starting. So we're going to see quite a bit of future growth. Instagram Shopping would be a good example of that. Another good example that you didn't mention but we think is a really meaningful vertical that we're just moving into would be Bill Pay like our partnership with Paymentus. We think that there are, at a minimum, tens and tens of billions of dollars of incremental TPV through just that vertical alone, maybe significantly more. And so these partnerships are obviously growing rapidly. We talked about the top 20 generating $90 billion of TPV growing at 39%. And also remember, there are other big marketplaces out there that we're prohibited from working with because of the operating agreement, and we honor that operating agreement completely to the letter of it and the spirit of it. And so -- but those marketplaces are ready to start partnering with us, and we're ready to start partnering with them in a much deeper basis.

是的。我想如你所說，其中一些才剛開始。所以我們會看到相當多的未來成長。Instagram Shopping 就是一個很好的例子。另一個你沒提到、但我們認為是非常有意義、而且我們才剛切入的重要垂直領域，是帳單支付（Bill Pay），例如我們與 Paymentus 的合作。我們認為僅就這個垂直領域本身，至少就有數百億美元、甚至數百億美元以上的增量 TPV（總支付金額），也可能顯著更多。因此這些合作夥伴關係顯然正在快速成長。我們提到前 20 大合作夥伴創造了 900 億美元的 TPV，且成長 39%。另外也請記得，市場上還有其他大型市集（marketplaces），因為營運協議（operating agreement）的限制，我們被禁止與其合作；我們完全依照該協議的文字與精神來遵守。所以——但這些市集已準備好開始與我們合作，而我們也準備好在更深層的基礎上與他們展開合作。

I think -- you look at partners like Uber and Airbnb and others, we think they've got tremendous growth opportunities yet. You know we've been partnering with them for quite some time going forward, and we think being deep strategic partners with some of them has -- is a really important element for both -- for our mutual customers. Bill, you probably could add?

我想——你看像 Uber、Airbnb 等合作夥伴，我們認為他們仍然有巨大的成長機會。你知道我們已經與他們合作相當長一段時間，展望未來，我們認為與其中一些建立深度策略夥伴關係——對雙方、也就是對我們共同的客戶——是一個非常重要的要素。Bill，你可能可以補充？

Yes. I would just say, as Dan described, these partnerships are in varying stages of maturity. Some like Uber and Airbnb that we worked with from almost inception to newer things like Instagram. But across each of these, you're seeing PayPal, both as a [paying market] as well as our broader platform to connect a number of commerce experiences, really becoming the preferred platform for the best commerce experiences out there. And so Dan cited earlier that our top 20 marketplaces and partners outside of eBay were $90 billion plus in volume over the last 12 months, growing at 39% plus year-on-year. I think this is one of the most important trends in e-commerce right now is that if you were a small- to mid-sized seller or a small seller, a decade ago, there was sort of one place you could go to sell, and there's been explosion of those places and some of those are newer and more nascent. Others of those are more mature, but across those, PayPal is a partner of choice both for those marketplace and partner providers as well as the small- and mid-sized businesses that sell in those places that are using PayPal to connect into those many forums. And so that's been a great area of growth for us, and it's -- there's partners of varying stages of maturity and I think it's great that there's no one of those partners that dominates for us. At the same time, it's -- this trend is well along its path, and we have become a primary partner to the ecosystem both in terms of those marketplaces as well as the people that want to sell within those marketplaces.

是的。我想我只會說，正如 Dan 所描述的，這些合作夥伴關係正處於不同的成熟階段。有些像 Uber 和 Airbnb，我們幾乎從它們創立之初就開始合作；也有像 Instagram 這樣較新的合作。但在每一個合作中，你都能看到 PayPal 一方面作為一個[支付市場]，另一方面作為我們更廣泛的平台，用以串聯多種商務體驗，正逐步成為市面上最佳商務體驗的首選平台。Dan 先前提到，我們在 eBay 以外的前 20 大市集與合作夥伴，在過去 12 個月的交易量超過 900 億美元，年增率超過 39%。我認為，當前電子商務最重要的趨勢之一是：如果你是小型到中型賣家或小賣家，十年前大概只有一個地方可以去賣東西；而現在這些平台已經爆炸性成長，其中一些是較新、較早期的。另一些則更成熟，但在這些平台之中，PayPal 不僅是這些市集與合作夥伴平台業者的首選合作夥伴，也是那些在平台上銷售的小型與中型企業的首選，因為他們使用 PayPal 來連結到這些眾多的通路。因此，這一直是我們很重要的成長領域；而且——合作夥伴成熟度各不相同，我認為很棒的一點是，對我們而言沒有任何單一合作夥伴占據主導地位。同時，這個趨勢也已經走到相當深入的階段，而我們已成為該生態系的主要合作夥伴——不論是對這些市集平台，或是對想在這些市集中銷售的人而言。

Yes, just having 22 million merchants, we talked about our overall 277 million, but 22 million merchants that are growing quite nicely every single quarter as well, being able to take those predominantly small merchants and be able to with One Touch authentication get them into all these marketplaces that Bill just talked about helps the marketplaces and helps us to deliver incremental sales to those small business partners.

是的，光是我們擁有 2,200 萬家商戶——我們談到整體 2.77 億用戶——而這 2,200 萬家商戶每一季也都成長得相當不錯；能夠把這些以小型商戶為主的商家，透過 One Touch 驗證帶入 Bill 剛才提到的所有這些市集，既能幫助市集平台，也能幫助我們為這些小型企業合作夥伴帶來增量銷售。

And our next question comes from the line of Darrin Peller with Wolfe Research.

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

Look, I mean net new active numbers continue to clearly outperform the 300 million year-end expectations, and I know I touched on this last quarter, but I kind of want to hone in again on just to make sure these kinds of trends can be sustainable around. You talked about Venmo and core. The international side still seems to be some -- an area we think is a big opportunity. And I'd love to hear more about how India is going and then maybe the MELI deal. I mean the commercial agreement to us seems like it could be a big opportunity for something kind of like what you went after with Baidu with enabling cross-border transactions from maybe all of those tens of millions of Latin American users to use international where PayPal is accepted. Are we thinking about that right and other international opportunities? And then just maybe also update us on the pipeline of incremental marketplaces beyond like we saw with Instagram would be great.

你看，淨新增活躍用戶數顯然持續優於年底 3 億的預期；我知道我上季提過，但我想再聚焦一次，確認這類趨勢是否能夠持續。你們談到 Venmo 與核心業務。國際業務看起來仍然是——我們認為——一個很大的機會領域。我很想多聽一些印度的進展，以及可能還有 MELI 這筆交易。我的意思是，對我們來說，這個商業協議看起來可能是一個很大的機會，有點像你們之前與百度合作、促成跨境交易那樣，讓拉丁美洲數千萬用戶中的一部分，能在 PayPal 可被接受的國際場景中使用。我們這樣理解對嗎？以及還有哪些其他國際機會？另外，也請更新一下除了像 Instagram 這樣的合作之外，後續新增市集合作的管線進展。

Let me start off a little bit maybe with how we thought about MercadoLibre, and Bill can talk about maybe the sustainability of the net new actives going forward.

我先從我們如何看待 MercadoLibre 談起，至於未來淨新增活躍用戶的可持續性，Bill 也可以談談。

So Darrin, you're exactly right. I mean, we see international as a tremendous opportunity space for us. And if I take a step back, we're willing to invest in companies or acquire companies that we believe advance our strategic agenda. And we -- I said this in my remarks, we do want to be the leading global digital payments platform, and that means looking across the world at who are the leading players there and how might we partner together in some way to take our respective platforms, the respective number of customers we each have. MercadoLibre, between their marketplace and MercadoPago, their payments infrastructure, they have 200 million-plus customers themselves. And so you put that together with ours, you have almost 500 million customers. And there, to your point, you can see that combination being quite powerful for driving growth for both companies. And so there are companies like MercadoLibre where a strategic partnership may make sense for us, and they allow us to expand our presence into a geography or a set of capabilities. And by the way, there may be other companies around the world that offer similar strategic options for us and we'd be willing to explore partnerships, very akin to what we did with MercadoLibre. None of our investments, whether it be a MercadoLibre or others, prevent us from working with anybody else. We are an open platform. We intend to work with everyone in driving this agenda of helping consumers and businesses have access to the digital economy. And so we're pretty pleased with the overall partnership and relationship we're developing with MercadoLibre. We do have a board observer seat. I think it's going to allow for deep collaboration and committing our platforms into a commercial relationship I think will drive a lot of value for us. But again, there are others like this that we see around the world as well.

所以 Darrin，你說得完全正確。我們確實把國際市場視為對我們而言極具潛力的機會空間。如果我退一步來看，我們願意投資或收購我們相信能推進我們策略議程的公司。而且——我在致詞中也提到——我們確實希望成為全球領先的數位支付平台；這意味著要放眼全球，看看各地的領先玩家是誰，以及我們能否以某種方式合作，把彼此的平台、以及各自擁有的客戶規模結合起來。MercadoLibre 透過其市集與 MercadoPago（其支付基礎設施），自身就擁有超過 2 億名客戶。把它與我們的客戶規模加總起來，幾乎就是 5 億名客戶。因此如你所說，你可以看到這樣的組合對推動兩家公司成長都會非常有力。所以像 MercadoLibre 這樣的公司，與其建立策略合作夥伴關係對我們可能很有意義，並能讓我們在某個地理區域或某一組能力上擴大布局。順帶一提，全球也可能還有其他公司能為我們提供類似的策略選項，我們也願意探索合作，方式會非常類似我們與 MercadoLibre 的合作。我們的任何投資——不論是 MercadoLibre 或其他——都不會妨礙我們與任何其他方合作。我們是一個開放平台。我們打算與所有人合作，推動這項議程，協助消費者與企業取得數位經濟的參與機會。因此，我們對目前與 MercadoLibre 正在建立的整體合作與關係感到相當滿意。我們也有一個董事會觀察員席位。我認為這將促成更深度的協作，而把我們的平台投入到一個商業合作關係中，我認為會為我們帶來很大的價值。但同樣地，全球還有其他類似的機會，我們也看得到。

And on the sustainability of the net new actives, it's really about 3 years now, if you go back to mid-2016 when we started to bend the curve on accelerating net new actives and we've gotten this question on sustainability consistently since, and I think 3 years in I think we're demonstrating that sustainability and the thing that we've talked about throughout that has been that it's not about any one particular product experience, it's not about any one particular geography, it's that we revamped all of our product experiences and broadened the set of services that consumer can engage in across many geographies and so the fact that acceleration in net new actives is not tied to any one particular product experience, it's not tied to any one particular geography and is well diversified across product experiences and across geographies. I think just speaks to the ongoing sustainability that I think we've demonstrated over the last 3 years. I think further on the marketplace, the point you were asking about the pipeline there, Dan alluded to this earlier, but what we can deliver for those marketplaces, and we talk a lot about what we drive in terms of much better conversion for consumers on the front end. If you're a marketplace, the fuel that feeds the marketplace often times attracting sellers on the other side of the marketplace, and those 22 million sellers that we have that can sign up via a One Touch activation as Dan was describing earlier, that's quite significant for those marketplaces because it's not just that you're taking friction out of the sign-up in terms of having to go provide information. Those marketplaces are looking for vetted sellers with proven selling history wanting to understand what verticals those sellers engage in. And all those things that we can do to really bring sellers into this explosion of new marketplaces out there really makes us a partner of choice for them not only on the consumer buying side, but in terms of fueling those marketplaces with vetted, proven sellers is just a tremendous benefit, so we see a really rich pipeline of marketplaces there, both for the infrastructure that we provide with our PayPal for Partners platform as well as what we're able to do to go bring customers and push those marketplaces both on the consumer side as well as on the merchant side.

至於淨新增活躍用戶的可持續性，若回到 2016 年年中、我們開始讓淨新增活躍用戶加速的曲線轉折點算起，現在大概已經 3 年了；自那之後我們一直被問到可持續性問題，而我認為 3 年下來，我們已經證明了這種可持續性。我們一路以來談到的重點是：這不是靠任何單一產品體驗，也不是靠任何單一地理區域；而是我們全面翻新了所有產品體驗，並擴大消費者在多個地理區域可參與的服務範圍。因此，淨新增活躍用戶的加速並不依賴任何單一產品體驗，也不依賴任何單一地理區域，而是在產品體驗與地理區域之間高度分散。我認為這正好說明了我們在過去 3 年所展現的持續性。再談到你問的市集合作管線，Dan 先前也提到過：我們能為這些市集提供什麼。我們常談到在前端為消費者帶來更好的轉換率。如果你是一個市集平台，驅動市集運轉的燃料，往往是吸引市集另一端的賣家；而我們擁有的 2,200 萬名賣家，能如 Dan 先前所說透過 One Touch 啟用來完成註冊，這對市集平台而言非常重要，因為不只是降低註冊摩擦、免去提供資訊的繁瑣。這些市集平台也在尋找已審核、且有可驗證銷售紀錄的賣家，並希望了解這些賣家參與哪些垂直品類。而我們能做的所有這些事情，把賣家真正帶入外部這波新市集爆發式成長之中，使我們不僅在消費者購買端成為他們的首選合作夥伴；在為市集導入已審核、經驗證的賣家、為市集提供供給動能方面，也是一項巨大的優勢。因此，我們看到非常豐富的市集合作管線：一方面是我們透過 PayPal for Partners 平台所提供的基礎設施；另一方面是我們能帶來客戶、推動這些市集在消費者端與商戶端同步成長的能力。

And our next question comes from the line of Ashwin Shirvaikar with Citi.

我們的下一個問題來自花旗（Citi）的 Ashwin Shirvaikar。

I appreciate the insight so far. My question is on Synchrony and the Synchrony relationship, and I was hoping you could update us on how to think of the ongoing growth of the revenue share for the consumer lending business and also if you can clarify maybe the magnitude and timing of the servicing part of it. That agreement, is that sort of -- does that end intra-quarter in 2Q? Or does it end at the end of the quarter? How should we think about that?

感謝目前為止的分享。我的問題是關於 Synchrony 以及與 Synchrony 的合作關係，我希望您能更新一下，該如何看待消費者放款業務收入分成持續成長的情況；另外也請您釐清一下其中服務（servicing）部分的大致規模與時間點。那份協議，是不是在第二季的季中就結束？還是到季末才結束？我們應該如何理解？

Sure, Ashwin, I'll take that. With respect to the agreement, the transition of that, it's at the end of the -- it's June of this quarter. And we will -- as we noted in the prepared remarks, we receive a payment from Synchrony related to some of the servicing of that. But we'll also -- as part of the charge that we announced, we will have a reduction of workforce related to employees that currently serve that business today. So there will be sort of an offsetting benefit there going forward.

好的，Ashwin，我來回答。就協議而言，相關轉換是在本季的月底——也就是六月。而且我們——如同在事先準備的發言中提到的——會收到 Synchrony 就其中部分服務（servicing）所支付的一筆款項。但同時——作為我們所宣布費用的一部分——我們也會針對目前服務該業務的員工進行人力縮減。因此，未來在成本面會有某種程度的抵銷效益。

In terms of the growth, I think that it's more in line with the overall business that we're doing, credit in general and then including merchant credit here as well as well as the international credit. They tend to be growing a little bit faster than the rest of our business because of some of the opportunities that we have there. But all of those numbers are built into our full year guidance, so I think fortunately for us, we'll be happy to get past this next quarter where we have to quit making -- where we can quit making adjustments for things like held-for-sale accounting and the revenue impact to other value-add services and so forth, but the second half of the year will be more of an ongoing -- more representative of what the ongoing business will look like.

就成長而言，我認為它更符合我們整體業務的走勢，也就是一般信貸業務，並且包含商戶信貸以及國際信貸。由於我們在那裡有一些機會，這些業務的成長速度往往會比我們其他業務稍快一些。不過，這些數字都已納入我們的全年指引之中；因此對我們來說，幸運的是，我們會很高興度過接下來這一季，屆時我們就可以停止為了諸如待售（held-for-sale）會計處理、以及對其他增值服務的收入影響等事項而持續調整；而下半年將會更——更能代表持續性業務的實際樣貌。

Yes. And let me maybe add to John's comment. We just had our credit operations review yesterday, and I'm really pleased with what I'm seeing from that team right now. They have -- they're really embracing the partnership. Synchrony is unleashing our ability to look at all forms of growth on the credit side. There is a ton of new, innovative incremental things that they're looking at. Our merchant lending business, we've lent now over $10 billion since we started. We think we're one of the top lenders of working capital to small businesses. So on every front, I have to say I'm quite pleased with what I'm seeing and what the future holds as a result of what we've done in our partnership with Synchrony. So I think we'll continue to see good growth on that side. And as John said, we'll be glad to get through second quarter, so we don't have to keep adjusting results, and you'll be able to see that clearly in our revenues.

是的。我也許再補充一下 John 的評論。我們昨天剛完成信貸營運檢討，我對目前那個團隊所展現的狀況非常滿意。他們——確實非常投入這段合作夥伴關係。Synchrony 正在釋放我們在信貸端檢視各種成長形式的能力。他們正在研究大量全新、創新且具增量的事項。我們的商戶放款業務，自開始以來累計放款已超過 100 億美元。我們認為自己是小型企業營運資金的頂尖放款方之一。因此在各個面向上，我必須說，我對目前所看到的情況以及我們與 Synchrony 合作所帶來的未來前景都相當滿意。所以我認為我們會持續在那一端看到良好的成長。而如同 John 所說，我們也會很高興度過第二季，這樣就不必一直調整結果，您也將能在我們的營收中更清楚地看到。

And our last question comes from the line of George Mihalos with Cowen.

我們的最後一個問題來自 Cowen 的 George Mihalos。

Just a quick one maybe going back to Jason's question around cross-border. I mean obviously, the volume there of TPV has been under some pressure for the myriad of reasons that you've talked about. But now going into 2Q and through the rest of the year, the comparisons ease, FX should be less of a headwind than what we had before and obviously sort of international opportunities are sort of front and center. Do you think that the volume growth or the TPV growth decel has slowed there, has bottomed? And is there a reason why that shouldn't really start to accelerate over the back half of the year?

我想簡短問一下，回到 Jason 關於跨境（cross-border）的問題。顯然，跨境 TPV 的量因為你們提到的各種原因而承受了一些壓力。但現在進入第二季並延續到今年其餘時間，比較基期會變得更容易，匯率（FX）帶來的逆風也應該會小於之前，且國際機會顯然成為焦點。你認為那邊的量成長或 TPV 成長的減速是否已經放緩、是否已經觸底？以及，有沒有什麼原因使得它不應該在下半年開始加速？

George, it's John. I'll take this. So the back half of the year, we do expect an acceleration in cross-border. Q2 will look probably pretty similar to Q1, but there are 2 things going on there. One is that we simply have sort of the translation effect, and that corrects itself as we lap the previous periods where we saw changes in the relative value of the currencies, but the second thing is there's a behavioral aspect to cross-border activity that if you live in a country where the currency there has depreciated appreciably versus, say, the U.S. dollar, it doesn't -- when you lap that 4 quarters later, it doesn't all of sudden make it less expensive to buy something. So that's sort of an ongoing pressure, but I'll remind you that certainly works both ways. We're in 200 markets across the world, and these things ebb and flow. There will be periods where we have headwinds related to this, and there will be periods where there are tailwinds. I think very fortunately for us, given the diversity of our portfolio in the various regions that we operate in around the world, there's sort of a natural hedge that goes on. And relative to, I believe, Darrin's question earlier around some of the other opportunities, when we think about our growth opportunities and investment opportunities around the globe, this is something that we certainly keep in mind. And as you -- if you think about the MercadoLibre investment, Latin America is an area where we're less strong than we are in other entities, and we'll continue to focus our investments around building up our presence in some of these areas where there's more opportunity to grow where we don't have the footprint that we do today. And that enables us to have sort of this natural hedge, if you will, to currency pressures that are going to happen from one period to the next.

George，我是 John。我來回答。所以在下半年，我們確實預期跨境業務會加速。第二季看起來可能會與第一季相當類似，但其中有兩件事在發生。第一是我們單純有匯兌換算（translation）效應；當我們與先前期間相比、也就是跨過（lap）那些曾出現貨幣相對價值變動的期間後，這個效應會自行修正。第二則是跨境活動存在行為面的因素：如果你住在一個本國貨幣相對於例如美元已明顯貶值的國家，即使四個季度後跨過那個基期，也不會突然讓購買某樣商品變得更便宜。因此這會形成某種持續性的壓力，但我也提醒你，這當然是雙向的。我們在全球 200 個市場營運，這些因素會此消彼長。有些期間我們會因此面臨逆風，也會有些期間出現順風。我認為對我們而言非常幸運的是，鑑於我們在全球各營運區域的投資組合多元性，會形成某種自然避險（natural hedge）。而且相較於我相信 Darrin 先前關於其他機會的提問，當我們思考全球的成長機會與投資機會時，這確實是我們會納入考量的因素。另外，若你想到我們對 MercadoLibre 的投資，拉丁美洲是我們相較於其他地區較不強的區域；我們將持續把投資重點放在強化我們在這些機會更大、但目前足跡不如現況的地區的布局。而這也使我們能在不同期間面對匯率壓力時，形成某種自然避險。

Thanks so much for that, and thanks, everybody, for joining us today. We really appreciate your time, and we look forward to speaking with all of you soon. Thank you.

非常感謝你的說明，也感謝各位今天的參與。我們非常感謝大家撥冗，也期待很快能再與各位交流。謝謝。

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

今天的問答環節到此結束。各位女士、先生，感謝您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。