PayPal Holdings, Inc. (PYPL) 2021 Q2 法說會逐字稿

Good afternoon. My name is Wena, and I will be your conference operator today. At this time, I would like to welcome everyone to PayPal Holdings earnings conference call for the second quarter 2021. (Operator Instructions) Thank you. I would now like to introduce your host for today's call, Ms. Gabrielle Rabinovitch, Vice President, Corporate Finance and Investor Relations. Please go ahead.

各位下午好。我叫 Wena，今天將擔任本次會議的接線員。此刻，我謹代表主辦方歡迎各位參加 PayPal Holdings 2021 年第二季財報電話會議。（接線員指示）謝謝。現在我想介紹今天會議的主持人：企業財務與投資人關係副總裁 Gabrielle Rabinovitch 女士。請開始。

Thank you, Wena. Good afternoon, and thank you for joining us. Welcome to PayPal's earnings conference call for the second quarter of 2021. Joining me today on the call are Dan Schulman, our President and CEO; and John Rainey, our Chief Financial Officer and EVP, Global Customer Operations.

謝謝你，Wena。各位下午好，感謝各位加入我們。歡迎參加 PayPal 2021 年第二季財報電話會議。今天與我一同出席的有：我們的總裁兼執行長 Dan Schulman；以及我們的財務長暨全球客戶營運執行副總裁 John Rainey。

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 on our Investor Relations website.

我們提供投影片簡報以配合我們的評論。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的投資人關係網站取得。

In discussing our company's performance, we will refer to some non-GAAP measures. 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。

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 the third quarter and full year 2021. 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 our Investor Relations website. You should not place undue reliance on any forward-looking statements. All information in this presentation is as of today's date, July 28, 2021. We expressly disclaim any obligation to update this information.

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 2021 年第三季及 2021 全年的指引。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的更多資訊，請參閱我們最近一期的 Form 10-K 年度報告與向 SEC 提交的 Form 10-Q 季度報告，並可於我們的投資人關係網站取得。您不應過度依賴任何前瞻性陳述。本簡報中的所有資訊截至今日（2021 年 7 月 28 日）。我們明確聲明不承擔更新該等資訊的任何義務。

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

接下來，我把電話交給 Dan。

Thanks, Gabrielle, and thanks, everyone, for joining us today. I'm pleased to say that on the heels of a record year, our Q2 results once again reflect some of the best performance in our history on both an absolute and a relative basis.

謝謝你，Gabrielle，也謝謝各位今天加入我們。我很高興地表示，在創下破紀錄的一年之後，我們第二季的業績再次反映出公司歷史上無論在絕對值或相對值方面都屬於最佳表現之一。

It is now clear that customers around the world have embraced all forms of digital payments. Even in regions where in-person activities are returning towards pre-pandemic levels, in this new normal, PayPal serves as an essential and trusted platform for both consumers and merchants, across all forms of commerce, payments and basic financial services.

如今已很清楚，全球客戶已擁抱各種形式的數位支付。即使在部分地區，線下活動正回到接近疫情前的水準，在這個「新常態」下，PayPal 仍是消費者與商家在各類商務、支付與基礎金融服務方面不可或缺且值得信賴的平台。

As a result, we hit a new milestone in Q2 surpassing $300 billion of TPV for the first time in our history, growing 40% on a spot basis to $311 billion with an annualized run rate of approximately $1.25 trillion. This is even more notable given that eBay's TPV on our platform declined by 37%. eBay exited the quarter at under 4% of our volume, and we expect their TPV will approach 2.5% of our total volumes by year-end.

因此，我們在第二季達成新的里程碑：歷史上首次 TPV（總支付金額）突破 3,000 億美元，按即期口徑成長 40% 至 3,110 億美元，年化運行率約 1.25 兆美元。更值得注意的是，eBay 在我們平台上的 TPV 下滑了 37%。eBay 在本季末占我們交易量的比重已低於 4%，我們預期其 TPV 到年底將接近我們總交易量的 2.5%。

Excluding eBay, our volumes grew by a remarkable 48% on a spot basis. Our active accounts now exceed 400 million, up 16% and to 403 million. We added 11.4 million net new active accounts in the quarter, including an additional 1.5 million merchant accounts. That brings our total merchant count to 32 million. We still expect to end the year at the higher end of our previous guidance of 52 million to 55 million net new active accounts.

若排除 eBay，我們的交易量按即期口徑大幅成長 48%。我們的活躍帳戶現已超過 4 億個，年增 16% 至 4.03 億個。本季我們新增 1,140 萬個淨新增活躍帳戶，其中包含額外 150 萬個商家帳戶，使我們的商家總數達到 3,200 萬。我們仍預期全年淨新增活躍帳戶將落在先前指引 5,200 萬至 5,500 萬的高端。

Transactions in the quarter grew by 27% to $4.74 billion. And even as our net new actives continue to show strong growth, our transactions per active account accelerated 11% in the quarter to 43.5x as our consumers engage more frequently across our growing suite of services. We grew our revenues by 19% to $6.4 billion. This growth comes even as we lap strong results from last year and absorbed 811 basis points of revenue pressure from eBay, as their revenues on our platform declined 51% in Q2.

本季交易筆數成長 27% 至 47.4 億筆。即使淨新增活躍帳戶持續強勁成長，每位活躍帳戶的交易次數在本季加速成長 11% 至 43.5 次，反映消費者在我們不斷擴大的服務組合中更頻繁地使用。我們營收成長 19% 至 64 億美元。即便我們面臨去年強勁基期，且因 eBay 造成 811 個基點的營收壓力（eBay 在我們平台上的營收於第二季下滑 51%），我們仍達成此成長。

Excluding eBay, our revenues grew at approximately 32%. We now expect that eBay will be essentially 100% complete with their migration to managed payments by the end of the third quarter. We are maintaining our full year guidance despite the fact that this accelerated ramp puts an additional 100 basis points of revenue pressure in 2021. The good news is that this pressure begins to ease in Q4 and obviously positions us for accelerated revenue growth in 2022. Finally, we delivered non-GAAP EPS of $1.15, even as we continue to invest heavily in our growth initiatives.

若排除 eBay，我們的營收約成長 32%。我們目前預期 eBay 將在第三季末基本完成其向「管理式支付」的遷移。儘管此加速進程在 2021 年額外帶來 100 個基點的營收壓力，我們仍維持全年指引。好消息是，這項壓力將在第四季開始緩解，並且顯然使我們在 2022 年具備加速營收成長的有利條件。最後，即便我們持續大力投資成長計畫，我們仍交出非 GAAP 每股盈餘（EPS）1.15 美元。

Venmo continued its strong performance in Q2 with $58 billion in TPV, up 58% year-over-year, with over 76 million active accounts. Revenue growth accelerated to almost 70% in Q2, our highest growth rate in the past year, fueled by Venmo's product diversification strategy.

Venmo 在第二季延續強勁表現，TPV 達 580 億美元，年增 58%，活躍帳戶超過 7,600 萬。受惠於 Venmo 產品多元化策略，第二季營收成長加速至接近 70%，為過去一年最高成長率。

More than 500,000 customers have established new business profiles on Venmo with more than 300,000 created in Q2 alone. Pay with Venmo revenues grew by 183% year-over-year. We're also seeing strong adoption and trading of crypto on Venmo. In this quarter, we expanded the Venmo value proposition to allow merchants and consumers to pay for goods and services and receive buyer and seller protections for commerce transactions. This has been a very successful feature on PayPal's P2P services, and we expect it will be widely adopted on Venmo.

已有超過 50 萬名客戶在 Venmo 建立新的商業檔案，其中僅第二季就新增超過 30 萬個。「使用 Venmo 付款」（Pay with Venmo）營收年增 183%。我們也看到 Venmo 上加密貨幣的採用與交易表現強勁。本季我們擴展 Venmo 的價值主張，讓商家與消費者可為商品與服務付款，並在商務交易中獲得買方與賣方保障。這在 PayPal 的 P2P 服務上一直是非常成功的功能，我們預期在 Venmo 上也將被廣泛採用。

I'm pleased to report that the initial version of our new consumer wallet super app is code complete, and we are now beginning to slowly ramp. In the next several months, we plan to be fully ramped in the U.S. with a host of products and services across payments, basic consumer financial services and commerce and shopping tools launching every quarter. New features will include high-yield savings, early access to direct deposit funds, new and improved bill pay functionality, messaging capabilities outside of P2P to enable family and friend communications as well as additional crypto capabilities and customized deals and offers. Each wallet will be unique, driven by our advanced AI and machine learning capabilities in order to enhance each customer's experiences and opportunities.

我很高興報告，我們全新消費者錢包超級 App 的初始版本已完成程式碼開發（code complete），目前正開始逐步擴大推廣。在接下來幾個月，我們計畫在美國全面推廣，並在支付、基礎消費者金融服務，以及商務與購物工具等領域，每季推出一系列產品與服務。新功能將包括高收益儲蓄、提前取得直接入帳資金、全新且改良的帳單支付功能、P2P 以外的訊息功能以促進家人與朋友間的溝通，以及更多加密貨幣功能與客製化優惠與折扣。每個錢包都將是獨一無二的，並由我們先進的 AI 與機器學習能力驅動，以提升每位客戶的體驗與機會。

As I previously mentioned, 32 million merchants now rely on PayPal. They trust that our scale, security, tools and resources will help them to grow their businesses in today's rapidly emerging digital economy. PayPal is the only payments company to offer features like global seller protection and fraud prevention services at no additional cost. We are one of a few payments companies to allow consumers to use cryptocurrency as a funding source to check out on our platform.

如我先前提到的，現有 3,200 萬家商戶仰賴 PayPal。他們信任我們的規模、安全性、工具與資源，能協助其在當今快速成形的數位經濟中成長。PayPal 是唯一一家支付公司，能在不額外收費的情況下提供全球賣家保障與防詐服務等功能。我們也是少數允許消費者在我們平台結帳時，以加密貨幣作為資金來源的支付公司之一。

Our Buy Now, Pay Later offering comes at no additional cost to merchants, while boosting their conversion rates and increasing cart sizes by 39%. And we continue to expand our product differentiation through recent acquisitions like Chargehound and Happy Returns that will drive additional value to both consumers and merchants post a sales transaction. Our announced pricing adjustments in the U.S. align our pricing with the value we deliver while giving us flexibility to aggressively compete in full stack processing and at point-of-sale checkout.

我們的「先買後付」（Buy Now, Pay Later）方案不向商家收取額外費用，同時可提升其轉換率並使購物車金額增加 39%。我們也透過近期收購（如 Chargehound 與 Happy Returns）持續擴大產品差異化，這些收購將在交易完成後為消費者與商家帶來更多價值。我們在美國宣布的定價調整，使價格與我們所提供的價值相匹配，同時也讓我們在全套處理（full stack processing）與銷售點結帳（point-of-sale checkout）領域具備更大的彈性以積極競爭。

We continue to see strong demand for our in-store services with approximately 1.3 million merchants now accepting our QR codes and continued momentum and excitement across our large enterprise merchants. In fact, every 20 seconds, a new merchant signs up to use our QR codes. It's also very encouraging to see that consumers who use our QR codes, spend more TPV, in fact, 19% more TPV on the PayPal platform.

我們持續看到門市服務需求強勁，目前約有 130 萬家商戶接受我們的 QR Code，且在大型企業商戶中持續展現動能與熱度。事實上，每 20 秒就有一家新商戶註冊使用我們的 QR Code。同樣令人振奮的是，使用我們 QR Code 的消費者在 PayPal 平台上的 TPV 支出更高，實際上高出 19%。

Our in-store efforts will no doubt be a multiyear journey, but these trends reinforce our conviction to be a seamless omni-channel wallet. In Q2, our overall in-store efforts across QR and cards equaled $6.8 billion in TPV, up 39% year-over-year.

我們的門市布局無疑是一段多年旅程，但這些趨勢強化了我們打造無縫全通路（omni-channel）錢包的信念。第二季，我們在 QR 與卡片等門市相關的整體業務 TPV 達 68 億美元，年增 39%。

Our in-store suite of services continues to expand with the launch of PayPal Zettle in the U.S. As in Europe, PayPal now offers small businesses in the U.S., an integrated commerce solution that not only helps them to accept payments in store with the Zettle card reader but also helps them to manage sales and inventory across their various channels all in one place.

隨著 PayPal Zettle 在美國推出，我們的門市服務組合持續擴大。如同在歐洲一樣，PayPal 現在為美國小型企業提供整合式商務解決方案，不僅透過 Zettle 讀卡機協助其在店內收款，也協助其在各種通路間於同一平台管理銷售與庫存。

Our Buy Now, Pay Later product continues its strong growth and is proving to be extremely popular for consumers and merchants alike. Since launch, we have processed over $3.5 billion in TPV with more than $1.5 billion of that TPV in Q2 alone. Approximately 650,000 merchants have customers who use our Buy Now, Pay Later capabilities, and 40,000 have positioned Buy Now, Pay Later upstream on their product pages.

我們的「先買後付」產品持續強勁成長，並證明對消費者與商家都極具吸引力。自推出以來，我們已處理超過 35 億美元的 TPV，其中僅第二季就超過 15 億美元。約有 65 萬家商戶的客戶使用我們的「先買後付」功能，且有 4 萬家商戶已在其產品頁面上游位置（upstream）展示「先買後付」。

Over 7 million consumers have transacted more than 20 million times with our Buy Now, Pay Later product. Australia is now fully deployed and off to a strong start with additional countries in Europe slated to roll out later this year.

超過700萬名消費者已使用我們的「先買後付」產品完成超過2,000萬筆交易。澳洲現已全面部署並取得強勁開局，歐洲的其他國家也預計將於今年稍晚陸續推出。

Our employees, customers and government officials expect PayPal to be a role model and a responsible corporate citizen. I am proud to say that we are delivering on our commitments to advance social justice and racial equity. Over the past year, we have committed all of the $535 million we pledged towards advancing racial economic equality. And we recently launched a new $100 million commitment focused on women's economic empowerment. These efforts are a direct reflection of our values and our belief that PayPal must be part of a solution that drives a better future for all of us.

我們的員工、客戶與政府官員期望PayPal成為榜樣並成為負責任的企業公民。我很自豪地表示，我們正在履行推動社會正義與種族平等的承諾。過去一年，我們已全數承諾投入先前宣示用於推動種族經濟平等的5.35億美元。此外，我們近期也啟動一項新的1億美元承諾，聚焦於女性經濟賦權。這些努力直接反映了我們的價值觀，以及我們相信PayPal必須成為解決方案的一部分，為我們所有人推動更美好的未來。

I'd like to thank our employees for their passion and their never-ending commitment towards shaping a new and inclusive financial services system. We are entering a new era, and we couldn't be more excited to help drive an emerging digital future where all small businesses and consumers can participate and thrive in a post-pandemic world.

我要感謝我們的員工，以熱情與永不止息的投入，致力於塑造一個全新且具包容性的金融服務體系。我們正邁入新時代，並對於能協助推動正在成形的數位未來感到無比振奮；在後疫情世界中，所有小型企業與消費者都能參與並蓬勃發展。

And with that, let me turn the call over to John.

接下來，我把電話交給John。

Thanks, Dan. I'd like to start by thanking the entire PayPal team for their continued commitment to serve our customers and execute on our priorities. We're reporting another very strong quarter. Our results are indicative of the strength, diversification and breadth of our 2-sided global payments platform.

謝謝你，Dan。我想先感謝整個PayPal團隊持續致力於服務客戶並落實我們的優先事項。我們再次繳出非常強勁的一季。我們的成果顯示出我們雙邊全球支付平台的強大實力、多元化與廣度。

PayPal sits at the intersection of digital transformation and e-commerce penetration. As the largest open platform for digital payments globally, we're uniquely positioned to address the opportunity that these secular tailwinds present. Over the past 6 quarters, our team's focus, collaboration and resilience have allowed us to innovate at scale and deliver our best performance in company history. Globally, the pace and shape of the recovery varies. As the environment continues to evolve, we are evolving with it to serve the changing needs of our consumers and merchants.

PayPal位於數位轉型與電商滲透的交會點。作為全球最大的開放式數位支付平台，我們具備獨特優勢，能把握這些長期結構性順風所帶來的機會。過去6個季度，我們團隊的專注、協作與韌性使我們得以大規模創新，並創下公司史上最佳表現。全球復甦的速度與形態各不相同。隨著環境持續演變，我們也同步調整，以滿足消費者與商戶不斷變化的需求。

During the second quarter, restrictions started to relax across our core markets, and we saw the beginning of a return to normalcy in consumer behavior. Consumers are spending again in verticals that have been severely affected and have become more comfortable shopping in-person and dining out.

在第二季期間，我們核心市場的限制措施開始放寬，我們看到消費者行為開始回歸常態。消費者再次在先前受嚴重衝擊的垂直領域增加支出，也更習慣於到店購物與外出用餐。

Merchants are repositioning for the post-pandemic world. Relative to our expectations, which were for reopening spend to closely track vaccination rates, we've seen travel and events volumes return more rapidly. At the same time, in markets that have reopened, elevated e-commerce spending above pre-pandemic levels is ongoing and indicative of permanent shifts in consumer behavior.

商戶正在為後疫情世界重新定位。相較於我們原先預期（重啟後的支出將緊密追蹤疫苗接種率），我們看到旅遊與活動相關交易量回升得更快。同時，在已重啟的市場中，高於疫情前水準的電商支出仍在持續，顯示消費者行為已出現永久性的轉變。

On a 2-year basis, our business performance is remarkably consistent and very strong. Our second quarter results last year were exceptional. We grew revenue 22%, delivered a 28.2% operating margin and grew non-GAAP EPS 49%. Both the operating margin and earnings growth were the best performance we've ever delivered. It's remarkable that, in the second quarter this year when we're lapping this explosive growth, our business is continuing to perform at a very high level.

以兩年為基準來看，我們的業務表現驚人地一致且非常強勁。去年第二季的成果極為出色：營收成長22%，營業利益率達28.2%，非GAAP每股盈餘（EPS）成長49%。無論是營業利益率或獲利成長，都是我們歷來最佳表現。值得注意的是，今年第二季在面對去年爆發式成長的高基期下，我們的業務仍持續維持在非常高的水準。

Our results are even more impressive given the transitory headwinds we're facing from eBay. This year, as part of eBay's managed payments transition, we're absorbing a rapid migration of marketplaces volumes off of our platform. Further compounding this effect is that eBay benefited meaningfully from COVID last year, which makes the comparison this year even more difficult.

考量到我們正面臨來自eBay的短期逆風，我們的成果更顯亮眼。今年，隨著eBay推動其管理式支付（managed payments）轉型，我們正在承受其市集交易量快速自我們平台移轉所帶來的影響。更進一步的是，eBay去年因COVID而顯著受益，使得今年的比較基期更加艱難。

For context, from 2016 to 2019, the 3-year compound annual growth rate for eBay Marketplaces revenue on our platform was approximately 2%. And in 2020, this revenue grew 11%, approximately 5x faster. Also worth highlighting is that through this period, as eBay's contribution to our revenue declined from 22% to 13%, we've expanded our operating margin 500 basis points.

作為背景說明，2016年至2019年間，eBay市集（Marketplaces）在我們平台上的營收三年複合年成長率約為2%。而在2020年，該營收成長11%，約快了5倍。同時也值得強調的是，在此期間，隨著eBay對我們營收的貢獻占比由22%降至13%，我們的營業利益率擴張了500個基點。

Given the accelerated pace of migration in 2021, there's a more pronounced effect on our operating margin and earnings growth profile this year. At the same time, this is truly a transitory effect on our results, which we now expect to be very largely contained to 2021 with much less of a tailwind to next year. And as we've discussed over the past several quarters, near-term forecasting continues to be complex given the global macroeconomic backdrop, varied stages of pandemic recovery and differing paths of reopening. It's with this orientation and mindset that we head into the back half of 2021.

鑑於2021年移轉速度加快，今年對我們的營業利益率與獲利成長輪廓造成更明顯的影響。與此同時，這確實是對我們結果的短暫性影響；我們目前預期其影響大多將侷限於2021年，對明年的順風效應將小得多。正如我們在過去幾個季度所討論的，在全球總體經濟背景、疫情復甦階段不一，以及重啟路徑各異的情況下，短期預測仍然複雜。我們將以這樣的定位與心態進入2021年下半年。

Before discussing our outlook for the remainder of the year, I'd like to highlight our second quarter performance. Total payment volume grew 40% at spot and 36% on a currency-neutral basis to $311 billion. Our Q2 TPV grew at a 2-year compound annual growth rate of 34%, accelerating from 33% in Q1 and indicative of the strong momentum in our business. Versus the second quarter last year, merchant services volume grew 43% currency neutral. A resurgence in travel and events as well as core payment volumes contributed to this performance.

在討論今年剩餘期間的展望之前，我想先強調我們第二季的表現。總支付金額（TPV）按即期匯率成長40%，按固定匯率（currency-neutral）成長36%，達到3,110億美元。我們第二季TPV的兩年複合年成長率為34%，較第一季的33%加速，顯示我們業務動能強勁。相較去年第二季，商戶服務交易量按固定匯率成長43%。旅遊與活動的復甦以及核心支付交易量共同推動了這項表現。

This quarter, eBay had a much greater effect on our TPV than in the first quarter. In Q2, eBay Marketplaces volumes declined 41% currency neutral from last year. This is in comparison to a 3% decline last quarter. eBay represented 4% of our volume in Q2, down 512 basis points from last year.

本季eBay對我們TPV的影響遠大於第一季。第二季，eBay市集交易量按固定匯率較去年下滑41%，相較之下，上季僅下滑3%。eBay在第二季占我們交易量的4%，較去年下降512個基點。

In addition to lapping elevated growth during the pandemic, we saw a faster ramp of the payments transition than what we had expected earlier this year, which resulted in a larger decline in Q2 volume. Given the speed at which we're seeing intermediation progress, our plans now contemplate nearly 100% completion of the merchant migration by the end of the third quarter. This accelerated time frame means that while we expect a similar drag to our volume, revenue and earnings growth in the third quarter, this impact lessens in Q4 and begins to tail off from there. As a result, we will have a much cleaner exit to 2021.

除了面對疫情期間的高成長基期外，我們也看到支付轉型的推進速度比今年稍早的預期更快，導致第二季交易量下滑幅度更大。鑑於我們所見到的中介化（intermediation）進展速度，我們目前的規劃已納入在第三季末前幾乎完成100%的商戶移轉。這個加速時程意味著，雖然我們預期第三季對交易量、營收與獲利成長仍有類似的拖累，但其影響在第四季會減輕，並自此開始逐步消退。因此，我們將能以更乾淨的姿態結束2021年。

Revenue increased 19% on a spot basis and 17% currency neutral to $6.24 billion. Transaction revenue grew 17% to $5.8 billion; and on a 2-year basis, transaction revenue grew 22.3% in Q2 versus 22.7% in Q1 of this year. In addition to the consistency of our results, this performance is even more remarkable, excluding eBay.

營收按即期匯率成長19%，按固定匯率成長17%，達到62.4億美元。交易營收成長17%至58億美元；以兩年為基準，第二季交易營收成長22.3%，相較於今年第一季的22.7%。除了結果的一致性之外，若排除eBay因素，這項表現更顯得非同凡響。

In the second quarter, eBay Marketplaces revenue declined 51% in comparison to Q2 '20 and 27% sequentially. Our revenue, excluding eBay, grew 32%, an 11-point acceleration from last year's already strong second quarter. Other value-added services revenue grew 40% on a spot basis and 36% currency neutral to $441 million. These results were driven by strengthening credit performance and portfolio growth, partially offset by lower interest income on customer balances.

第二季，eBay市集營收相較於2020年第二季下滑51%，較前一季下滑27%。排除eBay後，我們的營收成長32%，較去年本已強勁的第二季再加速11個百分點。其他加值服務營收按即期匯率成長40%，按固定匯率成長36%，達4.41億美元。這些結果主要由信用品質走強與投資組合成長所帶動，但部分被客戶餘額利息收入下降所抵銷。

In the second quarter, transaction take rate was 1.86% and total take rate was 2.01%. The mix effect of eBay contributed to more than 1/3 of the 37 basis point reduction in take rate. The blended take rate on eBay volumes this quarter was 3.22% in comparison to 4.1% in Q2 last year. The remainder of the decline was primarily driven by reduced currency volatility in the quarter, which resulted in a lower growth rate in foreign exchange fees, a decline of $122 million from foreign currency hedges recorded as international transaction revenue and growth in bill payment volumes. Bill payment is a vertical characterized by both a lower take rate and an overall lower cost of funding than our e-commerce volumes.

第二季，交易抽成率（transaction take rate）為1.86%，總抽成率（total take rate）為2.01%。eBay的組合效應（mix effect）對抽成率下降37個基點的貢獻超過三分之一。本季eBay交易量的加權平均抽成率為3.22%，相較去年第二季的4.1%。其餘下降主要由本季匯率波動降低所致，導致外匯費用成長率較低；另有1.22億美元的外匯避險損益（以國際交易營收入帳）下降，以及帳單支付交易量成長。帳單支付屬於抽成率較低、且相較我們電商交易量整體資金成本更低的垂直領域。

Q2 was another great quarter of volume-based expense performance. Transaction expense came in at 81 basis points as a rate of TPV this year relative to 83 basis points last year. Transaction loss as a rate of TPV was a record low 9 basis points versus 12 basis points in Q2 last year. The net effect of credit provisioning on credit losses in the quarter inclusive of originations and reserve reversals resulted in a benefit of $104 million.

第二季在以交易量為基礎的費用表現方面再次表現出色。交易費用占TPV的比率今年為81個基點，去年為83個基點。交易損失占TPV的比率創下歷史新低，為9個基點，而去年第二季為12個基點。本季信用損失的備抵提列淨影響（包含放款新增與準備金回轉）帶來1.04億美元的利益。

In the quarter, we had an increase in loan origination activity and ended Q2 with $3.9 billion in gross receivables, reflecting sequential growth of 11%. Strong performance of our loan portfolio, improving macroeconomic trends and the mix of shorter duration originations from our installment pay products resulted in our reserve coverage ratio declining to 14.9% from 21.4% at the end of the first quarter. As a result, transaction margin dollars grew 19% in the second quarter and transaction margin reached 56.8%.

本季我們的放款承作活動增加，第二季末總應收款（gross receivables）為39億美元，較前一季成長11%。放款投資組合表現強勁、總體經濟趨勢改善，以及分期付款產品帶來較短天期承作的組合，使我們的備抵覆蓋率由第一季末的21.4%下降至14.9%。因此，第二季交易毛利金額成長19%，交易毛利率達56.8%。

I'd now like to cover our nontransaction-related operating expenses. Overall, these expenses increased 27% and represented 30% of revenue. These are higher growth rates than what we've incurred historically, but as I suggested before, we believe that there has never been a more important time to invest in our business as the secular tailwinds in our business have perhaps never been stronger.

我現在想談談我們與交易無關的營運費用。整體而言，這些費用增加了 27%，並占營收的 30%。這些成長率高於我們過往的水準，但如我先前所提，我們相信在我們業務的長期結構性順風可能從未如此強勁之際，現在正是投資我們業務最重要的時刻。

In Q2, we again invested aggressively in product innovation and our go-to-market initiatives. Sales and marketing increased 68% in the quarter, and technology and development spend grew 23%. On a non-GAAP basis, operating income grew 11% to $1.65 billion, and our operating margin was 26.5%. This includes an approximately 12% or $360 million decline in transaction margin dollars from eBay Marketplaces.

在第二季，我們再次在產品創新與市場推進（go-to-market）計畫上積極投資。本季銷售與行銷費用增加 68%，技術與開發支出成長 23%。以非 GAAP 基礎計算，營業利益成長 11% 至 16.5 億美元，營業利益率為 26.5%。其中包含來自 eBay Marketplaces 的交易毛利金額約 12% 或 3.6 億美元的下滑。

Normalizing for the reserve build last year and subsequent release this year, non-GAAP operating income declined 7% and operating margin was 23.9%. And on a 2-year basis, the compound annual growth rate for operating income is 29%.

若將去年提列準備金以及今年隨後釋放準備金的影響予以正常化，非 GAAP 營業利益下滑 7%，營業利益率為 23.9%。以兩年期基礎計算，營業利益的年複合成長率為 29%。

For the second quarter, non-GAAP EPS grew 8% to $1.15. This includes an approximate $0.27 per share headwind from the decline in eBay Marketplaces transaction margin dollars. Adjusting for our increased credit provisions last year and this year's release of reserves, EPS declined 9%. And on a 2-year basis, this represents 27% earnings growth annually.

第二季非 GAAP 每股盈餘（EPS）成長 8% 至 1.15 美元。其中包含因 eBay Marketplaces 交易毛利金額下滑所帶來約每股 0.27 美元的不利因素。若調整去年提高信用損失準備以及今年釋放準備金的影響，EPS 下滑 9%。以兩年期基礎計算，這相當於每年 27% 的獲利成長。

We ended the quarter with cash, cash equivalents and investments of $19.4 billion. And in addition, we generated $1.1 billion in free cash flow.

本季結束時，我們持有的現金、約當現金與投資為 194 億美元。此外，我們產生了 11 億美元的自由現金流。

I'd now like to discuss our outlook for the rest of 2021. Our business is performing exceedingly well and overall, consistent with the outlook we provided on our last call. Given our strong year-to-date performance and our expectations for the back half, we're raising our TPV outlook and reiterating full year revenue and earnings. We now expect TPV growth to be in the range of 33% to 35% given the strong volume trends in our business.

我現在想談談我們對 2021 年剩餘期間的展望。我們的業務表現極為出色，整體而言也與我們在上次電話會議所提供的展望一致。鑑於我們年初至今的強勁表現以及對下半年的預期，我們上調 TPV 展望，並重申全年營收與獲利。我們目前預期 TPV 成長將落在 33% 至 35% 的區間，反映我們業務中強勁的交易量趨勢。

We continue to expect revenue for the year to be approximately $25.75 billion, representing 20% growth on a spot basis. In addition, we continue to expect non-GAAP earnings per share to be approximately $4.70 or growth of approximately 21%. We raised our 2021 revenue outlook by $250 million or approximately 1 point of growth when we reported our first quarter results in May. We're now absorbing more pressure from eBay than we had previously expected.

我們仍預期全年營收約為 257.5 億美元，以即期（spot）基礎計算代表 20% 的成長。此外，我們仍預期非 GAAP 每股盈餘約為 4.70 美元，或約 21% 的成長。我們在 5 月公布第一季結果時，已將 2021 年營收展望上調 2.5 億美元，或約 1 個百分點的成長。目前我們正承受來自 eBay 的壓力，且高於先前預期。

Our current outlook contemplates an approximately 7-point negative impact to revenue growth for the year. This corresponds to an approximately $0.85 negative impact to non-GAAP EPS from reduced transaction margin dollars. We're pleased that the strength of our platform and the diversification of our business is allowing us to maintain this elevated outlook. In addition, we expect to generate more than $5 billion in free cash flow or approximately $0.20 of free cash flow for every dollar of revenue.

我們目前的展望假設全年營收成長將受到約 7 個百分點的負面影響。這相當於因交易毛利金額減少，對非 GAAP EPS 造成約 0.85 美元的負面影響。我們很高興平台的強勁表現與業務多元化，使我們得以維持這一較高的展望。此外，我們預期將產生超過 50 億美元的自由現金流，或每 1 美元營收約對應 0.20 美元的自由現金流。

Now turning to guidance for the third quarter. This quarter, we're up against our toughest revenue comparisons versus last year. In Q3 '20, we reported 25% revenue growth, our strongest performance for the year. As a result of this dynamic as well as eBay's managed payments transition, our plans had always assumed that, in Q3, we would report our lowest level of quarterly revenue growth for the year. However, we're now planning for eBay's drag on our revenue growth to be greater than previously expected, resulting from both the accelerated pace of merchant migration in international markets as well as some additional core pressure, which magnifies this result.

接著談第三季的指引。本季我們將面臨相較去年最艱難的營收比較基期。2020 年第三季，我們報告了 25% 的營收成長，為全年最強勁的表現。基於這一動態以及 eBay 的管理支付（managed payments）轉換，我們的計畫一向假設第三季將是全年季度營收成長率最低的一季。然而，我們目前規劃 eBay 對我們營收成長的拖累將高於先前預期，原因包括國際市場商戶遷移速度加快，以及一些額外的核心壓力，進一步放大了這一結果。

For the third quarter, we expect revenue to be in the range of $6.15 billion to $6.25 billion. At the midpoint, this represents growth of approximately 14% at spot and includes about 8.5 points drag from eBay or approximately $465 million negative impact. On a 2-year basis, inclusive of this drag, our guidance represents 19% growth. We also expect non-GAAP diluted EPS and to be flat to last year or approximately $1.07, reflecting increased investments to support our growth initiatives and the pressure we're facing from eBay.

第三季我們預期營收將介於 61.5 億至 62.5 億美元。以中位數計算，這代表以即期（spot）基礎約 14% 的成長，並包含來自 eBay 約 8.5 個百分點的拖累，或約 4.65 億美元的負面影響。以兩年期基礎計算（含此拖累），我們的指引代表 19% 的成長。我們也預期非 GAAP 稀釋 EPS 將與去年持平，約為 1.07 美元，反映為支持成長計畫而增加的投資，以及來自 eBay 的壓力。

Our financial performance over the first half of 2021 has been very strong and consistent with the guidance we've outlined at the outset of each quarter. At the same time, the environment in which we're operating, while more stable than a year ago, continues to be very dynamic and more challenging to predict than normal. Adding to the complexity is this exercise of predicting eBay's transition for which we have less than perfect visibility. Each quarter, we've tried to provide our best estimate of the level of performance that we believe we can deliver.

2021 年上半年我們的財務表現非常強勁，且與我們在每季開始時所提出的指引一致。同時，我們所處的營運環境雖較一年前穩定，但仍然非常動態，且比正常情況更難預測。增加複雜性的是，我們需要預測 eBay 的轉換進程，而我們對此並非完全可見。每一季，我們都試圖提供我們認為能夠達成之表現水準的最佳估計。

Overall, our growth remains strong. And importantly, we continue to see the categories that benefited from quarantine measures and shelter-in-place activities last year maintain higher levels of e-commerce volumes in comparison to pre-COVID levels. Our conviction and our ability to drive sustainably strong performance and in the strength of our franchise has never been greater.

整體而言，我們的成長仍然強勁。更重要的是，我們持續看到去年因隔離措施與居家活動而受惠的品類，其電商交易量相較 COVID 前水準仍維持在較高水平。我們對於能夠推動可持續的強勁表現、以及對我們特許經營（franchise）實力的信心，從未如此堅定。

This year, we expect to process approximately $1.25 trillion of payments volume. We expect to grow revenue by 20%, more than offsetting pressure to revenue growth of approximately 7 points from eBay and lapping our strongest year with 22% revenue growth. And given the momentum we have in development and innovation, and the pace of scale of the new experiences we're bringing to our customers, we are investing in our business at record levels. Further, last year, we grew earnings 31%. On top of that performance, this year, we plan to grow our earnings by 21%.

今年我們預期將處理約 1.25 兆美元的支付交易量。我們預期營收成長 20%，不僅足以抵銷來自 eBay 約 7 個百分點的營收成長壓力，且在去年營收成長 22%（我們最強的一年）之後仍能再創成長。鑑於我們在開發與創新方面的動能，以及我們為客戶帶來的新體驗快速擴張的速度，我們正以創紀錄的水準投資於業務。此外，去年我們的獲利成長 31%。在此表現之上，今年我們計畫將獲利再成長 21%。

Importantly, our team has never been more focused or aligned around the shared goal of being the leading digital payments company in the world. Last year was a pivotal moment in our history; and this year, we're building on that foundation and continuing to realize our ambition for greater relevance, ubiquity and impact as a global payments leader.

重要的是，我們的團隊從未如此專注且一致地圍繞共同目標：成為全球領先的數位支付公司。去年是我們歷史上的關鍵時刻；而今年，我們將在此基礎上持續推進，並作為全球支付領導者，繼續實現我們在更高相關性、更廣泛普及度與更大影響力方面的抱負。

We look forward to sharing more of our progress with you. With that, I'll turn it over to the operator for questions.

我們期待與各位分享更多進展。接下來，我將把時間交給接線員進行提問。

(Operator Instructions) Your first question is from Tien-Tsin Huang of JPMorgan.

（接線員指示）您的第一個問題來自摩根大通（JPMorgan）的 Tien-Tsin Huang。

Just with the third quarter guidance being a little bit lighter than trend but you're also reaffirming the year even with eBay expected to be 1 point worse, can you just reconcile that thinking between the third quarter and holding the year? And then also if you could just help us bridge third quarter to fourth quarter growth for us given all the moving pieces here, that would be great.

第三季指引看起來比趨勢稍微保守一些，但即使預期 eBay 會再差 1 個百分點，你們仍重申全年展望。能否說明一下第三季與維持全年展望之間的思考如何一致？另外，考量這裡有很多變動因素，能否也協助我們銜接第三季到第四季的成長走勢？那就太好了。

Sure, Tien-Tsin. I'll start there. Look, third quarter has always been -- was going to be our toughest quarter from a year-over-year growth rate perspective for a lot of the reasons I outlined.

當然，Tien-Tsin。我先從這裡開始。你看，從年對年成長率的角度來看，第三季一直都是——也將會是——我們最艱難的一季，原因有很多我已經說明過。

There are a number of reasons that are contributing to the growth in the fourth quarter, but I think before I get into them, it's important to understand that if you look on a year-over-2-year basis, the revenue growth actually is very consistent in each quarter this year. And for the full year, we'll be growing in the neighborhood of 20%.

有多項因素將推動第四季的成長，但在我談這些之前，先理解一點很重要：如果你以年對兩年（year-over-2-year）的基礎來看，今年每一季的營收成長其實都非常一致。而就全年而言，我們的成長將大約在 20% 左右。

But of the items that are contributing to the growth in the fourth quarter, there's a few that I think are notable to call out. One is certainly less pressure from eBay. That abates somewhat in the fourth quarter. We also have some benefit from the pricing changes that we announced that go into effect next month. And then we have a number of different initiatives that we're rolling out in the second half of the year in which we get most of the benefit or a full quarter's worth of benefit in the fourth quarter.

至於推動第四季成長的因素，有幾項我認為值得特別指出。其一當然是來自 eBay 的壓力較小，第四季會有所緩解。其次，我們先前宣布、並將於下個月生效的定價調整也會帶來一些助益。再者，我們在下半年將推出多項不同的計畫，而其中大部分的效益——或一整季的效益——會在第四季反映出來。

And so all of those things tend to drive, I think, some acceleration in what we're seeing in revenue from the third quarter to the fourth quarter. And then as usual, we always have some seasonality around the holiday shopping season, which we again expect this year.

因此，這些因素都會推動我們看到營收從第三季到第四季出現一定程度的加速。再者，如同以往，我們在假期購物季周邊也一向存在季節性因素，而我們今年也同樣預期會如此。

If there's one thing I can add to John's comments is Q3 is the height of eBay pressure. And then as John mentioned, as we go into Q2, those headwinds that have been going against us on eBay turnaround and become tailwinds. So we have something like 850 basis points of pressure in Q3, as John mentioned. That drops to 600 basis points of pressure as we go into Q4, so that's a natural lift of about 2.5 points of revenue growth. And as we go into 2022, that continues to help our results.

如果我能補充 John 的評論：第三季是 eBay 壓力最大的高峰。接著如 John 所提，當我們進入第四季時，那些在 eBay 方面對我們不利的逆風會開始回轉並成為順風。因此，如 John 所說，第三季大約有 850 個基點的壓力；進入第四季後，壓力降至 600 個基點，這自然會帶來約 2.5 個百分點的營收成長率提升。而進入 2022 年後，這也將持續有助於我們的結果。

And I think if you look beyond the eBay impact and look at our adjusted results, you can see that the core business and the strength of our franchise has really never been performing better. I think John mentioned one thing that I think is worth highlighting, that the elevated spend around online is continuing even as we see economies reopen. I mean you could see that in our growth rates of our volumes up 40%, 48% without eBay. But if you even look at things like our daily active users, our daily active users versus pre-pandemic levels are up 43%. They were up substantially last year, and they continue to grow as we go into this year.

而且我認為，如果你把視角放在 eBay 影響之外、看我們的調整後結果，你會看到核心業務以及我們特許經營的實力，實際上從未表現得比現在更好。我想 John 提到的一點值得強調：即使我們看到各地經濟重新開放，線上相關的高支出仍在持續。我的意思是，你可以從我們的交易量成長率看出來——成長 40%、48%（不含 eBay）。但如果你再看像是我們的每日活躍用戶，我們的每日活躍用戶相較於疫情前水準增加了 43%。去年已經大幅上升，而進入今年仍持續成長。

And so I think we have a lot of strength in the core. Some of that's being matched by eBay, but eBay is all about timing. We always knew these revenues were moving away. It's just a matter of timing. And now we've got kind of what we think is the right case, 100% in third quarter, and then from there on in, those pressures abate.

因此我認為我們的核心有很強的動能。其中一部分被 eBay 的因素所抵銷，但 eBay 這件事完全是時間點問題。我們一直都知道這些營收會逐步移出，只是時間早晚而已。現在我們大概已經看到我們認為正確的情境：第三季達到 100%，之後這些壓力就會逐步緩解。

Agreed. No, I think it's just better to rip off the Band-Aid as we say.

同意。不，我覺得就像我們說的，乾脆把 OK 繃一次撕掉比較好。

Flush it out of the system, exactly right.

把它從系統裡清掉，完全正確。

Your next question is from Ashwin Shirvaikar of Citi.

下一個問題來自花旗（Citi）的 Ashwin Shirvaikar。

I know you both provided a lot of information on eBay throughout your prepared remarks, but I did want to drill down further into sort of the overall effect of eBay on your results and if you can kind of speak to the ongoing impact through the back half of the year and into next year. And then the flip side, obviously, you've mentioned the ex-eBay performance, the 32% growth and so on. Should one expect that to be coming out of this, that sort of growth rate to be sort of a more normal appearance of what you can do?

我知道你們兩位在事先準備的發言中已經提供了很多關於 eBay 的資訊，但我確實想再更深入了解 eBay 對你們整體業績的影響，以及你們能否談談今年下半年到明年持續性的影響。然後反過來，顯然你們也提到不含 eBay 的表現，例如 32% 的成長等等。大家是否應該預期，走出這段影響後，那樣的成長率會更常態地呈現、也就是你們可達成的較正常水準？

Sure. I'll start, Ashwin. I'm sure Dan will want to jump in. Look, I think there's a couple of metrics that really highlight the true performance of our business. But to start with, we've always known that 2021 was going to be the year where we had the most significant impact from eBay. And the fact that we're lapping what was tremendous growth last year and still performing at the level that we are this year in the face of that impact from eBay is really just quite phenomenal.

當然。我先開始，Ashwin。我相信 Dan 也會補充。你看，我認為有幾個指標能真正凸顯我們業務的實際表現。不過先從一點說起：我們一直都知道 2021 年會是 eBay 對我們影響最顯著的一年。而在 eBay 影響之下，我們還要與去年非常強勁的成長基期相比，卻仍能在今年維持目前這樣的表現，這真的相當驚人。

But I'll give you an example that I think really tells the picture here. So last year, in the second quarter, we grew revenue 22%. And in that number, there was a benefit of 5 percentage points of growth from eBay. So 22% revenue growth with 5 percentage points of benefit from eBay. This year, in the second quarter, we grew revenue 19%, and that number included 800 or 8 percentage points of headwind related to eBay's business. And so that really underscores the strength of the franchise and how well we're performing right now.

我舉個例子，我認為這能很清楚地說明情況。去年第二季，我們營收成長 22%。在這個數字裡，eBay 帶來了 5 個百分點的成長貢獻——也就是營收成長 22%，其中 5 個百分點來自 eBay 的助益。今年第二季，我們營收成長 19%，而這個數字包含了與 eBay 業務相關的 800 個基點、也就是 8 個百分點的逆風。因此這真的凸顯了我們特許經營的實力，以及我們目前表現得有多好。

And quite frankly, it's something that we're very excited about because this sets us up for, I think, much cleaner performance going forward and an acceleration in some of our growth rates when eBay is a much slower growing and smaller part of our business going forward.

坦白說，這也是我們非常興奮的原因，因為這讓我們在未來能有更乾淨的表現；當 eBay 成為我們業務中成長更慢、占比更小的一部分時，我認為我們的一些成長率也會加速。

And if I can maybe complement some of John's comments there, first of all, I do want to say this about eBay. Obviously, they remain a very close strategic partner for us. We still have about 60% share of checkout on eBay and obviously, eBay merchants and consumers want and desire to use PayPal. If you think about -- just to give perspective, historic perspective, if you think about when we split from eBay 6 years ago, eBay's revenues as a percent of our total were 26% of our total revenues. And we believe that they're going to end this year around 3% or so and that their TPV is going to be under 3% as a percent of our overall volumes.

如果我可以補充 John 的一些評論，首先我確實想先談談 eBay。很明顯，他們仍然是我們非常緊密的策略夥伴。我們在 eBay 的結帳仍約有 60% 的市占，而且顯然 eBay 的商家與消費者都希望、也想要使用 PayPal。若從歷史角度來看——給大家一個參考——當我們在 6 年前從 eBay 分拆時，eBay 的營收占我們總營收的比例是 26%。而我們認為他們今年年底大約會降到 3% 左右，且他們的 TPV（總支付金額）占我們整體交易量的比例也將低於 3%。

And so this is, as I mentioned before, it's a timing issue. And frankly, the sooner eBay transitions, the better it is for our future revenue growth. I'd also say just one other thing. We are making a lot of progress with a lot of other marketplaces coming out of the eBay restrictions, and we continue to see Alibaba continue to ramp. We're really pleased to watch the growth rates there. And we're making a lot of progress with a lot of other marketplaces that we'll talk about as we get along further in the year.

因此，正如我先前提到的，這是時間點問題。坦白說，eBay 越早完成轉換，對我們未來的營收成長越有利。我也想再補充一點：隨著我們逐步走出 eBay 限制，我們在許多其他市集平台上取得了很大進展，而且我們也持續看到阿里巴巴（Alibaba）不斷放量成長，我們很高興看到那裡的成長率。我們也在許多其他市集平台上取得很大進展，之後在今年稍晚我們會再談到。

So this eBay transition is behind us at the end of this quarter. The headwinds dissipate, and we're glad to start to move forward. And as John said, we'll really be able to see the strength of the franchise start to shine as a result of that.

所以這個 eBay 的轉換在本季結束時就會告一段落。逆風會消散，我們也很高興能開始往前走。正如 John 所說，屆時我們就能更清楚看到特許經營的實力因此開始發光。

Your next question is from James Faucette of Morgan Stanley.

下一個問題來自摩根士丹利（Morgan Stanley）的 James Faucette。

I'm sure there'll be additional questions on the quarterly cadences and eBay. But I wanted to touch on -- or for you to touch on something you mentioned earlier, and that is growing in-store acceptance and QR codes. We've heard some positive things from industry sources recently on growing usage there, and I'm wondering if you can give a little color on what you're seeing from PayPal's perspective and how your acceptance works with the partnership with Clover from Fiserv and what is done to enable that for merchants and consumers.

我相信接下來還會有人就季度節奏與 eBay 提更多問題。但我想請你們談談——或請你們補充——你們先前提到的一件事，也就是擴大線下門市受理與 QR Code。我們最近從產業來源聽到一些正面的訊息，說那邊的使用量正在增加。我想知道從 PayPal 的角度你們看到的是什麼，以及你們與 Fiserv 的 Clover 合作下，你們的受理機制如何運作，並且為商家與消費者做了哪些事情來促成這件事。

Yes, yes. I think I'll start on this one, and then maybe John can kick in. So first of all, clearly, pretty much every merchant, whether it's small, mid-size or large, is envisioning a seamless omni-channel feature. And that's where physical and online kind of blur together that they now start to use that to digitally interact with their customers to basically tie in their loyalty programs, customize deals and offers to individual consumers. And that is moving well beyond just checkout.

是的，是的。我想我先回答這題，然後也許 John 可以補充。首先，很明顯，幾乎每一位商家——不論是小型、中型或大型——都在構想一種無縫的全通路（omni-channel）體驗。也就是實體與線上開始變得模糊，商家開始用這種方式與客戶進行數位互動，基本上把他們的會員／忠誠度計畫串起來，為個別消費者客製化優惠與方案。而這已經遠遠超出單純的結帳。

Before, we were thinking QR codes and other forms of contactless payments were great because it was both fast and maybe more healthy in a pandemic environment, but all of our conversations have -- go beyond checkout. People are looking to drive loyalty. They're looking to drive rewards and coupons, more flexibility, how consumers like order, track, pay for their services, customized incentives. And so that's really the conversations that we're having, and that's why we're getting a ton of traction.

以前我們認為 QR Code 和其他非接觸式支付形式很棒，因為它既快速，也可能在疫情環境下更健康；但我們所有的對話都——超越了結帳。大家想要推動忠誠度，想要推動回饋、獎勵與優惠券，想要更大的彈性，想要讓消費者能以他們喜歡的方式下單、追蹤、付款並取得服務，以及客製化的誘因。因此這才是我們正在進行的對話，也正因如此我們獲得了大量的市場牽引力。

By the way, I do think that this seamless omni-channel efforts by us is key to us doing everyday usage. And if I look at not just multiple millions of consumers that are using our QR codes, but what's happening is they also are spending 19% more TPV on the PayPal platform. And that halo effect is a big deal as we look forward, especially as we look towards the super app, which maybe somebody will talk about later.

順帶一提，我確實認為我們推動這種無縫全通路的努力，是我們實現「日常使用」的關鍵。如果我不只看數以百萬計使用我們 QR Code 的消費者，還看到的是：他們在 PayPal 平台上的 TPV 也多了 19%。而這種光環效應（halo effect）在我們往前看時非常重要，尤其是當我們朝向超級 App 發展——也許稍後會有人談到。

But the more and more of these services we put together, the more and more of that halo impact that occurs. And so we obviously are up to now 1.3 million merchants. Every 20 second, a merchant's signing up for more QR codes with us. We have a lot of momentum with large enterprises right now, but the conversations have moved to how do we fully integrate their loyalty programs into our app, how do we drive customized deals for them. And so those are taking a little longer to go live to site, but they're much more integrated than we've ever seen before.

但我們把這些服務整合得越多，這種光環效應就越明顯。因此我們目前已經有 130 萬家商戶。每 20 秒就有一位商戶向我們註冊、採用更多 QR Code。我們在大型企業客戶方面目前動能很強，但對話已經轉向：我們要如何把他們的忠誠度計畫完整整合進我們的 App？我們要如何為他們推動客製化優惠？因此這些專案上線到站點（go live to site）會花更久時間，但其整合程度也比我們過去看到的任何情況都更深。

And we're seeing with customers like CVS, once you start to integrate that together, once you start to get a habituation, we saw CVS transactions go up 151% on month-over-month. And so we're really beginning to see some traction in the marketplace around all of these things. Very excited about it. It's going to be a multiyear journey for us, but we know that both merchants and customers expect us to be fully omni.

而且我們也看到像 CVS 這樣的客戶，一旦開始把這些整合起來、一旦開始形成使用習慣，我們看到 CVS 的交易筆數月對月成長 151%。因此我們真的開始在市場上看到這些事情帶來的牽引力。我們對此非常興奮。這會是我們一段跨多年的旅程，但我們知道商家與客戶都期待我們能做到完整的全通路。

Yes. By the way, James, one other thing. You talked about Fiserv Clover. I forgot about that. So that is rolling out this quarter. We are a default funding instrument on Clover. It's a very close partnership that we have with Fiserv and looking forward to reporting more on that as the quarters go on.

是的。順帶一提，James，還有一件事。你提到 Fiserv 的 Clover，我剛剛忘了說。那個合作會在本季推出。我們在 Clover 上是預設的資金來源工具（default funding instrument）。我們與 Fiserv 的合作非常緊密，也期待在接下來的季度中能分享更多進展。

Your next question is from Darrin Peller of Wolfe Research.

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

Look, it's great to hear that the super app refresh is going well. If you could just give us a little more specifics on the timing of the rollout and then what you're looking for to mean in terms of engagement or impact on NNA levels. And I guess just quickly on NNAs, Dan, you mentioned earlier you're still confident in the high end of the 52 million to 55 million range, which would require a bit of a step-up from second quarter levels. So just any more color on the conviction there?

聽到超級 App 的改版進展順利很棒。如果可以的話，請再提供更具體的推出時程，以及你們希望它在互動度上代表什麼、或對 NNA 水準的影響。然後我想也快速問一下 NNAs：Dan，你先前提到你仍有信心達到 5,200 萬到 5,500 萬區間的高端，這將需要相較第二季水準有一些加速。所以想請你再多談一些你對此的把握與依據？

Yes, sure. I'll start right with that quickly. We always knew that second quarter was going to be the low point of the year because we did '21 like 0.3 million or 0.4 million NNAs a year ago. And even though they're performing better than cohorts that we previously had historically, their churn is lower, it's still a ton of incremental churn versus traditional cohorts on the second quarter.

是的，當然。我會很快直接從這點開始。我們一直都知道第二季會是全年低點，因為去年我們在 2021 年第二季大概做了 30 萬或 40 萬的 NNA。即使這些客群的表現比我們過去歷史上的批次更好、流失率更低，但相較於第二季的傳統客群，仍然帶來大量的新增流失。

And we're clearly beginning to see that dissipate already this year as I look at NNAs coming in, and so I feel really good about that guidance right now. Q4 is always our high point of the year, and so you'll see it start to build from second quarter up into third quarter and then up again into fourth quarter.

而且很明顯地，當我看今年進來的 NNA 時，我們已經開始看到這種影響在消退，所以我對目前的指引感覺非常好。第四季一向是我們全年高點，因此你會看到它從第二季開始往第三季攀升，然後再往第四季再上去。

And then maybe if I can just -- if that answers your question on NNA, I'll go quickly into the super app. We made a really substantial milestone by being code complete on this first iteration of the super app. We're slowly ramping. This is the first change we've done to the app since I've been here, that we've done to the app. And so we want to kind of measure what the engagement levels are and the uptake of it.

然後也許我可以——如果這回答了你關於 NNA 的問題，我就快速談一下超級 App。我們在這個超級 App 的第一個迭代版本上，完成了程式碼（code complete）這個非常重大的里程碑。我們正在慢慢放量。這是我在這裡以來，我們對 App 做的第一次變更——我們對 App 做的變更。因此我們想要衡量它的互動程度以及採用情況。

But this is going to be something where -- this isn't a Big Bang theory that this app in and of itself, this version is the be-all and end-all. It, obviously, is going to look across payments, basic financial services and shopping tools. You're going to see releases and enhanced functionality come out pretty much every single quarter; but early on, that's going to include things like high-yield savings, enhanced bill pay, which will do improved search and a better UX, more billers, aggregators. We're going to do 2-day early access to direct deposit, budgeting tools, something we haven't talked about, 2-way messaging.

但這會是這樣的事情——這不是什麼「大爆炸」理論，並不是說這個 App 本身、這個版本就是終極版本。它顯然會涵蓋支付、基礎金融服務與購物工具。你幾乎每一季都會看到版本釋出與功能強化；但在早期，會包含像是高收益儲蓄、強化的帳單支付（可提供更好的搜尋與更佳的 UX）、更多帳單商戶、聚合器。我們會提供薪資直撥（direct deposit）提前 2 天入帳的早期使用權、預算工具（這是我們之前沒談過的）、雙向訊息。

So if I P2P you $10 for whatever you're doing and you want to message me right back without sending me a P2P, you can go do that. And we think that's going to drive a lot of engagement on the platform. You don't have to leave the platform to message back and forth.

所以如果我用 P2P 轉你 10 美元作為你做某件事的費用，而你想立刻回訊給我、但不需要再發一筆 P2P，你就可以這麼做。我們認為這會帶動平台上大量的互動。你不必離開平台就能來回傳訊。

Obviously, the UX is being redesigned. We've got rewards and shopping. We've got a whole giving hub around crowdsourcing, giving to charities. And then obviously Buy Now, Pay Later will be fully integrated into it.

顯然，UX 正在重新設計。我們有獎勵與購物。我們也有一個完整的捐贈中心，圍繞群眾募資、捐款給慈善機構。然後很明顯地，「先買後付」（Buy Now, Pay Later）也會完整整合進去。

And by the way, as we go into next year, we got all -- the last time I counted, it was like 25 new capabilities that we were going to put into the super app. And so I don't want to dismiss at all what we've done right now, but it just continues to improve going forward.

順帶一提，當我們進入明年，我們有——我上次數的時候，大概有 25 項新能力要放進超級 App。所以我完全不想淡化我們現在做的成果，但它接下來只會持續變得更好。

And the way that I'm looking at success with the super app is what kind of engagement levels do we get. I fully expect engagement to move up. What's happening to our average revenue per active account? By the way, even with the new services we've recently launched, our average revenue per active account ex eBay went up 13% this past quarter, and that's a really good sign, along with the 11% improvement in TPA, which was really a record in the last 4 years or so.

而我看超級 App 成功與否的方式，是看我們能取得什麼樣的互動水準。我完全預期互動會上升。我們每個活躍帳戶的平均營收怎麼變化？順帶一提，即使在我們最近推出的新服務之下，我們每個活躍帳戶的平均營收（不含 eBay）在本季仍成長了 13%，這是非常好的訊號；再加上 TPA 提升 11%，這在過去大約 4 年左右其實是個紀錄。

And so we've got a lot going on, I think, engagement, average revenue per active user, and then we'll look clearly at all the halo effect as well. But we're excited to be on the journey right now and be underway. And again, you'll just see it continue to improve quarter-over-quarter.

所以我認為我們有很多事情在進行：互動、每位活躍用戶的平均營收，然後我們也會清楚地觀察所有的光環效應（halo effect）。但我們很興奮能在這段旅程上、並且已經啟動。再說一次，你會看到它一季比一季持續改善。

Your next question is from Colin Sebastian of Baird.

你的下一個問題來自 Baird 的 Colin Sebastian。

Wanted to follow up on the Pay Later initiatives because, clearly, you're gaining nice traction with users. I wonder how much of that activity is incremental to volume if that's just a function of the higher conversion rate. And secondarily, we've heard from some merchants that return rates are a little bit higher with Pay Later, so I'm just curious if that impacts merchant adoption at all.

我想追問一下 Pay Later 的計畫，因為很明顯你們在用戶端取得了不錯的動能。我想知道其中有多少活動量是對交易量（volume）的增量貢獻，還是只是因為轉換率更高所帶來的結果。其次，我們也聽到一些商戶說，使用 Pay Later 的退貨率略高，所以我想了解這是否會影響商戶採用。

Yes, sure. So look, it was a another terrific quarter, I mean, just in every way for Buy Now, Pay Later. As I mentioned, we did $1.5 billion of TPV in the quarter alone. That's not a $3.5 billion, but this is the amazing piece of stat on that $1.5 billion. That's up 50% from Q1 sequentially, so you can really see that even if we had so much momentum in Q1, that momentum really accelerated in Q2.

是的，當然。你看，這又是一個非常出色的季度，我是說，Buy Now, Pay Later 在各方面都表現很好。如我提到的，我們單季就做了 15 億美元的 TPV。這不是 35 億美元，但關於這 15 億美元有個很驚人的數據：相較 Q1 連續成長了 50%，所以你真的可以看到，即使我們在 Q1 已經有很強的動能，這個動能在 Q2 其實又加速了。

We've got a bunch more merchants using it now, 650,000 merchants. More and more of them are presenting it upstream on their product pages. That obviously gives us a disproportionate share of checkout when that occurs. And you could tell by the 7 million customers doing 20 million-plus transactions that, obviously, our repeat rates are extremely high.

現在有更多商戶在使用它，達到 65 萬家商戶。越來越多商戶在商品頁面上游就展示它。當這種情況發生時，顯然會讓我們在結帳時取得不成比例的份額。從 700 萬名客戶完成 2,000 萬筆以上交易也看得出來，我們的回購／重複使用率顯然非常高。

There's a lot of satisfaction with the product. It's still something like 70% are repeating within 6 months. And our halo effect is the same as it was last quarter, still a 15% halo effect in TPV, still a substantial reduction in our TE costs, about a 16% reduction. We're still seeing 80% plus of these funded through debit. And Australia, we put in place just a couple of weeks ago, and bam, it's off to a really strong start right away.

大家對這個產品的滿意度很高。大概仍有 70% 會在 6 個月內再次使用。而我們的光環效應與上季相同：TPV 仍有 15% 的光環效應；我們的 TE 成本仍大幅下降，約下降 16%。我們仍看到 80% 以上是透過簽帳卡（debit）資金來源來完成。澳洲我們也就在幾週前才上線，砰的一下，立刻就有非常強勁的起步。

So -- and part of the reason that we're getting such strong results is because we have 400 million customers. And when we put something in, it happens at scale. And we know those customers, so the approval rates are much higher. Returns are lower because we know the customer. And so a lot of the other Buy Now, Pay Later players don't necessarily know the consumer the way that we know the consumer in this.

所以——我們能取得這麼強的成果，部分原因是我們有 4 億客戶。當我們導入某個東西時，就會以規模化的方式發生。我們也了解這些客戶，所以核准率高得多。退貨率更低，因為我們了解客戶。因此，很多其他的 Buy Now, Pay Later 業者不一定像我們一樣了解消費者。

And so we're pretty pleased. We've got a ton on our road map ahead in terms of expanding internationally, the more and more functionality that we want to put on the product itself.

所以我們相當滿意。接下來在路線圖上還有很多事情要做，包括國際擴張，以及我們想在產品本身加入越來越多的功能。

Colin, I'd just add a couple of points there, I think, are really encouraging as we look at the early progress there. One is that where we have upstream presentment, we see a double-digit click-through rate from consumers, which is quite encouraging and particularly, when you think about what Dan mentioned in scaling that across all of our customer base. But the other, and it's a very important one and actually ties back into Darrin's previous question around revenue per user and engagement, but we see a 15% lift in overall TPV among those customers that are using Buy Now, Pay Later. So we're early stages here, but as we've repeatedly said, we think that we've got a value proposition that is, frankly, second to none and quite encouraged by some of the early results that we're seeing.

Colin，我再補充幾點，我認為在看早期進展時，這些都非常令人鼓舞。第一是，在我們有上游展示的地方，我們看到消費者的點擊率達到兩位數，這相當令人鼓舞，尤其當你想到 Dan 提到要把它擴展到我們整個客戶基礎的規模。但另一點也非常重要，而且其實呼應 Darrin 先前關於每位用戶營收與互動的問題：我們看到使用 Buy Now, Pay Later 的客戶，其整體 TPV 提升了 15%。我們仍在早期階段，但正如我們一再說的，我們認為我們的價值主張坦白說是無可匹敵的，而我們對目前看到的一些早期結果感到相當振奮。

Your next question is from David Togut at Evercore ISI.

你的下一個問題來自 Evercore ISI 的 David Togut。

Given the new PayPal pricing model on branded and unbranded products effective August 2, can you gauge for us the expected annualized impact on revenue and non-GAAP EPS from these changes? And then as part of that, could you just elaborate on your physical point-of-sale payment strategy given the size of the price cut on physical credit and debit card transactions is quite substantial.

鑑於 PayPal 對品牌與非品牌產品的新定價模式將於 8 月 2 日生效，你們能否為我們評估這些變更對營收與非 GAAP EPS 的預期年化影響？另外，作為其中一部分，能否請你們進一步說明你們的實體門市（physical point-of-sale）支付策略，因為對實體信用卡與簽帳卡交易的降價幅度相當可觀。

Sure, I'll take the first part of that question, David. Look, our pricing change included both price increases and price decreases, and it remains to be seen sort of the volume changes that come from each of those. And so in the context of our $25-plus billion revenue base, I would say that for the year these are relatively immaterial on our results. But I think very importantly, this provides a lot more transparency and clarity to our customer base around how we're pricing and really trying to price to the value that we provide for these customers.

當然，David，我先回答問題的第一部分。你看，我們這次的定價調整同時包含漲價與降價，而各項調整所帶來的交易量變化仍有待觀察。因此，在我們 250 億美元以上的營收基礎之下，我會說今年這些變動對我們的結果相對不具重大性。但我認為非常重要的是，這讓我們的客戶群對我們如何定價有更高的透明度與清晰度，也就是我們真的在嘗試依據我們為客戶提供的價值來定價。

And we've demonstrated time and again where that value comes from and just survey data on customers' willingness to buy when PayPal is presented at checkout that is exponentially greater than when it's not. So this is probably overdue. It's been the first time in 20 years that we've made a change to our base pricing like this. But certainly, I think it puts us more in line with the market and really prices to the value that we're creating for our customer base.

而我們一再證明這些價值從何而來——從調查數據來看，當結帳時有呈現 PayPal，客戶的購買意願會比沒有呈現時高出好幾個量級。所以這可能早就該做了。這是 20 年來我們第一次像這樣調整基礎定價。但我認為這確實讓我們更貼近市場，也真正依據我們為客戶群創造的價值來定價。

Yes. I think that's a pretty comprehensive response from John. I mean we obviously carefully review every one of our pricing changes up or down. We do extensive market research before we do any change. And as John said, we look at where we add value and we price in accordance with that.

是的。我認為 John 的回覆已經相當全面。我的意思是，我們顯然會非常審慎地檢視每一項上調或下調的定價變更。在做任何變更之前，我們都會進行大量的市場研究。正如 John 所說，我們會看我們在哪裡創造價值，並依此來定價。

Clearly, on the branded side, we think we add a tremendous amount of value, things that John talked about, buyer and seller protection, Buy Now, Pay Later at no incremental cost, fraud protection, highest checkout conversion, et cetera. But we took down rates for basic full-stack processing. That also was reduced somewhat substantially from the 2.9%, plus $0.30 to 2.59%, plus $0.49. And that is going to enable us to aggressively compete for all of the payment processing of the merchants that do business with us.

顯然，在品牌化那一端，我們認為我們帶來了巨大的價值，包括 John 談到的買家與賣家保護、Buy Now, Pay Later（先買後付）且不增加額外成本、詐欺防護、最高的結帳轉換率等等。但我們下調了基本的全套（full-stack）處理費率。該費率也從 2.9% 加上 0.30 美元，相當大幅度地下調至 2.59% 加上 0.49 美元。這將使我們能夠積極競爭與我們往來商戶的所有支付處理業務。

And you've heard us say time and time again, David, that we were going to move into the in-store space. We're going to move so aggressively in there. We rolled out Zettle in the U.S., is a really beautiful full package. It doesn't just include card reader but inventory management, sales reads out and allows a merchant to seamlessly load inventory in both their online and in-store locations and then across multiple channels as well.

而且你也一再聽我們說過，David，我們將進軍店內（in-store）場景。我們會非常積極地推進。我們已在美國推出 Zettle，這是一個非常漂亮的完整套裝。它不僅包含讀卡機，還有庫存管理、銷售讀取，並讓商戶能夠在其線上與線下門市地點無縫載入庫存，並且也能跨多個通路運作。

And so we're obviously going to be very aggressive on moving into in-store, and it's always been part of our strategy. And by the way, if a small merchant does all of their business with us, they can actually see their overall costs come down. And we want to encourage them to do all of their business with us because we are a trusted platform. They do turn to us, and we price, we think, the right way. We finally have unbundled some of this branded and unbranded because that's how the market is playing. And we know where we want to be aggressive, and we're going after that.

因此，我們顯然會非常積極地進軍店內場景，而這一直都是我們策略的一部分。順帶一提，如果小型商戶把所有業務都交給我們處理，他們其實可以看到整體成本下降。我們希望鼓勵他們把所有業務都交給我們，因為我們是一個值得信賴的平台。他們確實會依賴我們，而我們也以我們認為合適的方式定價。我們終於將部分品牌化與非品牌化（unbranded）服務拆分開來，因為市場就是這樣運作的。我們知道我們想在哪些地方採取更積極的策略，並且正朝那個方向推進。

Your next question is from Ramsey El-Assal of Barclays.

下一個問題來自 Barclays 的 Ramsey El-Assal。

Dan, I wanted to get your updated view on crypto and blockchain and see how you guys are planning on engaging with the ecosystem from a consumer product perspective. And I know you just mentioned some new crypto capabilities in the new app. But also from like a balance sheet perspective and internal technology perspective, how will you kind of engage with the ecosystem in the quarters ahead?

Dan，我想了解你對加密貨幣與區塊鏈的最新看法，並看看你們打算如何從消費者產品的角度與這個生態系互動。我知道你剛才提到新 App 裡的一些新加密功能。但另外，從資產負債表角度以及內部技術角度來看，接下來幾個季度你們會如何與這個生態系互動？

Yes. Well, we continue to be really pleased with the momentum we're seeing on crypto. And we're obviously adding incremental functionality into that whether -- you probably saw increased limits to $100,000 a week. We're right in the middle of some open banking integration, which will increase the ability to fully integrate it into ACH and do faster payments.

是的。我們對加密業務所看到的動能仍然非常滿意。我們也顯然在持續增加額外功能，例如——你可能看到我們把限額提高到每週 100,000 美元。我們正處於一些開放銀行（open banking）整合的中期階段，這將提升其與 ACH 的完整整合能力，並實現更快速的支付。

We're going to launch, hopefully, maybe even next month in the U.K., open up trading there. We're working right now on transfers to third-party wallets, and we really want to make sure that we create a very seamless process for taxes and tax reporting. And so we're really looking at how do we integrate that into both the trading and the buy with crypto on our platform.

我們希望在英國推出——也許甚至下個月——開放當地的交易。我們目前正在開發轉帳到第三方錢包的功能，同時我們也非常希望確保能為稅務與報稅申報建立一個非常無縫的流程。因此我們正在研究如何把這些整合到我們平台上的交易，以及用加密貨幣購買（buy with crypto）之中。

But I will say this, like all of that is interesting, but it isn't the main course in terms of what we are trying to do with our blockchain and digital currency business unit. We are clearly thinking about what the next generation of the financial system looks like, how we can help shape that. We are working with regulatory agencies, central banks across the world, the number of countries that are looking at CBDCs. Central-bank-issued digital currencies is increasing rapidly. You're like at 40 countries like 6 months, a year ago. You're almost up to 100 countries looking at it right now.

但我想說的是，這些都很有趣，但就我們區塊鏈與數位貨幣事業部想做的事情而言，這並不是主菜。我們很清楚地在思考下一代金融體系會是什麼樣子，以及我們如何協助塑造它。我們正在與監管機構、全球各地的中央銀行合作，因為正在研究 CBDC 的國家數量正在快速增加。由中央銀行發行的數位貨幣正在迅速增加。大約 6 個月到 1 年前，你看到大概 40 個國家在研究；現在幾乎接近 100 個國家正在研究。

And clearly, there is an opportunity to think about a new infrastructure that can more efficiently read that to be a lower cost, do transactions and also getting money to people much faster than happens today. I mean the other day, I sent an EFT from 1 bank to another bank, and that bank told me we're taking 3 days to access that money on the EFT I sent. That's crazy. It needs to be instantaneous. And there's a lot of desire by governments to really think how can you create a more efficient system using new technology to bring in more citizens, more underbanked, underserved citizens into the financial system because they disproportionately pay a higher take rate than those who are fully banked or higher income levels.

而且很明顯，這裡有機會去思考一種新的基礎設施，能更有效率地支援這些需求、降低成本、進行交易，並且也能比現在更快把資金送到人們手上。我的意思是，前幾天我從一家銀行向另一家銀行發了一筆 EFT，而那家銀行告訴我，他們需要 3 天才能讓我動用我發出的那筆 EFT 資金。這太荒謬了。它應該是即時的。各國政府也非常希望思考：如何利用新技術建立更有效率的系統，把更多公民、更多銀行服務不足（underbanked）、服務不足（underserved）的公民納入金融體系，因為相較於完全有銀行服務或較高收入族群，他們往往要支付不成比例更高的費率（take rate）。

And there's a lot of connections between digital wallets And central-bank-issued digital currencies. Imagine not having to send out stimulus checks but sending those directly into a digital wallet where you instantaneously receive it, and you don't have to go and -- to a check cash-in location and exchange that and get charged for that exchange. There's just so many benefits to that as well as just plain utility to payments. How can we use smart contracts more efficiently? How can we digitize assets and open those up to consumers that may not have had access to that before? There are some interesting DFI applications as well.

而數位錢包與中央銀行發行的數位貨幣之間有很多連結。想像一下，不必寄發紓困支票，而是直接把款項打進數位錢包，你可以即時收到，也不必去支票兌現地點把支票換現並為此支付兌換費用。這樣做有非常多好處，此外在支付的純粹效用上也一樣。如何更有效率地使用智慧合約？如何將資產數位化並向過去可能無法取得的消費者開放？也有一些有趣的 DFI 應用。

And so we are working really hard. And by the way, as you probably have seen, we are trying to pick off the very best talent in the ecosystem to come work here at PayPal. We have a list of names and phone numbers, and we are slowly but surely building a team that I think is going to really shape the thought process around this. And I'm really pleased with at least the early returns on that. Hopefully, that helps you.

因此我們正在非常努力地推進。順帶一提，如你可能已經看到的，我們正試圖延攬生態系中最頂尖的人才來 PayPal 工作。我們有一份姓名與電話號碼清單，並且正一步一步地建立一個團隊；我認為這個團隊將真正塑造圍繞這件事的思考方式。我對至少目前的初步成果感到非常滿意。希望這能回答你的問題。

And we have time for one last question from Jason Kupferberg of Bank of America.

我們還有時間進行最後一個問題，來自美國銀行（Bank of America）的 Jason Kupferberg。

Just wanted to ask a couple here on margin. And for starters, can you just reconcile for us the unchanged revenue and EPS guidance for the year with the lowered operating margin guidance? And talk about how much of the guidance change on margin is from eBay versus perhaps elevated OpEx growth expectations. And then just as a quick follow-on, give us a sense of how we should think about the margin potential of your business beyond this year as the eBay conversion moves into the rearview mirror.

我想就利潤率問幾個問題。首先，你能否幫我們釐清：在全年營收與 EPS 指引維持不變的情況下，為何營業利潤率指引卻下調？並談談這次利潤率指引變動中，有多少是來自 eBay，與可能較高的營業費用（OpEx）成長預期相比各占多少？另外再追問一下，當 eBay 的轉換逐漸成為過去式之後，請給我們一些方向，讓我們理解今年以後你們業務的利潤率潛力應該如何看待。

Sure, Jason. I'll take this, and it's great to speak with you. So starting with the first part on the change this year, really 2 things to note. One that we talked about is eBay. eBay, we expect to have an $0.85 impact to our EPS this year. And the fact that we are performing and expect to perform for the back half of the year at this level and being able to weather that impact is -- I think, really speaks to the strength of the overall business.

當然，Jason。我來回答，也很高興和你交流。先從今年變動的第一部分開始，主要有兩點需要注意。第一點我們談過的是 eBay。我們預期 eBay 今年會對我們的 EPS 造成 0.85 美元的影響。而我們在今年下半年仍能以這樣的水準表現並預期持續表現、並能承受這個影響——我認為這確實反映了整體業務的強勁。

But the second area, and this sort of gets into the second part of your question as well, but we're also investing aggressively in our business. I would argue that there's never been a more important time in our business to invest right now, to invest for a future where we believe in the primacy of digital wallets. We believe in the permanent pull forward of e-commerce. We believe in the ubiquity of digital payments and to -- we want to help shape that outcome. We want to be a leader in that space.

但第二個面向——這也某種程度回到你問題的第二部分——是我們也在積極投資我們的業務。我會主張，對我們而言，現在投資比以往任何時候都更重要：投資於我們相信數位錢包將居於核心地位的未來；我們相信電商的永久性提前滲透（pull forward）；我們相信數位支付的無所不在；而我們希望協助塑造那樣的結果。我們希望成為該領域的領導者。

Now it happens that the structural nature of our business, our margins want to go up. And by the way, they will to be very clear about that. But at the same time, we don't want to be a prisoner to expanding operating margin 1 quarter to the next because we want to be able to appropriately invest in our business to create the most shareholder value that we can over the long term and become the company that we all believe that we can be.

現在，我們業務的結構性特質使得我們的利潤率傾向於上升。順帶一提，為了說清楚，它們確實會上升。但同時，我們不想被迫在每一季之間都只追求擴大營業利潤率，因為我們希望能夠適當地投資於業務，從長期角度創造我們所能創造的最大股東價值，並成為我們都相信我們能成為的那家公司。

And so close out, our margins will go up. We said this year that we expect to have a flat to maybe some marginal improvement in our margins. But as we noted at our Investor Day earlier this year, our margins will go up over time, but we want to invest for growth and invest to be that leading digital company -- payments company that we know we can be.

因此總結來說，我們的利潤率會上升。我們今年的說法是，預期利潤率大致持平，或可能有些微改善。但正如我們在今年稍早的投資人日（Investor Day）所指出的，利潤率會隨時間上升；不過我們希望為成長而投資，並投資以成為我們知道自己能成為的那家領先的數位公司——支付公司。

I would now like to turn the call back to Dan Schulman for closing remarks.

我現在想把電話交回給 Dan Schulman 做結語。

Thanks so much. Well, thanks, everybody, for those great questions, and I want to thank everybody for your time. We hope that all of you and your families are staying healthy and I hope that you're having a great summer as well. and we look forward to speaking to you soon. Take care, and thanks again for your time.

非常感謝。也謝謝各位提出這些很棒的問題，我也要感謝大家撥冗參與。我們希望你們和你們的家人都保持健康，也希望你們有個愉快的夏天。我們期待很快再與各位交流。保重，也再次感謝大家的時間。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。