PayPal Holdings Inc (PYPL) 2021 Q1 法說會逐字稿

Good afternoon. My name is Gabriel, and I will be your conference operator today. At this time, I'd like to welcome everyone to PayPal Holdings earnings conference call for the fourth quarter and full year 2020. (Operator Instructions) 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.

下午好。我的名字是加布里埃爾，今天我將成為你們的會議接線員。在這個時候，我想歡迎大家參加 PayPal Holdings 2020 年第四季度和全年收益電話會議。（操作員說明）我現在想介紹一下今天電話會議的主持人，副總裁 Gabrielle Rabinovitch 女士，公司財務和投資者關係。請繼續。

Thank you, Gabriel. Good afternoon, and thank you for joining us. Welcome to PayPal's earnings conference call for the first quarter 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，加布里埃爾。下午好，感謝您加入我們。歡迎參加 PayPal 2021 年第一季度的收益電話會議。今天與我一起參加電話會議的是我們的總裁兼首席執行官 Dan Schulman；以及我們的首席財務官兼全球客戶運營執行副總裁 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 the Investor Relations section of our website.

我們正在提供幻燈片演示來配合我們的評論。本次電話會議也正在進行網絡直播。演示文稿和電話都可以在我們網站的投資者關係部分找到。

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. 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 second 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 report on Form 10-Q filed with the SEC and available on the Investor Relations section of our website. You should not place undue reliance on any forward-looking statements.

在討論我們公司的業績時，我們將參考一些非公認會計準則指標。您可以在本次電話會議隨附的演示文稿中找到這些非 GAAP 措施與最直接可比的 GAAP 措施的對賬。管理層將根據我們當前的預期、預測和假設做出前瞻性陳述，並涉及風險和不確定性。這些陳述包括我們對 2021 年第二季度和全年的指導。我們的實際結果可能與這些陳述存在重大差異。您可以在我們最近提交給 SEC 的 10-K 表格年度報告和 10-Q 表格季度報告中找到有關可能影響我們業績的風險、不確定性和其他因素的更多信息，並可在我們網站的“投資者關係”部分查閱.您不應過分依賴任何前瞻性陳述。

All information in this presentation is as of today's date, May 5, 2021. We expressly disclaim any obligation to update this information.

本演示文稿中的所有信息截至今天，即 2021 年 5 月 5 日。我們明確表示不承擔更新此信息的任何義務。

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

有了這個，讓我把電話轉給丹。

Thanks, Gabrielle, and thanks, everyone, for joining us today. I'm pleased to say that on the heels of the strongest year in PayPal's history, we just completed our strongest quarter ever with record financial and operating results. Customers across the world have clearly embraced the digital economy, and PayPal has become an essential platform for both consumers and merchants. Consequently, I'm pleased to share that we are raising our annual targets for revenue, EPS, TPV and net new active accounts.

謝謝加布里埃爾，謝謝大家今天加入我們。我很高興地說，在 PayPal 歷史上最強勁的一年之後，我們剛剛以創紀錄的財務和運營業績完成了有史以來最強勁的季度。世界各地的客戶顯然已經接受了數字經濟，而 PayPal 已成為消費者和商家的重要平台。因此，我很高興地分享我們正在提高我們的年度收入、每股收益、TPV 和淨新活躍賬戶的目標。

As much of the world begins to shift its attention towards a post-pandemic recovery, we continue to see strong demand for a comprehensive set of services from both our merchants and consumers. Over the coming year, we will accelerate our customers' digital engagement through the rapid innovation of our digital wallet and merchant commerce platform.

隨著世界大部分地區開始將注意力轉向大流行後的複蘇，我們繼續看到我們的商家和消費者對一整套服務的強勁需求。來年，我們將通過數字錢包和商戶商務平台的快速創新，加速客戶的數字化參與。

Our addressable market continues to significantly expand driven by accelerating secular trends and the proactive steps we are taking to become a full commerce and payments platform. We believe that the shift in consumer digital behavior will remain essentially unchanged in a post-COVID world. Consumers have expanded their digital lives into a seamless online and off-line experience. Our products are an essential enabler of the digital economy, and our mission to shape a future where everyone can participate fully in this new digital paradigm has never been more important.

在加速的長期趨勢和我們為成為一個完整的商業和支付平台而採取的積極措施的推動下，我們的目標市場繼續顯著擴大。我們認為，在後 COVID 世界中，消費者數字行為的轉變將基本保持不變。消費者已將他們的數字生活擴展到無縫的在線和離線體驗。我們的產品是數字經濟的重要推動者，我們塑造一個人人都可以充分參與這種新數字範式的未來的使命從未像現在這樣重要。

Our Q1 trends are strong across the board and were further accelerated by favorable comps from a year ago. Our TPV grew by 50% on a spot basis or 46% on an FXN basis to $285 billion. eBay now represents 5.5% of our volume, and we expect their TPV to be approximately 3% of total volumes by year-end. Excluding eBay, our MS volumes grew by an all-time high of 54% on a spot basis and 50% on an FXN basis.

我們的第一季度趨勢全面強勁，一年前的有利補償進一步加速了我們的發展。我們的 TPV 即期增長 50% 或 FXN 增長 46% 至 2850 億美元。 eBay 現在占我們銷量的 5.5%，我們預計到年底他們的 TPV 將佔總銷量的 3% 左右。不包括 eBay，我們的 MS 交易量按現貨價格增長 54%，按 FXN 價格增長 50%，創歷史新高。

Our transactions in the quarter were approximately 4.4 billion, growing 34% year-over-year. We added 14.5 million net new active accounts, ending the quarter with 392 million active accounts, up 21% year-over-year. We added 1.4 million new merchants in the quarter, continuing the heightened pace from prior quarters, and we now have 31 million merchant accounts on our platform. By the end of Q2, we expect to exceed 400 million active accounts. And for the year, we now believe our NNAs will be between 52 million to 55 million, up from our previous expectations of approximately 50 million last quarter. I'm particularly pleased to see our transactions per active account begin to accelerate due to increased engagement across our portfolio.

我們在本季度的交易量約為 44 億筆，同比增長 34%。我們增加了 1450 萬個淨新活躍賬戶，截至本季度末有 3.92 億個活躍賬戶，同比增長 21%。我們在本季度增加了 140 萬個新商戶，延續了前幾個季度的增長速度，我們現在在我們的平台上擁有 3100 萬個商戶賬戶。到第二季度末，我們預計活躍賬戶將超過 4 億。對於今年，我們現在相信我們的 NNA 將在 5200 萬至 5500 萬之間，高於我們之前預期的上一季度約 5000 萬。我特別高興地看到，由於我們投資組合的參與度增加，我們每個活躍賬戶的交易開始加速。

Normalizing for Honey, our Q1 TPA grew by 8.3% year-over-year to 44.1. We generated $6.033 billion of revenue in Q1, growing a record 31% spot and 29% on an FXN basis. eBay revenues declined 12%, and we expect they will substantially complete their migration to manage payments by year-end. On the back of this strong revenue growth, we delivered non-GAAP EPS in Q1 of $1.22, up 84%.

Honey 標準化後，我們的第一季度 TPA 同比增長 8.3% 至 44.1。我們在第一季度創造了 60.33 億美元的收入，在 FXN 基礎上增長了創紀錄的 31% 和 29%。 eBay 收入下降了 12%，我們預計他們將在年底前基本完成遷移以管理支付。在強勁的收入增長的支持下，我們在第一季度實現了 1.22 美元的非公認會計原則每股收益，增長了 84%。

Venmo continued its strong performance in Q1 with $51.4 billion of TPV, up 63% year-over-year. We recently launched the ability for Venmo customers to buy, sell and hold cryptocurrencies. We are heavily investing in Venmo's commerce capabilities, which include rapidly upgrading the Pay with Venmo customer experience with initial rollout beginning this quarter. The Venmo credit card is outpacing our expectations for both new accounts and transactions. And we're also making it easier for small businesses and casual sellers,to accept Venmo payments. We now have over 300,000 small business profiles currently established, including $200,000 in Q1 alone. Our Venmo Commerce TPV and revenue growth continued to accelerate, and we remain confident in our $900 million revenue target.

Venmo 在第一季度繼續保持強勁表現，TPV 為 514 億美元，同比增長 63%。我們最近推出了讓 Venmo 客戶購買、出售和持有加密貨幣的功能。我們正在大力投資於 Venmo 的商務能力，其中包括從本季度開始首次推出的快速升級 Pay with Venmo 客戶體驗。 Venmo 信用卡超出了我們對新賬戶和交易的預期。我們還讓小型企業和臨時賣家更容易接受 Venmo 付款。目前，我們已經建立了超過 300,000 個小型企業檔案，其中僅第一季度就有 200,000 美元。我們的 Venmo Commerce TPV 和收入增長繼續加速，我們對 9 億美元的收入目標仍然充滿信心。

We expect to roll out our next-generation digital wallet in Q3. It will be an all-in-one personalized app that will empower our users to make the most of their money and strengthen their financial lives every day. We will provide increasingly customized and unique shopping, financial services and payments experiences for our customers.

我們預計將在第三季度推出我們的下一代數字錢包。這將是一個一體化的個性化應用程序，使我們的用戶能夠充分利用他們的資金並加強他們每天的財務生活。我們將為客戶提供越來越個性化和獨特的購物、金融服務和支付體驗。

Consumers are turning to brands that they trust when it comes to choosing a super app. That clearly plays into our strength as a recent external survey of over 300,000 consumers across the globe selected PayPal as the second most trusted brand in the world. Merchants continue to turn to PayPal in record numbers as we are now an essential platform to enable their transition into the digital economy. Small businesses who used PayPal during the peak of the pandemic saw their overall revenues grow by 25% versus a negative 9% for all other small businesses in the same time period.

在選擇超級應用程序時，消費者正在轉向他們信任的品牌。這顯然發揮了我們的優勢，因為最近對全球超過 300,000 名消費者進行的一項外部調查將 PayPal 選為全球第二大最值得信賴的品牌。商家繼續以創紀錄的數量轉向 PayPal，因為我們現在是幫助他們過渡到數字經濟的重要平台。在大流行高峰期使用 PayPal 的小企業的總收入增長了 25%，而同期所有其他小企業的總收入增長了 9%。

Small businesses who used PayPal last year drove 75% of their online sales from outside their local neighborhood, clearly expanding their addressable market. And 65% of small businesses in the U.S. who use PayPal have cross-border sales versus less than 5% of all other small businesses. Across the shopping journey, merchants who use PayPal see a substantial lift.

去年使用 PayPal 的小企業 75% 的在線銷售額來自當地社區以外，顯然擴大了他們的潛在市場。在使用 PayPal 的美國小企業中有 65% 進行跨境銷售，而在所有其他小企業中這一比例不到 5%。在整個購物過程中，使用 PayPal 的商家看到了大幅提升。

According to market research reported by Nielsen, merchants with PayPal experienced 17% more repeat buyers. Their checkout completion goes up by 34%. And PayPal consumers spend an average of 12% more at PayPal merchants. And finally, PayPal consumers are loyal to PayPal merchants, buying 11% more often when PayPal is accepted.

根據尼爾森報告的市場研究，使用 PayPal 的商家的回頭客增加了 17%。他們的結帳完成率上升了 34%。 PayPal 消費者在 PayPal 商家處的平均支出增加了 12%。最後，PayPal 消費者對 PayPal 商家的忠誠度提高了 11%，當 PayPal 被接受時，他們的購買頻率增加了 11%。

These are powerful facts that support our brand promise to retailers as we add more and more capabilities to our platform. For instance, our Buy Now, Pay Later product continues to move from strength to strength. In the short time from our launch, we've processed over $1 billion in TPV in the U.S. alone. Early results continue to show a significant 15% engagement lift in transactions and TPV. In addition, nearly 30,000 merchants have implemented our Buy Now, Pay Later capabilities upstream on their product pages with a corresponding lift in our overall share of checkout.

隨著我們為平台添加越來越多的功能，這些強有力的事實支持了我們對零售商的品牌承諾。例如，我們的“立即購買，以後付款”產品不斷發展壯大。在我們推出後的短時間內，我們僅在美國就處理了超過 10 億美元的 TPV。早期結果繼續顯示交易和 TPV 的參與度顯著提升了 15%。此外，近 30,000 家商家在其產品頁面的上游實施了我們的“立即購買，以後付款”功能，相應提升了我們的整體結賬份額。

Demand for our PayPal and Venmo QR codes and in-store payments remains strong, with an additional merchant signing up every 28 seconds. We now have nearly 1 million merchants accepting our QR codes with continued momentum across our large enterprise merchants. Our early adopters of QRC are spending 19% more TPV on the PayPal platform. Our overall in-store efforts across QR and cards equaled $6.4 billion in Q1.

對我們的 PayPal 和 Venmo 二維碼以及店內支付的需求依然強勁，每 28 秒就有一個商家註冊。我們現在有近 100 萬商戶接受我們的 QR 碼，並且在我們的大型企業商戶中繼續保持勢頭。 QRC 的早期採用者在 PayPal 平台上花費的 TPV 增加了 19%。第一季度，我們在二維碼和卡片方面的整體店內投入達到了 64 億美元。

As I discussed during our Investor Day, we believe the current technological underpinnings of our financial system will be substantially upgraded over the coming years. Both cryptocurrencies and central bank-issued digital currencies can play a critical role in shaping a more inclusive recovery and a more equitable financial system. Our leadership in all forms of digital currency has been widely embraced, enabling numerous positive conversations with central banks, regulators and government officials around the world.

正如我在投資者日期間所討論的那樣，我們相信我們金融系統當前的技術基礎將在未來幾年內大幅升級。加密貨幣和央行發行的數字貨幣都可以在塑造更具包容性的複蘇和更公平的金融體系方面發揮關鍵作用。我們在各種形式的數字貨幣方面的領導地位已得到廣泛認可，與世界各地的中央銀行、監管機構和政府官員進行了多次積極對話。

I'm also pleased to share that we closed our Curv acquisition last month. And Curv's talented team will bolster our existing technology resources and accelerate our efforts to shape a new financial infrastructure that is efficient, low-cost and inclusive.

我也很高興分享我們上個月完成了對 Curv 的收購。 Curv 的才華橫溢的團隊將加強我們現有的技術資源，並加快我們打造高效、低成本和包容性的新金融基礎設施的努力。

We have an extensive road map ahead of us, and our innovation will be pursued in partnership with governments and in compliance with local, national and global regulatory frameworks.

我們面前有一個廣泛的路線圖，我們的創新將與政府合作並遵守地方、國家和全球監管框架。

The expiration of our operating agreement with eBay has enabled us to launch an extensive partnership with Alibaba. This global agreement will enable hundreds of millions of consumers outside of China to shop across Alibaba sites in China.

我們與 eBay 的運營協議到期，使我們能夠與阿里巴巴建立廣泛的合作夥伴關係。這項全球協議將使中國以外的數億消費者能夠在中國的阿里巴巴網站上購物。

PayPal is now available as a payment method on Alibaba's wholesale marketplace as well as Ali Express, its global retail marketplace. We are excited at the pace of our current ramp and the ultimate potential of this new partnership. Additionally, our commercial agreement with FlutterWave enables businesses across Africa to have significantly more access to PayPal consumers in order to receive and make payments online. In this quarter, we also collaborated with TelR in the Middle East, allowing merchants in the UAE to accept PayPal for customers shopping online. These efforts serve to significantly broaden our reach and tap into rapidly growing marketplaces across the globe.

PayPal 現在可作為阿里巴巴批發市場以及全球零售市場 Ali Express 的一種支付方式。我們對我們目前的發展速度和這種新夥伴關係的最終潛力感到興奮。此外，我們與 FlutterWave 的商業協議使非洲各地的企業能夠更多地訪問 PayPal 消費者，以便在線接收和付款。在本季度，我們還與中東地區的 TelR 合作，允許阿聯酋的商家為在線購物的客戶接受 PayPal。這些努力有助於顯著擴大我們的業務範圍並進入全球快速增長的市場。

We clearly have a lot of momentum as we exit Q1. We will continue to accelerate new product innovation throughout the year. Our increased expectations for 2021 reflect our conviction that we will continue to grow share and increase our addressable market by capitalizing on the accelerating shift to digital.

當我們退出第一季度時，我們顯然有很大的動力。全年我們將繼續加快新產品創新。我們對 2021 年的預期增加反映了我們的信念，即我們將利用加速向數字化的轉變，繼續增加份額並增加我們的潛在市場。

I'd like to thank our employees who continue to work tirelessly on behalf of our customers. Their hard work drives our market leadership and positions us to continue to deliver value for all of our stakeholders. And with that, let me turn the call over to John.

我要感謝我們的員工繼續代表我們的客戶不知疲倦地工作。他們的辛勤工作推動了我們的市場領導地位，並使我們能夠繼續為所有利益相關者創造價值。有了這個，讓我把電話轉給約翰。

Thanks, Dan. I want to start by thanking our customers, partners and employees for helping us deliver an outstanding quarter. We recently marked 1 year into the COVID-19 pandemic. Notwithstanding the challenges that our teams have faced, our focus on execution and culture of collaboration are allowing us to deliver very strong results. We're off to a great start to the year. In Q1, we outperformed on both revenue and earnings and built on our operational and financial momentum exiting 2020.

謝謝，丹。首先，我要感謝我們的客戶、合作夥伴和員工幫助我們實現了一個出色的季度。我們最近標誌著 COVID-19 大流行的第 1 年。儘管我們的團隊面臨挑戰，但我們對執行力和協作文化的關注使我們能夠取得非常出色的成果。我們今年有了一個良好的開端。在第一季度，我們在收入和收益方面都表現出色，並建立在 2020 年退出的運營和財務勢頭之上。

In looking at our results for the quarter, the year-over-year growth rates benefit from the comparison to a softer March last year when we absorbed the most meaningful negative COVID impact. That said, our business is growing at structurally faster rates than pre-pandemic. And as a result, we're raising our guidance for this year.

在查看我們本季度的業績時，同比增長率受益於與去年 3 月較為疲軟的比較，當時我們吸收了最有意義的負面 COVID 影響。也就是說，我們的業務在結構上以比大流行前更快的速度增長。因此，我們提高了今年的指導。

Before discussing our updated outlook, I'd like to highlight our Q1 results. Total payment volume grew 50% at spot and 46% on a currency-neutral basis. This is the strongest quarterly growth we've ever reported. Our Q1 TPV grew at a 2-year compound annual growth rate of 33%, accelerating from 30% in Q4 and reflecting our strong momentum in user growth. Notably, while we typically experience a sequential decline in volumes from Q4 to Q1, this year, our volume grew 3% quarter-over-quarter. Versus the first quarter last year, merchant services volume grew 50% currency-neutral. And volume contributed by eBay marketplaces declined 3% on the same basis.

在討論我們更新的展望之前，我想強調一下我們的第一季度業績。即期支付總額增長 50%，在貨幣中性基礎上增長 46%。這是我們報告過的最強勁的季度增長。我們第一季度的 TPV 以 33% 的 2 年復合年增長率增長，高於第四季度的 30%，反映了我們強勁的用戶增長勢頭。值得注意的是，雖然我們通常會經歷從第四季度到第一季度的銷量連續下降，但今年我們的銷量環比增長了 3%。與去年第一季度相比，商戶服務量增長了 50%，貨幣中性。 eBay 市場貢獻的交易量在同一基礎上下降了 3%。

In Q1, eBay represented 5.5% of our volume, down 53 basis points sequentially and down 260 basis points from Q1 last year. Revenue increased a record 31% on spot basis and 29% currency neutral to $6 billion. Transaction revenue grew 33% to $5.6 billion, representing 20 points of acceleration from last year on a spot basis and 8 points of acceleration sequentially. Strong performance across core PayPal, Braintree and Venmo drove these results. Excluding eBay, transaction revenue grew 42%, indicative of the ongoing strength of our diversified 2-sided platform.

在第一季度，eBay 占我們交易量的 5.5%，環比下降 53 個基點，比去年第一季度下降 260 個基點。即期收入增長創紀錄的 31%，貨幣中性增長 29%，達到 60 億美元。交易收入增長 33% 至 56 億美元，比去年同期增長 20 個點，環比增長 8 個點。核心 PayPal、Braintree 和 Venmo 的強勁表現推動了這些結果。不包括 eBay，交易收入增長 42%，表明我們多元化的雙面平台的持續實力。

Other value-added services revenue grew 2% on a spot basis and 1% currency neutral to $412 million. These results were driven by strengthening credit performance, which was partially offset by lower interest income on customer balances.

其他增值服務收入按即期計算增長 2%，貨幣中性增長 1% 至 4.12 億美元。這些結果是由信貸表現加強推動的，這部分被客戶餘額利息收入的下降所抵消。

In the first quarter, transaction take rate was 1.97%, and total take rate was 2.11%. Nearly 1/3 of the 24 basis point decline in transaction take rate resulted from the mix effect of eBay. A reduction of $101 million in international transaction revenue from foreign currency hedges, growth in bill payment volumes and accelerating Venmo volumes also contributed to this decline. The 31 basis point decline in total take rate resulted from these factors as well as lower growth in other value-added services revenue. Volume-based expense performance was the strongest in our history. These expenses increased only 9% to $2.5 billion on 31% revenue growth. As a result, transaction margin dollars grew 52% in the first quarter, and transaction margin reached 57.8%. Normalizing for the macroeconomic-related credit loss provisioning last year, transaction margin dollars grew 38%.

一季度，交易拿取率為1.97%，總拿取率為2.11%。交易接受率下降 24 個基點，其中近 1/3 是由於 eBay 的混合效應所致。來自外匯對沖的國際交易收入減少了 1.01 億美元、賬單支付量的增長以及 Venmo 交易量的加速也導致了這一下降。由於這些因素以及其他增值服務收入的增長放緩，總利率下降了 31 個基點。基於數量的費用表現是我們歷史上最強勁的。這些費用僅增長 9% 至 25 億美元，收入增長 31%。結果，交易保證金美元在第一季度增長了 52%，交易保證金達到了 57.8%。將去年與宏觀經濟相關的信用損失撥備正常化，交易保證金美元增長了 38%。

Going into the expense highlights. Transaction expense improved 12 basis points as a rate of TPV to a record low of 80 basis points, driven by both volume and funding mix. Continued improvements in our risk decisioning and mitigation strategies resulted in transaction losses improving 3 basis points to another record low rate of 10 basis points overall.

進入費用亮點。在交易量和資金組合的推動下，交易費用作為 TPV 的比率提高了 12 個基點至創紀錄的 80 個基點。我們的風險決策和緩解策略的持續改進導致交易損失減少了 3 個基點，總體上再創歷史新低 10 個基點。

In discussing our credit losses for the quarter, I want to provide additional context given the increased provisioning last year and the complexity in the year-over-year comparison. As a reminder, in Q1 2020, we increased reserves by $227 million for expected credit losses due to the deterioration in the macroeconomic environment. After taxes, this represented a negative $0.17 per share impact.

在討論我們本季度的信用損失時，鑑於去年準備金增加以及同比比較的複雜性，我想提供更多背景信息。提醒一下，在 2020 年第一季度，由於宏觀經濟環境惡化，我們為預期信用損失增加了 2.27 億美元的準備金。稅後，這意味著每股負 0.17 美元的影響。

During 2020, we increased our reserve coverage ratio and ended the year at 23%. In addition, our gross receivables balance declined from $4.5 billion at the end of the first quarter last year to $3.6 billion at the end of 2020. Tightened underwriting and strong repayment activity contributed to lower balances in our merchant loan portfolio. This decline was partially offset by growth in our consumer portfolio. These trends continued in the first quarter of 2021, and we ended the quarter with $3.5 billion in receivables. More favorable economic conditions and portfolio performance resulted in a partial release of reserves in Q1. This reserve release benefited credit losses by approximately $87 million and provided an approximate $0.06 benefit to EPS. As a result, at the end of the first quarter, our reserve coverage ratio declined to 21%.

2020 年，我們提高了準備金覆蓋率，年底達到 23%。此外，我們的應收賬款總額餘額從去年第一季度末的 45 億美元下降至 2020 年底的 36 億美元。承保收緊和還款活動強勁導致我們的商業貸款組合餘額下降。這一下降部分被我們消費者組合的增長所抵消。這些趨勢在 2021 年第一季度繼續存在，我們在本季度結束時的應收賬款為 35 億美元。更有利的經濟條件和投資組合表現導致第一季度部分儲備釋放。該準備金釋放使信貸損失受益約 8700 萬美元，並為每股收益提供約 0.06 美元的收益。因此，在第一季度末，我們的準備金覆蓋率下降至 21%。

In the quarter, nontransaction-related operating expenses increased 31% and represented 30% of revenue, remaining essentially flat to last year. We are prioritizing growth. And to advance our key initiatives, we're continuing to invest more in sales and marketing and technology and development. On a non-GAAP basis, operating income was $1.67 billion, and our operating margin was 27.7%, our strongest performance for any first quarter. Normalizing only for the macro-related provisioning last year, operating income grew 46% and operating margin expanded approximately 300 basis points. In Q1, on this normalized basis and inclusive of our elevated investment spend, we earned an incremental $0.38 of operating income for every additional dollar of revenue generated.

本季度，非交易相關運營費用增長 31%，佔收入的 30%，與去年基本持平。我們優先考慮增長。為了推進我們的關鍵計劃，我們將繼續在銷售和營銷以及技術和開發方面進行更多投資。按非公認會計原則計算，營業收入為 16.7 億美元，營業利潤率為 27.7%，是我們第一季度表現最強勁的。僅針對去年的宏觀相關撥備正常化，營業收入增長了 46%，營業利潤率擴大了約 300 個基點。在第一季度，在這個正常化的基礎上，包括我們增加的投資支出，我們每增加一美元的收入，就增加了 0.38 美元的營業收入。

Non-GAAP other income declined by $39 million relative to last year. This was driven by reduced interest income from lower interest rates and higher interest expense from our debt issuance last May. The negative impact on non-GAAP EPS from the decline in other income was largely offset by a lower effective tax rate. For the first quarter, non-GAAP EPS grew 84% to $1.22. Again, normalizing for the $0.17 negative impact last year related to increased credit provisioning, non-GAAP EPS still grew 47%.

Non-GAAP 其他收入與去年相比下降了 3900 萬美元。這是由於去年 5 月我們的債務發行導致利率降低和利息支出增加導致利息收入減少。其他收入下降對非公認會計原則每股收益的負面影響在很大程度上被較低的有效稅率所抵消。第一季度，非公認會計原則每股收益增長 84% 至 1.22 美元。同樣，將去年與信貸撥備增加相關的 0.17 美元負面影響正常化後，非公認會計原則每股收益仍增長了 47%。

We ended the quarter with cash, cash equivalents and investments of $19.1 billion. In addition, we generated $1.54 billion in free cash flow, representing 27% growth from the first quarter last year. For every dollar of revenue in the first quarter, we generated $0.25 of free cash flow.

我們以 191 億美元的現金、現金等價物和投資結束了本季度。此外，我們產生了 15.4 億美元的自由現金流，比去年第一季度增長 27%。對於第一季度的每一美元收入，我們產生了 0.25 美元的自由現金流。

Now I'd like to discuss our updated guidance for 2021 and our guidance for the second quarter. This updated outlook reflects our ability to accelerate growth at scale at increasing rates of profitability as well as the underlying strength of our core business.

現在我想討論一下我們對 2021 年的更新指導以及我們對第二季度的指導。這一更新的前景反映了我們以更高的盈利率加速大規模增長的能力以及我們核心業務的潛在實力。

For the full year 2021, based on our record first quarter performance and sustained momentum, we are raising our net new active TPV revenue and earnings outlook. Relative to our prior expectations, eBay's managed payments transition has accelerated, and we now expect a greater percentage of the migration to be complete by the end of the third quarter. This acceleration puts more near-term pressure on our revenue and earnings growth. At the same time, this more compressed timing allows for a cleaner exit in 2021.

對於 2021 年全年，基於我們創紀錄的第一季度業績和持續的勢頭，我們正在提高我們的淨新活躍 TPV 收入和盈利前景。相對於我們之前的預期，eBay 的託管支付轉型已經加速，我們現在預計更大比例的遷移將在第三季度末完成。這種加速給我們的收入和盈利增長帶來了更多的短期壓力。同時，這種更緊湊的時間安排允許在 2021 年更清潔地退出。

Broad-based strength in our Merchant Services business and improving credit performance allowed us to more than offset this impact. We now expect revenue to be approximately $25.75 billion for a growth of approximately 20% on a spot basis for the year. We are raising our expectations for revenue growth by 1 point while at the same time absorbing an additional 2 points of pressure to revenue growth from eBay.

我們商戶服務業務的廣泛實力和信用業績的改善使我們能夠抵消這種影響。我們現在預計全年收入約為 257.5 億美元，即期收入增長約 20%。我們將收入增長預期提高了 1 個百分點，同時吸收了來自 eBay 的額外 2 個百分點的收入增長壓力。

In addition, we expect to generate approximately 100 basis points of operating margin expansion this year relative to the more modest margin expansion we had guided at the start of the year. As a result, we now expect non-GAAP earnings per share to be approximately $4.70, representing growth of approximately 21%. Relative to the guidance we provided at the start of the year, this is an additional 4 points of non-GAAP earnings growth in 2021.

此外，相對於我們在年初指導的更溫和的利潤率擴張，我們預計今年的營業利潤率將增長約 100 個基點。因此，我們現在預計非 GAAP 每股收益約為 4.70 美元，增長約 21%。相對於我們在年初提供的指導，這比 2021 年的非公認會計原則收益增長額外 4 個百分點。

We're executing from a position of strength and seeing strong adoption of our new products and services. Our updated guidance includes increased investment in our digital wallet initiatives to drive further innovation, adoption and engagement. The strong underlying trends in our business and Q1 outperformance are allowing us to offset these incremental investments and the more pronounced eBay headwinds to deliver stronger earnings growth than we previously expected.

我們正從實力的位置執行，並看到我們的新產品和服務的大力採用。我們更新的指南包括增加對我們的數字錢包計劃的投資，以推動進一步的創新、採用和參與。我們業務的強勁潛在趨勢和第一季度的優異表現使我們能夠抵消這些增量投資和更明顯的 eBay 逆風，從而實現比我們之前預期的更強勁的盈利增長。

For the second quarter, we expect revenue of approximately $6.25 billion, representing approximately 19% growth at spot. In addition, we expect non-GAAP earnings per share for Q2 to be approximately $1.12, representing growth of approximately 5%.

對於第二季度，我們預計收入約為 62.5 億美元，即期增長約 19%。此外，我們預計第二季度非 GAAP 每股收益約為 1.12 美元，增長約 5%。

As a reminder, last year, operating margin expanded more than 500 basis points in the second quarter. Favorable volume and funding mix dynamics, combined with COVID-related underspend and nontransaction-related expenses, contributed to the strong margin performance and resulted in 49% growth in non-GAAP EPS. This record growth last year creates a tougher comparison. On a 2-year compound annual basis, our earnings guidance reflects 25% growth.

提醒一下，去年第二季度的營業利潤率擴大了 500 多個基點。有利的數量和資金組合動態，加上與 COVID 相關的支出不足和非交易相關費用，促成了強勁的利潤率表現，並導致非公認會計原則每股收益增長 49%。去年創紀錄的增長創造了更嚴格的比較。在 2 年復合年度基礎上，我們的盈利指引反映了 25% 的增長。

I'd also like to discuss our updated net new active outlook. We're raising our guidance for 2021 net new active accounts. Based on the 14.5 million additional accounts in Q1 and our current trends, we now expect to add in the range of 52 million to 55 million net new users this year. This is an increase from the 50 million net new actives that we guided to start the year. On top of the approximately 73 million users added last year, at our current pace, we'll add more new users between last year and this year than we did in 2016, '17, '18 and '19 combined.

我還想討論我們更新的淨新活躍前景。我們正在提高對 2021 年淨新活躍賬戶的指導。根據第一季度新增的 1450 萬賬戶和我們目前的趨勢，我們現在預計今年將增加 5200 萬至 5500 萬的淨新用戶。這比我們年初指導的 5000 萬淨新活躍用戶有所增加。除了去年增加的大約 7300 萬用戶之外，按照我們目前的速度，我們將在去年和今年之間增加比 2016 年、17 年、18 年和 19 年的總和還要多的新用戶。

As a reminder, in Q2 last year, we added 21.3 million accounts and are now lapping this growth. Given this tougher comp, and the ramp of our initiatives throughout the year, we expect Q2 net new actives to be lower than Q1 and for Q3 and Q4 adds to be sequentially stronger.

提醒一下，去年第二季度，我們增加了 2130 萬個賬戶，現在正在加速這一增長。鑑於這種更嚴格的競爭，以及我們全年計劃的增加，我們預計第二季度的淨新活躍用戶將低於第一季度，而第三季度和第四季度的新增活躍用戶將依次增加。

It's worth noting a couple of points related to our guidance and our business overall.

值得注意的是與我們的指導和整體業務相關的幾點。

First, the environment in which we are operating, while more stable than a year ago, continues to be very dynamic and more challenging to predict than in normal times. In many of our core markets, we're on the threshold of some degree of a return to normalcy. People are getting vaccinated. There's a return to physical experiences. Travel is resuming. Some of this is certainly pent-up demand from the void that resulted from COVID-19 over the last year. For some, perhaps it may be a reversion to the way things were prior to 2020. The pace and degree of this change and its impact on the trends on our business is challenging to predict from 1 quarter to the next with the same level of certainty that we have in normal times.

首先，我們所處的環境雖然比一年前更加穩定，但仍然充滿活力，並且比正常時期更難以預測。在我們的許多核心市場中，我們正處於某種程度恢復正常狀態的門檻上。人們正在接種疫苗。有身體體驗的回歸。旅行正在恢復。其中一些肯定是由於去年 COVID-19 導致的空缺而被壓抑的需求。對某些人來說，也許這可能是對 2020 年之前情況的一種回歸。這種變化的速度和程度及其對我們業務趨勢的影響很難以同樣的確定性從一個季度到下一個季度進行預測我們平時有的。

This brings me to my second point, which is unassailable. Our business has and will continue to benefit from the changes in consumer behavior that have resulted from this pandemic, namely, the acceleration of the continuing trend of the growth in e-commerce penetration and importantly, the growing ubiquity of digital payment experiences. We continue to see elevated e-commerce spending well above pre-pandemic levels, even in countries and markets that have begun to reopen. We're positioned to be a long-term beneficiary of these secular trends and as we've repeatedly said, are investing heavily to help shape this outcome. That said, our short-term forecasting is susceptible to more variability than normal.

這將我帶到我的第二點，這是無懈可擊的。我們的業務已經並將繼續受益於這一流行病導致的消費者行為變化，即電子商務滲透率持續增長趨勢的加速，以及重要的是，數字支付體驗的日益普及。即使在已經開始重新開放的國家和市場中，我們仍然看到電子商務支出的增長遠高於大流行前的水平。我們被定位為這些長期趨勢的長期受益者，正如我們一再說過的那樣，我們正在大力投資以幫助塑造這一結果。也就是說，我們的短期預測容易受到比正常情況更多的可變性影響。

To wrap up, our first quarter results underscore the ongoing strength, diversification and relevance of our scaled, two-sided global platform. We extended our leadership position in digital payments and delivered some of the best performance in our history on both an absolute and relative basis. And our strong trends across the business reflect enduring secular trends and continued business momentum.

最後，我們的第一季度業績強調了我們規模化的雙邊全球平台的持續實力、多元化和相關性。我們擴大了我們在數字支付領域的領先地位，並在絕對和相對基礎上實現了我們歷史上的一些最佳表現。我們整個業務的強勁趨勢反映了持久的長期趨勢和持續的業務勢頭。

We're continuing to invest aggressively to drive accelerated growth in a post-pandemic world and capture the significant opportunity ahead. At the same time, our meaningful scale enables us to realize additional efficiencies, expand our operating margin and support significant free cash flow generation.

我們將繼續積極投資，以推動大流行後世界的加速增長，並抓住未來的重大機遇。同時，我們有意義的規模使我們能夠實現額外的效率，擴大我們的營業利潤率並支持大量自由現金流的產生。

With that, I'll turn it over to the operator for questions.

有了這個，我會把它交給接線員提問。

(Operator Instructions) Your first question comes from Darrin Peller of Wolfe Research.

（操作員說明）您的第一個問題來自 Wolfe Research 的 Darrin Peller。

Great results here. When we look at coming out of last year's record NNAs, we thought 50 million was a good number, and now you're raising that. If you could just touch on the dynamics you're seeing around the net new actives, what's driving the upside even after these kinds of record rates? And especially as we go into reopening in the market, can you just talk through the activity and the churn levels? And then maybe on the other side of the funnel, if you could touch on the incremental users coming on, even as the world reopens, is it partnerships like Alibaba you mentioned today or other kinds of international? Or just really what's the big driving force for that confidence?

在這裡取得了很好的成績。當我們從去年創紀錄的 NNA 中脫穎而出時，我們認為 5000 萬是一個不錯的數字，現在您正在提高這個數字。如果您可以觸及您在淨新活躍度周圍看到的動態，那麼即使在這些創紀錄的利率之後，是什麼推動了上漲？尤其是當我們重新開放市場時，你能談談活動和流失水平嗎？然後也許在漏斗的另一邊，如果你能接觸到增量用戶，即使世界重新開放，是像你今天提到的阿里巴巴這樣的合作夥伴關係，還是其他類型的國際合作夥伴？或者，這種信心的最大驅動力是什麼？

I think maybe I'll start with the answer to that, Darrin, and then see if John wants to supplement anything. We had a strong Q1. It's up 46% ex the onetime Honey adds that we had last year. Ended the quarter with 31 million merchants, 392 million active accounts. We're really getting to a scale right now, Darrin, that has a huge network effect on it.

我想也許我會從這個問題的答案開始，Darrin，然後看看 John 是否想補充什麼。我們有一個強勁的第一季度。它比我們去年的一次性 Honey 添加了 46%。本季度末有 3100 萬商戶，3.92 億活躍賬戶。達林，我們現在真的達到了一個規模，這對它產生了巨大的網絡效應。

We brought on in Q1, 2 new customers every second throughout the quarter. We brought on a new merchant every 5 seconds throughout the quarter. We brought in somewhere between 1.4 million, 1.5 million new merchants. That was up over 100% from a year ago.

我們在第一季度帶來了整個季度每秒 2 個新客戶。在整個季度中，我們每 5 秒就有一個新商家。我們帶來了 140 萬到 150 萬個新商家。這比一年前增長了 100% 以上。

And I think of the drivers, it's predominantly PayPal's, predominantly still in our core markets, still seeing great growth from Venmo. But my view on net new actives is I say without being too aggressive here, look, I think we have a lot of opportunity yet here. We have a lot of expansion into international markets. I think our marketing programs are really beginning to deliver excellent results. I think we're just scratching the surface there.

我想到了驅動因素，主要是 PayPal，主要仍然在我們的核心市場，仍然看到 Venmo 的巨大增長。但我對淨新活動的看法是，我說在這裡不要太激進，看，我認為我們在這裡還有很多機會。我們在國際市場上有很多擴張。我認為我們的營銷計劃確實開始產生出色的效果。我認為我們只是在摸索那裡的表面。

And when I think about what's going on inside the base, our engagement levels are going up substantially. I mean, you saw kind of our TPA grow by 7%. If you normalize for Honey, our TPA went up 8% in the quarter. But if you normalize for the huge amount of NNAs that John just talked about, because when you put on huge amounts of NNAs that John just talked about. Because when you put on huge amounts of NNAs, and they don't have the full year to do their full TPA, maybe a bunch came on this quarter and they had 1.5 months to do transactions, and we count them in that TPA, but if you normalize that to say the $37 million we used to be doing, then that TPA grew by 14% in the quarter. And that is really a result of our daily active users coming on.

當我想到基地內部發生的事情時，我們的參與度正在大幅提高。我的意思是，你看到我們的 TPA 增長了 7%。如果你對 Honey 進行標準化，我們的 TPA 在本季度增長了 8%。但是，如果您將 John 剛剛談到的大量 NNA 標準化，因為當您放入 John 剛剛談到的大量 NNA 時。因為當你投入大量的 NNA 時，他們沒有一整年的時間來完成他們的完整 TPA，也許本季度出現了一堆，他們有 1.5 個月的時間來進行交易，我們將它們計入那個 TPA，但是如果您將其正常化為我們過去所做的 3700 萬美元，那麼該季度 TPA 增長了 14%。這實際上是我們日常活躍用戶不斷湧現的結果。

Our daily active users were up 33% in Q1 across the base, but our new products and services right now are driving huge engagement levels. I'll just give you a couple of examples. Buy Now, Pay Later, I'm sure somebody will talk about it later because we have a lot of fun things to talk about. But 50% of the customers who have used Buy Now, Pay Later have repeated within 3 months. And 70% have repeated within 6 months. If you look at our in-store cohort now, they're driving an incremental 60 to 120 incremental transactions. And we talked about this last call, and it's holding true. About half of our crypto users open their app every single day. And so we're clearly beginning to see both at the top of the funnel, the potential for increases into the top of the funnel and really narrowing the bottom of the funnel, which is why I'm bullish on -- actually our NNA trends.

我們的每日活躍用戶在第一季度增長了 33%，但我們現在的新產品和服務正在推動巨大的參與度。我給你舉幾個例子。現在購買，以後付款，我相信以後會有人談論它，因為我們有很多有趣的事情要談論。但 50% 使用“立即購買，以後付款”的客戶在 3 個月內重複使用。 70% 在 6 個月內重複。如果您現在查看我們的店內隊列，他們正在推動 60 到 120 次增量交易。我們談到了最後一個電話，它是正確的。我們大約一半的加密用戶每天都會打開他們的應用程序。因此，我們顯然開始在漏斗頂部看到漏斗頂部增加的潛力和漏斗底部真正縮小的潛力，這就是為什麼我看好 - 實際上是我們的 NNA 趨勢.

The one thing I'd point out, Darrin, that I think is really important is the cadence of those NNAs. Q1 was a good solid quarter for us. Q2 is always going to be the lowest quarter of the year because we did 21.4 million net new actives last year. Even though our churn rates are down, and that was one of the best cohorts we ever activated, it puts incremental pressure at the bottom of the funnel for Q2. And then we see really increasing amounts of NNAs as we go through the year. So in general, really strong on the NNA front, really strong on the engagement front. And hopefully, more of that to come.

我要指出的一件事，Darrin，我認為非常重要的是那些 NNA 的節奏。第一季度對我們來說是一個不錯的季度。第二季度總是會是一年中最低的季度，因為我們去年淨新增活躍用戶 2140 萬。儘管我們的流失率下降了，這是我們曾經激活過的最好的群體之一，但它給第二季度的漏斗底部帶來了越來越大的壓力。然後，隨著這一年的過去，我們看到 NNA 的數量確實在增加。所以總的來說，在 NNA 方面非常強大，在參與方面非常強大。並希望，更多的來。

Yes. I'll just add real quickly, Darrin. Like if you go back to a year ago or maybe 3 quarters ago, when you saw the record amount of net new actives that came in the second quarter, I mean I think that -- I mean, candidly probably surprised everybody, right? That was an enormous number.

是的。我會快速添加，Darrin。就像你回到一年前或三個季度前一樣，當你看到第二季度出現的淨新活躍用戶數量創紀錄時，我的意思是我認為——我的意思是，坦率地說，可能讓每個人都感到驚訝，對吧？那是一個巨大的數字。

And then you think about it sort of like, "Okay, well, now what?" Because we've got to make sure that we're engaging these customers and they're using us in all the ways that they can. And we -- even going back to that point in time, a year ago, we knew that the second quarter this year was going to be our toughest comp from a net new active perspective.

然後你會想，“好吧，好吧，現在怎麼辦？”因為我們必須確保我們正在吸引這些客戶，並且他們正在以所有可能的方式使用我們。而且我們 - 甚至回到一年前的那個時間點，我們知道從全新的活躍角度來看，今年第二季度將是我們最艱難的比賽。

Even as Dan said, despite the improvements we've made in reducing churn, there's still a lot of pressure there. And so Q2 is going to be sort of the low point for the year for us. And then we expect 3Q and 4Q to see strengthening acceleration there. But the thing that I will say that sort of gives us confidence in this, and we've talked about this for a period of time, but we've consistently said that these have been our most engaged cohorts that we've ever seen.

正如丹所說，儘管我們在減少客戶流失方面做出了改進，但仍然存在很大的壓力。所以第二季度對我們來說將是今年的低點。然後我們預計 3Q 和 4Q 將在那裡看到加強加速。但是我要說的事情讓我們對此充滿信心，我們已經討論了一段時間，但我們一直說這些是我們見過的最投入的群體。

And we're continuing to see those trends. They haven't waned like what you might expect related to people returning to the physical world. And so that gives us the conviction around raising this and really what it bodes for the rest of our business as well.

我們將繼續看到這些趨勢。它們並沒有像你所期望的與人們返回物理世界有關的那樣減弱。因此，這讓我們堅信提出這一點，以及它對我們其他業務的真正預示。

Our next question will come from Tien-Tsin Huang with JPMorgan.

我們的下一個問題將來自摩根大通的 Tien-Tsin Huang。

Really impressive results on many fronts. I wanted to ask on the first quarter revenue. So you beat your revenue guidance, looks like, by 3 percentage points. I think that's the widest margin of upside we've seen in a few quarters. So I'm curious, what surprised you? Can you rank for us what surprised you? What drove the upside? And how does it change your revenue outlook for the year? It sounds like it's enough to offset the bigger eBay drag, but would love it if you could rank it for us maybe.

在許多方面確實取得了令人印象深刻的結果。我想問一下第一季度的收入。所以你看起來比你的收入指導高了 3 個百分點。我認為這是我們在幾個季度中看到的最大漲幅。所以我很好奇，什麼讓你感到驚訝？你能給我們排名讓你感到驚訝的事情嗎？是什麼推動了上漲？它如何改變您今年的收入前景？聽起來這足以抵消更大的 eBay 阻力，但如果你能為我們排名的話，我會喜歡它。

Yes. Tien-Tsin, do you want me to start to -- Dan?

是的。 Tien-Tsin，你想讓我開始——丹嗎？

Yes.

是的。

So I think starting with the full year, you're right. The momentum that we're seeing in the business really has allowed us to overcome the headwinds that we're seeing from a more accelerated migration for eBay to its managed payments.

所以我認為從全年開始，你是對的。我們在業務中看到的勢頭確實使我們能夠克服從 eBay 更快地遷移到其託管支付中所看到的逆風。

To specifically address your question on Q1, there's actually a handful of things that, I think, performed differently than what we expected. Starting with January.

為了具體解決您關於 Q1 的問題，我認為實際上有一些事情的表現與我們的預期不同。從一月開始。

So there was an extended holiday shopping period. Like the first couple of weeks of January, we saw much stronger e-commerce activity than normal. On sort of the other book end, getting to March, we saw a resumption in travel that happened quicker than -- more quickly than what we had estimated. And then sort of in between that, you've got the stimulus. And I don't want to overstate the effect of stimulus because we had assumed some of that in our forecast. I think it was pretty clear at that point in time that, that was going to happen.

因此，假日購物期延長了。與 1 月的前幾週一樣，我們看到電子商務活動比正常情況強得多。在另一本書的結尾，到了 3 月，我們看到旅行的恢復發生得比我們估計的要快 - 比我們估計的要快。然後介於兩者之間，你得到了刺激。我不想誇大刺激的影響，因為我們在預測中已經假設了一些。我認為當時很清楚，這將會發生。

But I think fundamentally, if you step back and you think about these things that I described that maybe are more transitory, what has been I think a more permanent shift is what we're seeing around, call it, the displacement of cash. And you're just seeing more and more digital experiences that are replacing cash. So I'll give you one sort of silly example, Tien-Tsin, but last Saturday night, I went out to dinner. And a restaurant had reopened, I'm sitting inside. And when it gets time for me to get my check, I'm not handing off my credit card to the waiter for them to run and put it through the machine. They're printing a receipt with the QR code on it right there.

但我認為從根本上說，如果你退後一步，想想我所描述的這些可能更短暫的事情，我認為更永久的轉變是我們所看到的，稱之為現金置換。你只是看到越來越多的數字體驗正在取代現金。所以我給你舉一個愚蠢的例子，Tien-Tsin，但上週六晚上，我出去吃飯了。一家餐館重新開張了，我坐在裡面。當我得到支票的時候，我不會把我的信用卡交給服務員讓他們跑過去把它通過機器。他們正在打印一張帶有二維碼的收據。

That's a physical world experience that's happening digitally. And this is the transformation that is happening right in front of our eyes right now. We are on the threshold of this. And that's fundamentally, I think it's a small anecdote, but it's -- I think it's a good example of kind of what we're seeing in our business, where there's this convergence of online and off-line that is really benefiting our business.

這是一種以數字方式發生的物理世界體驗。這就是現在正在我們眼前發生的轉變。我們正處於這個門檻上。從根本上說，我認為這是一個小軼事，但它 - 我認為這是我們在業務中看到的一個很好的例子，在線和離線的這種融合確實有利於我們的業務。

I'll just add on to that, John, because I think that is the strength that we're seeing even in markets that are opening. If you think about, we did a 100-point raise in guidance for revenues, you had 200 incremental points of pressure from eBay. That's really, in effect, a 30-point raise on our core business. And that's because we are now seeing people living a digital life.

約翰，我會補充一點，因為我認為即使在開放的市場中，這也是我們所看到的力量。如果您考慮一下，我們將收入指導提高了 100 點，您從 eBay 獲得了 200 點的增量壓力。實際上，這實際上使我們的核心業務提高了 30 個百分點。那是因為我們現在看到人們過著數字生活。

And what used to be and for us as well, like 1 year, 1.5 years ago is there was a separate distinction between in-store or the physical world and e-commerce in the online world. And now what we're seeing is that it's just a digital world. Even as economies open, more and more of those payments are moving to digital.

過去對我們來說也是如此，就像 1 年、1.5 年前一樣，店內或實體世界與在線世界中的電子商務之間存在單獨的區別。現在我們看到的是它只是一個數字世界。即使經濟開放，越來越多的支付正在轉向數字化。

Think about it, like Uber would be a good example. As more and more rides start there, they're moving into a physical environment, but it's all done through a digital platform and digital payments. And so clearly, that is something that we see as a sustaining and growing trend going forward.

想想看，Uber 就是一個很好的例子。隨著越來越多的遊樂設施從那裡開始，它們正在進入物理環境，但這一切都是通過數字平台和數字支付完成的。很明顯，我們認為這是一個持續且不斷增長的趨勢。

And I think John mentioned cash is definitely being replaced. There's just a study done a week or 2 ago by one of the major networks that said anywhere between 60% to 70% of consumers are going to use cash less frequently, and that's moving to digital. It's moving to digital forms of payment, and it's moving to P2P. And by the way, when it moves to digital, it's moving predominantly to debit, which obviously is also great from a funding perspective on that.

我認為約翰提到現金肯定會被取代。一周或兩週前，一個主要網絡剛剛進行了一項研究，該研究表明，60% 到 70% 的消費者將減少使用現金的頻率，這正在轉向數字化。它正在轉向數字支付形式，並且正在轉向 P2P。順便說一句，當它轉向數字化時，它主要轉向借方，從資金的角度來看，這顯然也很好。

And so I think we have this portfolio of services right now, whether it be Zettle or Braintree or QR codes or just what's happening in the physical world that complements now what's happening in the online world with our more traditional products. And that's kind of a 1-, 2-punch that I don't think any of us really understood the extent of or the depth of the transition to a digital economy.

因此，我認為我們現在擁有這樣的服務組合，無論是 Zettle、Braintree 還是 QR 碼，或者只是物理世界中正在發生的事情，它們用我們更傳統的產品補充了在線世界中正在發生的事情。我認為我們中的任何人都沒有真正了解向數字經濟過渡的程度或深度。

And just if I can add one more thing. For those reasons that Dan mentioned, it's also why we are investing as heavily as we are.

如果我可以再添加一件事。由於丹提到的這些原因，這也是我們投入如此巨大的原因。

At no point in time in our 6 years as a public company, have we invested as heavily as we are right now because we want to capitalize on these secular tailwinds, and we think it's really important. And that's why you see us not rolling through the entirety of that in terms of our EPS guidance because we think it's more important to invest right now, and that is clearly our bias. And fortunately for us, we're able to do that while still expanding our operating margin in terms of our guidance 100 basis points for the year.

在我們作為一家上市公司的 6 年中，我們從來沒有像現在這樣大量投資，因為我們想利用這些長期的順風，我們認為這真的很重要。這就是為什麼你看到我們沒有在每股收益指導方面全面推進，因為我們認為現在投資更重要，這顯然是我們的偏見。對我們來說幸運的是，我們能夠做到這一點，同時根據我們今年的指導 100 個基點來擴大我們的營業利潤率。

Your next question will come from Lisa Ellis from MoffetNathanson.

您的下一個問題將來自 MoffetNathanson 的 Lisa Ellis。

I had a follow-up on your comments, Dan, on digital currencies and their ability to potentially drive financial inclusion globally. As you're engaging with governments around the world that are experimenting with CBDCs, how are they thinking about the role of the private sector? And specifically, what role or roles could you see PayPal plain? Meaning, more broadly, how should we think about how CBDCs could impact your business?

我對你的評論進行了跟進，丹，關於數字貨幣及其潛在推動全球金融包容性的能力。當您與世界各地正在試驗 CBDC 的政府接觸時，他們如何看待私營部門的作用？具體來說，您可以清楚地看到 PayPal 的哪些角色？更廣泛地說，我們應該如何考慮 CBDC 會如何影響您的業務？

Yes. So we have had quite a number of conversations here in the U.S. and really across the world with the leaders of those regulatory bodies and some of the key players in government. I won't kind of obviously talk about the specifics of any of our conversations that we've had with them. What I would say is it is a conversation that is very much one of learning from each other, understanding the capabilities that each of us have, what some of the concerns that some of the central banks might have or governments, what some of the benefits of a platform like PayPal could do in various forms of how CBDCs could be issued.

是的。因此，我們在美國和世界各地與這些監管機構的領導人和政府中的一些關鍵參與者進行了大量對話。我不會很明顯地談論我們與他們進行的任何對話的細節。我想說的是，這是一個非常相互學習的對話，了解我們每個人的能力，一些中央銀行或政府可能有什麼擔憂，有什麼好處像 PayPal 這樣的平台可以以各種形式發行 CBDC。

And I believe based on all my conversations that each country is going to go at different speeds. We're going to have different regulatory oversight in it. But there isn't one country around the world in which we've engaged in, where I don't think that they're envisioning a future that isn't one of a digitized Fiat currency. I think, obviously, there's a lot of synergy with digital wallets. There's a lot of interesting things as you think about next-generation technology that can add utility to payments, that can take down perhaps cost, the elimination of unnecessary intermediaries and certainly can speed the time in which somebody can access their money.

而且我相信根據我所有的談話，每個國家都會以不同的速度發展。我們將對其進行不同的監管。但是，我們在世界上沒有一個國家參與過，我認為他們所設想的未來不是一種數字化的法定貨幣。我認為，顯然，數字錢包有很多協同作用。當您想到可以為支付增加效用的下一代技術時，有很多有趣的事情，可以降低成本，消除不必要的中介，當然可以加快人們獲取資金的時間。

So we've got a tremendous amount of really great results going on tactically with our cryptocurrency efforts right now. And we're excited about those. We're investing in those. But this whole idea around establishing a digital currency and blockchain business unit inside PayPal is to think about what is the financial system going to start to move towards? And how can we be a shaper of that, a leader within that and not a reactor to how that's happening. And that -- those conversations have been -- have gone well beyond my expectations in terms of the openness of governments and central banks to think about new ways of managing and moving money through the system.

因此，我們現在通過加密貨幣的努力在戰術上取得了大量非常好的結果。我們對這些感到興奮。我們正在投資這些。但是，圍繞在 PayPal 內部建立數字貨幣和區塊鏈業務部門的整個想法是思考金融系統將開始朝著什麼方向發展？我們如何才能成為其中的塑造者，成為其中的領導者，而不是對這種情況發生的反應。就政府和中央銀行考慮管理和通過系統轉移資金的新方法的開放性而言，這些對話已經遠遠超出了我的預期。

Pretty exciting.

相當令人興奮。

It is actually, yes.

實際上，是的。

Next question will come from Sanjay Sakhrani of KBW.

下一個問題將來自 KBW 的 Sanjay Sakhrani。

I had a question on the reopening trends seen thus far this year. And any discernible trends that you might have observed, like how it's affecting volume mix, funding mix and just overall engagement with the PayPal ecosystem?

我對今年迄今為止看到的重新開放趨勢有疑問。以及您可能觀察到的任何明顯趨勢，例如它如何影響交易量組合、資金組合以及與 PayPal 生態系統的整體參與？

Sure, Sanjay. I'll start there and Dan may want to add a little bit. I think there's a number of things there that we're observing. I think building on your question around debit, that's certainly something that stands out. We see a shift in funding towards more debit versus credit, and that's across our broad portfolio of products, but a good example is even like Buy Now, Pay Later, where in the previous quarter, about 78% of that was funded with debit. That moved up to 82% in the most recent quarter.

當然，桑傑。我將從那裡開始，Dan 可能想補充一點。我認為我們正在觀察許多事情。我認為基於你關於借記的問題，這肯定是突出的。我們看到資金轉向更多的借方而不是貸方，這貫穿於我們廣泛的產品組合，但一個很好的例子甚至是“立即購買，以後付款”，在上一季度，其中約 78% 的資金來自借方。在最近一個季度，這一比例上升了 82%。

And so clearly, we're seeing a shift there. And again, going back to an earlier answer, we believe some of that is the displacement of cash.

很明顯，我們看到了那裡的轉變。再一次，回到更早的答案，我們認為其中一些是現金的置換。

In terms of overall kind of trends that we're seeing around reopening, certainly, travel has picked back up. And that happened a little bit earlier than what we had anticipated. Among the verticals that sort of stand out, fashion still is one of the single largest growth verticals in terms of overall volume for us. But in terms of the highest year-over-year growth rates, still food and groceries, and incidentally, even in markets where you've seen some reopening. So again, it just -- it really supports what consumers have been telling the world in surveys for 12 months now.

就我們在重新開放時看到的整體趨勢而言，旅行肯定有所回升。這比我們預期的要早一點。在那些比較突出的垂直領域中，就我們的整體銷量而言，時尚仍然是增長最快的垂直領域之一。但就最高的同比增長率而言，仍然是食品和雜貨，順便說一句，即使在你已經看到一些重新開放的市場中也是如此。再說一次，它只是 - 它真的支持消費者在 12 個月以來的調查中告訴世界的內容。

Now we're seeing it in behaviors. And so again, this sort of plays into a lot of the themes that we're talking about here in terms of this convergence of the physical world and online and the need to have these omni experiences for your customers. But those will be a couple of things that I would call out that we're seeing.

現在我們在行為中看到了它。再說一次，就物理世界和在線的這種融合以及為您的客戶提供這些全方位體驗的需求而言，這種方式涉及到我們在這裡討論的許多主題。但這些將是我們正在看到的一些事情。

Your next question will come from Colin Sebastian of Baird.

您的下一個問題將來自 Baird 的 Colin Sebastian。

How you're feeling at this point about the original full year revenue target for that business? And related to that, if you have any feedback on how crypto integration and business profiles are impacting how people are using Venmo? And if you could just remind us how the pipeline of other enhancements to the app will sequence over the course of the year.

在這一點上，您對該業務最初的全年收入目標有何看法？與此相關的是，如果您對加密集成和業務配置文件如何影響人們使用 Venmo 的方式有任何反饋？如果您能提醒我們，該應用程序的其他增強功能將如何在一年中排序。

Yes, sure. So first of all, Venmo had another really strong quarter. TPV, up 63%. It's off to a great start in Q2 as well.

是的，當然。所以首先，文莫有另一個非常強勁的季度。冠捷科技，上漲 63%。第二季度的開局也很好。

One really interesting thing on that John and I were remarking on the other day, is if you look at the annualized TPV of Venmo right now, call it about $205 million, $210 billion of TPV. Think back when we went public, our TPV for the year was $285 billion. So you basically have another PayPal inside of PayPal when we went public a year ago. And there is such huge monetization opportunity on that.

約翰和我前幾天評論的一件非常有趣的事情是，如果你現在看一下 Venmo 的年化 TPV，稱之為 2.05 億美元，2100 億美元的 TPV。回想一下我們上市時，我們當年的 TPV 是 2850 億美元。因此，當我們一年前上市時，您基本上在 PayPal 內部還有另一個 PayPal。並且有如此巨大的貨幣化機會。

I think, obviously, we feel very confident in the $900 million, but that is scratching the surface of what Venmo can be. This is a huge base that's growing. And the great thing is that the team there is executing on all of their initiatives. Credit card, we knew is a great experience, but it's performing beyond our expectations, new sign-ups, transactions. That's what happens when you have a great value proposition consumer experience. Crypto launched at 1% ramp. It just went to 5% ramp. It will be 100% ramped by the end of this month, the end of May. And obviously, if you look at again surveys that have come out recently and you look at millennials, something like 74% of them anticipate that they're going to use crypto in the next year or 2 in some way.

我認為，顯然，我們對 9 億美元非常有信心，但這只是觸及 Venmo 的表面。這是一個不斷增長的龐大基礎。最棒的是那裡的團隊正在執行他們所有的計劃。信用卡，我們知道這是一種很棒的體驗，但它的表現超出了我們的預期，新註冊，交易。當您擁有出色的價值主張消費者體驗時，就會發生這種情況。加密貨幣以 1% 的速度推出。它剛剛上升到 5%。到本月底，即 5 月底，它將達到 100%。顯然，如果您再次查看最近發布的調查並查看千禧一代，大約 74% 的人預計他們將在明年或 2 年內以某種方式使用加密貨幣。

Business profiles growing above plan. We're going to be introducing things like goods and services by our protection. That's a huge revenue generator on the PayPal P2P side. That same thing will be happening on the Venmo side.

業務概況增長超出計劃。我們將通過我們的保護引入諸如商品和服務之類的東西。這是 PayPal P2P 方面的巨大收入來源。同樣的事情也將發生在 Venmo 方面。

Pay with Venmo, which by the way, is very little of this year's $900 million. But that Pay with Venmo is going to be the majority of revenues as you look out several years from now. And so we're really excited about that rolling out. And eventually, Venmo is going to move down the same path that the PayPal super app digital wallet is going down. It's going to become a super app itself, putting in more and more capabilities and services around, again, shopping and basic consumer financial services and payments. It has international expansion in front of it.

用 Venmo 付款，順便說一下，這在今年的 9 億美元中只佔很小的一部分。但是，從現在開始幾年後，使用 Venmo 支付將成為收入的主要部分。所以我們對它的推出感到非常興奮。最終，Venmo 將走上與 PayPal 超級應用數字錢包相同的道路。它本身將成為一個超級應用程序，圍繞購物和基本的消費者金融服務和支付提供越來越多的功能和服務。它前面有國際擴張。

And there's just so much opportunity. I think we've all been bullish on the potential of Venmo. We are now beginning to see it realized and we just think that -- just want to keep investing in that because the opportunity is quite large.

而且機會太多了。我認為我們都看好 Venmo 的潛力。我們現在開始看到它實現，我們只是認為 - 只是想繼續投資，因為機會非常大。

Our next question will come from David Togut of Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 David Togut。

Good to see the strong growth engagement from Buy Now, Pay Later customers. Can you talk about your expectations for Buy Now, Pay Later for the balance of this year? More broadly, how you expect the most engaged Buy Now, Pay Later customers to engage in the PayPal ecosystem overall?

很高興看到“立即購買，以後付款”客戶的強勁增長參與度。你能談談你對今年剩餘的“立即購買，以後付款”的期望嗎？更廣泛地說，您希望參與度最高的“立即購買，以後付款”的客戶如何參與整個 PayPal 生態系統？

Yes, sure. I'll start, and then maybe John can go in. First of all, it's a great value proposition in the market. I think everybody clearly understands that and sees that. It's no incremental cost for a merchant to have Buy Now, Pay Later. It's just part of their take rate easy, integration. And by the way, PayPal is a trusted brand. So consumers see it, they recognize it, they have no problems taking part in that value proposition.

是的，當然。我先開始，然後也許約翰可以進去。首先，這是市場上的一個巨大價值主張。我想每個人都清楚地理解並看到了這一點。對於商家來說，現在購買，以後付款不會增加成本。這只是他們輕鬆整合的一部分。順便說一句，PayPal 是一個值得信賴的品牌。所以消費者看到它，他們認可它，他們參與到這個價值主張中沒有問題。

And because we have now 392 million customers on the platform, we know them. We know their behaviors. We have higher approval rates and less defaults than what we are seeing out in the Buy Now, Pay Later space.

因為我們現在在平台上有 3.92 億客戶，所以我們了解他們。我們知道他們的行為。與我們在“立即購買，以後付款”空間中看到的相比，我們擁有更高的批准率和更少的默認值。

Just to give you a sense of results in front of that. Over $2 billion of TPV globally since launch. Over $1 billion in the U.S. Over 14 million loans have been done, over 5 million unique customers. We have over 500,000 unique merchants, more -- hundreds of LE customers, as I mentioned, 30,000 upstream, and that's growing every single day.

只是為了讓您對前面的結果有所了解。自推出以來，全球範圍內的 TPV 已超過 20 億美元。在美國，超過 10 億美元的貸款已超過 1400 萬筆，獨立客戶超過 500 萬。我們有超過 500,000 個獨特的商家，甚至更多——正如我提到的，數百個 LE 客戶，30,000 個上游客戶，而且每天都在增長。

And one of the great things we're seeing with customers that are engaging with Buy Now, Pay Later is there's a 15% halo lift in TPV on the platform. And because of funding it with debit, debit's increasing, there's like a 16% reduction in our cost per transaction.

我們在參與“立即購買，以後付款”的客戶中看到的一件好事是平台上的 TPV 提升了 15%。而且由於借記卡為它提供資金，借記卡在增加，我們的每筆交易成本降低了 16%。

So it's a great proposition for merchants tons of conversations going on with all the leading merchants, big uptick with consumers, and we're going to expand into Australia by the end of Q2 and in much more of Europe by the end of the year.

因此，對於商家來說，與所有主要商家進行大量對話，與消費者進行大量對話，這是一個很好的提議，我們將在第二季度末擴展到澳大利亞，到今年年底擴展到更多的歐洲。

Thanks for all those great metrics. Just a quick follow-up on bottom of the funnel impact from the growth of Buy Now Pay Later.

感謝所有這些偉大的指標。只是快速跟進 Buy Now Pay Later 的增長對漏斗底部的影響。

Yes. Well, again, it's a little bit early because we've launched all of these things in like the last 6 or 8 months or so. So given we look at 12-month actives. So -- but if you look at the repeat behavior and the increased engagement, that probably bodes pretty well for both TPA and churn reduction, especially given that this is now scaling quite -- this is meaningful scale even for a company of our size.

是的。好吧，再說一次，這有點早，因為我們在過去 6 或 8 個月左右推出了所有這些東西。因此，鑑於我們查看 12 個月的活躍度。所以——但是如果你看看重複行為和增加的參與度，這對於 TPA 和客戶流失減少來說可能是個好兆頭，特別是考慮到現在這種規模正在擴大——即使對於我們這樣規模的公司來說，這也是有意義的規模。

Your next question will come from Bryan Keane of Deutsche Bank.

您的下一個問題將來自德意志銀行的 Bryan Keane。

I wanted to ask, John, on the impressive operating leverage, and we saw the raise of non-GAAP operating margins to -- I think it's about 100 basis points. So just thinking about what caused the increase in confidence there? And even though eBay is a bigger headwind and you're investing more, you're still increasing operating margins. So there's a lot of things going in the positive direction there. So I'd just like to get the details from you.

約翰，我想問一下令人印象深刻的運營槓桿，我們看到非公認會計原則的運營利潤率提高到——我認為大約是 100 個基點。所以只是想想是什麼導致了那裡的信心增加？即使 eBay 是一個更大的逆風，而且你投資更多，你仍然在增加營業利潤率。因此，那裡有很多事情朝著積極的方向發展。所以我只是想從你那裡得到細節。

Happy to address that, Bryan. So again, I want to repeat the number because it's a whopping number. 38% incremental operating margins in the quarter. That's -- it really demonstrates the scalability of our platform, particularly when you think about the level of investment that we've had internally, and you can look at some of the year-over-year comps in our expense line items and get an idea of that.

布萊恩，很高興能解決這個問題。再說一次，我想重複這個數字，因為它是一個驚人的數字。本季度營業利潤率增長 38%。那是 - 它確實展示了我們平台的可擴展性，特別是當您考慮我們內部的投資水平時，您可以查看我們費用項目中的一些同比比較並獲得的想法。

But I think there's a number of different areas, but a couple that obviously stand out are the transaction-related operating expenses of transaction expense and transaction loss. To have record lows in both those, again, like the improvements that we've made in our risk capabilities to drive down transaction losses has just been tremendous. And we start talking about this probably 5 or 6 quarters ago. And look, I don't know if we're going to come in at 10 basis points every quarter. I certainly would hope so. But that is a performance that was really hard to imagine a couple of years ago. But the improvements there that we've made in terms of the capabilities are definitely sustainable.

但我認為有許多不同的領域，但有兩個明顯突出的是交易相關的運營費用，即交易費用和交易損失。再次，這兩項都創下歷史新低，就像我們為降低交易損失而在風險能力方面所做的改進是巨大的。我們可能在 5 或 6 個季度前開始討論這個問題。看，我不知道我們是否會以每季度 10 個基點進入。我當然希望如此。但這是幾年前很難想像的表現。但是我們在功能方面所做的改進絕對是可持續的。

On transaction expense, look, I think you can pick at any one part of our P&L. And like -- take rate as an example. We saw declines there. Some of that's related to mix, like we're obviously doing, as an example, more bill payment right now, which carries a lower take rate. Well, at the same time, it carries a lower transaction expense. And so we've always focused on that margin between the 2. And again, to have a margin, a transaction margin approaching 60% this quarter, we're really pleased about it.

關於交易費用，我認為您可以選擇我們損益表的任何部分。就像——以速率為例。我們在那裡看到了下降。其中一些與混合有關，就像我們顯然正在做的那樣，例如，現在支付更多的賬單，收取率較低。好吧，與此同時，它的交易費用較低。因此，我們一直專注於兩者之間的利潤率。同樣，為了獲得利潤率，本季度的交易利潤率接近 60%，我們對此感到非常高興。

And so the obvious question is where does that level out over time? Does it go down from 80 basis points, does it go up from 80 basis points. It's tough to tell, but I certainly don't think that we're going to see levels that we saw pre-pandemic. There may be some inflation. But I think all of the mix changes in our business and what we're seeing around the pull forward of e-commerce, we would expect transaction expense to remain at lower levels pre-pandemic, which, again, gives us the just amazing leverage that we have on this platform.

因此，顯而易見的問題是，隨著時間的推移，這種情況會在哪裡趨於平穩？它是從 80 個基點下跌，還是從 80 個基點上漲。這很難說，但我當然不認為我們會看到大流行前的水平。可能會有一些通貨膨脹。但我認為我們業務的所有混合變化以及我們在電子商務的推動下所看到的情況，我們預計交易費用將保持在大流行前的較低水平，這再次為我們提供了驚人的槓桿作用我們在這個平台上擁有的。

That was the last question for the call today. I will now pass the call back to Dan for closing remarks.

這是今天電話會議的最後一個問題。現在，我將把電話轉回給 Dan 進行結束髮言。

Yes. Thanks so much. Thanks you everybody, for all of your questions, and thank you for the time you spent with us today. I hope that all of you and your families are safe and healthy. We look forward to not just speaking to all of you soon, but hopefully seeing all of you soon as well. So again, thank you for your time. Take care and goodbye.

是的。非常感謝。謝謝大家，感謝你們提出的所有問題，感謝你們今天與我們共度的時光。我希望你們所有人和你們的家人都平安健康。我們不僅期待很快與你們所有人交談，而且希望也能盡快見到你們所有人。再次感謝您的寶貴時間。保重和再見。