PayPal Holdings, Inc. (PYPL) 2020 Q2 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's Q2 2020 Earnings Call. (Operator Instructions) Ms. Gabrielle Rabinovitch, please go ahead.

下午好。我叫 Gabriel，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 PayPal 2020 年第二季財報電話會議。(接線員指示) Gabrielle Rabinovitch 女士，請開始。

Thank you, Gabriel. Good afternoon, and thank you for joining us. Welcome to PayPal Holdings earnings conference call for the second quarter of 2020. 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，Gabriel。下午好，感謝各位加入我們。歡迎參加 PayPal Holdings 2020 年第二季財報電話會議。今天與我一同出席的有：我們的總裁暨執行長 Dan Schulman；以及我們的財務長兼全球客戶營運執行副總裁 John Rainey。

Please note that we are taking this call from separate locations. We appreciate your patience as we adjust to these new logistics. 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.

請注意，我們是在不同地點進行本次電話會議。在我們調整至這些新的作業安排之際，感謝各位的耐心。我們提供投影片簡報以配合我們的說明。本次電話會議亦同步網路直播，簡報與電話會議內容皆可於我們網站的投資人關係專區取得。

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

在討論公司表現時，我們將提及一些非 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 as well as the impact of our acquisitions. Our actual results may differ materially from these statements. You can find more information about risks, uncertainties and other factors that could affect our results in our most recent annual report on Form 10-K and quarterly 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. All information in this presentation is as of today's date, July 29, 2020. We expressly disclaim any obligation to update this information.

管理層將作出前瞻性陳述，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第三季及全年之指引，以及我們收購案的影響。我們的實際結果可能與這些陳述存在重大差異。關於可能影響我們業績的風險、不確定性及其他因素之更多資訊，請參閱我們最近一期向美國證券交易委員會（SEC）提交的 Form 10-K 年度報告與 Form 10-Q 季度報告，並可於我們網站的投資人關係專區取得。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（2020 年 7 月 29 日）。我們明確聲明不承擔更新此等資訊之任何義務。

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

接下來，我把電話交給 Dan。

Thanks, Gabrielle, and thanks, everyone, for joining us on today's call. And I hope that all of you are safe and well.

謝謝你，Gabrielle，也謝謝各位參加今天的電話會議。我也希望各位都平安健康。

I'm pleased to say that PayPal just had its strongest quarter since becoming an independent public company 5 years ago. Simply put, our business has never been more relevant and important than it is today. In the midst of the COVID pandemic, we have seen substantial macro changes that we believe will have a lasting and profoundly positive impact on our business. The world has accelerated from physical to digital across multiple industries, including retail. Merchants are embracing a digital-first strategy, and these trends have fueled the rapid rise of digital payments. These are durable and meaningful tailwinds, and we are fortunate to have the scale, scope of services and brand reputation to capture the benefits of these trends and extend them to our customers. Consumer behavior has shifted in a discontinuous manner, and PayPal clearly has a unique opportunity to accelerate its path to becoming an everyday essential service.

我很高興地表示，PayPal 剛剛交出自 5 年前成為獨立上市公司以來最強勁的一季。簡而言之，我們的業務從未像今天這樣更具關聯性與重要性。在 COVID 疫情期間，我們看到顯著的總體環境變化，我們相信這些變化將對我們的業務帶來持久且深遠的正面影響。全球在多個產業（包括零售）加速由實體走向數位。商戶正採用「數位優先」策略，而這些趨勢推動了數位支付的快速崛起。這些是持久且具意義的順風因素；我們很幸運具備規模、服務範疇與品牌聲譽，得以掌握這些趨勢帶來的效益並將其延伸至我們的客戶。消費者行為以非連續的方式轉變，而 PayPal 顯然擁有獨特機會，加速邁向成為日常不可或缺的服務。

The strength that we saw across our business in April continued to gain momentum throughout Q2. Our transactions grew by 26% to 3.7 billion, consistently rivaling the volumes that we usually experience during the 5 days between Thanksgiving and Cyber Monday. Transactions on our PayPal Checkout experiences remained especially strong, growing almost 40% year-over-year. TPV grew at 30% on an FX-neutral basis, with a record $222 billion of processed volume in Q2. TPV accelerated throughout the quarter, and June marked our highest growth rate since our separation from eBay.

我們在 4 月於整體業務所見的強勁表現，在第二季持續增溫並加速。我們的交易筆數成長 26% 至 37 億筆，持續可與我們通常在感恩節到「網路星期一」之間 5 天所經歷的交易量相媲美。我們的 PayPal Checkout 交易體驗尤其強勁，年增近 40%。TPV（總支付金額）在剔除匯率影響後成長 30%，第二季處理交易量創紀錄達 2,220 億美元。TPV 在整個季度持續加速，而 6 月更創下自我們與 eBay 分拆以來最高的成長率。

We added a record 21.3 million new customers in the quarter, increasing nearly 140% year-over-year. To put this in perspective, this quarter's net new actives were greater than our total net new actives in 2016. Nearly 1.7 million merchants signed up for PayPal in Q2, and Honey net new actives were nearly 3x that of Q1. Importantly, we continue to see increased levels of engagement. Our 10-day adoption rate for our newest cohorts grew by 20% to 30% over last year. And across our PayPal base, our daily active users have accelerated by almost 40% from last year. We ended Q2 with 346 million active accounts and with over 26 million merchant accounts. Given our momentum, I believe that we will add approximately 70 million net new actives this year.

本季我們新增創紀錄的 2,130 萬名新客戶，年增近 140%。為了讓各位更有概念，本季的淨新增活躍帳戶數超過我們 2016 年全年的淨新增活躍帳戶總數。第二季約有 170 萬名商戶註冊使用 PayPal，而 Honey 的淨新增活躍用戶數接近第一季的 3 倍。重要的是，我們持續看到更高程度的使用黏著與互動。我們最新用戶群的 10 日採用率較去年提升 20% 至 30%。而在整體 PayPal 用戶基礎中，我們的每日活躍用戶數較去年加速成長近 40%。第二季結束時，我們擁有 3.46 億個活躍帳戶，以及超過 2,600 萬個商戶帳戶。基於目前的動能，我相信今年我們將新增約 7,000 萬個淨新增活躍帳戶。

These trends drove record financial performance in the quarter. Revenues grew by 25% on an FX-neutral basis to $5.26 billion, accelerating after our strong 20% revenue growth in April. This is the first time our quarterly revenues have exceeded $5 billion. Due to the strength of our PayPal-branded transactions, our non-GAAP operating margin increased by a record 500 basis points to 28% this quarter. As a result, our non-GAAP EPS grew by 49% year-over-year to $1.07. And all of this led to record free cash flow of $2.2 billion in the quarter, up 112%.

這些趨勢帶動本季創紀錄的財務表現。營收在剔除匯率影響後成長 25% 至 52.6 億美元，並在 4 月強勁的 20% 營收成長之後進一步加速。這是我們季度營收首次突破 50 億美元。由於 PayPal 品牌交易的強勁表現，我們的非 GAAP 營業利益率本季創紀錄提升 500 個基點至 28%。因此，我們的非 GAAP 每股盈餘（EPS）年增 49% 至 1.07 美元。而這一切帶來本季創紀錄的自由現金流 22 億美元，成長 112%。

In the first half of 2020, the penetration of e-commerce as a percentage of retail sales outpaced prior external forecast by an astonishing 3 to 5 years. In this environment, the demand for our products and services has dramatically increased and unleashed multiple opportunities. We are focused on several key initiatives to fully leverage this unique moment in time. First and foremost is our push to accelerate in-store contactless payments. Both consumers and merchants are rapidly moving towards digital payments across their online and off-line experiences. This is an existential issue for merchants who realized that reopening their retail stores depends on touchless forms of payments to keep both their employees and customers safe and healthy. There are numerous market research studies highlighting that consumers no longer want to handle cash or other forms of payments that require any physical touch at checkout. We are significantly investing to accelerate our presence in all forms of omnichannel commerce, from point-of-sale in-store to buy online and pick up in store, order ahead, pay at table and home delivery. In addition to iZettle contactless cards and integration with both Google Pay and Samsung Pay, we announced that our QR code functionality is now available across 28 countries for small and micro merchants. And we are working with leading retailers throughout the U.S. and Europe to aggressively roll out an integrated point-of-sale QR solution beginning this quarter with expansion planned throughout the year.

2020 年上半年，電子商務占零售銷售的滲透率較先前外部預測快了驚人的 3 到 5 年。在此環境下，市場對我們產品與服務的需求大幅增加，並釋放出多重機會。我們聚焦於數項關鍵計畫，以充分把握這個獨特的時點。首要之務是推動加速店內非接觸式支付。消費者與商戶正快速在其線上與線下體驗中轉向數位支付。對商戶而言，這是攸關生存的議題；他們已意識到，重新開放實體門市取決於採用非接觸式支付，以確保員工與顧客的安全與健康。多項市場研究顯示，消費者不再希望在結帳時處理現金或其他任何需要實體接觸的支付方式。我們正大幅投資，以加速我們在各種全通路商務型態中的布局，涵蓋店內 POS、線上購買到店取貨、預先下單、桌邊付款以及到府配送。除 iZettle 非接觸式卡片及與 Google Pay、Samsung Pay 的整合外，我們也宣布 QR code 功能現已在 28 個國家提供給小型與微型商戶使用。此外，我們正與美國及歐洲的領先零售商合作，自本季起積極推動整合式 POS QR 解決方案的上線，並計畫在全年持續擴大。

For instance, we are working with CVS Pharmacy to enable PayPal and Venmo QR codes for payment at their cash registers. And we expect a full national rollout to their 8,200 stand-alone store locations by the end of the year. Our merchants and our consumers want us to expand in store, and we will not let this opportunity pass us by.

例如，我們正與 CVS Pharmacy 合作，使其收銀台可使用 PayPal 與 Venmo 的 QR code 進行付款。我們預期在年底前，將全面於其全美 8,200 家獨立門市據點推行。我們的商戶與消費者都希望我們擴展店內支付，我們不會讓這個機會從眼前溜走。

The rollout of QR functionality will also accelerate our Venmo monetization efforts. Venmo also had a very strong Q2 with record NNAs and an active base that now exceeds 60 million consumers. In Q2, Venmo grew its TPV by 52% to almost $37 billion. Revenues continue to outperform our expectations with year-over-year growth rates of greater than 60% during the first 3 weeks of July. We are seeing substantial increases in the use of Venmo as the pandemic continues on as more consumers turn to Venmo to live their financial lives, including adoption of direct deposit functionality, and later this year, the Venmo credit card.

QR 功能的推出也將加速我們對 Venmo 的變現工作。Venmo 在第二季同樣表現非常強勁，創下淨新增活躍帳戶（NNA）新高，活躍用戶基礎現已超過 6,000 萬名消費者。第二季 Venmo 的總支付金額（TPV）成長 52%，接近 370 億美元。營收持續優於我們的預期，7 月前三週的年增率超過 60%。隨著疫情持續，我們看到 Venmo 的使用量大幅增加，越來越多消費者轉向 Venmo 來處理其金融生活，包括採用直接存款功能，以及今年稍晚推出的 Venmo 信用卡。

We recently introduced business profiles, a unique new way for consumers and merchants to connect on Venmo and exchange goods and services with the same protections enjoyed by PayPal customers. These initiatives will drive significant additional value to Venmo users and consequently drive new vectors of monetization.

我們近期推出商家檔案（business profiles），這是一種獨特的新方式，讓消費者與商家能在 Venmo 上建立連結並交換商品與服務，同時享有與 PayPal 客戶相同的保障。這些計畫將為 Venmo 用戶帶來顯著的額外價值，並進而帶動新的變現途徑。

We are also expanding functionality beyond omni checkout in both our PayPal and Venmo digital wallets. We will roll out additional services over the next several quarters, including bill pay, subscriptions and rewards management, shopping tools from Honey and new forms of credit and budgeting tools, to name just a few. Our goal is to meaningfully expand the range of services provided inside our wallets. We believe these and other actions will bring us closer to having a full set of capabilities for consumers to use on a daily basis.

我們也正在於 PayPal 與 Venmo 的數位錢包中，將功能擴展至全通路結帳（omni checkout）之外。未來幾個季度我們將推出更多服務，包括帳單支付、訂閱與獎勵管理、來自 Honey 的購物工具，以及新的信貸形式與預算管理工具等，僅舉數例。我們的目標是在錢包內實質擴大可提供的服務範圍。我們相信，這些以及其他行動將使我們更接近具備一整套能力，讓消費者能夠每日使用。

Our rapidly increasing scale makes us highly relevant to merchants of all sizes and provides us with large sets of data to offer customized services and solutions. Over the last few years, we have developed, acquired and grown a strong and diverse portfolio of capabilities that address many of the current needs of our merchants. These range from end-to-end digital payment processing to sophisticated risk management and shopping tools that ultimately help to drive increased sales and engagement so that our merchants can thrive in the era of digital commerce. And it's the combination of these assets together that provides unique competitive differentiation for our enterprise merchants, channel partners and small business customers. Providing merchants with a comprehensive, consistent, simple and unified experience remains a guiding principle for us as we continue to add new products and services. And as is evident by the number of merchants signing up for PayPal, our integrated platform has never been more relevant or needed.

我們規模的快速擴張，使我們對各種規模的商家都高度相關，並讓我們擁有大量資料可用以提供客製化服務與解決方案。過去幾年，我們已開發、收購並成長出一個強大且多元的能力組合，能滿足商家當前的多項需求。這些能力涵蓋端到端的數位支付處理、精密的風險管理與購物工具，最終有助於提升銷售與互動，讓商家能在數位商務時代蓬勃發展。而正是這些資產的組合，為我們的企業商家、通路合作夥伴與中小企業客戶提供了獨特的競爭差異化。在我們持續新增產品與服務的同時，為商家提供全面、一致、簡單且統一的體驗，仍是我們的指導原則。而從加入 PayPal 的商家數量即可看出，我們的整合式平台從未像現在這樣更具相關性或更被需要。

We continue to extend our platform capabilities around the world. We recently entered into an important commercial relationship with Gojek, a leader in mobile commerce in Southeast Asia with 170 million users. In Brazil and Mexico, PayPal is available as a payment option in the Mercado Pago online checkout for shoppers. And PayPal is now available for cross-border transactions on MercadoLibre. And we continue to build our team and capabilities in China as we integrate with our GoPay platform, partner with China UnionPay and other leading Chinese players.

我們持續在全球擴展平台能力。我們近期與東南亞行動商務領導者 Gojek 建立重要的商業合作關係，其擁有 1.7 億名用戶。在巴西與墨西哥，PayPal 已可作為 Mercado Pago 線上結帳的付款選項供消費者使用。此外，PayPal 現已可用於 MercadoLibre 的跨境交易。同時，隨著我們與 GoPay 平台整合，並與中國銀聯及其他中國主要業者合作，我們也持續在中國擴編團隊並強化能力。

COVID-19 was not the only set of issues we addressed this quarter. As all of you know, we are witnessing an outpouring of emotion and determination to address centuries of systemic racism. In June, we announced a comprehensive $530 million commitment to support black and minority businesses and to fight economic inequality. We felt it was necessary to not just condemn racism, but to commit to doing the necessary work over the long term to help create a more socially just society. Even as we navigate these unprecedented times as a business, we have the ability to act in a way that clearly represents our values, especially around inclusion. We still have lots of work to do, but we are fully committed to a future where all people can live with dignity and respect.

COVID-19 並非本季我們所處理的唯一議題。如各位所知，我們正目睹人們湧現強烈情緒與決心，以處理延續數百年的制度性種族歧視。6 月，我們宣布一項總額 5.3 億美元的全面承諾，用以支持黑人與少數族裔企業並對抗經濟不平等。我們認為，不僅要譴責種族主義，更必須承諾長期投入必要的工作，協助建立更具社會正義的社會。即使在企業面對這些前所未有的時期，我們仍有能力以清楚體現我們價值觀的方式採取行動，尤其是在包容性方面。我們仍有許多工作要做，但我們完全致力於一個所有人都能以尊嚴與尊重生活的未來。

This is also a special quarter for PayPal because it marks our fifth anniversary as an independent publicly traded company. During that time, we've dramatically expanded our platform capabilities, value proposition, geographic footprint and our market leadership. However, I believe the next 5 years will bring about even greater opportunities. We have an ambitious vision for PayPal to be a central player in the future of the digital economy. I'm confident we can drive towards that goal. We have a solid track record and an unwavering dedication to delivering essential, differentiated and best-in-class services to merchants and consumers.

對 PayPal 而言，這一季也別具意義，因為它標誌著我們作為獨立上市公司滿五週年。在這段期間，我們大幅擴展了平台能力、價值主張、地理版圖以及市場領導地位。然而，我相信未來 5 年將帶來更大的機會。我們對 PayPal 有一個宏大的願景：成為未來數位經濟的核心參與者。我有信心我們能朝該目標推進。我們擁有扎實的實績，以及對為商家與消費者提供關鍵、具差異化且同級最佳服務的堅定投入。

This is our time, and we intend to seize the moment. Our products and services have never been more important, and we are ready and well positioned to capture the opportunities that lie ahead of us. And with that, I'll now turn the call over to John. John?

現在是我們的時刻，我們打算把握當下。我們的產品與服務從未如此重要，而我們已準備就緒並具備良好定位，以掌握未來的機會。接下來，我將把電話會議交給 John。John？

Thanks, Dan. I'd like to start by thanking the entire PayPal team for their efforts to serve our customers and execute on our priorities during these unprecedented times. Since our last earnings call, the encouraging business trends that we've called out have persisted, and we're reporting the strongest quarterly results in our history.

謝謝你，Dan。我想先感謝整個 PayPal 團隊，在這些前所未有的時期，為服務客戶並落實我們的優先事項所付出的努力。自上次財報電話會議以來，我們先前提到的令人鼓舞的業務趨勢仍在延續，而我們也繳出公司史上最強勁的單季業績。

As Dan discussed, in the current operating environment, our business has inherent advantages. By many estimates, the pace of e-commerce penetration has accelerated by several years in a single quarter. And there is greater demand for contactless payments than ever before. These shifts play directly to our strengths and will enable us to advance our competitive positioning.

如 Dan 所討論，在目前的營運環境下，我們的業務具備內在優勢。依多方估計，電子商務滲透率的提升速度在單一季度內加速了數年。而對非接觸式支付的需求也比以往任何時候都更高。這些轉變正好發揮我們的強項，並將使我們得以強化競爭定位。

At the same time, there is ongoing uncertainty as it relates to both the progression of the coronavirus as well as the state of the macroeconomic environment. We are carefully monitoring the pace of recovery and these interconnected dynamics. This overall level of macro-related uncertainty has resulted in increased complexity in building our forecast. It is with this backdrop that we're updating you today on our business and our outlook for the remainder of the year.

同時，無論是新冠病毒的發展進程，或是總體經濟環境的狀態，仍存在持續的不確定性。我們正審慎監測復甦速度以及這些相互關聯的動態。這種整體的總經相關不確定性，使我們在建立預測時的複雜度提高。在此背景下，我們今天將向各位更新我們的業務狀況，以及對今年剩餘期間的展望。

Our second quarter performance highlights the benefits of PayPal's diversification and scale and our resulting earnings power. We delivered 25% revenue growth on a currency-neutral basis, 49% growth in non-GAAP earnings per share and generated $2.2 billion in free cash flow. We did all of this while absorbing ongoing pressure from reduced travel and event spending and lower revenue from our credit products. I'll now provide the details of our financial performance for the quarter and then our expectations for the rest of the year.

我們第二季的表現凸顯了 PayPal 多元化與規模所帶來的效益，以及由此產生的獲利能力。我們在固定匯率基礎下實現營收成長 25%，非 GAAP 每股盈餘成長 49%，並產生 22 億美元的自由現金流。我們在達成上述成果的同時，也吸收了因旅遊與活動支出下降，以及我們信貸產品營收降低所帶來的持續壓力。接下來我將提供本季財務表現的細節，並說明我們對今年其餘期間的預期。

Revenue in the second quarter increased 25% on a currency-neutral basis to $5.26 billion. Transaction revenue grew 30% on a currency-neutral basis, the strongest growth we've ever reported. Growth accelerated 13 points year-over-year and 15 points sequentially. Transaction revenue growth was primarily driven by strength across our PayPal Checkout experiences, which more than offset the approximately 60% decline we saw within our travel and advanced volumes. For context, travel and events represented slightly more than 10% of our TPV in the second quarter last year. In addition, cross-border volumes increased 24% in the quarter, which also supported transaction revenue growth. Other value-added services revenue declined 26%.

第二季營收在固定匯率基礎下成長 25%，達 52.6 億美元。交易營收在固定匯率基礎下成長 30%，為我們歷來所報告的最強勁成長。成長率較去年同期加速 13 個百分點，較前一季加速 15 個百分點。交易營收成長主要由我們 PayPal Checkout 體驗的強勁表現所帶動，足以抵消我們在旅遊與進階交易量（advanced volumes）中看到約 60% 的下滑。作為參考，去年第二季旅遊與活動約占我們 TPV 的略高於 10%。此外，本季跨境交易量成長 24%，也支撐了交易營收的成長。其他加值服務營收下滑 26%。

Lower credit revenue in the quarter resulted from a number of factors. These included customer relief actions, fewer merchant loan originations, the lapping of $58 million of interim servicing revenue from Synchrony recognized in Q2 last year, and an approximate $17 million impact from increased expected credit loss provisions related to macroeconomic adjustments. Lower interest income due to lower interest rates globally also contributed to this decline. Revenue from Honey, also part of this line item, only partially offset these headwinds in the quarter.

本季信用收入下降係由多項因素所致。其中包括客戶紓困措施、商戶貸款承作量減少、去年第二季認列自 Synchrony 的 5,800 萬美元過渡性服務收入之基期效應，以及因宏觀經濟調整而提高預期信用損失準備所帶來約 1,700 萬美元的影響。此外，全球利率走低導致利息收入下降，也促成了此一減少。本項目亦包含來自 Honey 的收入，但在本季僅能部分抵銷上述不利因素。

In the second quarter, transaction take rate was 2.23%, and total take rate was 2.37%. Compared to the second quarter last year, these declined 2 basis points and 13 basis points, respectively. Transaction take rate increased sequentially, and excluding the effect of person-to-person volumes, increased year-over-year as well, reflecting strong volume growth from PayPal checkout experiences.

第二季交易抽成率為 2.23%，總抽成率為 2.37%。與去年第二季相比，分別下降 2 個基點與 13 個基點。交易抽成率較前一季上升；且若排除個人對個人（P2P）交易量的影響，也呈現年增，反映 PayPal 結帳體驗帶動的強勁交易量成長。

Moving to our volume-based expenses. As the rate of TPV, we're reporting record low transaction expense and transaction loss performance. Transaction expense was 83 basis points as a rate of TPV, a decline of 11 basis points versus Q2 last year, primarily due to the funding mix on our platform in the quarter. Transaction loss was 12 basis points, an improvement of 2 basis points year-over-year and the fifth consecutive quarter in which we performed in this range. Risk mitigation strategies and risk model enhancements continue to drive this improved loss experience across our platform. Together, transaction expense and transaction loss provided 335 basis points of leverage. At the same time, given current economic forecast, we increased our macro-related reserves for expected credit losses by $117 million. This flows directly to our income statement, increasing credit losses by $100 million and reducing other value-added services revenue by $17 million. After taxes, this adjustment to our provision represented a $0.07 per share impact to earnings.

接著談我們的量化（以交易量為基礎）費用。以 TPV 的比率來看，我們的交易費用與交易損失表現創下歷史新低。交易費用占 TPV 的 83 個基點，較去年第二季下降 11 個基點，主要受本季平台資金來源組合影響。交易損失為 12 個基點，年減 2 個基點，且已連續第五季維持在此區間。風險緩解策略與風險模型強化，持續推動全平台損失體驗改善。合計而言，交易費用與交易損失帶來 335 個基點的槓桿效益。同時，鑑於目前的經濟預測，我們將與宏觀因素相關的預期信用損失準備增加 1.17 億美元。此項調整將直接反映於損益表，使信用損失增加 1 億美元，並使其他加值服務收入減少 1,700 萬美元。稅後而言，此項備抵提列調整對每股盈餘的影響為 0.07 美元。

Entering the quarter, our reserve coverage was 17%. With this additional increase in our reserve, we exited the quarter at 22% coverage. Overall, the combination of our strong revenue and volume-based expense performance resulted in transaction margin dollars increasing 26% to approximately $3 billion. Our transaction margin expanded 179 basis points to 56.6%. 335 basis points of margin expansion from transaction expense and transaction loss was partially offset by 156 basis points of deleverage from loan losses. Nontransaction-related expenses increased by 10%, resulting in 326 basis points of leverage. Customer support and operations as a line item contributed more than 40% of this leverage. Excluding the impact of our recent acquisitions, nontransaction-related expenses increased 3% or only $0.04 for every incremental dollar of revenue, once again, demonstrating the scalability of our business and our operating discipline.

進入本季時，我們的準備覆蓋率為 17%。在額外增加準備後，本季結束時覆蓋率提升至 22%。整體而言，強勁的營收與量化費用表現相結合，使交易毛利金額成長 26% 至約 30 億美元。交易毛利率擴張 179 個基點至 56.6%。其中，交易費用與交易損失帶來 335 個基點的毛利率擴張，但部分被貸款損失造成的 156 個基點去槓桿所抵銷。非交易相關費用增加 10%，帶來 326 個基點的槓桿效益。其中，客戶支援與營運此一項目貢獻了超過 40% 的槓桿效益。若排除近期收購案的影響，非交易相關費用僅增加 3%，或每增加 1 美元營收僅增加 0.04 美元成本，再次展現我們業務的可擴展性與營運紀律。

Operating margin for the quarter was 28.2%, improving more than 500 basis points year-over-year, the highest level of operating margin expansion we reported in our history. Strength across all parts of our business contributed to this performance. Non-GAAP other income in the quarter declined by $60 million relative to last year, predominantly driven by increased interest expense from a higher debt balance and reduced interest income from lower interest rates. For the second quarter, non-GAAP EPS increased 49% to $1.07. Our earnings performance demonstrates our ability to successfully execute in the face of a more challenging operating environment as well as the strength and resilience of our platform. Excluding the macro-related charge for expected credit losses, non-GAAP EPS would have increased 59%.

本季營業利益率為 28.2%，年增超過 500 個基點，為我們歷史上所報告的最高營業利益率擴張幅度。業務各部分的全面強勁表現共同促成此成果。本季非 GAAP 其他收益較去年減少 6,000 萬美元，主要由於負債餘額較高導致利息費用增加，以及利率走低導致利息收入減少。第二季非 GAAP 每股盈餘（EPS）成長 49% 至 1.07 美元。我們的獲利表現顯示，即使在更具挑戰的營運環境下，我們仍能成功執行，同時也展現平台的實力與韌性。若排除與宏觀因素相關的預期信用損失費用，非 GAAP EPS 將成長 59%。

We ended the quarter with cash, cash equivalents and investments of $16.2 billion. In May, we raised $4 billion in long-term debt with a weighted average effective interest rate of 2.26%. We ended the quarter with $9 million in long-term debt. In addition, we generated $2.2 billion in free cash flow in the quarter or approximately $0.42 of free cash flow for every dollar of revenue. And year-over-year, free cash flow grew 112%.

本季結束時，我們持有的現金、約當現金及投資為 162 億美元。5 月我們發行 40 億美元長期債務，加權平均有效利率為 2.26%。本季結束時，我們的長期債務為 900 萬美元。此外，本季我們創造 22 億美元自由現金流，亦即每 1 美元營收約對應 0.42 美元自由現金流。且以年對年來看，自由現金流成長 112%。

We're very well positioned from a balance sheet and liquidity perspective. This solid footing gives us the flexibility to successfully navigate this environment and emerge stronger. We've identified several opportunities to accelerate our long-term growth and advance our leadership position in digital payments. As a result, in the back half of the year, we plan to invest heavily in support of these plans, which I will discuss in more detail shortly.

從資產負債表與流動性角度來看，我們處於非常有利的位置。這樣穩健的基礎使我們具備彈性，得以成功因應此一環境並以更強姿態脫穎而出。我們已辨識出多項機會，可加速長期成長並鞏固我們在數位支付領域的領導地位。因此，在今年下半年，我們計畫為支持這些方案而加大投資，我稍後將更詳細說明。

I now want to shift to our expectations for the rest of 2020. With more than half of the year behind us, our strong results and ongoing momentum as well as the secular tailwinds that have accelerated this year, we are reinstating our full year guidance. While the timing of the end of the pandemic and the eventual path to economic recovery remain unclear, we have more visibility and confidence in our trajectory for the remainder of 2020. Our updated full year outlook is a significant raise relative to our prior guidance for revenue, earnings and free cash flow. For the back half of the year, our overall expectations are that TPV and revenue will perform in line with the second quarter, with 30% volume growth and 25% revenue growth on a currency-neutral basis. We also believe non-GAAP EPS will grow approximately 25% on a spot basis in both Q3 and Q4, based on the strong leverage we're seeing and our investment plans.

接下來我想轉向談我們對 2020 年剩餘期間的展望。在一年已過半之際，憑藉我們的強勁成果與持續動能，以及今年加速的長期結構性順風，我們將恢復提供全年指引。儘管疫情結束的時間點與最終經濟復甦路徑仍不明朗，我們對 2020 年剩餘期間的走勢已有更高能見度與信心。我們更新後的全年展望，相較先前對營收、獲利與自由現金流的指引，均為顯著上調。對於下半年，我們整體預期 TPV 與營收表現將與第二季一致；以固定匯率基礎計算，交易量成長 30%，營收成長 25%。基於我們所見到的強勁槓桿效益與投資計畫，我們亦預期第三季與第四季的非 GAAP EPS 以即期匯率基礎計算皆將成長約 25%。

As a result of these expectations, for the full year, on a currency-neutral basis, we now expect TPV to grow in the high 20s percentage range and revenue to grow approximately 22%. In addition, for the full year, we now expect to grow non-GAAP EPS in the range of 25%. I'd also like to note that included in this guidance for 25% EPS growth is our expectation that the other income line item will reflect a net expense for the year, given lower interest rates on our corporate cash and the debt we've recently raised.

基於上述預期，以固定匯率基礎計算，我們目前預期全年 TPV 將成長約 20% 高段區間，營收約成長 22%。此外，我們目前預期全年非 GAAP EPS 成長約 25%。我也想補充說明：此 25% EPS 成長指引已納入我們對「其他收益」項目在全年將呈現淨費用的預期，原因在於公司現金的利率較低，以及我們近期新增的舉債。

Relative to the guidance we provided in January, our updated guidance represents a raise of approximately 3.5 points of growth to revenue and 9 points of growth to earnings. In addition, we now expect to generate more than $5 billion of free cash flow this year, an increase of $1 billion relative to our prior guidance. I'd like to give some context for this improved outlook.

相較我們 1 月提供的指引，更新後的指引相當於將營收成長上調約 3.5 個百分點，將獲利成長上調 9 個百分點。此外，我們目前預期今年自由現金流將超過 50 億美元，較先前指引增加 10 億美元。我想就此改善後的展望提供一些背景說明。

The revenue growth we expect reflects continued strong performance in transaction revenue, partially offset by ongoing pressure in our credit products. It also reflects a 1-point headwind to growth from the eBay managed payments migration. The rate of growth we're expecting for the year represents a 7-point acceleration from 2019 and is indicative of the elevated and sustained engagement we're seeing across our platform. In addition, we now expect our operating margin to expand by at least 100 basis points relative to our prior guidance that would have been flat versus last year. Based on the mix of transaction volume and our strong business trends, we expect to continue to show transaction margin expansion throughout the rest of the year.

我們預期的營收成長反映交易營收持續強勁的表現，但部分被信用產品持續承壓所抵銷。同時也反映 eBay 受管支付（managed payments）遷移對成長帶來 1 個百分點的不利影響。我們對全年所預期的成長率，較 2019 年加速 7 個百分點，顯示我們在全平台所見到的參與度提升且具延續性。此外，相較先前指引（原預期與去年持平），我們目前預期營業利益率至少擴張 100 個基點。基於交易量組合與強勁的業務趨勢，我們預期在今年剩餘期間將持續展現交易毛利率擴張。

At the same time, included in this guidance and partially offsetting transaction margin expansion are our plans to invest approximately $300 million in the back half of the year to advance our key priorities and accelerate our growth initiatives. We believe that we have a unique opportunity to strengthen our competitive positioning and extend our leadership. We've never been more relevant to our customers around the world, and we're focused on doubling down in several areas to help ensure that we sustain and enhance our strategic advantages. This is quite costly an inflection point in the growth of e-commerce and digital payments. And as a result, we're electing to invest much of our margin improvement to help ensure our long-term success. We believe that the guidance we're providing today is consistent with the significant advantages from which our business is currently benefiting.

同時，在本次指引中亦納入、並部分抵銷交易毛利率擴張的，是我們計畫在今年下半年投資約3億美元，以推進我們的關鍵優先事項並加速成長計畫。我們相信，我們擁有一個獨特的機會來強化競爭定位並延伸我們的領導地位。我們從未像現在這樣與全球客戶高度相關，我們正聚焦在數個領域加碼投入，以協助確保我們能維持並強化我們的策略優勢。這是電子商務與數位支付成長中一個相當昂貴的轉折點。因此，我們選擇將大部分的毛利改善投入，以協助確保我們的長期成功。我們相信，我們今天提供的指引與我們業務目前所受惠的顯著優勢一致。

Relative to when we last reported earnings nearly 3 months ago, we have more confidence in the sustainability of the elevated e-commerce trends we are seeing. When it first felt like a potentially short-lived phenomenon resulting from initial panic and pantry packing and even stimulus checks, has become a much more durable and profound behavioral shift. We've seen the strongest and most encouraging new customer volume and engagement trends in our history. At the same time, given our exposure to travel and live events, we've watched demand in these verticals essentially grind to a halt. Our business has demonstrated its ability to withstand exogenous shocks. And the diversity and scale of our platform is allowing us to outperform even while absorbing meaningful pressures.

相較於我們上次在近3個月前公布財報時，我們對於目前所見的高檔電子商務趨勢之可持續性更具信心。起初看似可能只是由最初的恐慌性採購、囤貨，甚至是紓困支票所帶來的短暫現象，如今已成為更持久且更深刻的行為轉變。我們看到公司史上最強勁、最令人鼓舞的新客戶量與互動趨勢。同時，鑑於我們在旅遊與現場活動方面的曝險，我們也看到這些垂直領域的需求幾乎停滯。我們的業務已展現其承受外生性衝擊的能力。而我們平台的多元性與規模，使我們即使在吸收顯著壓力的同時，仍能表現優於同業。

3 months ago, the idea that our PayPal-branded experiences would enjoy TPV growth for an entire quarter at a level consistent with and only previously seen during high-velocity holiday selling days like Black Friday and Cyber Monday was bold and even somewhat inconceivable, especially in the midst of a global pandemic and the highest levels of unemployment in our lifetime. And while we know more today than we did a few months ago about both the virus and the economy, there continues to be palpable uncertainty. As we sit here today, the concept of normalcy is being redefined, and at times, feel elusive. What we do know is that this is a pivotal moment in PayPal's history. We believe that we've never been better positioned to realize our ambition for greater relevance, ubiquity and impact as a global payments leader. We recognize that this is our time to capitalize on our strategic position and financial capacity to serve our customers better and to advance our platform, and we're committed to achieving our full potential.

3個月前，認為我們的PayPal品牌體驗能在整個季度享有TPV成長、且其水準與過去僅在黑色星期五與網路星期一等高速假期銷售日才曾出現的情況一致，這樣的想法相當大膽，甚至有些難以想像，尤其是在全球疫情之中，以及我們一生中最高的失業水準之下。儘管相較於幾個月前，我們對病毒與經濟的了解更多，但不確定性仍然明顯存在。就我們今天所處的情況而言，「正常」的概念正在被重新定義，有時也讓人覺得難以捉摸。我們所知道的是，這是PayPal歷史上的關鍵時刻。我們相信，作為全球支付領導者，我們從未像現在這樣具備更佳的定位，去實現我們在更高相關性、更高普及性與更大影響力方面的抱負。我們認知到，現在正是我們運用策略地位與財務能力、更好地服務客戶並推進平台的時刻，我們也致力於充分發揮我們的全部潛力。

In addition, through this period, we've learned a lot about our organization and its resiliency and what we can accomplish when we're focused on delivering against a defined set of key objectives. We're committed to continuing to support our employees, our customers and our communities through these challenging times and to create sustainable long-term value for all of our stakeholders.

此外，在這段期間，我們也更深入了解我們的組織、其韌性，以及當我們專注於交付一組明確的關鍵目標時，我們能完成什麼。我們承諾在這些充滿挑戰的時期，持續支持我們的員工、客戶與社區，並為所有利害關係人創造可持續的長期價值。

I'll now turn it over to the operator for questions.

我現在把時間交給接線員進行提問。

(Operator Instructions) Your first question will come from the line of Tien-Tsin Huang of JPMorgan.

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

Really terrific results here. Just trying to think about what to ask upfront here. But with -- you've got record new adds, volume, engagement numbers, all great. So is there a way to maybe hone in on what changed since April? What's driving the performance? If you had to rank the biggest factors, enough to give you confidence to reinstate guidance and call for sustainability in the third quarter in relation to what we talked about last quarter. I'm just trying to maybe summarize that, if you don't mind.

這裡的結果真的非常出色。我只是想先想想一開始該問什麼。不過你們的新增用戶、交易量、互動數據都創下紀錄，全部都很棒。那是否能更聚焦一下，自4月以來有哪些改變？是什麼在驅動這樣的表現？如果你必須把最大的因素做個排序，哪些因素足以讓你們有信心恢復指引，並在第三季談到可持續性，相較於我們上季討論的內容。如果你不介意的話，我只是想試著把它做個總結。

Yes, sure. I'll take the crack at that. So obviously, our best quarter by far, both on the NNAs and engagement, particularly, just to give you some color around it, Tien-Tsin, 21.3 million, you knew what April was, but May and June were equally strong in our net new actives, and these are high-quality LTV NNAs that come from our core markets around the world.

好的，當然。我來嘗試回答。很明顯，這是我們迄今為止最好的季度，無論是NNAs或互動表現都如此。特別是為了提供一些背景，Tien-Tsin，2,130萬——你知道4月的情況，但5月與6月的淨新增活躍用戶同樣強勁，而且這些都是來自我們全球核心市場的高品質、具高LTV的NNAs。

Merchants were up about 3x what we typically see. This is really a reflection of industries moving towards digital-first strategies. We see that continuing. Honey, I talked about being up 3x Q1. It's got the perfect value proposition for these economic times. Venmo obviously had a record NNA quarter. Xoom, which we didn't talk about last time, Xoom, which has a great value proposition. Xoom NNAs were up over 600% in Q2 versus Q1. And because of all of that, we're beginning -- continuing to see substantial year-over-year growth, and we believe we'll add about 70 million NNAs, which is at least double what we typically do in a year.

商戶數約為我們通常所見的3倍。這確實反映出各行各業正轉向「數位優先」策略。我們看到這個趨勢仍將持續。Honey，我提到其表現較第一季成長約3倍。在這樣的經濟環境下，它具備完美的價值主張。Venmo顯然也創下NNAs的季度新高。Xoom，我們上次沒有談到；Xoom同樣具備很好的價值主張。Xoom在第二季相較第一季的NNAs成長超過600%。也因為上述所有因素，我們開始——並持續看到顯著的年增成長；我們相信我們將新增約7,000萬名NNAs，至少是我們通常一年新增量的兩倍。

On the engagement side, I think it's possibly even better news than the NNA side. We look at 10-day engagement for our new cohorts. Like how many of our new cohorts are doing 4 or more engagements within the first 10 days. And that's up even further than what we saw in April. That's now up 20% to 30% versus previous cohorts. Our daily active user versus last year is up and consistently so by about 40% versus last year. And our churn, which is a really important number as we think about NNAs going forward, has also meaningfully declined as well.

在互動面，我認為這可能比NNA面更是好消息。我們會看新客群的10天互動情況。例如，我們的新客群中有多少人在前10天內完成4次或以上的互動。而這個指標比我們在4月看到的還要更高。目前相較於先前的客群，提升了20%到30%。我們的每日活躍用戶相較去年約提升40%，且表現持續一致。而我們的流失率——這是我們在思考未來NNAs時非常重要的數字——也同樣顯著下降。

And so what -- why is all of that happening, I think? And obviously, volumes, I talked about very quickly, but I think what's important on the volumes is that April was our low, June was our high in terms of volume growth. So you can see the acceleration throughout the quarter. And that, by the way, is with travel and ticketing events down 60% or so. And outside that, Braintree is experiencing some of its best growth in a long, long time. So volume continues to accelerate.

那麼，為什麼會發生這一切呢？我想是這樣。交易量方面我很快提過，但我認為重要的是：以交易量成長而言，4月是低點，6月是高點。所以你可以看到整個季度的加速。順帶一提，這是在旅遊與票務活動下滑約60%左右的情況下達成的。除此之外，Braintree正經歷很長一段時間以來最好的成長表現之一。因此，交易量仍在持續加速。

But the reason for all this, from my perspective, is the following. First of all, we see a tremendous amount of new cohorts coming in that have never used e-commerce before. That's mostly silver tech. We talked about that. That continues to be the fastest-growing segment of net new actives. We're also seeing a huge amount of new use cases. People are giving in different ways. They're basically doing P2M activities for like workouts that are streaming. We're seeing new industries come on to digital because the digital economy is everything right now. And so you're seeing health care, education, fitness, restaurants, entertainment, all swinging dramatically to online. You're seeing brands now, for the first time, sell directly to consumers online. And verticals that have been online, but people have been experimental with them, like groceries and home and garden, are booming at close to triple-digit percentage growth.

但就我看來，造成這一切的原因如下。首先，我們看到大量從未使用過電子商務的新客群湧入。這主要是銀髮科技族群（silver tech）。我們談過這點。這仍然是淨新增活躍用戶成長最快的族群。我們也看到大量新的使用情境。人們以不同方式進行捐贈。他們基本上在做P2M活動，例如串流的健身課程。我們看到新的產業因為現在數位經濟無所不在而轉向數位化。因此你會看到醫療保健、教育、健身、餐廳、娛樂等，都大幅轉向線上。你會看到品牌現在首次直接在線上向消費者銷售。而那些原本已在線上、但人們過去只是嘗試性的垂直領域，例如雜貨以及居家與園藝，正以接近三位數百分比的成長率蓬勃發展。

And if you look at it from a PayPal-specific basis, with the scale we have now and the corresponding network effects, it's very hard for a merchant not to have PayPal on there. When they have PayPal, they see that the sales lift as a result of that, sometimes up to 50% plus. And by the way, our placement in merchants now is improving as well as they see how critical PayPal is for their sales. And then our brand reputation, the experiences that we're giving, new products and services that we have right now, including QR codes coming out, all of that kind of gives us this confidence, and also that the results we're seeing will be quite resilient as we look forward, which is why we felt comfortable reinstating guidance for the year.

而且如果你從 PayPal 自身的角度來看，以我們目前的規模以及相應的網路效應，商戶很難不在其平台上提供 PayPal。當他們提供 PayPal 時，他們會看到因此帶來的銷售提升，有時甚至可達 50% 以上。順帶一提，隨著商戶看到 PayPal 對其銷售有多關鍵，我們在商戶端的版位也在改善。再加上我們的品牌聲譽、我們所提供的體驗、我們目前推出的新產品與服務（包括即將推出的 QR Code），這些都讓我們更有信心；同時，我們所看到的成果在展望未來時將相當具韌性，這也是為什麼我們覺得可以安心恢復全年指引。

John, do you want to maybe add a little bit to that?

John，你要不要再補充一點？

Yes. So I'll just add one small comment, Tien-Tsin. I think for everyone, the sustainability of these elevated levels of e-commerce and digital payment trends is the big question. And I think one of the things that gives us a little more conviction is we're 3 months further along than we were on the last call. As you've seen, the elevated levels of these trends and particularly in regions that have relaxed some of their shelter-in-place or social distancing measures, and even when consumers are going back to somewhat normal activities like eating out at restaurants or shopping in grocery stores, the level of e-commerce penetration is still much, much higher than what we saw pre-COVID-19. And so I think that's one of the things that we've watched closely that I think is a fairly good indication of the trends going for the rest of the year.

是的。Tien-Tsin，我只補充一個小點。我想對所有人而言，這些偏高的電商與數位支付趨勢能否持續，是最大的問題。而我認為讓我們更有把握的一點是：相較於上次電話會議，我們又往前推進了 3 個月。如你所見，這些趨勢仍維持在高檔，特別是在一些已放寬居家令或社交距離措施的地區；即使消費者開始回到某種程度的正常活動，例如外出餐廳用餐或到雜貨店購物，電商滲透率仍遠遠高於 COVID-19 之前的水準。因此我認為，這是我們密切觀察的一個面向，也是一個相當不錯的指標，顯示這些趨勢在今年剩餘時間可能的走向。

Your next question will come from the line of Heath Terry with Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的 Heath Terry。

Great. Dan and John, really, really appreciate the level of detail in all of that. To dig into one area, with the eBay expiration, can you update us on the strategy and positioning in marketplaces, particularly how you're servicing some of the faster-growing ones, like Shopify, given what's going on there today. What does the strategic road map look like? And what does it mean for PayPal?

太好了。Dan 和 John，真的非常感謝你們提供如此詳盡的細節。想深入追問一個領域：隨著 eBay 合約到期，你們能否更新一下在市集（marketplaces）上的策略與定位，特別是你們如何服務一些成長更快的平台，例如 Shopify，考量到目前那邊的情況。策略路線圖長什麼樣子？這對 PayPal 意味著什麼？

Yes. It's a good question, Heath. I'll start off with that. I'd say, first of all, eBay is going to remain a very important customer over the foreseeable future. Jamie and I have had good conversations about that. They've been quite positive. And I thought you saw that reflected in some of his comments yesterday about our partnership. It is what our mutual customers want. And the impact of managed payments has been forecasted by us for quite some time. John mentioned it's part of what we're putting into our guidance for the rest of this year.

是的。這是個好問題，Heath。我先回答。我想首先，eBay 在可預見的未來仍會是一個非常重要的客戶。Jamie 和我就此進行過良好的對話。他們的態度相當正面。我想你也在他昨天關於我們合作夥伴關係的一些評論中看到了這點。這也是我們共同客戶所希望的。而「代管支付」（managed payments）的影響，我們已經預測了相當一段時間。John 提到，這也是我們納入今年剩餘時間指引的一部分。

And honestly, on that front, from what we see with a very high share of checkout with merchants who have moved to intermediated payments, our checkout share can be from 50% to 75% depending on the country. And when we do research and we do a lot of it with merchants who use both PayPal and eBay, the difference in NPS in terms of how they think about an intermediated approach and the PayPal approach is quite substantial in favor of PayPal. And so we really have seen, obviously, some merchants move, but not a large number to date. And if anything, we're feeling better about our projections than we have, but we're just beginning the end of the operating agreement right now. So we feel comfortable that this is a very manageable transition going forward.

坦白說，就這一點而言，從我們看到的情況來看，對於已轉向「中介式支付」（intermediated payments）的商戶，我們在結帳端的占比非常高；依國家不同，我們的結帳占比可達 50% 到 75%。而當我們做研究——而且我們做了很多——針對同時使用 PayPal 與 eBay 的商戶而言，他們對「中介式」做法與 PayPal 做法的 NPS（淨推薦值）差異相當顯著，且明顯偏向 PayPal。因此我們確實看到有些商戶移轉，但截至目前數量並不大。如果有什麼不同的話，我們對自身預測的感受比以前更好；不過我們現在才剛開始進入營運協議的尾聲。所以我們有信心，這將是一個未來可控、可管理的轉換。

I think your point is a really interesting one about other marketplaces. And if you look at the top 15 marketplaces that we serve today, Shopify being one of them; Etsy, for instance, being another, and you look at their growth rate, the growth rates of all 15 of those marketplaces we're quite close partners with approached 100% in Q2. Yes, it's just amazing growth to go and see that. It was 3x the growth of what we saw on eBay. If you look over the last a year or so, it's something like 7x the growth of eBay. And we have spent a lot of time working with those marketplaces to be quite close partners with them. From Shopify, some others that are just beginning but may have the potential of being meaningful marketplaces like Facebook and Google or Facebook or the underlying payments platform for Facebook Marketplaces and InstaShopping. We just announced a comprehensive partnership with Google, and we are working with other major marketplaces as a result of the expiration of the operating agreement. And so I think it's a huge growth vector for us. We are participating in that growth, and our road map is quite focused on providing additional value-added services for those marketplaces. But things like payouts, which we really have taken a good lead in and other things, are crucial as well as all the regulatory elements around the world that we can provide services and capabilities to those marketplaces because we are a global player.

我覺得你提到其他市集這點非常有意思。如果你看我們目前服務的前 15 大市集，Shopify 是其中之一；例如 Etsy 也是另一個，然後你看它們的成長率，這 15 個我們密切合作的市集在第二季的成長率接近 100%。是的，看到那樣的成長真的很驚人。那是我們在 eBay 上看到成長的 3 倍。如果你看過去一年左右，差不多是 eBay 成長的 7 倍。我們花了很多時間與這些市集合作，成為與他們非常緊密的夥伴。從 Shopify 到其他一些才剛起步、但可能成為重要市集的平台，例如 Facebook 和 Google，或是我們作為 Facebook Marketplace 與 InstaShopping 的底層支付平台。我們剛宣布與 Google 的全面性合作夥伴關係；而隨著營運協議到期，我們也正與其他主要市集合作。因此我認為這對我們而言是一個巨大的成長向量。我們正在參與這波成長，而我們的路線圖也相當聚焦於為這些市集提供更多加值服務。但像是撥款（payouts）——我們在這方面確實取得了很好的領先——以及其他事項也同樣關鍵；再加上全球各地的法規要素，我們能夠為這些市集提供服務與能力，因為我們是一個全球性的參與者。

John, anything you'd add on that?

John，你還有什麼要補充的嗎？

No, nothing to add, Dan.

沒有，Dan，沒有要補充的。

Your next question will come from the line of Lisa Ellis of MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Lisa Ellis。

Dan and John, can you elaborate a little bit on the QR code strategy? Specifically, what types of merchants are you targeting? What steps are you taking that are going to drive consumer adoption of actually whipping out the PayPal or Venmo wallet at the physical point of sale? And then what's the monetization strategy for QR? Meaning, in which cases is it monetizable for PayPal versus being a pass through?

Dan 和 John，你們能否再多談一點 QR Code 策略？具體來說，你們鎖定哪些類型的商戶？你們會採取哪些步驟，來推動消費者在實體銷售點真的會拿出 PayPal 或 Venmo 錢包來使用？另外，QR 的變現策略是什麼？也就是說，在哪些情況下對 PayPal 來說是可變現的，哪些情況只是代收代付（pass through）？

Yes. I think I'll take the first crack at that. Look, obviously, and you heard this in my remarks upfront, this is a key strategic priority for us. I think it's critical in driving daily use. And we will make the investments we need to do in order to be successful here. This is going to be an ongoing process. We say this doesn't happen overnight in the next quarter or 2, but we have the patience and we have the conviction that this can be a meaningful part of our business as we look over the medium term.

是的。我想我先來回答第一部分。你看，顯然地——你也在我一開始的發言中聽到了——這對我們而言是一個關鍵的策略優先事項。我認為它對推動日常使用至關重要。而我們會投入必要的投資，以確保在這裡取得成功。這將會是一個持續的過程。我們說過，這不會在接下來一季或兩季一夕之間發生，但我們有耐心，也有信念，隨著我們以中期視角來看，這可以成為我們業務中一個有意義的部分。

Part of the reason for this is, this is really demand driven. In other words, consumers and merchants are reaching out to us. They are asking us, working with us to implement this, and I'll talk about why that is. But look, 70% of people have health concerns about shopping in person. And of course, they want to use touchless payments in store. Retailers realize that consumers want it. And we are not only rolling out to small and micro merchants across 28 countries. And by the way, seeing very expected but very encouraging growth. Expected because we know that the demand is there. But we are actively working right now, Lisa, with more than 100 large enterprise merchants across the U.S. and Europe. That doesn't mean that all 100 happened this year, but over 100 large merchants as well as quite a number of channel partners, and those range from terminal providers to point-of-sale providers, to acquirers, to networks to distribute our QR codes, all of that across Venmo and PayPal. And of course, we announced today our partnership with CVS.

其中一部分原因是，這確實是由需求所驅動的。換句話說，消費者與商戶正在主動聯繫我們。他們向我們提出需求、與我們合作來落地這項方案，我也會談談為什麼會這樣。但你看，有 70% 的人對親自到店購物有健康方面的疑慮。當然，他們希望在店內使用非接觸式支付。零售商也意識到消費者想要這個。而且我們不僅正在 28 個國家向小型與微型商戶推廣。順帶一提，我們看到非常符合預期、但也非常令人鼓舞的成長。符合預期是因為我們知道需求就在那裡。但我們目前也正在積極與美國與歐洲超過 100 家大型企業商戶合作，Lisa。這不代表這 100 家都是今年才發生的，而是累計超過 100 家大型商戶，以及相當多的通路合作夥伴；這些夥伴涵蓋終端機供應商、POS（銷售點）供應商、收單機構、網路（network），用以分發我們的 QR Code——這一切都涵蓋在 Venmo 與 PayPal 之中。當然，我們今天也宣布了與 CVS 的合作夥伴關係。

And those are the kinds of merchants that we want. Merchants where people shop there every day. They're highly known merchants or use cases that people can use, touch us every day.

而這些正是我們想要的那類商戶。人們每天都會去那裡購物的商戶。他們是高度知名的商戶，或是人們每天都能使用、每天都會接觸到我們的使用情境。

So why do I think it will be successful? First of all, as I said, it's demand versus push. And by the way, we are going to put aggressive marketing dollars behind this to make sure that consumers know they can use QR codes, promotions around it. And as John said, that's a large part of the investment that we'll do in the back half of this year.

那我為什麼認為它會成功？首先，如我所說，這是需求拉動而不是推動。順帶一提，我們會在這上面投入積極的行銷預算，確保消費者知道他們可以使用 QR Code，以及圍繞它的各種促銷活動。而如 John 所說，這會是我們今年下半年投資中的很大一部分。

Second, merchants love the scale and the brand that we have. In the U.S. alone, we've got, between Venmo and PayPal, call it, 150 million to 175 million people who are using our digital wallets. They can go after the Venmo demographic by implementing this QR code. Unlike some of the other touchless tap and pay options that have much less customers associated, here, you have the scale, and that is something that they are eager to tap into right away.

第二，商戶喜歡我們所擁有的規模與品牌。僅在美國，Venmo 與 PayPal 加總，我們大約有 1.5 億到 1.75 億人在使用我們的數位錢包。他們可以透過導入這個 QR Code 來觸及 Venmo 的族群。不同於其他一些非接觸式「感應支付（tap and pay）」選項，其關聯的客戶數要少得多；在這裡，你擁有規模，而這正是他們迫切想要立刻切入的。

Third, this isn't just about touchless payment, just scanning a QR code. This is about the value proposition around that. This is about being able to use rewards, being able to have the integration of some of our Honey capabilities into that. So merchants can do proximity messaging in it, offers inside of that. You can use your wallet and do full funding of any of the funding instruments, including your rewards points in that QR code. And so that's the functionality that will roll out over the next 6 months. So this value proposition is one that I really like a lot as well that goes beyond just be safe and healthy when tapping or scanning your phone. And of course, QR codes, our platform and OS agnostic, any handset, any operating system.

第三，這不只是非接觸式支付、只是在掃描一個 QR Code。這關乎其背後的價值主張。這關乎能夠使用獎勵、以及把我們部分 Honey 的能力整合進來。因此商戶可以在其中做近距離訊息推播（proximity messaging），在裡面提供優惠。你可以使用你的錢包，並對任何資金來源工具進行完整扣款/資金安排（full funding），包括在該 QR Code 中使用你的獎勵點數。因此，這些功能會在未來 6 個月內逐步推出。所以我也非常喜歡這個價值主張，因為它不僅僅是「在感應或掃描手機時保持安全與健康」。當然，QR Code、我們的平台與作業系統無關（OS agnostic），任何手機、任何作業系統都可以。

And in terms of the economics, for the most part, it's a certain percentage, a little bit like what we have in online, not necessarily exactly the same percentage. But even at LEs -- larger merchants, it will be similar rates to other in-person rates that you have. So we think the economics over the medium term are quite positive. For us, some will be passed through, but most will be incremental economics.

就經濟性而言，大多數情況下會是一定比例，有點像我們在線上所採用的費率，但不一定完全相同。但即使在 LEs——大型商戶——其費率也會與你在其他線下（in-person）交易中看到的費率相近。因此我們認為，中期來看其經濟性相當正面。對我們而言，其中一部分會轉嫁（passed through），但大多數會是增量經濟效益。

John, anything?

John，有什麼要補充的嗎？

Lisa, I would just add one other thing as we think about what this offering provides for our consumers but also the economic benefits of PayPal, it's not just in the direct unit economics that come through a point-of-sale transaction. Very importantly to us is what this will do to the overall level of engagement for consumers. So if you're using us in an off-line setting, you're much more likely to use us when you have the opportunity online. So there's a halo benefit that comes along with this usage that is very important to us as well.

Lisa，我只想再補充一點：當我們思考這項產品為消費者帶來的價值，以及對 PayPal 的經濟效益時，它不僅僅體現在 POS 交易所帶來的直接單位經濟（unit economics）。對我們非常重要的是，它將如何提升消費者整體的互動/使用程度（engagement）。因此，如果你在離線場景使用我們，你在有線上機會時就更可能也會使用我們。所以這種使用所帶來的「光環效應」（halo benefit）也非常重要。

Your next question will come from the line of Darrin Peller of Wolfe Research.

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

Nice, guys. Nice results. Look, just given the substantial incremental margins, we're seeing margins overall up to over 500 basis points. What -- can you just touch on your strategy on the balance between the investments you want to make in the business versus margin expansion? Just -- it's great to see the higher base. But when we think about we're hearing from clients that you guys really should be stepping on the gas in terms of the opportunities you can have. So just love to hear more in terms of where you're going to be putting those dollars and the balance.

不錯，各位。成績很好。你看，考量到可觀的增量利潤率，我們看到整體利潤率上升超過 500 個基點。你們能否談談在「想在業務上投入的投資」與「利潤率擴張」之間的平衡策略？看到更高的基礎水準很棒。但當我們思考時，我們也聽到客戶在說，你們在可把握的機會上其實應該更積極加速。所以很想多聽聽你們打算把這些資金投向哪裡，以及這個平衡。

Yes. Thanks for that, Darrin. I'll start off and John can come in. Look, first of all, just in general, we invest where we see opportunity. That's been what we've done over the years. I think it's why we've had the results that we have. We could always have higher margins without investing in the business. But that's not what I think all of you and our shareholders want from us. There is huge opportunity in front of us. I think probably more opportunity than we've ever seen before. And we have the opportunity to invest in new areas of the business that we think can be meaningful contributors to our growth as we look forward, but even more importantly, meaningful to our customers, merchants and consumers in terms of the capabilities that they are asking for us.

是的。謝謝你，Darrin。我先開始，John 也可以補充。你看，首先，一般而言，我們會在看到機會的地方投資。這一直是我們多年來的做法。我想這也是我們能取得目前成果的原因。如果不投資於業務，我們當然總是可以有更高的利潤率。但我不認為你們各位以及我們的股東希望我們這麼做。我們面前有巨大的機會。我想這可能是我們前所未見、甚至比以往任何時候都更大的機會。而我們也有機會投資於新的業務領域；我們認為這些領域在展望未來時能對成長做出有意義的貢獻，但更重要的是，能在能力上對我們的客戶——商戶與消費者——帶來意義，因為這些正是他們要求我們提供的。

And so as John said, plus or minus, just in the back half of the year, we're investing an incremental $300 million or so. And the places we're investing in is in-store. I just talked about that and why that's so important. But also, we want to invest in our digital wallet capabilities. We have an aspiration to be in everyday use case and to be a central part of a customer's life in the digital economy. And so in the next several quarters, we plan to roll out quite a number of additional capabilities, not just in-store from QR, to tap-to-pay cards, but rewards capabilities. By the way, rewards are being used much more because people aren't being able to use their rewards for travel. We're seeing an uptick in people using their rewards points to check out using PayPal.

因此，如 John 所說，大約在今年下半年，我們將額外投入約 3 億美元左右（上下浮動）。我們投資的方向之一是店內（in-store）。我剛剛談過這點，以及為什麼它如此重要。但同時，我們也希望投資於我們的數位錢包能力。我們的願景是成為人們每天都會使用的使用情境之一，並在數位經濟中成為客戶生活的核心部分。因此在接下來幾個季度，我們計畫推出相當多的新增能力，不僅是店內從 QR 到感應支付卡（tap-to-pay cards），也包括獎勵（rewards）能力。順帶一提，獎勵的使用正在增加，因為人們無法用獎勵去旅行。我們看到越來越多人使用獎勵點數透過 PayPal 進行結帳。

Well, obviously, our -- pretty much now almost 100% complete with our Paymentus integration. The next step is bill pay into our apps, and that we intend to have probably towards the end of this year. We're going to integrate Honey shopping tools around wish lists, coupons, rewards into our PayPal apps, eventually into our Venmo apps as well, subscription management and other capabilities, other financial services that I won't really go into any detail around today. But I think you can think about change in the amount of capabilities that we offer through our digital wallets across PayPal and Venmo.

另外，很明顯地，我們的——目前幾乎已經 100% 完成 Paymentus 的整合。下一步是把帳單支付（bill pay）導入我們的 App，我們預計大概在今年年底前後推出。我們將把 Honey 的購物工具（如願望清單、優惠券、獎勵）整合進 PayPal App，最終也會整合進 Venmo App；同時也會有訂閱管理與其他能力，以及其他金融服務——今天我就不展開細談。但你可以把它理解為：我們將改變並擴充 PayPal 與 Venmo 數位錢包所提供的能力範圍。

And then finally, there are a couple of international markets where we think investment makes a ton of sense, whether that be China, which we're obviously investing in through GoPay; we're seeing explosive growth in Mexico, Japan, Brazil, really, frankly, across Western Europe, it's been amazing to see what's happened there. So we will invest continually in this business. And we invest what we think is the right amount to drive results. And if we need to invest more, we will invest more. And if we don't have things to invest in, we'll return that back to shareholders. But we've given guidance that we believe enables us to do the proper amount of investment to take advantage of the opportunities in front of us because this is a moment in time for us.

最後，還有幾個國際市場，我們認為投資非常有意義，不論是中國——我們顯然正透過 GoPay 在那裡投資；我們也看到墨西哥、日本、巴西出現爆發性成長；坦白說，整個西歐的表現也非常驚人，看到那裡發生的事情令人振奮。因此，我們會持續投資這項業務。而且我們會投入我們認為能推動成果的適當金額。如果需要投資更多，我們就會投資更多。如果沒有合適的投資項目，我們就會把資金回饋給股東。但我們已提供指引，我們相信這讓我們能進行適當程度的投資，以把握眼前的機會，因為這對我們而言是個關鍵的時間點。

Darrin, if I can just add quickly, you referenced our margin profile in your question. And I think that's pretty important to this discussion because what we're demonstrating right now is the real scalability of our operating model. And Darrin, like I frequently focus on the incremental margins in our business. How much profit did we bring in for every incremental dollar of revenue? And in the quarter, those incremental margins were the highest they've been for us ever at 50%. But actually, I think that a better way of looking at that is more apples to apples. And that's if you exclude the losses related to the credit reserve and you exclude acquisitions, that incremental margin was actually 70%, 7-0. And what that does is result in free cash flow like you saw us generate in the quarter at over $2 billion. And so as it gets to how we spend that, we've always been balanced between M&A, organic investment and returning cash to shareholders and we've also been opportunistic. And to the point that Dan was making, this is a time that we think it's very important to invest in a lot of these initiatives because, as I said on the last call, while these trends are seemingly changing right in front of us, we don't want to just want to be on the receiving end of that. We want to help shape the outcome here. And so we want to invest into that.

Darrin，如果可以的話我快速補充一下，你在問題中提到了我們的利潤率概況。我認為這對這次討論相當重要，因為我們目前所展現的是我們營運模式真正的可擴展性。而且 Darrin，正如我經常強調的，我會聚焦在我們業務的增量利潤率。也就是每增加 1 美元營收，我們帶來多少利潤？在本季，這個增量利潤率達到我們歷來最高的 50%。但其實，我認為更好的比較方式是更「同類比較」。也就是如果排除與信用準備金相關的損失，並排除併購影響，增量利潤率其實是 70%，也就是 7-0。而這也帶來了自由現金流，就像你看到我們本季產生超過 20 億美元。至於如何運用這些資金，我們一向在併購（M&A）、有機投資與回饋股東之間保持平衡，同時也會把握機會、採取機動策略。回到 Dan 的觀點，我們認為現在是非常重要的時點，必須投資於許多這些計畫；因為如同我在上次電話會議所說，當這些趨勢似乎正在我們眼前改變時，我們不希望只是被動承接。我們希望能協助塑造最終結果。因此我們希望投入資金在這些方向上。

And your next question will come from the line of Bob Napoli of William Blair.

下一個問題將由 William Blair 的 Bob Napoli 提問。

Congratulations on everything on the trends. On Venmo, I wanted to follow-up on Venmo's 60 million customers now. I think the last revenue number we've gotten was a $450 million revenue run rate, I think, is in 2019. There's a lot going on, the direct deposit strategy, commercial strategy, obviously, the QR codes, integrating Honey. What -- can you give an update on the revenue run rate? And then maybe a little color on the direct deposit strategy? Or which of these strategies are going to be the biggest movers? And I think direct deposit can be a game changer, but not sure your customer in Venmo is going to be easy to crack on direct deposits. So some color on Venmo and the different strategies and revenue trends would be really helpful.

恭喜你們在各項趨勢上的表現。關於 Venmo，我想追問一下 Venmo 目前已有 6,000 萬名客戶。我記得我們上一次拿到的營收數字是 2019 年大約 4.5 億美元的營收年化運行率。目前有很多事情在進行，包括直接入帳（direct deposit）策略、商業化策略，當然還有 QR code，以及整合 Honey。你們能否更新一下營收年化運行率？另外能否多談一些直接入帳策略？或者這些策略之中，哪些會是最大的成長驅動因素？我認為直接入帳可能會改變遊戲規則，但不確定 Venmo 的客戶是否容易在直接入帳上被你們打動。因此，如果能提供一些關於 Venmo、不同策略以及營收趨勢的補充說明，會非常有幫助。

Sure, Bob. It's good to speak with you. We don't provide an update on Venmo's revenue each quarter, and we don't have one this quarter. But I want to say that I think across the board, this was one of Venmo's best quarters ever. We saw growth on their platform reaccelerate from the dip in Q1 to where it's over 50% growth in volume. And I think what's notable about that is we all recognize that much of the Venmo usage historically has been around social experiences. And as those have, by and large, gone away for the most part, we're seeing new use cases developed with Venmo, which really demonstrates its relevance and importance to our customer base. I think, as good as anything.

當然可以，Bob。很高興和你交流。我們不會每一季都更新 Venmo 的營收，本季也沒有提供更新。但我想說的是，整體而言，這是 Venmo 歷來表現最好的季度之一。我們看到其平台成長在第一季下滑後重新加速，目前交易量（volume）成長超過 50%。我認為值得注意的是，我們都知道 Venmo 過去的使用情境多半圍繞社交體驗。而當這些情境在很大程度上大多消失之後，我們看到 Venmo 正在發展新的使用案例，這也真正展現它對我們客戶群的相關性與重要性。我認為這點再清楚不過了。

And so with respect to the monetization strategy, it's not just 1 strategy. It's a multifaceted approach that includes things like direct deposit to increase usage, include things like business profiles, include things like QR code. And then, of course, we're eventually launching the Venmo credit card later this year. And we'll continue our efforts as well around the pay with Venmo in an e-commerce setting.

至於變現策略，並不只有 1 種策略。這是一個多面向的方法，包含例如透過直接入帳來提升使用頻率，包含例如商家檔案（business profiles），包含例如 QR code。當然，我們也將在今年稍晚推出 Venmo 信用卡。我們也會持續推動「使用 Venmo 付款」在電商情境中的相關工作。

Yes. I just had one quick addition to that, Bob. I would not underestimate how zealous the customers of Venmo are about living their financial life on the platform. I think each of these capabilities, whether it be direct deposit, whether it be business profiles, the credit card and a number of other things that we'll be adding, you are being rapidly adopted. The new use cases, as John said, are so interesting to see as millennials, instead of going to the restaurant, are now eating at home or outside or at the table, instead of going into a gym or doing fitness classes through streaming, instead of going to concerts or other entertainment, are now doing things online. And we're seeing all of that reflected in the usage of Venmo. And so I think, as John said, this was obviously its best quarter. But I think Venmo is -- we're continuing to invest in Venmo because it's got a really bright future and is really a crown jewel of ours.

是的。Bob，我再快速補充一點。不要低估 Venmo 客戶對於在這個平台上經營其金融生活的熱忱。我認為這些能力——不論是直接入帳、商家檔案、信用卡，以及我們將新增的其他多項功能——都正在被快速採用。正如 John 所說，新的使用案例非常有趣：千禧世代不再去餐廳，而是在家裡、戶外或在餐桌上用餐；不再走進健身房或上健身課，而是透過串流進行健身課程；不再去演唱會或其他娛樂活動，而是改在線上進行。我們看到這一切都反映在 Venmo 的使用情況上。因此我認為，如同 John 所說，這顯然是它表現最好的季度。但我也認為 Venmo——我們會持續投資 Venmo，因為它有非常光明的前景，並且確實是我們的皇冠上的明珠之一。

Your next question will come from the line of David Togut of Evercore ISI.

下一個問題將由 Evercore ISI 的 David Togut 提問。

Dan and John, could you drill down into the sequential tripling of the drivers of the sequential tripling and net new accounts for Honey? And any pull-through benefits you see on the -- for the PayPal ecosystem as a whole?

Dan 和 John，你們能否深入說明 Honey 連續（sequential）成長中，驅動因素的連續三倍成長，以及 Honey 的淨新增帳戶（net new accounts）連續三倍成長的原因？另外，你們是否看到對整體 PayPal 生態系有任何帶動效益（pull-through benefits）？

Yes. Well, I think, in this economic environment, frankly, and even before this because you had so many people struggling to make ends meet at the end of the month, and that's just and made even worse by the economic ramifications from the pandemic, but Honey's capabilities are a perfect fit for consumers and merchants at this time. And increasingly, I see the possibility to establish Honey as one of the most efficient market-making platforms for both shoppers and merchants. I mean consumers get the best price on the merchandise that they want, and then they receive rewards based on that, which incents them to do additional activities, build out their demand curves. And then merchants can customize offers right into that demand curve. So they know exactly what to do to get x amount of demand off of that. And it's really interesting when you think about -- we've always known the identity of people, and we've always known that they've made purchases. What we haven't seen is intent upfront, and you really have this perfect set of data that helps both sides of our 2-sided network when you put all of that together.

是的。我認為在目前的經濟環境下，坦白說，甚至在此之前也是如此，因為有太多人在月底難以收支平衡；而疫情帶來的經濟衝擊更讓情況惡化，但 Honey 的能力在此時對消費者與商家而言是完美契合。而且我愈來愈看到一種可能性：把 Honey 建立成為同時服務購物者與商家的、最高效率的市場撮合平台之一。也就是說，消費者能以最佳價格買到他們想要的商品，並因此獲得回饋獎勵，這會激勵他們進行更多活動、擴展其需求曲線。接著商家可以直接在那條需求曲線上客製化優惠。因此他們能精準知道要做什麼，才能從中帶出 x 的需求量。當你思考這件事時會很有意思——我們一直都知道人們的身分，也一直知道他們已經完成了購買。但我們過去看不到的是事前的意圖（intent），而當你把這一切整合起來，就會得到一組完美的資料，能同時幫助我們雙邊網路的兩端。

And it wasn't just at Honey's NNA grew 3x. By the way, their revenues were up basically triple digits or so, almost double as well. And I'd just say a couple of quick things on that. One, the integration is fully on track. There's been no delays in any of our initiatives. We will start to export through APIs, the Honey tool sets into our PayPal wallets and within QR codes. And this, to your point about part of the PayPal ecosystem, we hope to have a seamless one-click PayPal checkout experience when shopping at Honey merchants.

而且不只是 Honey 的 NNA 成長了 3 倍。順帶一提，他們的營收基本上也成長到三位數左右，幾乎也翻倍。我想就這點快速補充幾句。第一，整合完全按計畫進行。我們任何一項倡議都沒有延誤。我們將開始透過 API，把 Honey 的工具組合匯出到我們的 PayPal 錢包以及 QR Code 之中。而且，呼應你提到作為 PayPal 生態系一部分的觀點，我們希望在 Honey 商家購物時，能提供無縫的一鍵式 PayPal 結帳體驗。

I'd just say, all in, I'm really pleased with the integration so far. It's right on track, and I think we've got a real powerful set of capabilities ahead of us.

我想說，整體而言，我對目前的整合進展非常滿意。一切都完全按計畫進行，我認為我們未來將具備一套非常強大的能力組合。

Congratulations.

恭喜。

Yes. Thank you.

是的。謝謝。

And we have time for one last question from James Faucette of Morgan Stanley.

我們還有時間進行最後一個問題，來自摩根士丹利（Morgan Stanley）的 James Faucette。

Dan, John, you guys have highlighted a lot of the strong trends and your increased confidence that those can sustain. If we look at your second half guidance and the strength you're anticipating there, how should we think about extrapolating that into the future in terms of what makes sense to think about from a growth and margin expansion and perspective going forward? And kind of what are the key things that we should be looking for in '21 and beyond?

Dan、John，你們強調了許多強勁趨勢，也提高了你們對這些趨勢可持續性的信心。如果我們看你們下半年的指引，以及你們預期的強勁表現，從成長與利潤率擴張的角度來看，我們應該如何把這些趨勢外推到未來，思考什麼樣的推論才合理？另外，2021 年及之後，我們應該關注哪些關鍵事項？

Sure, James. This is John. I'll take that. There's still some uncertainty out there. I think macroeconomic uncertainty as well as how the overall path of the virus plays out. And so it's still a difficult environment to forecast in. We feel comfortable enough about the things that we're seeing in our business right now, though, to provide second half guidance. But I think the broader question is like, what does this do to our medium-term guidance? And I think it's very difficult to argue that there are not structural benefits to what's happening to our business. I mean there are definite secular tailwinds that I think are going to help us really rethink what that growth trajectory is over the longer term.

當然可以，James。我是 John。我來回答。外部仍然存在一些不確定性。我認為包括總體經濟的不確定性，以及病毒整體發展路徑將如何演變。因此，這仍是一個難以預測的環境。不過，就我們目前在業務中看到的情況而言，我們有足夠的信心提供下半年的指引。但我想更廣泛的問題是：這對我們的中期指引意味著什麼？我認為，很難否認目前發生的事情對我們的業務帶來結構性利多。我的意思是，確實存在明確的長期趨勢順風，我認為這將幫助我們重新思考更長期的成長軌跡會是什麼樣子。

We're obviously not prepared to provide that today. We're just updating that or reinstating our guidance for the year. But there are definitely compounding benefits that are coming to our platform. And some of the things that we've all talked about as being trends that would eventually take place like using contactless payments in store, they're happening right now. We've talked about the death of cash for years. Maybe this is that inflection point, that seminal moment. And so we believe that PayPal, given our position, is a structural winner in that scenario. And certainly, I think it's -- it gives cause to rethink that medium-term guidance, but it's definitely premature to do that at this point in time.

我們顯然還沒準備好今天就提供那樣的內容。我們只是更新或恢復今年的指引。但我們的平台確實正在獲得疊加式的效益。而且，我們一直談到的一些最終會發生的趨勢，例如在店內使用非接觸式支付，現在正在發生。我們談「現金的消亡」已經談了很多年。也許這就是那個拐點、那個關鍵時刻。因此我們相信，以 PayPal 的定位而言，在那種情境下我們是結構性的贏家。當然，我認為這——確實讓人有理由重新思考中期指引，但在此時此刻這麼做仍然為時過早。

If I can just add into John's comments. I think it's clear that we've tipped into a digital-first economy. Look at the number of merchants that are coming on to our platform, 1.7 million in just 1 quarter. We have conversations with merchants around the world, large and small. All of them, all of them trying to figure out how do they implement their digital strategies in an accelerated fashion.

如果我可以補充 John 的評論。我認為很明顯，我們已經進入以數位為先的經濟。看看加入我們平台的商家數量，僅僅一個季度就有 170 萬家。我們與全球各地的大型與小型商家都有對話。他們所有人，所有人都在試著弄清楚，如何以加速的方式落實他們的數位策略。

If you look at market research that just came out from, for instance, the business roundtable that -- where 70% of consumers say they're going to shop online more frequently and expect to continue to do so because it's easy and convenient. And so I look at all the different industries. We are clearly becoming a digital-everything world. And that acceleration has happened, and it's going to continue to happen going forward. And there's sort of one market research study after another. And as John said earlier, when we look across the world, we look at countries that have opened, now 80% of retail is open, before there is maybe only 30% of retail open, we're still at very, very high levels and still high levels of daily active users compared to last year.

如果你看剛出爐的市場研究，例如商業圓桌會議（Business Roundtable）的研究——其中有 70% 的消費者表示，他們會更頻繁地在線上購物，並且預期會持續如此，因為這很容易也很方便。因此我看各個不同產業。我們顯然正在成為一個「數位化一切」的世界。而這種加速已經發生，並且未來還會持續。而且類似的市場研究一份接著一份。正如 John 先前所說，當我們放眼全球，看到已經重新開放的國家，現在有 80% 的零售已經開放；在此之前可能只有 30% 的零售開放，但我們仍然維持在非常、非常高的水準，且相較去年，每日活躍用戶仍處於高檔水準。

So my view on our medium term is there way more opportunities than there are challenges around that. We need to see another quarter or 2, but it's likely that, that goes up. I mean that's probable, and we are investing into our growth as well. And when we invest, we expect a return on that investment. And so I would say we feel good enough right now that we've reinstated 2020. We feel great about the opportunities. We're investing in them. And give us another quarter or 2, and we'll provide updated guidance on medium term as well.

所以我對我們中期的看法是：機會遠多於挑戰。我們還需要再觀察一到兩個季度，但很可能那會上升。我的意思是，那是很有可能的，而且我們也在投資於成長。而當我們投資時，我們期待能從該投資中獲得回報。因此我會說，我們現在的信心已足以讓我們恢復 2020 年的指引。我們對機會感到非常振奮。我們正在投入資源。再給我們一到兩個季度，我們也會提供更新後的中期指引。

Okay. Well, listen, I just want to thank everybody for your time today. I just want to say again that I hope all of you and your families are safe and healthy. And we sure look forward to being able to see all of you in person again. And so thank you for your time. Take care. Have a good rest of the evening. Bye-bye.

好的。各位，聽著，我只想感謝大家今天撥冗參與。我也想再次表示，希望你們以及你們的家人都平安健康。我們也非常期待能再次與各位面對面見面。所以謝謝大家的時間。保重。祝各位今晚剩下的時間愉快。再見。

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。