(PYPL) 2022 Q2 法說會逐字稿

Good evening. My name is Savannah, and I will be your conference operator for today. At this time, I would like to welcome everyone to PayPal Holdings' Earnings Conference Call for the Second Quarter 2022. (Operator Instructions) Thank you. And I would now like to introduce you to your host for today's call, Ms. Gabrielle Rabinovitch, Senior Vice President, Corporate Finance and Investor Relations. Please go ahead.

晚上好。我的名字是 Savannah，我將成為您今天的會議接線員。在此，歡迎大家參加 PayPal Holdings 2022 年第二季度財報電話會議。（操作員說明）謝謝。我現在想向您介紹今天電話會議的主持人，公司財務和投資者關係高級副總裁 Gabrielle Rabinovitch 女士。請繼續。

Thank you, Savannah. Good afternoon, and thank you for joining us. Welcome to PayPal's earnings conference call for the second quarter of 2022. Joining me today on the call is Dan Schulman, our President and CEO. We're providing a slide presentation to accompany our commentary. This conference call is also being webcast, and both the presentation and call are available on our Investor Relations website.

謝謝你，薩凡納。下午好，感謝您加入我們。歡迎參加 PayPal 2022 年第二季度的收益電話會議。今天和我一起參加電話會議的是我們的總裁兼首席執行官 Dan Schulman。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，我們的投資者關係網站上提供了演示文稿和電話會議。

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 third quarter and full year 2022 and comments related to anticipated cost savings, operating margin and share repurchase activity. Our actual results may differ materially from these 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 2022 年第三季度和全年的指導，以及與預期成本節約、營業利潤率和股票回購活動相關的評論。我們的實際結果可能與這些陳述大不相同。

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 our Investor Relations website. You should not place undue reliance on any forward-looking statements. All information in this presentation is as of today's date, August 2, 2022. We expressly disclaim any obligation to update this information.

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風險、不確定性和其他可能影響我們業績的因素的更多信息，並可在我們的投資者關係網站上查閱。您不應過分依賴任何前瞻性陳述。本演示文稿中的所有信息截至今天，即 2022 年 8 月 2 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. I'm pleased to share that in the second quarter, we met or exceeded our expectations announced in April, marking the second quarter in a row of hitting our non-GAAP guidance. We are well underway in a deep transformation of our business to regain our momentum.

謝謝加布里埃爾，也謝謝大家加入我們。我很高興與大家分享，在第二季度，我們達到或超過了 4 月份宣布的預期，標誌著第二季度連續達到我們的非 GAAP 指導。我們正在對我們的業務進行深度轉型，以恢復我們的發展勢頭。

This transformation is supported by 3 major initiatives. The first is to seize the opportunity to grow our market share as many of our competitors retrench and reorient their business models. We are focusing our investments in the areas where we have tremendous advantage due to our scale and the inherent network effects driven by our 2-sided network. We are doubling down on checkout, our PayPal and Venmo digital wallets and our Braintree platform. These efforts are having their anticipated effect as we, once again, took share in Q2.

這一轉變得到了 3 項主要舉措的支持。首先是抓住機會擴大我們的市場份額，因為我們的許多競爭對手都在縮減並重新定位他們的商業模式。由於我們的規模和由我們的雙邊網絡驅動的固有網絡效應，我們將投資集中在我們擁有巨大優勢的領域。我們在結賬、我們的 PayPal 和 Venmo 數字錢包以及我們的 Braintree 平台上加倍投入。當我們再次在第二季度分享時，這些努力正在產生預期的效果。

Secondly, we are meaningfully reducing our cost structure. I will discuss this in detail, but over the past 6 months, we have taken action to exit the year with operating margin leverage that will continue to grow in 2023. And third, we have reinvigorated our organizational operating model, and we are recruiting world-class talent to our product, engineering and technology functions. And later in my remarks, I'll expand on our progress in these areas.

其次，我們正在有意義地降低我們的成本結構。我將詳細討論這一點，但在過去 6 個月中，我們已採取行動退出這一年，營業利潤率槓桿將在 2023 年繼續增長。第三，我們重振了我們的組織運營模式，我們正在招聘世界- 我們的產品、工程和技術職能的一流人才。稍後在我的發言中，我將擴展我們在這些領域的進展。

With that in mind, I'm very pleased to announce that Blake Jorgensen will be joining us as PayPal's new Chief Financial Officer starting this week. Blake joins us from Electronic Arts, where he was CFO and Chief Operating Officer, driving extensive operational excellence and shareholder value. He has also been CFO at Yahoo and Levi's and was co-Founder and President of the investment bank, Thomas Weisel Partners. I am looking forward to working with Blake as we enter the next chapter in PayPal's journey.

考慮到這一點，我很高興地宣布，Blake Jorgensen 將於本週開始加入我們，擔任 PayPal 的新首席財務官。 Blake 加入我們之前曾擔任 Electronic Arts 的首席財務官和首席運營官，推動了廣泛的卓越運營和股東價值。他還曾擔任雅虎和李維斯的首席財務官，並且是投資銀行 Thomas Weisel Partners 的聯合創始人兼總裁。當我們進入 PayPal 旅程的下一章時，我期待與 Blake 合作。

I would also like to thank Gabrielle for all she has done to support me and the PayPal team in her role as interim CFO. I can't say enough good words about her performance, and I'm pleased to announce that she will be taking on the additional role of Treasurer as well as our investor relations and corporate finance responsibilities.

我還要感謝 Gabrielle 為支持我和 PayPal 團隊擔任臨時首席財務官所做的一切。我無法對她的表現說足夠多的好話，我很高興地宣布，她將擔任財務主管的額外角色以及我們的投資者關係和公司財務職責。

Let me now turn to our results. Our revenues in the second quarter came in at $6.81 billion, up 10% FXN and 9% spot. Importantly, the shape and dynamics of the quarter reflect the trends we anticipated in our full year guidance. April revenue growth was 7% FXN, May was 10% and June was 12%. And our preliminary revenue growth rate in July further accelerated to north of 14%. eBay payment intermediation was a 400 basis points drag on revenue growth in the quarter, and we anticipate that will drop to approximately 100 basis points in the third quarter and be inconsequential to our results in the fourth quarter.

現在讓我談談我們的結果。我們第二季度的收入為 68.1 億美元，FXN 增長 10%，現貨增長 9%。重要的是，本季度的形態和動態反映了我們在全年指導中預期的趨勢。 4 月收入增長 7% FXN，5 月為 10%，6 月為 12%。我們 7 月份的初步收入增長率進一步加快至 14% 以上。 eBay 支付中介對該季度的收入增長拖累了 400 個基點，我們預計這將在第三季度降至約 100 個基點，並且對我們第四季度的業績無關緊要。

Non-GAAP EPS of $0.93 exceeded our guidance by $0.07 as actions we have taken slowed nontransaction-related expenses to 6% year-over-year in Q2. As we discussed during our last call, we have been working to drive productivity improvements across all functions. Our strategy shift to focus on customer engagement from our unparalleled network of consumer and merchant accounts led to significant opportunity for greater efficiency and, importantly, deeper investments in our world-class portfolio of assets. We have narrowed our focus, driven greater productivity and increased our market share gains with profitable growth.

0.93 美元的非 GAAP 每股收益超出我們的指導 0.07 美元，因為我們採取的行動將非交易相關費用在第二季度同比放緩至 6%。正如我們在上次電話會議中討論的那樣，我們一直在努力推動所有職能部門的生產力提高。我們從無與倫比的消費者和商家賬戶網絡轉向專注於客戶參與的戰略轉變為提高效率帶來了重要機會，更重要的是，我們對世界一流的資產組合進行了更深入的投資。我們縮小了重點，推動了更高的生產力，並通過盈利增長增加了我們的市場份額收益。

We are leveraging our enhanced scale coming out of the pandemic to drive meaningful reductions in unit costs across our supplier base. As a result, we will realize our target of approximately $900 million of savings in 2022 across our OpEx and transaction expenses, which was contemplated in our reset guidance last quarter. We anticipate this reduction in our cost structure will result in at least $1.3 billion of cost savings in 2023, which will result in operating margin expansion next year. These cost savings are not onetime in nature and will continue to benefit the company on a run rate basis.

我們正在利用大流行後擴大的規模來推動整個供應商群的單位成本顯著降低。因此，我們將在 2022 年實現我們在運營支出和交易費用方面節省約 9 億美元的目標，這在我們上個季度的重置指導中有所設想。我們預計，我們成本結構的這種降低將在 2023 年至少節省 13 億美元的成本，這將導致明年的營業利潤率擴大。這些成本節省不是一次性的，將繼續在運行率的基礎上使公司受益。

We are also still sharpening our pencils to identify additional areas of productivity improvements across our servicing, marketing and engineering functions as well as opportunities to rationalize our real estate footprint and shift our hiring to lower-cost geographies. These efficiency gains will allow us to increase our investments in our highest conviction growth opportunities, which, as I mentioned, include checkout, Braintree and our digital wallets.

我們還在磨礪我們的鉛筆，以確定在我們的服務、營銷和工程職能中提高生產力的其他領域，以及合理化我們的房地產足跡並將我們的招聘轉移到成本較低的地區的機會。這些效率提升將使我們能夠增加對我們最高信念增長機會的投資，正如我所提到的，這些機會包括結賬、Braintree 和我們的數字錢包。

Importantly, as a result of this exercise and disciplined leadership from our team, we are targeting nontransaction-related operating expenses to be roughly flat as we exit 2022. Consequently, we expect operating margin expansion beginning in the fourth quarter of this year and continuing in 2023.

重要的是，由於這項工作和我們團隊紀律嚴明的領導，我們的目標是在 2022 年退出時與非交易相關的運營費用大致持平。因此，我們預計運營利潤率將從今年第四季度開始擴大，並在2023 年。

As we said last quarter, NNAs for Q2 will represent our low watermark for the year. We are reiterating our full year guidance of approximately 10 million NNAs. However, as with all of our forecasts, NNA growth could be affected by broader economic factors, given the channels that drive organic customer acquisition may be negatively impacted by falling consumer sentiment and reduced demand for discretionary goods.

正如我們上個季度所說，第二季度的 NNA 將代表我們今年的低水位線。我們重申我們對大約 1000 萬個 NNA 的全年指導。然而，正如我們所有的預測一樣，NNA 的增長可能會受到更廣泛的經濟因素的影響，因為推動有機客戶獲取的渠道可能會受到消費者信心下降和對非必需品需求減少的負面影響。

That said, almost 80% of our volume is driven by 30% of our active accounts, which is why our primary focus is on driving engagement across our base. And here, I'm pleased to report that our transactions per active account, or our TPA, grew 12% to 48.7x per year. And our core daily active users are up over 40% from Q2 2019, a 3-year CAGR of about 13%.

也就是說，我們近 80% 的交易量是由 30% 的活躍賬戶驅動的，這就是為什麼我們的主要重點是推動整個基礎的參與度。在這裡，我很高興地報告，我們每個活躍賬戶的交易，或我們的 TPA，每年增長 12% 至 48.7 倍。我們的核心每日活躍用戶比 2019 年第二季度增長了 40% 以上，3 年復合年增長率約為 13%。

Signaling its confidence in our business, the PayPal Board of Directors has authorized an additional $15 billion share repurchase plan. We expect the pace of our share repurchases to remain aggressive as we believe there's currently a unique and attractive opportunity to return capital to our shareholders. Our Board is committed to evaluating all options for return of capital to our shareholders. And we expect to share a financial and strategic update, including capital allocation, at an Investor Day in early 2023.

PayPal 董事會已授權一項額外的 150 億美元股票回購計劃，表明其對我們的業務充滿信心。我們預計我們的股票回購步伐將保持激進，因為我們相信目前有一個獨特且有吸引力的機會向我們的股東返還資本。我們的董事會致力於評估所有向股東返還資本的選擇。我們預計將在 2023 年初的投資者日分享財務和戰略更新，包括資本分配。

PayPal is one of the most trusted consumer brands in the world, and we have built a diversified platform with unparalleled global scale. We believe the recent turmoil in both the e-commerce and fintech sectors has created an unparalleled opportunity for PayPal. In contrast to others in the industry, our strong financial model, which will generate more than $5 billion in free cash flow this year, provides us the flexibility to invest and strengthen our competitive position.

PayPal是全球最值得信賴的消費品牌之一，我們構建了一個具有無與倫比的全球規模的多元化平台。我們認為，近期電子商務和金融科技領域的動盪為 PayPal 創造了無與倫比的機會。與業內其他公司相比，我們強大的財務模式（今年將產生超過 50 億美元的自由現金流）為我們提供了投資的靈活性並加強了我們的競爭地位。

We are clearly seeing a flight to quality in the market and we expect to continue to drive market share gains. Our share of branded checkout grew in Q2 and remains strong with leading retailers, where we are retaining the share gains we drove over the last 2 years. We continue to leverage our inherent strengths in checkout, which include our base of more than 35 million active merchant accounts with billions of financial instruments vaulted across PayPal and Braintree.

我們清楚地看到市場對質量的追求，我們預計將繼續推動市場份額的增長。我們的品牌結賬份額在第二季度有所增長，並且在領先的零售商中保持強勁，我們在這些零售商中保持了過去 2 年推動的份額增長。我們將繼續利用我們在結賬方面的內在優勢，其中包括我們擁有超過 3500 萬個活躍商家賬戶的基礎，以及在 PayPal 和 Braintree 上保管的數十億金融工具。

We are currently testing our new mobile SDK, software development kit, which enables native in-line checkout, removing friction to make our payment experiences faster and more convenient. And we are also enhancing our checkout user experience to better serve our nearly 400 million consumer accounts by surfacing the most relevant funding instrument based on past purchase behavior, merchant category and purchase price, among other attributes. We believe innovations like these will continue to differentiate our value proposition and drive increased conversion for our merchants.

我們目前正在測試我們新的移動 SDK 軟件開發工具包，它支持原生在線結賬，消除摩擦，讓我們的支付體驗更快、更方便。我們還在增強我們的結賬用戶體驗，通過根據過去的購買行為、商家類別和購買價格等屬性顯示最相關的融資工具，從而更好地為我們近 4 億消費者賬戶提供服務。我們相信，此類創新將繼續使我們的價值主張與眾不同，並為我們的商家帶來更高的轉化率。

We are making great strides in the presentment and global distribution of our branded marks. We have expanded our relationship with Shopify, and we are now powering Shopify Payments in France. In addition, we continue to win large and significant full-stack processing deals with leading merchants across the world, including Shein, Zappos, BetMGM and Carrefour. We intend to press the advantages we have in scale with our portfolio of payment assets to take additional share in this challenging macro environment.

我們在品牌商標的展示和全球分銷方面取得了長足的進步。我們擴大了與 Shopify 的關係，現在我們正在為法國的 Shopify Payments 提供支持。此外，我們繼續與全球領先的商家贏得大型且重要的全棧處理交易，包括 Shein、Zappos、BetMGM 和家樂福。我們打算利用我們的支付資產組合發揮我們在規模上的優勢，以便在這個充滿挑戰的宏觀環境中佔據更多份額。

Our Buy Now, Pay Later products continue to distinguish themselves from our competitors. In the second quarter, we processed $4.9 billion in volume, up 226% year-over-year with over 22 million consumers using our Buy Now, Pay Later services over 100 million times since launch. Our upstream presentment continues to grow with over 200,000 merchants displaying our Buy Now, Pay Later on their product pages. We recently expanded our offerings with the launch of Pay Monthly, which gives U.S. consumers the ability to spread payments over longer periods of time.

我們的“先買後付”產品繼續從我們的競爭對手中脫穎而出。在第二季度，我們處理了 49 億美元的交易量，同比增長 226%，自推出以來，超過 2200 萬消費者使用我們的“立即購買，以後付款”服務超過 1 億次。我們的上游業務繼續增長，超過 200,000 家商家在他們的產品頁面上展示了我們的“立即購買，稍後付款”。我們最近推出了 Pay Monthly 來擴展我們的產品，這使美國消費者能夠在更長的時間內分攤付款。

A key competitive advantage for us is our deep expertise and experience lending through all types of credit environments. We benefit from both our scale and long-standing relationships with our customers. We know who we are lending to, and as a result, we have high approval rates and loss rates that are among the lowest in the industry.

對我們來說，一個關鍵的競爭優勢是我們深厚的專業知識和在所有類型的信貸環境中提供貸款的經驗。我們受益於我們的規模和與客戶的長期關係。我們知道我們貸款給誰，因此，我們的批准率和損失率在業內最低。

Our PayPal and Venmo digital wallets are formidable assets that drive engagement across our commerce and payments platform. Digital wallet users are twice as likely to choose PayPal at checkout. And we have an opportunity to increase both engagement and ARPA by continuing to invest in commerce tools. As macroeconomic factors such as inflation impact our customers, our services like PayPal Honey are helping consumers make their money go further. Through the browser extension, PayPal Honey serves up targeted coupons and rewards at checkout and through our digital wallet shopping hub at the beginning of the shopping journey.

我們的 PayPal 和 Venmo 數字錢包是推動我們整個商務和支付平台參與度的強大資產。數字錢包用戶在結賬時選擇 PayPal 的可能性是其兩倍。我們有機會通過繼續投資商業工具來增加參與度和 ARPA。由於通貨膨脹等宏觀經濟因素會影響我們的客戶，我們的 PayPal Honey 等服務正在幫助消費者進一步賺錢。通過瀏覽器擴展，PayPal Honey 在結賬時提供有針對性的優惠券和獎勵，並在購物旅程開始時通過我們的數字錢包購物中心提供。

We are working hard to help our customers save money. Already this year, we've helped consumers save over $100 million. In an inflationary environment, these products are increasingly sought after and valuable. In fact, the PayPal Honey browser extension increased selection and conversion at checkout by 18%. And in the second half of this year, we are focused on driving even more savings for our customers by redesigning the shopping hub and our digital wallet and unifying our rewards programs.

我們正在努力幫助我們的客戶省錢。今年，我們已經幫助消費者節省了超過 1 億美元。在通貨膨脹的環境中，這些產品越來越受到追捧和有價值。事實上，PayPal Honey 瀏覽器擴展將結賬時的選擇和轉化率提高了 18%。在今年下半年，我們專注於通過重新設計購物中心和我們的數字錢包以及統一我們的獎勵計劃，為我們的客戶節省更多。

Venmo remains a key growth driver for our business with nearly 90 million active accounts, driving revenue growth in Q2 of more than 50%, with the revenues exceeding $100 million last month alone. We continue to see increased commerce transactions on Venmo with commerce volumes growing more than 250%. In Q2, we signed or launched Pay with Venmo with leading merchants, including DICK'S Sporting Goods, DraftKings, Booking.com and The Washington Post. And of course, we look forward to launching Pay with Venmo on Amazon.

Venmo 仍然是我們業務的主要增長動力，擁有近 9000 萬活躍賬戶，推動第二季度收入增長超過 50%，僅上個月收入就超過 1 億美元。我們繼續看到 Venmo 上的商務交易增加，商務量增長超過 250%。在第二季度，我們與領先的商家簽署或推出了 Pay with Venmo，包括 DICK'S Sporting Goods、DraftKings、Booking.com 和華盛頓郵報。當然，我們期待在亞馬遜上推出 Pay with Venmo。

We are also hard at work on new initiatives that will increase both scale and engagement, including allowing teens to create their own Venmo accounts. And in September, we plan to launch the ability for charities to establish a profile on the Venmo app to encourage more giving ahead of the holiday season.

我們還在努力製定新舉措，以增加規模和參與度，包括允許青少年創建自己的 Venmo 賬戶。我們計劃在 9 月推出讓慈善機構在 Venmo 應用程序上建立個人資料的功能，以鼓勵在假期前進行更多捐贈。

As I shared last quarter, we are meaningfully streamlining our organizational structure to simplify decision-making, drive end-to-end accountability and make it easier for our teams to rapidly bring innovative products to market. Our new operating model is oriented around our customers. Our consumer business is led by Doug Bland, and Doug joined PayPal through our acquisition of Swift Financial, where he was Chief Operating Officer. He has been leading the rapid expansion of our global credit products, overseeing the introduction of a wide range of products, including our Buy Now, Pay Later services. And he has deep expertise in navigating challenging credit and economic environments.

正如我上個季度所分享的，我們正在有意義地精簡我們的組織結構，以簡化決策，推動端到端的問責制，並使我們的團隊更容易將創新產品快速推向市場。我們的新運營模式以客戶為中心。我們的消費者業務由 Doug Bland 領導，Doug 通過我們收購 Swift Financial 加入 PayPal，並擔任首席運營官。他一直在領導我們全球信貸產品的快速擴張，監督各種產品的推出，包括我們的“立即購買，以後付款”服務。他在應對具有挑戰性的信貸和經濟環境方面擁有深厚的專業知識。

Our merchant business is organized into 2 primary areas of focus: enterprise and merchant platform led by Frank Keller and small- and medium-sized businesses and partner channels led by Dan Leberman. Both Frank and Dan have been with PayPal since before separation in various leadership capacities and have extensive product and operational expertise. These changes will ensure we make the necessary decisions and trade-offs to accelerate our delivery of the highest-quality products while driving our operating metrics.

我們的商戶業務分為兩大重點領域：由 Frank Keller 領導的企業和商戶平台以及由 Dan Leberman 領導的中小企業和合作夥伴渠道。 Frank 和 Dan 在離職之前一直在 PayPal 工作，擔任過各種領導職務，並擁有廣泛的產品和運營專業知識。這些變化將確保我們做出必要的決定和權衡，以加快我們交付最優質產品的速度，同時推動我們的運營指標。

Mark Britto, our Chief Product Officer for the past several years, will retire from PayPal at the end of the year. I'm very grateful for Mark's leadership, counsel and friendship during a period of tremendous growth for PayPal and for the strong bench of talent he has cultivated. An external search to replace Mark is well underway, and we expect to announce his replacement in the near future.

過去幾年擔任我們首席產品官的 Mark Britto 將於年底從 PayPal 退休。我非常感謝馬克在 PayPal 快速發展期間的領導、建議和友誼，以及他培養的強大人才。替換馬克的外部搜索正在進行中，我們希望在不久的將來宣布他的替換。

In closing, I'd like to acknowledge again that it has been a volatile time for our sector, for our shareholders, for the market and the global economy at large. But we feel this is a unique opportunity for high-quality market leaders like PayPal with strong business models to increase their market leadership. We are laser-focused on delivering on our key initiatives. We continue to take share. While others pull back, we are investing to improve our value proposition.

最後，我想再次承認，對於我們的行業、我們的股東、市場和整個全球經濟來說，這是一個動蕩的時期。但我們認為，對於像 PayPal 這樣擁有強大商業模式的高質量市場領導者來說，這是一個獨特的機會，可以提高他們的市場領導地位。我們專注於實施我們的關鍵舉措。我們繼續分享。當其他人退縮時，我們正在投資以改善我們的價值主張。

We are finally moving beyond the lapping of both the pandemic stimulus payouts and eBay intermediated payments. And our increasing revenue growth rate in each successive month of Q2 and July reflect this, setting us up to deliver on our second half expectations. We're driving meaningful productivity and cost improvement in OpEx and our transaction expenses, and we expect to see these actions result in increased operating margins as we exit the year, setting us up for a strong 2023.

我們終於超越了大流行刺激支出和 eBay 中間支付的重疊。我們在第二季度和 7 月連續每個月不斷增長的收入增長率反映了這一點，使我們能夠實現下半年的預期。我們正在推動運營支出和交易費用方面的顯著生產力和成本改進，我們預計這些行動會在我們今年結束時提高營業利潤率，為我們在 2023 年的強勁表現做好準備。

And we've made significant and positive changes to our organizational model with several additional talented leaders joining our senior leadership team. I want to thank our PayPal team for their continued dedication and commitment. I'm grateful for the outstanding support you provide each other and our customers each and every day.

我們已經對我們的組織模式進行了重大而積極的改變，另外幾位才華橫溢的領導者加入了我們的高級領導團隊。我要感謝我們的 PayPal 團隊的持續奉獻和承諾。我感謝您每天為彼此和我們的客戶提供的出色支持。

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

有了這個，我會把電話轉給加布里埃爾。

Thanks, Dan. I'd like to start by thanking the entire PayPal team for their continued commitment to serve our customers and execute on our priorities. PayPal delivered another solid quarter, meeting or surpassing the second quarter non-GAAP financial targets we shared with you in April. We delivered on our commitment of sequential acceleration in our revenue growth and slowed our nontransaction-related operating expense growth.

謝謝，丹。首先，我要感謝整個 PayPal 團隊，他們一直致力於為我們的客戶服務並執行我們的優先事項。 PayPal 實現了又一個穩健的季度，達到或超過了我們在 4 月與您分享的第二季度非 GAAP 財務目標。我們兌現了連續加速收入增長的承諾，並放緩了與非交易相關的運營費用增長。

Our results are indicative of the strength, diversification and breadth of our 2-sided global payments platform. Our team remains focused on what we can control. And more importantly, we're committed to accelerating our core strengths and building PayPal for the future. We are guided by our relentless focus on creating the best possible experiences for our customers and value for our stakeholders.

我們的結果表明了我們雙邊全球支付平台的實力、多元化和廣度。我們的團隊仍然專注於我們可以控制的事情。更重要的是，我們致力於增強我們的核心優勢並為未來打造 PayPal。我們堅持不懈地專注於為客戶創造最佳體驗並為利益相關者創造價值。

Over the past 2 quarters, we have seen even stronger opportunities to advance our leadership position in payments and add to our momentum with our digital wallet, checkout and unbranded processing strategies. Of course, unlike everyone, we're closely monitoring the impact of high inflation on economic growth, consumer demand and sentiment as well as broader global macroeconomic indicators. The backdrop continues to be complex, and we're taking an appropriately prudent approach to managing our business.

在過去的兩個季度中，我們看到了更大的機會來提升我們在支付領域的領導地位，並通過我們的數字錢包、結賬和無品牌處理策略增加我們的勢頭。當然，與所有人不同，我們正在密切關注高通脹對經濟增長、消費者需求和情緒以及更廣泛的全球宏觀經濟指標的影響。背景仍然很複雜，我們正在採取適當謹慎的方法來管理我們的業務。

PayPal's unique competitive advantages continue to drive us forward. Today, we believe we are better positioned to deliver sustainable long-term growth than we were before the pandemic. At the same time, we're increasing our rigor in managing our cost structure and prioritizing higher-return strategic initiatives. We are focused on improving our operating margin profile while investing in our key priorities.

PayPal 獨特的競爭優勢繼續推動我們前進。今天，我們相信我們比大流行之前更有能力實現可持續的長期增長。與此同時，我們在管理成本結構和優先考慮更高回報的戰略計劃方面更加嚴格。我們專注於提高我們的營業利潤率，同時投資於我們的關鍵優先事項。

Over the years, PayPal has experienced serious business and macro challenges and has emerged stronger every time. As we look ahead, we're confident in our long-term strategy and our growth outlook. We believe we are operating in an environment in which strong and enduring platforms like ours get stronger. That has never been more apparent than it is today.

多年來，PayPal 經歷了嚴峻的業務和宏觀挑戰，並且每次都變得更加強大。展望未來，我們對我們的長期戰略和增長前景充滿信心。我們相信，我們是在一個像我們這樣強大而持久的平台變得更強大的環境中運營的。這一點從未像今天這樣明顯。

Before discussing our outlook for the remainder of the year, I'd like to highlight our second quarter performance. As Dan mentioned, revenue increased 10% on an FX-neutral basis, more than 0.5 point ahead of our guidance and 9% at spot to $6.8 billion. At the time we provided guidance, there was an approximately 30 basis point difference between our spot and FX-neutral growth rates, which essentially doubled during the quarter given dollar strength. We expect FX to continue to be a headwind as we move through the back half of 2022.

在討論我們對今年剩餘時間的展望之前，我想強調一下我們第二季度的表現。正如丹所說，在外匯中性的基礎上，收入增長了 10%，比我們的指導高出 0.5 個百分點以上，即期增長 9%，達到 68 億美元。在我們提供指導時，我們的即期增長率和外匯中性增長率之間存在大約 30 個基點的差異，鑑於美元走強，該增長率在本季度基本翻了一番。隨著我們進入 2022 年下半年，我們預計外匯將繼續成為逆風。

Transaction revenue grew 8% to $6.3 billion, driven primarily by Braintree and Venmo. Other value-added services revenue grew 21% to $534 million. This performance resulted from solid growth of our credit products as well as increased interest income on customer stored balances.

交易收入增長 8% 至 63 億美元，主要由 Braintree 和 Venmo 推動。其他增值服務收入增長 21% 至 5.34 億美元。這一業績得益於我們信貸產品的穩健增長以及客戶存款餘額的利息收入增加。

In the second quarter, U.S. revenue grew 18% while international revenue declined 1%. In addition, on a currency-neutral basis, international revenue increased 1%, and excluding eBay, 8%. On both a spot and currency-neutral basis, international revenue growth accelerated 5 points sequentially. Additionally, eBay Marketplaces' revenue declined 60% to $166 million and represented less than 2.5% of our total revenue. Our revenue, excluding eBay, grew 14% at spot.

第二季度，美國收入增長 18%，而國際收入下降 1%。此外，在貨幣中性的基礎上，國際收入增長 1%，不包括 eBay，增長 8%。在即期和貨幣中性的基礎上，國際收入增長環比增長 5 個百分點。此外，eBay Marketplaces 的收入下降了 60% 至 1.66 億美元，占我們總收入的比例不到 2.5%。我們的收入（不包括 eBay）即期增長 14%。

Transaction take rate was 1.85% and total take rate was 2%, both essentially flat to last year and to Q1 of this year. The blended take rate on eBay volumes declined to 2.13% from 3.22% in Q2 last year. This was offset by an approximately 5 basis point increase in the take rate on non-eBay volumes, resulting from gains from foreign currency hedges recorded as international transaction revenue, Venmo and lower P2P volumes.

交易接受率為 1.85%，總接受率為 2%，與去年和今年第一季度基本持平。 eBay 交易量的混合接受率從去年第二季度的 3.22% 下降至 2.13%。這被非 eBay 交易量的接受率增加約 5 個基點所抵消，這是由於記錄為國際交易收入、Venmo 和較低 P2P 交易量的外匯對沖收益。

Transaction expense came in at 90 basis points as a rate of TPV relative to 81 basis points as a rate last year. This result was largely driven by the increase in contribution of Braintree, which is predominantly card-funded, to our overall mix of payment volume. To a lesser extent, funding mix also contributed to higher transaction expenses as a result of more normalized debit card usage relative to 2021.

TPV 的交易費用為 90 個基點，而去年為 81 個基點。這一結果主要是由於 Braintree（主要是信用卡資助）對我們整體支付量組合的貢獻增加所致。在較小程度上，由於與 2021 年相比借記卡使用更加規範化，資金組合也導致交易費用增加。

Transaction loss as a rate of TPV was 11 basis points versus 9 basis points in Q2 last year. In addition, credit losses were $68 million or 2 basis points of the rate of TPV. In the second quarter of 2021, we released $156 million of credit reserves, which benefited transaction margin and operating margin performance in the prior period by 250 basis points.

TPV 的交易損失率為 11 個基點，而去年第二季度為 9 個基點。此外，信貸損失為 6800 萬美元，即冠捷利率的 2 個基點。在 2021 年第二季度，我們釋放了 1.56 億美元的信貸準備金，這使上一期間的交易利潤率和營業利潤率表現提高了 250 個基點。

In the quarter, loan originations increased and we ended Q2 with $6.2 billion in gross receivables, reflecting sequential growth of 9%. The growth in global Pay Later receivables was the largest driver of originations. The mix of shorter-duration originations from our Pay Later products and strong performance of our loan receivables portfolio resulted in our reserve coverage ratio declining to 7.3% from 8.3% at the end of the first quarter.

本季度，貸款發放增加，我們在第二季度末應收賬款總額為 62 億美元，環比增長 9%。全球“後付款”應收賬款的增長是發起的最大驅動力。來自我們的“後付款”產品的短期資金來源以及我們應收貸款組合的強勁表現導致我們的準備金覆蓋率從第一季度末的 8.3% 下降至 7.3%。

Overall, our volume-based expenses grew 30%, which in conjunction with 9% revenue growth resulted in a transaction margin of 48.7%. This was 814 basis points lower than last year and represents a 7% decline in transaction margin dollars. Excluding the benefit from reserve release last year, transaction margin dollars declined 2% or 564 basis points as a rate, which was primarily driven by TPV mix.

總體而言，我們基於數量的費用增長了 30%，再加上 9% 的收入增長，交易利潤率為 48.7%。這比去年低 814 個基點，交易保證金美元下降了 7%。剔除去年儲備金釋放的收益，交易保證金美元下降 2% 或 564 個基點，這主要是由冠捷組合推動的。

Starting in the back half of this year, we expect to begin seeing benefits to our transaction expense from leveraging our scale across the network ecosystem. In addition, we have directed our focus on rationalizing nontransaction-related expense growth. In the second quarter, overall, these expenses grew 6% year-over-year, relative to growth of 27% in the second quarter of 2021.

從今年下半年開始，我們預計將開始看到利用我們在整個網絡生態系統中的規模對我們的交易費用產生的好處。此外，我們將重點放在合理化非交易相關費用增長上。總體而言，在第二季度，這些費用同比增長 6%，而 2021 年第二季度的增長率為 27%。

Nontransaction-related expenses represented 29.6% of revenue, an improvement of approximately 80 basis points from the second quarter of 2021. The growth rates for customer support and operations, sales and marketing and technology and development expenses were meaningfully lower than last year. Notably, sales and marketing spend declined 7% year-over-year in the second quarter, following a 68% increase in Q2 last year.

非交易相關費用佔收入的 29.6%，比 2021 年第二季度提高了約 80 個基點。客戶支持和運營、銷售和營銷以及技術和開發費用的增長率明顯低於去年。值得注意的是，繼去年第二季度增長 68% 之後，第二季度的銷售和營銷支出同比下降了 7%。

On a non-GAAP basis, operating income was $1.3 billion. Our operating margin was 19.1%, which is nearly 1 point better than our outlook going into the quarter. For the second quarter, non-GAAP EPS was $0.93, $0.07 stronger than our expectations. In the quarter, we faced an approximate $0.11 per share headwind from the release of credit reserves last year. Our outperformance was predominantly driven by lower nontransaction-related operating expenses and a lower effective tax rate.

按非公認會計原則計算，營業收入為 13 億美元。我們的營業利潤率為 19.1%，比我們進入本季度的預期高出近 1 個百分點。第二季度，非美國通用會計準則每股收益為 0.93 美元，比我們的預期強 0.07 美元。在本季度，我們因去年釋放信貸儲備而面臨每股約 0.11 美元的逆風。我們的出色表現主要是由於非交易相關的運營費用較低和有效稅率較低。

We ended the quarter with cash, cash equivalents and investments of $15.6 billion, which includes approximately $6 billion of cash we estimate is needed to satisfy operational and regulatory requirements. Our cash position is inclusive of $3 billion in proceeds from debt we issued in May. Approximately half of the proceeds from this offering were used to refinance upcoming maturities coming due in September 2022 and June 2023. Importantly, through this transaction, we were able to extend our weighted average maturity by approximately 5 years while increasing our average bond coupon by only 70 basis points.

我們在本季度末的現金、現金等價物和投資為 156 億美元，其中包括我們估計滿足運營和監管要求所需的大約 60 億美元現金。我們的現金頭寸包括我們 5 月份發行的 30 億美元債務收益。本次發行的大約一半收益用於為即將於 2022 年 9 月和 2023 年 6 月到期的到期債券再融資。重要的是，通過此次交易，我們能夠將加權平均到期日延長約 5 年，同時僅將平均債券息票增加70 個基點。

During the quarter, we generated $1.3 billion in free cash flow, bringing year-to-date free cash flow to $2.3 billion. In the second quarter, we also completed an additional $750 million in share repurchases, bringing 2022 year-to-date repurchase activity to $2.25 billion, representing approximately 95% of free cash flow generated so far this year. We have taken a more aggressive approach to our capital return program over the past several quarters. We continue to believe that share repurchase remains an excellent use of capital for our shareholders.

本季度，我們產生了 13 億美元的自由現金流，使年初至今的自由現金流達到 23 億美元。在第二季度，我們還完成了額外 7.5 億美元的股票回購，使 2022 年年初至今的回購活動達到 22.5 億美元，約佔今年迄今為止產生的自由現金流的 95%。在過去的幾個季度中，我們對我們的資本回報計劃採取了更積極的方法。我們仍然相信，股票回購對於我們的股東來說仍然是一種極好的資本利用方式。

And as Dan mentioned, our Board recently approved a new $15 billion share repurchase authorization. Combined with the $2.8 billion remaining on our 2018 repurchase authorization, this brings our aggregate outstanding authorization to nearly $18 billion. Given our desire to return capital to shareholders and the confidence we have in our business, we will continue to be opportunistic with the pace and quantum of our share repurchases.

正如丹所說，我們的董事會最近批准了一項新的 150 億美元的股票回購授權。加上我們 2018 年回購授權中剩餘的 28 億美元，這使我們的未償授權總額接近 180 億美元。鑑於我們向股東返還資本的願望以及我們對業務的信心，我們將繼續對股票回購的速度和數量持機會主義態度。

Overall, this year, we plan to return 75% to 80% of free cash flow to shareholders in the form of share repurchases. In addition, as we look to optimize our capital allocation and increase our flexibility, we are renewing our focus on credit externalization opportunities. Our last significant credit externalization event occurred in July 2018 when we closed the sale of our U.S. consumer revolving credit portfolio to Synchrony.

總體而言，今年我們計劃以股票回購的形式將75%至80%的自由現金流返還給股東。此外，隨著我們尋求優化資本配置並提高靈活性，我們正在重新關注信貸外部化機會。我們上一次重大的信貸外部化事件發生在 2018 年 7 月，當時我們完成了向 Synchrony 出售美國消費者循環信貸組合的交易。

Since that time, the composition of our on-balance sheet credit portfolio has changed meaningfully. While today, credit receivables represent about 7% of overall assets versus 17% at the time of the Synchrony transaction, funding our credit products continues to require an increasing amount of our free cash flow.

從那時起，我們的資產負債表內信貸組合的構成發生了重大變化。雖然今天，應收信貸佔總資產的 7% 左右，而在 Synchrony 交易時為 17%，但為我們的信貸產品提供資金仍然需要越來越多的自由現金流。

Our credit products are an important driver of customer lifetime value and engagement. In addition, we believe they represent best-in-class products in each of the key credit categories in which we compete. That said, to optimize the use of our balance sheet and remain maximally capital efficient, we're assessing opportunities for additional strategic credit externalization. And we'll update you on our progress as we move through the back half of the year.

我們的信貸產品是客戶終身價值和參與度的重要推動力。此外，我們相信它們代表了我們競爭的每個關鍵信貸類別中的一流產品。也就是說，為了優化資產負債表的使用並保持最大的資本效率，我們正在評估額外戰略信貸外部化的機會。我們將在下半年向您通報我們的進展情況。

I would now like to discuss our outlook for the remainder of 2022. When we provided guidance last quarter, we contemplated that there would be a challenging macro environment for the balance of the year. As everyone has seen across the market, macro conditions remain highly dynamic. We guided last quarter to a range of 11% to 13% revenue growth, and given today's environment, we think it's important to be conservative.

我現在想討論一下我們對 2022 年剩餘時間的展望。當我們在上個季度提供指導時，我們認為今年餘下時間將面臨充滿挑戰的宏觀環境。正如每個人在整個市場中所看到的那樣，宏觀狀況仍然高度活躍。我們將上個季度的收入增長引導至 11% 至 13% 的範圍內，鑑於當今的環境，我們認為保守是很重要的。

Accordingly, I would point you to the lower end of that range on a currency-neutral basis. While the macro remains uncertain, I also want to underscore that we have strong momentum across the business with accelerating revenue growth from April to May to June and now through July, and the team is focused on achieving our targets for the year. We expect third quarter revenue growth to accelerate 2 points to 12% on a currency-neutral basis and that we will exit the year with revenue growth of approximately 14% in the fourth quarter.

因此，我會在貨幣中性的基礎上指出該範圍的下限。雖然宏觀仍然不確定，但我還想強調，我們的整個業務勢頭強勁，從 4 月到 5 月到 6 月以及現在到 7 月，收入增長加速，團隊專注於實現我們今年的目標。我們預計，在貨幣中性的基礎上，第三季度收入增長將加速 2 個百分點至 12%，並且我們將在第四季度以約 14% 的收入增長結束今年。

It is important to note that we had a 150 basis point headwind in the third quarter related to revenue we recognized from the PPP lending program in the third quarter last year. Excluding this impact, we expect our third quarter revenue growth to reach nearly 14%, which results in relatively consistent growth in both the third and fourth quarters. The vast majority of the expected acceleration in our top line performance from the first half of 2022 relates to finally having the tougher eBay compares behind us.

值得注意的是，我們在第三季度遇到了 150 個基點的逆風，這與我們在去年第三季度從 PPP 貸款計劃中確認的收入有關。排除這一影響，我們預計我們第三季度的收入增長將達到近 14%，這將導致第三季度和第四季度的增長相對一致。從 2022 年上半年開始，我們的頂線業績預期的絕大多數加速與最終讓更艱難的 eBay 比較落後有關。

In addition, we expect the diversification of our platform and the contribution from new initiatives and our merchant pipeline to allow us to exit the year with our business in a stronger position than how we entered 2022. We are also raising our non-GAAP EPS guidance and now expect to deliver non-GAAP EPS in the range of $3.87 to $3.97. Our cost discipline in conjunction with our efficiency and prioritization initiatives are enabling us to drive this improved earnings performance.

此外，我們預計我們平台的多元化以及新舉措和我們的商業渠道的貢獻將使我們能夠以比我們進入 2022 年時更強大的地位退出這一年。我們還提高了我們的非公認會計原則每股收益指導現在預計非 GAAP 每股收益將在 3.87 美元至 3.97 美元之間。我們的成本紀律與我們的效率和優先級計劃相結合，使我們能夠推動這種改善的收益表現。

We also expect that this progress will allow us to deliver non-GAAP operating margin expansion in the fourth quarter and into 2023. In addition, we remain on track to generate more than $5 billion in free cash flow this year.

我們還預計，這一進展將使我們能夠在第四季度和 2023 年實現非公認會計原則的營業利潤率增長。此外，我們今年仍有望產生超過 50 億美元的自由現金流。

In closing, we're pleased with the progress we're making across many fronts. We're advancing our strategic priorities and, at the same time, sustainably improving our cost structure. The cash flow generating power of our business is a strategic competitive advantage and continues to give us a high degree of flexibility as we allocate capital with discipline. We are focused on creating value for our shareholders and strengthening our position as the world's leading digital payments platform for our customers.

最後，我們對我們在許多方面取得的進展感到高興。我們正在推進我們的戰略重點，同時可持續地改善我們的成本結構。我們業務的現金流產生能力是一項戰略競爭優勢，並且在我們有紀律地分配資本時繼續為我們提供高度的靈活性。我們專注於為股東創造價值，並加強我們作為客戶全球領先數字支付平台的地位。

And while we are not immune to economic headwinds, we will continue to deepen our focus, invest for the long term and strengthen our competitive advantages. Finally, I'd like to welcome Blake to PayPal. I'm absolutely thrilled that he'll be leading our finance organization and I look forward to supporting him.

雖然我們不能倖免於經濟逆風，但我們將繼續深化我們的關注，進行長期投資並加強我們的競爭優勢。最後，我要歡迎 Blake 加入 PayPal。我非常高興他將領導我們的財務部門，我期待著支持他。

With that, I'll turn it back over to Dan.

有了這個，我會把它交給丹。

Thanks, Gabs. So before we start the Q&A section, I'd like to take the opportunity to provide some color on the discussions we've had with Elliott Investment Management. First of all, the discussions have been both constructive and collaborative, and we appreciate the partnership we've built with Jesse Cohn and his team. We are completely aligned in our mutual goal to maximize shareholder value, and we are substantially aligned on the areas of focus for achieving our objectives.

謝謝，加布斯。因此，在我們開始問答部分之前，我想藉此機會為我們與 Elliott Investment Management 的討論提供一些色彩。首先，討論具有建設性和協作性，我們感謝我們與 Jesse Cohn 及其團隊建立的伙伴關係。我們在實現股東價值最大化的共同目標上完全一致，我們在實現目標的重點領域基本一致。

Our discussions are focused on operational improvements, revenue-generating investments and capital allocation, and they are consistent with our short- and long-term objectives and plans. We've been working on a number of initiatives such as improved profitability and return of capital and we appreciate Jesse's collaboration and input on these important topics.

我們的討論重點是運營改進、創收投資和資本分配，它們符合我們的短期和長期目標和計劃。我們一直在開展多項舉措，例如提高盈利能力和資本回報率，我們感謝 Jesse 在這些重要主題上的合作和投入。

And as we discussed, we're pleased to announce the following: approximately $900 million of cost savings in 2022 across operating and transaction expenses, with savings potential of at least $1.3 billion through fiscal year '23; an invigorating capital return program, including a new $15 billion share repurchase authorization, full evaluation of capital return alternatives; and an upcoming Investor Day in early 2023 to share operational, capital allocation and strategic updates.

正如我們所討論的，我們很高興地宣布以下內容：到 2022 年，運營和交易費用將節省約 9 億美元，到 23 財年至少節省 13 億美元；令人振奮的資本回報計劃，包括新的 150 億美元股票回購授權、對資本回報備選方案的全面評估；以及即將在 2023 年初舉行的投資者日，以分享運營、資本分配和戰略更新。

We continue to engage with Jesse and his team at Elliott, and they have communicated that their investment is a vote of confidence in our strategy, in our management team and our ability to generate long-term value for shareholders. We have also entered into an information sharing agreement to maintain our collaboration across the previously mentioned initiatives, and we look forward to our continued partnership.

我們將繼續與 Jesse 及其在 Elliott 的團隊進行接觸，他們表示，他們的投資是對我們的戰略、管理團隊以及我們為股東創造長期價值的能力投下的信任票。我們還簽訂了信息共享協議，以保持我們在前面提到的舉措中的合作，我們期待著我們繼續合作。

That's the extent of our comments on Elliott's position in PayPal. And now I'd like to turn it over to the operator to hear your questions on other areas of our business. Thanks very much, and operator, let's open it up for questions.

這就是我們對 Elliott 在 PayPal 職位的評論的程度。現在我想把它交給接線員，聽聽您對我們業務其他領域的問題。非常感謝，運營商，讓我們打開它來提問。

(Operator Instructions)

（操作員說明）

And our first question will come from Tien-Tsin Huang with JPMorgan.

我們的第一個問題將來自摩根大通的 Tien-Tsin Huang。

Lots to digest here, and Gabs, congrats on the elevated role of Treasurer. I figure for Dan, just to kick it off, the Q&A, I wanted to hear how you're prioritizing executing the strategy you mentioned with lots going on here, right, with filling some key roles, you've got Elliott. As you just mentioned, you've got cost-cutting plan, capital allocation consideration.

這裡有很多要消化的東西，Gabs，祝賀財務主管的角色得到提升。我想丹，只是開始，問答環節，我想听聽你如何優先執行你提到的戰略，這裡有很多事情發生，對，填補一些關鍵角色，你有艾略特。正如你剛才提到的，你有削減成本的計劃，資本分配的考慮。

So what part of the strategy, as we've heard it, do you think of as nonnegotiable, right, in the short and the long term? That was the key question I had, but also what moves down in priority? I didn't hear about things like in-store and others. So would you mind commenting on that?

那麼，正如我們所聽到的，您認為戰略的哪一部分是不可談判的，對，在短期和長期內？這是我遇到的關鍵問題，但優先級下降的是什麼？我沒有聽說過店內和其他的事情。那麼你介意對此發表評論嗎？

Yes, it's a great question. So we're executing on the game plan that we started laying out at the beginning of the year. We knew we had a lot to get done. And we knew we had to, one, narrow our focus on growth opportunities in which we had high conviction of their ability to make an impact. Does it -- make no mistake, we are in the business of strengthening our value proposition, growing going forward and gaining share. That is our #1 priority.

是的，這是一個很好的問題。所以我們正在執行我們在年初開始製定的遊戲計劃。我們知道我們有很多事情要做。我們知道，我們必須首先縮小對增長機會的關注，我們堅信它們有能力產生影響。是嗎 - 毫無疑問，我們的業務是加強我們的價值主張，向前發展並獲得份額。這是我們的第一要務。

And we know the 3 things that we really need to invest in there, and there's no debate around that whatsoever. It is checkout because that is the bread and butter of our business. We have a lot of advantages there. We continue to gain share, but there are a lot of places where we can make incremental improvements and, in some cases, some pretty radical improvements to improve our value proposition and competitive position.

而且我們知道我們真正需要在那裡投資的三件事，並且沒有任何爭論。它是結帳，因為這是我們業務的麵包和黃油。我們在那裡有很多優勢。我們繼續獲得份額，但我們可以在很多地方進行漸進式改進，在某些情況下，可以進行一些非常激進的改進，以提高我們的價值主張和競爭地位。

Number two is in our digital wallets. Both Venmo and PayPal, we are seeing very encouraging green shoots. We've talked about some of those. I'll probably talk about more of it in future questions, I'm sure. But that is the future. Digital wallets are the future, a combination of both payments and commerce and financial services coming together. And we are seeing some really -- some quite a bit of adoption, quite a bit of churn reduction for those who come in. So we'll continue to invest there.

第二是在我們的數字錢包中。無論是 Venmo 還是 PayPal，我們都看到了非常令人鼓舞的萌芽。我們已經討論了其中的一些。我敢肯定，我可能會在以後的問題中討論更多它。但這就是未來。數字錢包是未來，將支付、商業和金融服務結合在一起。我們確實看到了一些——一些相當多的採用，對於那些進來的人來說，流失率大大減少。所以我們將繼續在那裡投資。

And finally, Braintree. My hat goes off to that Braintree team. They have done some Herculean tasks this year. We have tremendous momentum in our full stack processing in the marketplace. As I mentioned, there is a flight to quality in the market. We are clearly seeing that. And that platform, we're just going to continue to invest in, both on the pay-in side and the payout side on things like orchestration and a multi-PSP environment.

最後，布倫特里。我向那個布倫特里團隊致敬。今年他們完成了一些艱鉅的任務。我們在市場上的全棧處理方面擁有巨大的動力。正如我所提到的，市場上存在質量問題。我們清楚地看到了這一點。而那個平台，我們將繼續投資，無論是在支付方面，還是在編排和多 PSP 環境等方面的支出方面。

And so those are the 3 areas that we are going to double down on and they're nonnegotiable. We are, by the way, pulling back on other areas like you mentioned because if you're going to narrow your focus by definition, there are places where you're pulling back. For instance, we were going to focus on invest this year, like stock trading and that kind of thing. We're not going to do that. We have reallocated those headcount into checkout. We've also been able to reduce headcount. We don't have the same regulatory footprint that we thought we might have.

所以這些是我們要加倍努力的三個領域，它們是不可談判的。順便說一句，我們正在撤回您提到的其他領域，因為如果您要根據定義縮小您的關注範圍，那麼您會在某些地方撤回。例如，我們今年將專注於投資，比如股票交易之類的事情。我們不會那樣做。我們已將這些人數重新分配到結帳中。我們還能夠減少員工人數。我們沒有我們認為可能擁有的相同監管足跡。

In store, we're really moving into card as opposed to a focus exclusively on QR. That is kind of where the market is right now. It is much more impactful for us and much less expensive as we go into card being off-line tied fully into the app in a fully integrated way. And so you've got certain things long-tail international that we're just going to have cross-border come on that. We're not going to go into those domestically because they've got high beta and cost a lot, and it just takes a lot of time and effort to go and do those things.

在實體店中，我們真正轉向卡片，而不是只關註二維碼。這就是現在的市場。當我們以完全集成的方式將離線卡完全綁定到應用程序時，它對我們的影響更大，成本也更低。所以你有一些長尾國際的東西，我們只會讓跨境來。我們不打算在國內進行這些，因為它們具有高測試版並且成本很高，而且去做這些事情需要大量的時間和精力。

So we are focused on the things we think will make the largest impact. We see the impact of that already. I'm quite pleased with our ability to consistently take share. We saw that, I think, accelerate in this quarter and do all of that while being efficient and productive. And those are things that we started quite a bit. We're making really good progress and they are beginning to show up in our results. And I think as Gab mentioned and I mentioned, by the time we get to the fourth quarter, we'll start to see operating margin expansion.

因此，我們專注於我們認為會產生最大影響的事情。我們已經看到了它的影響。我對我們持續分享份額的能力感到非常滿意。我認為，我們看到這一點在本季度加速，並在高效和高效的同時完成所有這些工作。這些都是我們開始的事情。我們取得了非常好的進展，它們開始出現在我們的結果中。而且我認為正如 Gab 提到的和我提到的，到第四季度時，我們將開始看到營業利潤率的增長。

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

我們的下一個問題將來自 Wolfe Research 的 Darrin Peller。

Look, we had expected some cost saves, and it makes sense just given the growth of expense lines over the last couple of years. But the magnitude you're talking about is definitely more than we anticipated. So if you can just touch on how we should think about the sources of the expense saves. Maybe, if any, will be reinvested into areas versus pass through to the bottom line, and really what we can expect in terms of investment levels into the wallet and checkout and kind of operating leverage, this would be, too.

看，我們曾預計會節省一些成本，考慮到過去幾年費用線的增長，這是有道理的。但你所說的幅度絕對超出我們的預期。所以，如果你能談談我們應該如何考慮節省開支的來源。也許，如果有的話，將被重新投資到領域而不是通過底線，以及我們對錢包和結賬的投資水平以及運營槓桿的真正預期，這也是。

Yes, I'll start and then maybe Gabs will jump in. So first of all, we're a growth business. And for us to continue to improve our value proposition, we need to invest and we need to invest in those areas that I've just mentioned to the last question. It's in checkout and our digital wallets and our Braintree platform. And we are doing increased investments this year around that.

是的，我會開始，然後也許 Gabs 會加入。所以首先，我們是一家成長型企業。為了讓我們繼續改進我們的價值主張，我們需要投資，我們需要投資於我剛剛在上一個問題中提到的那些領域。它在結帳、我們的數字錢包和我們的 Braintree 平台中。今年我們正在為此增加投資。

But we're doing that while being quite aggressive and focused on where do we have costs and how can we start to take those out? One is focus, as I mentioned. We're like -- we're not -- we were doing 100 things. We're now doing 3 or 4 things extremely well. There are some things, obviously, but we are really focused. And all those other things are being applied to those key focus areas.

但我們這樣做的同時非常積極，專注於我們在哪裡有成本，我們如何開始把這些成本拿出來？正如我提到的，一個是專注。我們就像 - 我們不是 - 我們正在做 100 件事。我們現在正在做 3 或 4 件事非常好。顯然，有些事情，但我們真的很專注。所有這些其他的東西都被應用於那些關鍵的重點領域。

Number two, we have a tremendous amount of scale coming out of the pandemic. We're going to do somewhere around $1.4 trillion of TPV this year. Our transactions are at $5.5 billion in the quarter, up 16%, up 20% ex eBay. And so the amount of volume we have in the business has and now has been leveraged across all of our suppliers. The more volume, the better your unit costs are. We've renegotiated our contracts across many of our suppliers, and that is giving us both OpEx savings and transaction unit cost savings in our transaction expenses as well.

第二，大流行帶來了巨大的規模。今年我們將完成大約 1.4 萬億美元的 TPV。本季度我們的交易額為 55 億美元，增長 16%，在 eBay 前增長 20%。因此，我們在業務中擁有的數量已經並且現在已經被我們所有的供應商所利用。數量越多，單位成本就越好。我們已經與許多供應商重新談判了合同，這也使我們在交易費用中節省了運營支出和交易單位成本。

And then, of course, you can always drive more and more productivity. We put on quite a number of headcount. As Gabs mentioned a year ago, our OpEx grew by 27%. We have plenty of heads. We can be more productive. In fact, our headcount is lower than when we started the year, both in our contingent workforce and our full-time workforce. But we are doing that by reallocating resources, investing in some places, taking away from others. We are driving a better product experience so we have less calls coming into servicing. Therefore, we need less people. Those are the good ways of achieving productivity.

然後，當然，您總是可以提高生產力。我們增加了相當多的人數。正如 Gabs 一年前提到的，我們的運營支出增長了 27%。我們有很多頭。我們可以更有效率。事實上，無論是臨時員工還是全職員工，我們的員工人數都比年初時要少。但我們正在通過重新分配資源、在某些地方投資、從其他地方撤走來做到這一點。我們正在推動更好的產品體驗，因此我們需要更少的服務來電。因此，我們需要更少的人。這些是實現生產力的好方法。

And of course, we're looking at low-cost geos to do incremental hiring in and rationalizing things like our footprint, looking at our consulting spend. And we're cutting all of that back as we focus. And so we feel really comfortable with the investments that we're putting in. It's really important that we continue to invest in the business. But at the same time, be able to take out a tremendous amount of cost to be quite efficient.

當然，我們正在尋找低成本的地理位置來增加招聘並合理化我們的足跡，看看我們的諮詢支出。當我們專注時，我們正在削減所有這些。因此，我們對我們投入的投資感到非常滿意。我們繼續投資於業務非常重要。但同時，能夠拿出巨大的成本是相當高效的。

Yes. Maybe I would just add, in terms of the $900 million of identified savings this year and the $1.3 billion next year, nearly 50% of that really comes from transaction-related expenses. And as Dan mentioned, really sort of benefiting from the scale we have and the ecosystem. So I wouldn't think about that as cuts to the way we do business, more really benefiting from the scale that we have and the large platform that we have.

是的。也許我只想補充一下，就今年確定的 9 億美元和明年的 13 億美元而言，其中近 50% 確實來自與交易相關的費用。正如丹所說，真的從我們擁有的規模和生態系統中受益。因此，我不會認為這是對我們開展業務的方式的削減，而是從我們擁有的規模和我們擁有的大型平台中真正受益。

In addition, I'd say even with those savings, we would expect transaction expense to grow next year. And that's really just from the strong growth of Braintree that continues to impact our mix. And so we don't expect year-on-year for TE to come down.

此外，我想說即使有了這些節省，我們預計明年的交易費用也會增長。這真的只是來自繼續影響我們組合的 Braintree 的強勁增長。因此，我們預計 TE 不會同比下降。

The other point I would mention is some of the savings, and really not an insignificant amount, as Dan mentioned, really do relate to headcount. And we recalibrated our headcount plans to really be balanced with our growth plans on the year. So some of our expectations around the top line have come in the way. We've thought about growing (inaudible) has really adjusted. And so that's an important driver of the savings as well.

我要提到的另一點是一些節省，正如丹所說，這確實不是一筆小數目，確實與員工人數有關。我們重新調整了我們的員工人數計劃，以真正與我們今年的增長計劃保持平衡。因此，我們對收入的一些期望已經成為阻礙。我們考慮過成長（聽不清）確實已經調整。因此，這也是節省的重要驅動力。

Yes. Well, I don't think we'd be seeing the incremental revenue growth. I mean we've gone from 7% in April to north of 14% in July revenue growth. A piece of that has been the eBay lapping, for sure. But a part of it is just taking share of the sales pipeline from our Braintree, implementing that live to site and slow-but-sure incremental improvements in checkout. That has to happen and needs to be a balance between cost cutting and investment.

是的。好吧，我認為我們不會看到收入的增量增長。我的意思是，我們已經從 4 月份的 7% 上升到 7 月份的 14% 以上。當然，其中一部分是 eBay 的研磨。但其中一部分只是從我們的 Braintree 分擔銷售渠道，實施現場直播並在結賬時進行緩慢但肯定的增量改進。這必鬚髮生，並且需要在削減成本和投資之間取得平衡。

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

我們的下一個問題將來自 Lisa Ellis 和 MoffettNathanson 的觀點。

Terrific. A follow-up on Darrin's question related to the expense and margin side of things. Just maybe taking a longer-term view, how should investors think about the margin trajectory of PayPal given that you've got Braintree growing so well, but the implication being it's mixing in as a lower gross margin business? So just looking out kind of beyond this immediate $900 million, $1.3 billion, but sort of more conceptually or structurally over the long term, how do you think about navigating that kind of mix-related gross margin pressure and then operating margin potential for the business?

了不起。 Darrin 關於費用和利潤方面的問題的後續行動。只是從長遠來看，投資者應該如何看待 PayPal 的利潤率軌跡，因為您已經讓 Braintree 增長如此之好，但這意味著它正在作為一個較低的毛利率業務混入其中？因此，除了眼前的 9 億美元、13 億美元之外，從長遠來看，從概念上或結構上看，你如何看待這種與混合相關的毛利率壓力，然後是業務的營業利潤率潛力?

Yes, absolutely. Thanks, Lisa. So I think as a starting point, I mentioned, sure, on the Braintree side, yes, mix is important. And certainly, there is a different profitability sort of dynamic to Braintree. At the same time, I would mention that, that really is limited to the LE side of Braintree. And to the extent that we continue to grow our Braintree franchise in the SMB space, and to the extent we continue to grow it in Europe, really, the profitability characteristics of it are quite attractive and will continue to support the business.

是的，一點沒錯。謝謝，麗莎。所以我認為作為一個起點，我提到，當然，在 Braintree 方面，是的，混合很重要。當然，Braintree 有一種不同的盈利能力。同時，我要提到的是，這確實僅限於 Braintree 的 LE 方面。如果我們繼續在中小企業領域發展我們的 Braintree 特許經營權，並且就我們在歐洲繼續發展它而言，它的盈利特徵確實非常有吸引力，並將繼續支持業務。

But in addition to that, we do have a long track record of profitable growth. And so as both Dan and I have mentioned, we do expect to begin showing operating margin expansion in the fourth quarter. If we think about next year, a little early right now to provide full guidance on the year. But to start right now, we're targeting at least 50 basis points of operating margin expansion. And importantly, sort of the initiatives that Dan had mentioned and the efficiencies that we're realizing the work that we're doing will allow us to grow profitably and sustainably improve the margin profile over time.

但除此之外，我們確實有長期的盈利增長記錄。正如我和丹都提到的那樣，我們確實希望在第四季度開始顯示營業利潤率增長。如果我們考慮明年，現在就為這一年提供全面的指導還早一點。但從現在開始，我們的目標是至少將營業利潤率擴大 50 個基點。重要的是，丹提到的那種舉措以及我們正在實現的工作的效率將使我們能夠隨著時間的推移實現盈利增長並可持續地提高利潤率。

Our next question will come from Jason Kupferberg with Bank of America.

我們的下一個問題將來自美國銀行的 Jason Kupferberg。

I wanted to ask a little bit about Venmo. I saw the overall volume there grew 6%. I think it slowed a bit against an easier comparison. So just curious how it came in versus your expectations, maybe what we should expect for the second half there. It sounds like the Venmo revenue growth was robust again, so I'm assuming you're still on track for the 50% revenue growth in Venmo for this year. But just curious to get your take on what's happening with volume growth.

我想問一些關於 Venmo 的問題。我看到那裡的總銷量增長了 6%。我認為與更容易的比較相比，它放慢了一點。所以只是好奇它是如何與您的期望相比的，也許我們應該對下半年的期望。聽起來 Venmo 的收入增長再次強勁，所以我假設你仍然有望實現今年 Venmo 50% 的收入增長。但只是想知道您對銷量增長的看法。

Jason, thanks for the question. So look, there's a lot to be excited about at Venmo right now. It's closing in on 90 million active accounts. It's going to do something like $0.25 trillion of TPV this year. And when you have that kind of scale, clearly, things begin to slow down a little bit.

傑森，謝謝你的問題。所以看，現在在 Venmo 有很多令人興奮的事情。它正在關閉 9000 萬個活躍賬戶。今年它將實現 0.25 萬億美元的 TPV。當你有這樣的規模時，很明顯，事情開始放慢一點。

As you mentioned, revenue is up 54% in the first half. We had -- we're doing $100 million revenue months now. And a host of initiatives, I'll touch on in a second. But on the TPV side specifically, it's still tough comps. I mean we grew 58% TPV in Q2 of last year. I mean I wouldn't say that's easing comps. It's still pretty tough comps. So on top of, obviously, you're ending stimulus, you got reopening, macroeconomic conditions, et cetera.

正如你所提到的，上半年收入增長了 54%。我們有 - 我們現在每月的收入為 1 億美元。還有一系列舉措，我稍後會談到。但特別是在 TPV 方面，它仍然是艱難的比賽。我的意思是我們去年第二季度的 TPV 增長了 58%。我的意思是我不會說那是緩和補償。它仍然是相當艱難的組合。因此，除此之外，很明顯，你正在結束刺激，你要重新開放，宏觀經濟狀況等等。

But there are a lot of things that we can do to improve the value proposition around P2P and around increasing TPV there. And the team is working on that, on a complete refresh of the app, which really will focus around like search improvements, syncing up with contacts, persistent send and receive buttons no matter where you are in the app. So there are things we can do, I think, to help improve the accessibility and the ease of use of P2P in Venmo, but it's still going right now from strength to strength.

但是，我們可以做很多事情來改善圍繞 P2P 的價值主張以及增加 TPV。團隊正在為此努力，對應用程序進行全面更新，這將真正集中在搜索改進、與聯繫人同步、持續發送和接收按鈕，無論你在應用程序中的哪個位置。因此，我認為我們可以做一些事情來幫助提高 Venmo 中 P2P 的可訪問性和易用性，但它現在仍在不斷發展壯大。

It's commerce volumes, which really Pay with Venmo goods and services and business profiles, as I mentioned, are up 250% year-over-year. These guys are working on a debit card reboot, which will be kind of like metal form factor, full app integration, rewards integration, teen accounts, which opens up the addressable market anywhere between 20 million and 30 million TAM that opens up with that. You have charities start to come on to the -- their profiles, which will encourage giving before the holiday season there.

正如我所提到的，真正使用 Venmo 商品和服務以及業務概況支付的是商業量，同比增長 250%。這些傢伙正在研究重新啟動借記卡，這將有點像金屬外形、完整的應用程序集成、獎勵集成、青少年賬戶，從而打開了 2000 萬到 3000 萬 TAM 之間的潛在市場。您有慈善機構開始關注他們的個人資料，這將鼓勵在那裡的假日季節之前進行捐贈。

So I'm pretty pleased with what they're doing. We're also looking at things like PayPal, Venmo, P2P interoperability, which I think is a very big opportunity. Networks, the bigger they are, the more valuable they are and the ability to start to link the PayPal and Venmo P2P interoperability, I think, is a big opportunity as well.

所以我對他們正在做的事情很滿意。我們還在研究諸如 PayPal、Venmo、P2P 互操作性之類的東西，我認為這是一個非常大的機會。網絡越大，它們的價值就越高，我認為，開始連接 PayPal 和 Venmo P2P 互操作性的能力也是一個很大的機會。

So a lot to think about, a lot to look forward to, obviously, including Pay with Venmo on Amazon. So more to come but they're working on a ton of things right now.

很明顯，有很多事情要考慮，很多事情要期待，包括在亞馬遜上使用 Venmo 付款。還有更多，但他們現在正在做很多事情。

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

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

Congratulations, Gabrielle. Good to see the accelerating 12% growth in transaction per account in Q2, which is actually your highest in at least the last 6 quarters. So what do you see as the key proof points that this higher growth rate in customer engagement is sustainable? And are you on track to increase ARPA this year enough to support your new 2022 revenue guidance?

祝賀你，加布里埃爾。很高興看到第二季度每個賬戶的交易量加速增長 12%，這實際上是您至少在過去 6 個季度中的最高水平。那麼，您認為客戶參與度的這種較高增長率是可持續的關鍵證據是什麼？您是否有望在今年將 ARPA 提高到足以支持您新的 2022 年收入指導？

Yes. Well, first of all, I think on the revenue guide, as Gab talked about in her remarks, I mean our guide for Q3 normalized is about 14% if you removed the sale of the PPP onetime thing we did last year. So just this quarter, we're going to -- and then the jump-off into fourth quarter is basically flat to hit the guidance that we put out there. And July came in north of 14%.

是的。好吧，首先，我認為在收入指南上，正如 Gab 在她的講話中所說，我的意思是，如果您取消了我們去年所做的一次性 PPP 銷售，我們的第三季度標準化指南約為 14%。因此，就在本季度，我們將 - 然後進入第四季度的跳躍基本持平，以達到我們在那裡發布的指導。 7 月份的佔比超過 14%。

So I think we're feeling as good as you can be in an environment that is unpredictable and anything can happen. But we're feeling really good about the revenue guidance that we gave. In terms of the engagement in TPA, I think you're going to continue to see TPA increase as the year unfolds. And you can hold me to that next quarter.

所以我認為我們在一個不可預測的環境中感覺盡可能好，任何事情都可能發生。但我們對我們提供的收入指導感覺非常好。就 TPA 的參與而言，我認為隨著時間的推移，您將繼續看到 TPA 增加。你可以讓我堅持到下個季度。

But some of the proof points are, if you look at people who are in the digital wallet and we now have over 50% of our base in our digital wallet, they've got 2x higher the ARPA than those not in the digital wallet. They do 25% more checkout. Churn is now -- our best view of it now is churn is reduced by 33%. We thought that was about 25% last quarter so that's gotten slightly better. And they do 2x the transactions per active for those who aren't in the wallet.

但是一些證據是，如果你看看那些在數字錢包裡的人，我們現在有超過 50% 的基礎在我們的數字錢包裡，他們的 ARPA 比不在數字錢包裡的人高 2 倍。他們多做 25% 的結賬。流失現在——我們現在最好的看法是流失減少了 33%。我們認為上個季度約為 25%，因此情況略有好轉。對於那些不在錢包裡的人，他們每次活躍的交易量是 2 倍。

And so one, the more we can enhance and move people to the digital wallet, the more engagement and TPA growth we'll have. The other thing is we actually have a lot room to improve in terms of just usage of PayPal. If you look at the Fed came out with how many financial transactions does a typical consumer do in a year, and it's a little over 800. About 25% of those are online, so about 200 of those are online transactions. We only capture about 25% of those. And so there's a huge opportunity as more and more moves online, as we expand the digital wallet, as people see all they can do with that.

因此，我們越能增強和將人們轉移到數字錢包，我們的參與度和 TPA 增長就越多。另一件事是，就 PayPal 的使用而言，我們實際上還有很大的改進空間。如果你看看美聯儲公佈的數據，一個典型的消費者在一年內進行了多少次金融交易，這個數字略高於 800 次。其中大約 25% 是在線交易，所以其中大約 200 次是在線交易。我們只捕獲了其中的 25%。因此，隨著越來越多的人在網上移動，隨著我們擴展數字錢包，人們看到了他們可以用它做的一切，這是一個巨大的機會。

We just launched our high-yield savings at 1.65% interest rate. That's about 16x the national average. We're putting on thousands of people a day on to that. There's a lot we can do as we look forward. And I think the more we can put on to the digital wallet and the more compelling those services can be, the more you'll see TPA and ARPA grow. And we'll see it as we go through the rest of the year.

我們剛剛以 1.65% 的利率推出了高收益儲蓄。這大約是全國平均水平的 16 倍。我們每天要讓成千上萬的人參與其中。在我們期待的過程中，我們可以做很多事情。而且我認為我們可以在數字錢包中投入的越多，這些服務就越引人注目，你就會看到 TPA 和 ARPA 的增長越多。我們會在今年剩下的時間裡看到它。

Our next question will come from the line of Rayna Kumar with UBS.

我們的下一個問題將來自瑞銀的 Rayna Kumar。

Congratulations, Gabrielle. You have a very unique strategy in Buy Now, Pay Later, so I just want to dig into that. If you can discuss the progress of Pay in 4 and Pay in 3 and how it may evolve if we were to enter a global downturn. And secondly, have you been able to get better button placement as a result of your BNPL strategy?

祝賀你，加布里埃爾。你有一個非常獨特的“立即購買，以後付款”策略，所以我只想深入研究一下。如果你能討論一下 Pay in 4 和 Pay in 3 的進展，以及如果我們進入全球經濟衰退，它會如何演變。其次，由於您的 BNPL 策略，您是否能夠獲得更好的按鈕位置？

I guess maybe I'll start. Gabs, you can jump in. Obviously, we do have a unique approach to Buy Now, Pay Later, Rayna, as you mentioned. We don't charge any merchant fees. We have no late fees to consumers. We make our money not off of the Buy Now, Pay Later but the halo impact, which is about a 21% halo impact when somebody uses Buy Now, Pay Later.

我想也許我會開始。 Gabs，你可以加入。顯然，我們確實有一種獨特的方法來立即購買，稍後付款，Rayna，正如你所提到的。我們不收取任何商家費用。我們不會向消費者收取滯納金。我們賺錢的不是現在購買，以後付款，而是光環影響，當有人使用“現在購買，以後付款”時，光環影響約為 21%。

And so we aren't dependent on those revenue streams. And the profit pool for us in Buy Now, Pay Later is not inherent within Buy Now, Pay Later, but in checkout and in our take rates. That gives us a tremendous advantage. As we look at different credit cycles, we can tighten up quite easily where we need to on that. We also know, 90% of the people that apply for Buy Now, Pay Later. That is a tremendous advantage for us. We know their history. We know how they've paid. So we have amongst, if not, the highest approval rates in the Buy Now, Pay Later, and at the same time, amongst, if not, the lowest loss rates as well.

因此，我們不依賴於這些收入來源。現在購買，以後付款對我們來說的利潤池不是立即購買，以後付款，而是在結賬和我們的收取率中。這給了我們巨大的優勢。當我們審視不同的信貸週期時，我們可以很容易地在需要的地方收緊。我們也知道，90% 的人申請立即購買，以後付款。這對我們來說是一個巨大的優勢。我們知道他們的歷史。我們知道他們是如何付款的。因此，我們在“立即購買，以後付款”中擁有最高的批准率（如果不是的話），同時，如果不是的話，我們的損失率也是最低的。

And so -- and we also -- we've been in this business for 15 years or so in the credit business. We've gone through cycles. We have people who understand this inside and out. And so I think we have a huge amount of advantages. We continue to leverage it.

所以 - 我們也 - 我們在信貸業務中從事這項業務已有 15 年左右的時間。我們經歷了周期。我們有從內到外了解這一點的人。所以我認為我們有很多優勢。我們繼續利用它。

And your last question is, are we seeing incremental share gain when we have Buy Now, Pay Later? Clearly, we now have, with our 200,000 merchants, where we now are up on product pages. That is tremendous share gain for us and placement where, in many cases, it never even gets to the checkout page. It's just done right. The checkout is done right off the product page. And so as we continue to grow that and as again, there's a flight to quality in the market as well, and we have such a kind of robust value proposition, we continue to see more and more merchants place us upstream in their checkout.

您的最後一個問題是，當我們現在購買，以後付款時，我們是否看到了增量份額增長？顯然，我們現在擁有 200,000 名商家，我們現在在產品頁面上。這對我們來說是巨大的份額收益，而且在許多情況下，它甚至永遠不會到達結帳頁面。剛剛做對了。結帳是在產品頁面上完成的。因此，隨著我們繼續發展，市場上也出現了對質量的追求，而且我們擁有如此強大的價值主張，我們繼續看到越來越多的商家將我們置於他們結賬的上游。

I'd also just add, we're continuing to see better upstream presentment in part because of how we're continuing to grow the product characteristics. So introducing longer duration, more options with monthly payments gives merchants more ways to allow their consumers to spend. And so that also helps drive that upstream presentment. It's been a really great product for us. We continue to see very strong performance, very low loss rates as well.

我還要補充一點，我們繼續看到更好的上游展示，部分原因是我們如何繼續發展產品特性。因此，引入更長的期限、更多的按月付款選項為商家提供了更多讓消費者消費的方式。因此，這也有助於推動上游展示。這對我們來說是一個非常棒的產品。我們繼續看到非常強勁的表現，以及非常低的損失率。

And you saw that over 100 million times used by 22 million consumers. That shows the value that consumers see in it.

你看到 2200 萬消費者使用了超過 1 億次。這顯示了消費者從中看到的價值。

I'd also add, as we think about potentially an environment where we can see some contraction in the economy, the new late fee dynamic to what we do is just exceptionally consumer-friendly. So we don't charge transaction fees for consumers on Pay in 4, Pay in 3, no interest fees, no late fees. And so overall, it's an incredibly attractive product for our customers.

我還要補充一點，當我們考慮到可能會出現經濟收縮的環境時，我們所做的新滯納金動態對消費者非常友好。所以我們在Pay in 4、Pay in 3 上不向消費者收取交易費用，不收取利息，不收取滯納金。總的來說，它對我們的客戶來說是一款極具吸引力的產品。

Very helpful.

非常有幫助。

And we have time for 1 last question, and it will come from the line of Mike Ng with Goldman Sachs.

我們有時間回答最後一個問題，它將來自高盛的 Mike Ng。

It was encouraging to hear about the share gains within branded checkout. I was wondering if you could just explore that a little bit more and talk about where you see e-commerce industry growth right now and how core PayPal is performing relative to that. And Dan, you teased some potential radical improvements at checkout. I was just wondering if you could talk a little bit about that and initiatives that the core PayPal branded checkout is pursuing to improve or maintain share.

聽到品牌結賬的份額增長令人鼓舞。我想知道您是否可以再探索一下，並談談您現在看到電子商務行業的增長情況以及核心 PayPal 的表現如何。丹，你在結賬時取笑了一些潛在的根本性改進。我只是想知道您是否可以談談這一點以及核心 PayPal 品牌結賬為提高或保持份額而採取的舉措。

Yes, sure. First of all on e-commerce growth rates. It's tricky and people have different opinions on it. As best we can tell, in the second quarter, e-commerce growth was relatively flat. If you take out travel out of that, it might have actually been slightly down, probably negative if you remove travel from it.

是的，當然。首先是電子商務的增長率。這很棘手，人們對此有不同的看法。正如我們所知，在第二季度，電子商務增長相對平穩。如果您從中剔除旅行，它實際上可能略有下降，如果您從中刪除旅行，則可能是負面的。

And if you look at our branded checkout, which is sort of ex eBay, P2P and Venmo, we had positive growth and we likely gained a bit of share, if not a little bit, more than a little bit of share on that. We obviously want to continue to do better on that. And as we come into this quarter in July, we're beginning to see that turn and branded checkout is actually growing again, which is obviously also really helpful as we look at margin dynamics and that kind of thing as well.

如果你看看我們的品牌結賬，它有點像 eBay、P2P 和 Venmo，我們有正增長，我們可能獲得了一點份額，如果不是一點點，超過一點點份額。我們顯然希望繼續在這方面做得更好。當我們在 7 月進入本季度時，我們開始看到轉向和品牌結賬實際上再次增長，這顯然也非常有用，因為我們查看了保證金動態和類似的事情。

For the full year, people were talking about 10% early on. That has kind of dropped into about the 8% for the full year. It's kind of what we're hearing as we look at a number of estimates out there. But BofA is down at 5% for the year. JPM is at 7% for the year. All of them accelerating in the back half, by the way. But it's still a little hazy, Mike, honestly, to understand what normalized e-commerce will look like.

對於全年，人們很早就談論了 10%。這已經下降到全年的 8% 左右。當我們查看一些估計時，這就是我們所聽到的。但美國銀行今年下跌了 5%。摩根大通今年的利率為 7%。順便說一句，他們都在後半場加速。但是，老實說，邁克，要了解標準化的電子商務會是什麼樣子還有些模糊。

We clearly did not see the bump-up of 5 years that everybody had seen during the pandemic. But we are along the traditional historic e-commerce penetration rates and I'd expect that to continue. But we'll see how that normalizes. But we'll continue to expect to grow significantly faster than the rate of e-commerce going forward, both on branded, by the way, and unbranded as well.

我們顯然沒有看到每個人在大流行期間看到的 5 年的增長。但我們正沿著傳統的歷史電子商務滲透率前進，我希望這種情況會繼續下去。但我們會看到它是如何正常化的。但我們將繼續預計增長速度將大大快於電子商務的發展速度，順便說一句，無論是品牌還是非品牌。

And just really quickly on the checkout side of this. I mentioned this on our last call. There are certain ways that we want to modernize the merchant experience. There's kind of the basics of this because checkout and payments are a hard business. They're like the lifeblood of a merchant. Scale matters, trust matters. Reliability is crucial on that. Conversion rates are crucial. Like, for instance, the average conversion rate for a merchant outside of PayPal is between 50% and 60%. For PayPal, it's between 80% and 90%. So we've got big advantages but there are also a lot of things we can do better.

在結賬方面真的很快。我在上次通話中提到了這一點。我們希望通過某些方式使商家體驗現代化。有一些基礎知識，因為結帳和付款是一項艱鉅的業務。它們就像商人的命脈。規模很重要，信任很重要。可靠性對此至關重要。轉化率至關重要。例如，PayPal 以外的商家的平均轉化率在 50% 到 60% 之間。對於 PayPal，它在 80% 到 90% 之間。所以我們有很大的優勢，但也有很多事情我們可以做得更好。

Latency is one of them. Our goal is to get to 3 seconds of latency. We've already cut, this year alone, 5 seconds out of our latency. That's huge when every second really matters. The other thing that we're really focused on is removing clicks and scrolls. Right now, too often, click on PayPal, especially in a mobile piece and you go into a pop-up window, it takes you out of context and then back into the merchant app.

延遲就是其中之一。我們的目標是達到 3 秒的延遲。僅今年一年，我們就已經將延遲時間縮短了 5 秒。當每一秒都非常重要時，這是巨大的。我們真正關注的另一件事是刪除點擊和滾動。現在，經常點擊 PayPal，尤其是在移動設備中，然後你會進入一個彈出窗口，它會讓你脫離上下文，然後回到商家應用程序。

We are just rolling out a beta on a new mobile SDK and API that offers a consistent user experience across form factors and gives full control to a merchant of their native app. So no bouncing out, eliminating friction, increasing speed. And for consumers who are using it, it's fast, simple, there are no redirects. You can sign up, log in, stay vaulted, change (inaudible), get rewards, use rewards all inside the merchant app, all native.

我們剛剛推出了一個新的移動 SDK 和 API 的測試版，它提供了跨外形尺寸的一致用戶體驗，並讓商家完全控制他們的原生應用程序。所以沒有彈跳，消除摩擦，提高速度。對於使用它的消費者來說，它快速、簡單，沒有重定向。您可以在商家應用程序內註冊、登錄、保持安全、更改（聽不清）、獲得獎勵、使用獎勵，所有這些都是原生的。

And for merchants, it's sort of a minimum -- minimal integration. It's lightweight, and it improves, obviously, conversion and card abandonment. We're just putting that out into the market and into a beta, into our small businesses. We are working with larger businesses to do that later this year. But that -- we've got a lot of legacy checkout out there, making something simple and easy to integrate and lightweight that offers sort of like a no-password account for consumers, 1-click checkout across our network that can be extremely powerful. And we are beginning to deliver on that as we speak into the market. It will take time for it to roll out through the base, but I'm really pleased with what the team is putting out there right now.

對於商家來說，這是最低限度的——最低限度的整合。它是輕量級的，並且顯然改善了轉換和卡棄用。我們只是將其推向市場並進入測試版，進入我們的小型企業。我們正在與更大的企業合作，以便在今年晚些時候做到這一點。但這——我們有很多遺留結帳，使一些簡單、易於集成和輕量級的東西，為消費者提供有點像無密碼帳戶，在我們的網絡上一鍵結帳，可以非常強大.當我們進入市場時，我們開始兌現這一點。它需要時間才能通過基地推出，但我對團隊現在在那裡推出的東西感到非常滿意。

Great. That was very helpful.

偉大的。這很有幫助。

Okay. I'm glad, Mike. Well, operator, that's going to be the end of the call. I do want to thank everybody for the great questions, for your time, and we obviously look forward to speaking to all of you again soon. Thanks again. Bye-bye.

好的。我很高興，邁克。好吧，接線員，這將是通話的結束。我確實要感謝大家提出的好問題，感謝你們的時間，我們顯然期待很快再次與你們所有人交談。再次感謝。再見。

And this concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。