(PYPL) 2022 Q3 法說會逐字稿

Good evening. My name is Briana, and I will be your conference operator today. At this time, I would like to welcome everyone to PayPal Holdings' Earnings Conference Call for the Third Quarter 2022. (Operator Instructions)

晚上好。我的名字是布里安娜，今天我將成為您的會議接線員。在此，歡迎大家參加 PayPal Holdings 2022 年第三季度財報電話會議。（操作員須知）

I would now like to turn the call over and introduce your host, Ms. Gabrielle Rabinovitch, Senior Vice President and Acting CFO. Please go ahead.

我現在想轉接電話並介紹您的主持人，高級副總裁兼代理首席財務官 Gabrielle Rabinovitch 女士。請繼續。

Thank you, Briana. Good afternoon, and thank you for joining us. Welcome to PayPal's Earnings Conference Call for the Third Quarter of 2022. Joining me today on the call is Dan Schulman, our President and CEO.

謝謝你，布里安娜。下午好，感謝您加入我們。歡迎參加 PayPal 2022 年第三季度收益電話會議。今天與我一起參加電話會議的是我們的總裁兼首席執行官 Dan Schulman。

We're providing a slide presentation to accompany our commentary. This conference call is also being webcast and both the presentation and call are available on our Investor Relations website.

我們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.

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。

We 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 fourth quarter and full year 2022, our preliminary framework for 2023 and our comments related to anticipated cost savings, operating margin and share repurchase activity.

我們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 年第四季度和全年的指導、我們對 2023 年的初步框架以及我們對預期成本節約、營業利潤率和股票回購活動的評論。

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 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, November 3, 2022. We expressly disclaim any obligation to update this information.

我們的實際結果可能與這些陳述大不相同。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 11 月 3 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 our results in the third quarter exceeded the guidance that we announced in August, marking the third consecutive quarter of delivering on our non-GAAP guidance.

謝謝加布里埃爾，也謝謝大家加入我們。我很高興地與大家分享，我們第三季度的業績超過了我們在 8 月份宣布的指導，這標誌著我們連續第三個季度實現了我們的非公認會計準則指導。

Before reviewing our results and operational progress, I want to share 2 exciting developments that we believe will enhance our long-term strategic position. First, I am very pleased to announce that we are working with Apple to enhance our offerings for PayPal and Venmo merchants and consumers. Leveraging Apple's tap-to-pay on iPhone functionality, merchant customers in the U.S. will soon be able to accept contactless debit or credit cards and mobile wallets, including Apple Pay, using an iPhone and the PayPal or Venmo iOS app.

在回顧我們的業績和運營進展之前，我想分享 2 個令人興奮的發展，我們認為這將增強我們的長期戰略地位。首先，我很高興地宣布，我們正在與 Apple 合作，以增強我們為 PayPal 和 Venmo 商家和消費者提供的服務。利用 Apple 在 iPhone 上的點擊支付功能，美國的商家客戶很快將能夠使用 iPhone 和 PayPal 或 Venmo iOS 應用程序接受非接觸式借記卡或信用卡以及包括 Apple Pay 在內的移動錢包。

This will allow PayPal's merchant base to easily use their iPhone as a mobile point of sale without the need for a dongle or other payment terminals. We believe that this, along with our other in-store initiatives, will continue to accelerate our opportunity to seamlessly process payments in the physical world for our merchants.

這將使 PayPal 的商家群可以輕鬆地將他們的 iPhone 用作移動銷售點，而無需加密狗或其他支付終端。我們相信，這與我們的其他店內舉措一起，將繼續加快我們在實體世界中為商家無縫處理支付的機會。

We are also adding Apple Pay as a payment option in our unbranded checkout flows on our merchant platforms, including our PayPal Commerce platform. We are already in beta with several e-commerce platforms and merchants and anticipate a broader rollout in the coming months. And next year, U.S. customers will be able to add their PayPal and Venmo network-branded credit and debit cards to their Apple Wallet and use them online and in-store wherever Apple Pay is accepted.

我們還在我們的商家平台（包括我們的 PayPal Commerce 平台）上的無品牌結賬流程中添加 Apple Pay 作為支付選項。我們已經與多個電子商務平台和商家進行了測試，並預計在未來幾個月內將進行更廣泛的推廣。明年，美國客戶將能夠將他們的 PayPal 和 Venmo 網絡品牌信用卡和借記卡添加到他們的 Apple Wallet 中，並在任何接受 Apple Pay 的地方在線和店內使用它們。

We anticipate this to be available in the first half of 2023, expanding the opportunity for our consumers to transact in store. This is a significant step forward in our relationship with Apple and we are excited to work closely with them to bring these new capabilities to our mutual customers.

我們預計這將在 2023 年上半年推出，從而擴大我們的消費者在店內進行交易的機會。這是我們與 Apple 關係向前邁出的重要一步，我們很高興與他們密切合作，將這些新功能帶給我們共同的客戶。

Second, I'm excited to share that we continue to ramp Pay with Venmo on Amazon and we plan to be fully ramped in time for peak holiday shopping. This partnership is a reflection of Venmo's scale and ubiquity particularly in younger demographics. And we look forward to working closely with Amazon on this new offering to drive results.

其次，我很高興與大家分享，我們繼續在亞馬遜上使用 Venmo 提升 Pay，我們計劃在假日購物高峰期及時全面提升。這種合作關係反映了 Venmo 的規模和普遍性，尤其是在年輕人群中。我們期待與亞馬遜在這項新產品上密切合作以推動成果。

These relationships are aligned with our practice of working collaboratively with the major players across technology and financial services to provide more choice and superior experiences to our mutual customers. We are regarded by many as a partner of choice due to our scale and ubiquity, enabling us to create unique value for our customers.

這些關係與我們與技術和金融服務領域的主要參與者合作的實踐相一致，為我們共同的客戶提供更多選擇和卓越體驗。由於我們的規模和無處不在，我們被許多人視為首選合作夥伴，使我們能夠為客戶創造獨特的價值。

And while we continue to enhance our strategic position, we remain focused on the operational initiatives that we shared last quarter. Our efforts to reduce our cost structure and drive productivity gains are yielding strong results. We remain on track to drive over $900 million in cost savings across our operating and transaction expenses this year and at least $1.3 billion in cost savings next year.

在我們繼續加強我們的戰略地位的同時，我們仍然專注於我們上個季度分享的運營計劃。我們為降低成本結構和提高生產力所做的努力正在產生強勁的成果。今年，我們仍有望在運營和交易費用方面節省超過 9 億美元的成本，明年至少節省 13 億美元的成本。

This focus on efficiency, while continuing to invest in key growth areas is a high priority for us. And we now expect to grow our year-over-year non-GAAP operating margin in Q4 to approximately 22.5%. We further anticipate that in 2023, we will deliver at least 100 basis points of operating margin expansion.

這種對效率的關注，同時繼續投資於關鍵的增長領域是我們的重中之重。我們現在預計第四季度的非 GAAP 營業利潤率同比增長至約 22.5%。我們進一步預計，到 2023 年，我們將實現至少 100 個基點的營業利潤率擴張。

Let me now turn to our results. Our revenues in the third quarter were $6.85 billion, up 12% FXN and 11% spot, exceeding our guidance. I'm pleased to say that eBay's migration to managed payments is behind us and will be inconsequential to our results in the fourth quarter. Normalizing for eBay's migration to managed payments, our Q3 revenues grew approximately 13% on an FX-neutral basis.

現在讓我談談我們的結果。我們第三季度的收入為 68.5 億美元，FXN 增長 12%，現貨增長 11%，超出了我們的預期。我很高興地說，eBay 向託管支付的遷移已經過去，對我們第四季度的業績將無關緊要。將 eBay 遷移到託管支付正常化後，我們的第三季度收入在外匯中性的基礎上增長了約 13%。

Non-GAAP EPS was $1.08, which exceeded the midpoint of our guidance by $0.13. The cost containment actions we discussed on last quarter's call have slowed the growth of our year-over-year non-transaction-related expenses to 4%. We now expect that non-transaction-related operating expenses for Q4 will be flat to slightly negative year-over-year and we are planning similar levels in 2023. We are pleased with this execution, particularly as we are driving reinvestment in key growth areas and continue to enhance our strategic position.

非美國通用會計準則每股收益為 1.08 美元，超出我們指引的中點 0.13 美元。我們在上個季度的電話會議上討論的成本控制措施已將我們的非交易相關費用同比增長放緩至 4%。我們現在預計第四季度非交易相關的運營費用將與去年同期持平至略微負數，我們計劃在 2023 年達到類似水平。我們對此次執行感到滿意，特別是因為我們正在推動對關鍵增長領域的再投資並繼續提升我們的戰略地位。

In the quarter, our free cash flow was $1.8 billion, up 37% year-over-year and an all-time record for us on an organic basis. We added 2.9 million NNAs in Q3 and we expect to add another 3 million to 4 million NNAs in Q4. I'm also very pleased to report that our transactions per active account in the quarter grew by a record 13% to 50.1x per year.

本季度，我們的自由現金流為 18 億美元，同比增長 37%，在有機基礎上創下歷史新高。我們在第三季度增加了 290 萬個 NNA，我們預計在第四季度再增加 300 萬到 400 萬個 NNA。我也很高興地報告，我們在本季度每個活躍賬戶的交易量以創紀錄的 13% 增長至每年 50.1 倍。

I'd like to spend a few moments discussing our progress on Checkout. With 35 million active merchant accounts and nearly 400 million active consumer accounts, our scale is like few others in the world and represents a substantial competitive advantage in a business that is driven by network effects. In addition, we have built a high level of trust with our customers that drives significant preference to use our branded marks for online transactions.

我想花點時間討論一下我們在 Checkout 方面的進展。擁有 3500 萬活躍商家賬戶和近 4 億活躍消費者賬戶，我們的規模與世界上其他幾家公司一樣，在網絡效應驅動的業務中代表著巨大的競爭優勢。此外，我們與客戶建立了高度信任，這促使人們更傾向於使用我們的品牌商標進行在線交易。

We have continued to grow faster than overall e-commerce in Q3 with our total TPV up 14% FXN, demonstrating the competitive differentiation and diversification of our global platform. Within our PayPal-branded Checkout business, we believe we held or gained share in the United States with PayPal-branded Checkout volumes up 4% year-over-year.

我們在第三季度繼續以快於整體電子商務的速度增長，我們的總 TPV 增長了 14% FXN，展示了我們全球平台的競爭差異化和多元化。在我們的 PayPal 品牌 Checkout 業務中，我們相信我們在美國持有或獲得了份額，PayPal 品牌的 Checkout 交易量同比增長 4%。

While there is not a standard proxy for e-commerce growth, I would point to Bank of America's credit and debit card volume data, which highlights 2% U.S. e-commerce growth in Q3, a full 200 basis points below our 4% branded Checkout growth rate. We do expect we will continue to grow at or above the rate of e-commerce growth.

雖然沒有衡量電子商務增長的標準指標，但我會指出美國銀行的信用卡和借記卡交易量數據，該數據突出顯示第三季度美國電子商務增長 2%，比我們品牌 Checkout 的 4% 低了整整 200 個基點增長率。我們確實預計我們將繼續以或高於電子商務增長率的速度增長。

However, we know there are still substantial opportunities for us to pursue. We have 3 major areas of focus for Checkout: first, elevating and optimizing the consumer experience; second, providing merchants with a seamless integration experience and a one-stop shop for payments; and third, innovating new Checkout solutions.

但是，我們知道我們仍有大量機會去追求。我們對 Checkout 有 3 個主要關注領域：第一，提升和優化消費者體驗；二是為商戶提供無縫集成體驗和一站式支付服務；第三，創新新的 Checkout 解決方案。

As consumers move towards mobile shopping, we are focused on creating the simplest mobile Checkout experience possible. These enhancements include allowing customers to checkout without leaving the original merchant point of interaction. For example, our recently updated mobile SDK allows merchants to provide a seamless in-app checkout experience.

隨著消費者轉向移動購物，我們專注於創造最簡單的移動結賬體驗。這些增強功能包括允許客戶在不離開原始商家交互點的情況下結賬。例如，我們最近更新的移動 SDK 允許商家提供無縫的應用內結帳體驗。

We are also deploying the latest secure user authentication standard for our consumers, enabling passkeys on all iOS devices to drive speed, simplicity and conversion. Our latest innovation is accelerated Checkout, which will provide merchants with a robust solution and enables one-click checkout.

我們還為我們的消費者部署了最新的安全用戶身份驗證標準，使所有 iOS 設備上的密鑰能夠提高速度、簡單性和轉換率。我們最新的創新是加速結賬，它將為商家提供強大的解決方案並實現一鍵結賬。

This simplified consumer experience is achieved by leveraging vaulted credentials within our network to authenticate and improve customer purchases without the need for a password. This enables seamless guest or account checkout experiences by removing obstacles which currently cause abandoned sessions. We are currently piloting this with several key partner platforms and we look forward to expanding this initiative as we move through 2023 and beyond.

這種簡化的消費者體驗是通過利用我們網絡中的保管憑證來驗證和改進客戶購買而無需密碼來實現的。這通過消除當前導致放棄會話的障礙，實現無縫的客人或帳戶結帳體驗。我們目前正在與幾個主要合作夥伴平台進行試點，我們期待在 2023 年及以後擴大這一舉措。

For each segment of our merchant base, we are implementing detailed processes, go-to-market plans and KPIs to measure our migration from legacy integrations. Moving more of our merchant base to our latest and most advanced integrations will take time. This will clearly be a multiyear initiative but it represents a significant opportunity for us. And we are putting resources, process and discipline in place to assure our execution.

對於我們商家群的每個部分，我們正在實施詳細的流程、上市計劃和 KPI，以衡量我們從傳統集成的遷移。將我們的更多商家群轉移到我們最新和最先進的集成中需要時間。這顯然是一項多年計劃，但對我們來說是一個重大機遇。我們正在將資源、流程和紀律落實到位，以確保我們的執行。

We continue to see good momentum with our unbranded payment platforms. We believe we are well positioned to help merchants orchestrate payments, leveraging our insights on machine learning, to wrap traffic between multiple PSPs, resulting in increased approval and retention rates.

我們的無品牌支付平台繼續保持良好勢頭。我們相信我們有能力幫助商家協調支付，利用我們對機器學習的洞察力來包裝多個 PSP 之間的流量，從而提高批准率和保留率。

Braintree is a key growth area for us and we will continue to invest to further enhance the platform. Braintree TPV grew 38% in the quarter. Our Braintree momentum is driven largely by recent merchant wins and share of wallet expansions. And we recently signed an expanded agreement with Live Nation, which establishes Braintree as their primary card processor across the globe and includes an extended marketing partnership with PayPal and Venmo at some of Live Nation's largest festivals.

Braintree 是我們的一個關鍵增長領域，我們將繼續投資以進一步增強該平台。 Braintree TPV 在本季度增長了 38%。我們的 Braintree 勢頭主要是由最近的商家獲勝和錢包擴張份額推動的。我們最近與 Live Nation 簽署了一項擴展協議，該協議將 Braintree 確立為他們在全球的主要卡處理商，並在 Live Nation 的一些最大的節日中與 PayPal 和 Venmo 建立了擴展的營銷合作夥伴關係。

Buy Now, Pay Later continues to be a major asset to our checkout experience. And PayPal was just ranked as the best overall Buy Now, Pay Later value proposition in the United States by the Wall Street Journal. In the third quarter, we processed nearly $5 billion in volume, up 157% year-over-year with over 25 million consumers using our Buy Now, Pay Later services approximately 150 million times since launch. As a result of this robust growth, we believe we have become one of the largest Buy Now, Pay Later providers in the world with a unique competitive advantage derived from our two-sided network.

現在購買，以後付款仍然是我們結帳體驗的主要資產。 PayPal 剛剛被《華爾街日報》評為美國最佳的“立即購買，以後付款”價值主張。在第三季度，我們處理了近 50 億美元的交易量，同比增長 157%，自推出以來，超過 2500 萬消費者使用我們的“先買後付”服務約 1.5 億次。由於這種強勁的增長，我們相信我們已經成為世界上最大的“先買後付”供應商之一，我們的雙邊網絡具有獨特的競爭優勢。

Our upstream presentment continues to grow with over 280,000 merchants displaying our Buy Now, Pay Later on their product pages. The size of our active account base and the years of transaction data we have on our customers provides us with an additional competitive advantage from an underwriting perspective. As of the end of Q3, our loss rates remain among the lowest in the industry with no observable deterioration to date.

我們的上游業務繼續增長，超過 280,000 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”。從承保的角度來看，我們活躍賬戶基礎的規模和我們擁有的客戶多年交易數據為我們提供了額外的競爭優勢。截至第三季度末，我們的損失率仍然是業內最低的，迄今為止沒有明顯的惡化。

Venmo continues to be a significant asset in our portfolio with much untapped potential. We have almost 90 million Venmo active accounts, including 57 million monthly active accounts. Total payment volume on Venmo grew 6% while Venmo commerce volumes grew 150% in Q3. We began to onboard charities to Venmo this quarter, which we expect will encourage more giving as we enter the holiday season.

Venmo 仍然是我們投資組合中的一項重要資產，具有許多尚未開發的潛力。我們擁有近 9000 萬個 Venmo 活躍賬戶，其中包括 5700 萬個每月活躍賬戶。 Venmo 的總支付量增長了 6%，而 Venmo 的商業交易量在第三季度增長了 150%。我們本季度開始將慈善機構加入 Venmo，我們預計隨著我們進入假日季節，這將鼓勵更多的捐贈。

As I shared earlier, we are obviously enthusiastic about our partnership with Amazon and look forward to working with their team. In October, we announced the launch of PayPal Rewards, which unifies our Honey and PayPal rewards programs. And customers now can earn, track, save and redeem cash back rewards and merchant offers in their PayPal app.

正如我之前分享的，我們顯然對與亞馬遜的合作充滿熱情，並期待與他們的團隊合作。 10 月，我們宣布推出 PayPal Rewards，它統一了我們的 Honey 和 PayPal 獎勵計劃。客戶現在可以在他們的 PayPal 應用程序中賺取、跟踪、保存和兌換現金返還獎勵和商家優惠。

In addition, our customers can also combine the benefits of their existing card rewards and offers, allowing them to save even more. PayPal Rewards is ramping in time for peak holiday shopping and we have a robust roadmap to extend and enhance the program throughout 2023.

此外，我們的客戶還可以結合他們現有的卡獎勵和優惠的好處，讓他們節省更多。 PayPal Rewards 正趕上假日購物高峰期，我們制定了強有力的路線圖來在 2023 年期間擴展和加強該計劃。

In closing, I'd like to underscore that we are confident we have turned a corner in our transformation. We will continue to drive cost savings and streamline our processes to improve productivity while investing to differentiate our value proposition, drive market share and deliver on our commitments.

最後，我想強調一下，我們有信心在轉型過程中轉過彎。我們將繼續推動成本節約並簡化流程以提高生產力，同時投資以區分我們的價值主張、擴大市場份額並兌現我們的承諾。

Given a challenging macro environment, slowing e-commerce trends and an unpredictable holiday shopping season, we are being appropriately prudent in our Q4 revenue guide. At the same time, we are raising both our full year and Q4 EPS outlook and expect EPS growth in Q4 to be positive 6% to 8%. And given our commitment and focus on driving continued operational efficiency and earnings leverage, we plan to deliver no less than 15% non-GAAP EPS growth next year.

鑑於充滿挑戰的宏觀環境、電子商務趨勢放緩和不可預測的假日購物季，我們在第四季度收入指南中適當謹慎。同時，我們上調全年和第四季度每股收益預期，預計第四季度每股收益增長為 6% 至 8%。鑑於我們對推動持續運營效率和盈利槓桿的承諾和關注，我們計劃明年實現不低於 15% 的非公認會計原則每股收益增長。

While there are a number of unknowns regarding the macro environment, we can largely control our spend and its implication on earnings growth. Of course, we're also focused on investing for growth and we are balancing efficient spend with continued investment to drive future top-line growth.

雖然宏觀環境存在許多未知數，但我們可以在很大程度上控制我們的支出及其對盈利增長的影響。當然，我們也專注於投資增長，我們正在平衡有效支出和持續投資，以推動未來的收入增長。

We are excited by the operational initiatives, product enhancements and new strategic partnerships that position PayPal in a substantially stronger position from when we started the year. I want to thank the PayPal team for the work they do every day to support our merchants and consumers live our values and drive our results.

我們對運營計劃、產品改進和新的戰略合作夥伴關係感到興奮，這些舉措使 PayPal 從年初開始就處於更強大的地位。我要感謝 PayPal 團隊每天所做的工作，以支持我們的商家和消費者踐行我們的價值觀並推動我們取得成果。

And I'm also pleased that John Kim has recently joined us as Chief Product Officer. He has deep technical and operational expertise with extensive experience overseeing product and engineering teams and has driven customer-focused innovation at scale. We are fortunate to have the chance to work with him to drive this next chapter in PayPal's story.

我也很高興 John Kim 最近加入我們擔任首席產品官。他擁有深厚的技術和運營專業知識，在監督產品和工程團隊方面擁有豐富的經驗，並推動了以客戶為中心的大規模創新。我們很幸運有機會與他合作，共同推動 PayPal 故事的新篇章。

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 off by thanking our customers, partners and global team for helping us to deliver a great quarter. The strong results we're reporting today demonstrate the continued execution of our strategy to deliver long-term sustainable growth.

謝謝，丹。首先，我要感謝我們的客戶、合作夥伴和全球團隊幫助我們實現了一個偉大的季度。我們今天報告的強勁業績表明我們繼續執行我們的戰略以實現長期可持續增長。

Our teams are proving our ability to navigate a dynamic operating environment while also staying focused on our key priorities. We once again demonstrated our results, combining execution and focus with growth in our core business. Our results reflect our operating discipline, diversification and resilience.

我們的團隊正在證明我們有能力駕馭動態的運營環境，同時也專注於我們的關鍵優先事項。我們再次展示了我們的成果，將執行力和專注力與核心業務的增長相結合。我們的業績反映了我們的經營紀律、多元化和彈性。

The power of PayPal is the scale of our global franchise. Our investments in innovation are making us stronger and we're excited by what we see as we execute against our growth opportunities. I share Dan's enthusiasm for our growing relationship with Apple and the rollout of Pay with Venmo on Amazon. We believe we will continue to extend and reinforce our leadership in payments and we are confident that our competitive positioning with unparalleled scale across our 2-sided network will allow us to emerge from this period of economic uncertainty stronger.

PayPal 的力量在於我們全球特許經營的規模。我們對創新的投資使我們變得更強大，我們對我們在執行增長機會時所看到的結果感到興奮。我與 Dan 一樣，對我們與 Apple 不斷發展的關係以及在 Amazon 上推出 Pay with Venmo 充滿熱情。我們相信，我們將繼續擴大和加強我們在支付領域的領導地位，我們相信，我們在雙邊網絡中具有無與倫比規模的競爭定位將使我們能夠更強大地擺脫這一經濟不確定時期。

We're proud of the quarter we delivered. We surpassed the third quarter financial targets we shared with you in early August and delivered on our commitment of sequential acceleration in our revenue and earnings growth. We're also on track to build upon our operating margin performance in Q3 to deliver non-GAAP operating margin expansion in the fourth quarter on both a year-over-year and sequential basis.

我們為我們交付的季度感到自豪。我們超過了我們在 8 月初與您分享的第三季度財務目標，並兌現了我們連續加速收入和盈利增長的承諾。我們還有望在第三季度的營業利潤率表現的基礎上，在第四季度實現非公認會計準則營業利潤率的同比和環比增長。

Our teams are energized by the progress we have made and by the increased operational rigor we're bringing to running our business and investing in our priorities. At the same time, the macroeconomic backdrop continues to be complex and we're focused on taking an appropriately prudent approach to managing our business for profitable growth at scale.

我們所取得的進步以及我們為經營業務和投資於我們的優先事項而提高的運營嚴謹性使我們的團隊充滿活力。與此同時，宏觀經濟背景繼續複雜，我們專注於採取適當謹慎的方法來管理我們的業務，以實現大規模的盈利增長。

This year, we will process nearly $1.4 trillion of payment volume, an increase from $1.25 trillion last year and a 25% compound annual growth rate from $288 billion in 2015. At this massive scale, we are not immune to macro headwinds. As we close out 2022 and prepare for the year ahead, we're intensely focused on doing everything within our control to anticipate and mitigate ongoing macro risks and drive robust earnings growth.

今年，我們將處理近 1.4 萬億美元的支付量，比去年的 1.25 萬億美元有所增加，複合年增長率從 2015 年的 2880 億美元增長到 25%。在如此龐大的規模下，我們無法免受宏觀逆風的影響。在我們結束 2022 年並為來年做準備之際，我們非常專注於盡我們所能控制的一切，以預測和減輕持續的宏觀風險並推動強勁的盈利增長。

Given the breadth of our 2-sided platform and our strong balance sheet and free cash flow generation, we believe we are well positioned and have the levers available to successfully navigate an economic cycle. We remain committed to meaningful non-GAAP operating margin expansion in 2023 and a significantly stronger non-GAAP earnings growth profile.

鑑於我們雙邊平台的廣度以及我們強大的資產負債表和自由現金流的產生，我們相信我們處於有利位置並擁有成功駕馭經濟周期的槓桿。我們仍然致力於在 2023 年實現有意義的非 GAAP 營業利潤率增長以及顯著增強的非 GAAP 盈利增長狀況。

Before discussing our outlook for the remainder of the year, I'd like to highlight our third quarter performance. As Dan mentioned, revenue increased 12.4% on a currency-neutral basis and 10.7% at spot to $6.85 billion with each of these metrics exceeding our guidance. The dramatically strengthening dollar has been an increasing headwind as we move through the year and we expect this condition to persist in the fourth quarter.

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三季度的表現。正如丹所說，在貨幣中性基礎上，收入增長 12.4%，即期增長 10.7%，達到 68.5 億美元，這些指標中的每一個都超出了我們的指導。隨著我們今年的發展，美元大幅走強一直是一個越來越大的逆風，我們預計這種情況將在第四季度持續存在。

Transaction revenue grew 11.2% to $6.23 billion driven primarily by Braintree and Venmo. Other value-added services revenue grew 6.4% to $612 million. This performance, relative to last year, resulted from higher interest income on customer store balances, offset by lower credit revenue as we lapped higher-than-normal loan servicing fees.

交易收入增長 11.2% 至 62.3 億美元，主要受 Braintree 和 Venmo 推動。其他增值服務收入增長 6.4% 至 6.12 億美元。與去年相比，這一表現是由於客戶商店餘額的利息收入增加，但由於我們的貸款服務費高於正常水平，信貸收入減少抵消了這一點。

In the third quarter, U.S. revenue grew 14.4% while international revenue increased 6% at spot. On a currency-neutral basis, international revenue increased 9.4% and excluding eBay, 11.7%. Additionally, eBay Marketplaces revenue declined 38% to $145 million and represented 2% of our total revenue.

第三季度，美國收入增長 14.4%，而國際收入即期增長 6%。在貨幣中性的基礎上，國際收入增長 9.4%，不包括 eBay，增長 11.7%。此外，eBay Marketplaces 收入下降 38% 至 1.45 億美元，占我們總收入的 2%。

Our take rate performance was very strong with both transaction and total take rate improving approximately 4 basis points. Transaction take rate was 1.85% and total take rate was 2.03%. Both transaction and total take rate benefited from gains from foreign currency hedges recorded as international transaction revenue as well as Venmo monetization.

我們的成交率表現非常強勁，交易和總成交率都提高了大約 4 個基點。交易接受率為1.85%，總接受率為2.03%。交易和總回報率都受益於記錄為國際交易收入的外幣對沖收益以及 Venmo 貨幣化。

Interest income also benefited our total take rate. Transaction expense came in at 89 basis points as a rate of TPV relative to 83 basis points as a rate last year. This result was largely driven by the increase in the contribution of Braintree volumes, which are predominantly card-funded to our overall mix of payment volume. To a lesser extent, funding mix also contributed to higher transaction expenses from more normalized debit card usage relative to 2021.

利息收入也有利於我們的總利率。 TPV 的交易費用為 89 個基點，而去年為 83 個基點。這一結果在很大程度上是由於 Braintree 交易量的貢獻增加所致，而 Braintree 交易量主要是由卡資助到我們的整體支付量組合中。在較小程度上，相對於 2021 年，由於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 at the rate of TPV was 8 basis points versus 9 basis points in Q3 last year. In addition, credit losses were $113 million or 3 basis points as a rate of TPV. As a reminder, in the third quarter of 2021, we released $63 million of credit reserves, which benefited transaction margin and operating margin performance in the prior period by 100 basis points.

TPV 的交易損失為 8 個基點，而去年第三季度為 9 個基點。此外，信貸損失為 1.13 億美元或 3 個基點，以 TPV 計算。提醒一下，在 2021 年第三季度，我們釋放了 6300 萬美元的信貸準備金，這使上一期間的交易利潤率和營業利潤率表現提高了 100 個基點。

We ended Q3 with $6.5 billion in gross receivables, reflecting sequential growth of 4%. The growth in global pay later receivables was the largest driver of loan origination. The mix of shorter duration originations from our pay later products and strong performance of our loan receivables portfolio resulted in a reserve coverage ratio of 7.4% compared to 7.3% last quarter and 11.6% in third quarter last year.

我們在第三季度末應收賬款總額為 65 億美元，環比增長 4%。全球後期應收賬款的增長是貸款發放的最大驅動力。來自我們的後付款產品的較短期限的起源和我們的應收貸款組合的強勁表現相結合，導致準備金覆蓋率為 7.4%，而上一季度為 7.3%，去年第三季度為 11.6%。

Transaction margin dollars grew 4%, a reversal from year-over-year declines in the first and second quarters of 2022. Excluding the benefit from the reserve release last year, transaction margin dollars increased 6%. This quarter, we began seeing benefits to our transaction expense from leveraging our scale across the network ecosystem. We expect this trend to continue in Q4 and into 2023.

交易保證金美元增長 4%，扭轉了 2022 年第一季度和第二季度同比下降的趨勢。不計去年儲備金釋放的收益，交易保證金美元增長了 6%。本季度，我們開始看到利用我們在整個網絡生態系統中的規模給我們的交易費用帶來的好處。我們預計這一趨勢將在第四季度持續到 2023 年。

In addition, we're making progress in rationalizing non-transaction-related expense growth. In the third quarter, on a non-GAAP basis, these expenses grew 4% year-over-year relative to 17% growth last year, driving 180 basis points of operating leverage. Non-GAAP operating income also grew 4% year-over-year to $1.53 billion. Importantly, this is the first quarter since Q2 '21 in which we delivered operating income growth.

此外，我們在合理化非交易相關費用增長方面取得了進展。在第三季度，按非公認會計原則計算，這些費用同比增長 4%，而去年的增長率為 17%，推動了 180 個基點的運營槓桿率。非美國通用會計準則營業收入也同比增長 4% 至 15.3 億美元。重要的是，這是自 21 年第二季度以來我們實現營業收入增長的第一季度。

Our operating margin was 22.4%, which was approximately 2 points better than our outlook provided at Q2 earnings. We're particularly pleased by this operating margin outperformance and look forward to building on this track record of cost prudence as we enter 2023 and beyond. For the third quarter, non-GAAP EPS was $1.08, nearly 15% stronger than our outlook. Pretax benefits in Q3 '21 of approximately $0.10 per share created a headwind to EPS growth.

我們的營業利潤率為 22.4%，比我們在第二季度的收益預期高出約 2 個百分點。我們對這一營業利潤率的優異表現感到特別高興，並期待在我們進入 2023 年及以後繼續保持這種成本謹慎的記錄。第三季度，非公認會計原則每股收益為 1.08 美元，比我們的預期高出近 15%。 21 年第三季度每股約 0.10 美元的稅前收益對每股收益增長造成不利影響。

Our outperformance relative to our expectations was predominantly driven by the actions we took to increase efficiencies within non-transaction-related operating expenses and improved transaction loss performance. We ended the quarter with cash, cash equivalents and investments of $16.1 billion. During the quarter, we generated $1.8 billion in free cash flow, bringing year-to-date free cash flow to $4.1 billion. Relative to last year, Q3 free cash flow grew 37%.

相對於我們的預期，我們的出色表現主要是由於我們為提高非交易相關運營費用的效率和改善交易損失表現而採取的行動。我們以 161 億美元的現金、現金等價物和投資結束了本季度。本季度，我們產生了 18 億美元的自由現金流，使年初至今的自由現金流達到 41 億美元。與去年相比，第三季度的自由現金流增長了 37%。

We consider our balance sheet and cash flow to be competitive differentiators, which provide us with significant optionality for value creation. In the third quarter, we completed an additional $939 million in share repurchases. Year-to-date, we have now returned $3.2 billion to shareholders, representing 78% of the free cash flow we have generated.

我們認為我們的資產負債表和現金流是具有競爭力的差異化因素，這為我們提供了價值創造的重要選擇權。第三季度，我們又完成了 9.39 億美元的股票回購。年初至今，我們已向股東返還 32 億美元，占我們產生的自由現金流的 78%。

Given our conviction in our business relative to its valuation today and its long-term competitive advantages and ability to deliver sustainable value creation, we have taken a more aggressive approach to our capital return program this year. We believe that share repurchase remains an optimal use of capital for our shareholders while allowing us to retain the flexibility to continue investing opportunistically in our business.

鑑於我們對我們的業務相對於今天的估值及其長期競爭優勢和提供可持續價值創造的能力的信念，我們今年對我們的資本回報計劃採取了更積極的方法。我們相信，股票回購仍然是我們股東對資本的最佳利用，同時使我們能夠保持靈活性，繼續對我們的業務進行機會性投資。

We now expect to complete an additional $1 billion in share repurchases in the fourth quarter. As I discussed during our earnings call last quarter, we've been assessing opportunities for additional credit externalization. We have made progress on this initiative and are committed to securing off-balance sheet funding for a portion of our global pay later portfolio next year.

我們現在預計將在第四季度完成另外 10 億美元的股票回購。正如我在上個季度的財報電話會議上所討論的那樣，我們一直在評估額外信貸外部化的機會。我們在這一舉措上取得了進展，並致力於在明年為我們的部分全球薪酬組合確保表外資金。

Before I cover our guidance, I'd like to discuss the incremental disclosure that we are sharing this quarter to disaggregate our TPV. In our investor update, we're providing additional information related to our volume mix and how it has evolved over time. We believe sharing this detail is helpful for investors to better understand our business trends.

在介紹我們的指導之前，我想討論一下我們在本季度分享的增量披露，以分解我們的 TPV。在我們的投資者更新中，我們提供了與我們的交易量組合以及隨著時間的推移如何演變相關的額外信息。我們相信分享這些細節有助於投資者更好地了解我們的業務趨勢。

I would now like to discuss our outlook for the remainder of the year and our preliminary thoughts for 2023. First, some context on the trends we're seeing and how these are shaping our outlook. As Dan mentioned, overall, we saw U.S. e-commerce growing in the low single digits in Q3 with deceleration into the close of the quarter. This trend persisted in October. On our platform as well as in third-party data, we have not seen the early start to the U.S. online holiday season that we saw in 2021.

我現在想討論一下我們對今年剩餘時間的展望以及我們對 2023 年的初步想法。首先，關於我們所看到的趨勢的一些背景以及這些趨勢如何塑造我們的前景。正如丹所說，總體而言，我們看到美國電子商務在第三季度以低個位數增長，並在本季度末減速。這一趨勢在 10 月份持續存在。在我們的平台以及第三方數據中，我們還沒有看到我們在 2021 年看到的美國在線假日季的提前開始。

Our guidance contemplates holiday e-commerce ramping through November. Overall, our expectations for holiday e-commerce are consistent with the recent spending forecasts from Adobe, Mastercard and Salesforce with growth in the low single digits. We are also closely monitoring channel mix between in-store and online as well as the mix of services and goods spending.

我們的指導考慮到 11 月份的假日電子商務。總體而言，我們對假日電子商務的預期與 Adobe、萬事達卡和 Salesforce 最近的支出預測一致，增長率均處於低個位數。我們還密切關注店內和在線渠道的組合，以及服務和商品支出的組合。

From a market perspective, the U.S. continues to outperform international and we are seeing weaker performance in the U.K., our second-largest market. These factors, combined with the broader macro trends, have been incorporated into our revised outlook. We are lowering our full year currency-neutral revenue expectations by 1 point and at the midpoint, raising our non-GAAP EPS expectations by $0.16.

從市場的角度來看，美國的表現繼續優於國際市場，我們看到我們的第二大市場英國的表現較弱。這些因素與更廣泛的宏觀趨勢相結合，已被納入我們修訂後的展望中。我們將全年貨幣中性收入預期下調 1 個百分點和中點，將我們的非公認會計原則每股收益預期提高 0.16 美元。

Given the current uncertainty in the global macro environment, we believe this is an appropriately sensible and prudent approach to our revenue outlook. That said, our earnings guidance reflects the resilience and power of our franchise. In raising our EPS outlook again, we're demonstrating our control over operating expenses, the diversification of our business and the benefits from scale to our operating model.

鑑於當前全球宏觀環境的不確定性，我們認為這是對我們的收入前景採取適當明智和審慎的做法。也就是說，我們的收益指引反映了我們特許經營的彈性和力量。在再次上調每股收益展望時，我們展示了我們對運營費用的控制、我們業務的多元化以及規模對我們運營模式的好處。

We believe that our ability to raise our earnings guidance in this environment is especially distinguishing relative to other public company guidance we've seen for Q4. For the full year, we now expect revenue to grow approximately 10% on a currency-neutral basis and approximately 8.5% at spot. For the fourth quarter, we expect revenue growth of approximately 9% on a currency-neutral basis and approximately 7% at spot. We believe our Q4 and full year revenue growth guidance is strong given our scale and the macro backdrop.

我們相信，相對於我們在第四季度看到的其他上市公司指引，我們在這種環境下提高盈利指引的能力尤其與眾不同。對於全年，我們現在預計收入在貨幣中性基礎上增長約 10%，現價增長約 8.5%。對於第四季度，我們預計在貨幣中性基礎上的收入增長約為 9%，即期收入增長約為 7%。鑑於我們的規模和宏觀背景，我們認為我們的第四季度和全年收入增長指引強勁。

We also expect to deliver non-GAAP operating margin of at least 21% this year. For the first 3 quarters of 2022, our operating margin has declined year-over-year. Importantly, in the fourth quarter, we expect this trend to inflect and to deliver non-GAAP operating margin expansion. Our guidance contemplates Q4 operating margin of approximately 22.5%.

我們還預計今年非 GAAP 營業利潤率將至少達到 21%。 2022年前三個季度，我們的營業利潤率同比下降。重要的是，在第四季度，我們預計這一趨勢將發生變化並實現非公認會計原則的營業利潤率擴張。我們的指引預計第四季度的營業利潤率約為 22.5%。

In addition, we're raising non-GAAP EPS to $4.07 to $4.09 for the year. As we noted entering the year, discrete tax benefits and reserve releases last year in the aggregate benefited 2021 non-GAAP EPS by approximately $0.54 and are a headwind to our EPS growth profile this year. Based on our expectations for revenue and operating margin in the fourth quarter, we expect non-GAAP EPS of approximately $1.18 to $1.20.

此外，我們將非 GAAP 每股收益上調至 4.07 美元至 4.09 美元。正如我們在進入今年所指出的那樣，去年的離散稅收優惠和儲備金釋放總計使 2021 年非公認會計準則每股收益約 0.54 美元，這對我們今年的每股收益增長狀況構成了不利影響。根據我們對第四季度收入和營業利潤率的預期，我們預計非公認會計準則每股收益約為 1.18 美元至 1.20 美元。

We expect to finish 2022 in a stronger position than we started it with greater operating discipline and focus. Dan and I are pleased with our improving execution and we're confident there will be room for continued improvement. However, with our most important weeks in the holiday season ahead of us as well as ongoing macroeconomic uncertainty, we believe it is too early to provide a detailed outlook for 2023 on this call.

我們希望在 2022 年結束時處於比我們開始時更加強大的運營紀律和重點的地位。丹和我對我們不斷改進的執行感到滿意，我們相信會有持續改進的空間。然而，鑑於假期期間最重要的幾週即將到來，以及宏觀經濟持續存在不確定性，我們認為在此次電話會議上提供 2023 年的詳細前景還為時過早。

That said, as we're planning for the year ahead, our framework currently includes the following assumptions: first, that our overall volumes will continue to grow faster than e-commerce across our core markets and that we will continue to take market share. At the same time, we expect inflationary pressures alongside slowing global growth to weigh on discretionary e-commerce spending, which could continue to be pressured in 2023.

也就是說，在我們為來年做計劃時，我們的框架目前包括以下假設：首先，我們的整體銷量將繼續在我們的核心市場中以比電子商務更快的速度增長，並且我們將繼續佔據市場份額。與此同時，我們預計通脹壓力以及全球增長放緩將對可自由支配的電子商務支出構成壓力，這可能會在 2023 年繼續承壓。

Second, that we will deliver at least 100 basis points of non-GAAP operating margin expansion next year, an improvement from our 50 basis point commitment when we reported results last quarter. And third, our commitment to drive solid growth in earnings per share. Taken together, we believe that our cost savings initiatives and benefits from higher interest rates will enable us to deliver non-GAAP earnings growth of at least 15% next year.

其次，我們將在明年實現至少 100 個基點的非公認會計原則營業利潤率擴張，比我們上個季度報告業績時的 50 個基點承諾有所改善。第三，我們致力於推動每股收益穩健增長。總而言之，我們相信我們的成本節約舉措和更高利率帶來的好處將使我們能夠在明年實現至少 15% 的非 GAAP 收益增長。

We believe this outlook for next year contemplates a sufficiently wide range of revenue outcome. We are firmly committed to executing on the operational initiatives we discussed last quarter and are highly confident that we will deliver on our 2023 framework. Finally, from a capital allocation standpoint, we plan to take a similarly aggressive approach to share repurchases in 2023 as we have this year.

我們認為，明年的這一前景考慮了足夠廣泛的收入結果。我們堅定地致力於執行我們上個季度討論的運營計劃，並對我們將實現 2023 年框架充滿信心。最後，從資本配置的角度來看，我們計劃在 2023 年採取與今年類似的激進方式進行股票回購。

In closing, despite the many challenges of today's environment, we believe that we are well positioned to navigate the road ahead. We cannot have more confidence in our people and in the priorities we're executing against. We are just beginning to scale several of our newer consumer and merchant experiences and work with several important strategic partners in the ecosystem.

最後，儘管當今環境面臨諸多挑戰，但我們相信我們已做好準備，在前進的道路上前行。我們對我們的員工和我們正在執行的優先事項充滿信心。我們剛剛開始擴展我們的一些新的消費者和商家體驗，並與生態系統中的幾個重要戰略合作夥伴合作。

For our shareholders, we continue to achieve significant growth while returning capital in the form of share repurchases. And we're confident that our earnings power and strong free cash flow generation will allow us to continue to invest in our business and extend our leadership position. We are completely focused on delivering for all of our stakeholders and look forward to updating you on our progress.

對於我們的股東，我們繼續實現顯著增長，同時以股票回購的形式返還資本。我們相信，我們的盈利能力和強大的自由現金流產生將使我們能夠繼續投資於我們的業務並擴大我們的領導地位。我們完全專注於為所有利益相關者提供服務，並期待向您通報我們的進展。

With that, I'd like to turn the call back to the operator for questions. Briana, please go ahead.

有了這個，我想把電話轉回給接線員提問。布里安娜，請繼續。

(Operator Instructions) Your first question comes from the line of James Faucette with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 James Faucette。

Great. Exciting announcements for sure with Apple, et cetera. Just wondering on the margins though, can you talk a little bit about how you're approaching next year? Obviously, there's -- as you indicated, Gabrielle, there's a big range of potential scenarios, especially around revenue. But you seem fairly confident in your ability to deliver that 100 basis points of margin expansion, which was a little more than we had modeled. So can you talk about, like, what's going into that? Like, what your -- the levers you can pull to make sure you can deliver that and how that translates into that 15% EPS growth.

偉大的。蘋果等公司肯定會發布令人興奮的公告。只是想知道邊緣，你能談談你明年的情況嗎？顯然，正如你所說，Gabrielle，有很多潛在的場景，尤其是在收入方面。但你似乎對自己實現 100 個基點的利潤率擴張的能力相當有信心，這比我們建模的要多一點。所以你能談談，比如，這是怎麼回事？比如，你可以拉動什麼槓桿來確保你能夠實現這一目標，以及這如何轉化為 15% 的每股收益增長。

James, it's Dan. I'll start off and then maybe Gabs can fill in around the edges here.

詹姆斯，是丹。我會開始，然後也許 Gabs 可以在這裡填補邊緣。

First of all, we do feel quite confident in our ability to raise our EPS for the year and then off of that higher total, generate at least 15% EPS growth, which gets you to about as a first step for us, $4.70 next year. And this is really being driven by being -- taking a very prudent approach to what could happen next year from a macroeconomic perspective.

首先，我們確實對我們提高今年每股收益的能力充滿信心，然後在更高的總額中產生至少 15% 的每股收益增長，這使我們邁出了第一步，明年 4.70 美元.這實際上是由存在驅動的——從宏觀經濟的角度對明年可能發生的事情採取非常謹慎的態度。

There are a wide range of scenarios on that. And everybody has an opinion, but we think it is prudent to plan for a difficult economic cycle and have our cost structure be in line with that so that we can deliver robust EPS growth. Our cost and productivity initiatives are still well underway. I'm really pleased with the execution that we've had over the last several quarters.

有各種各樣的場景。每個人都有自己的看法，但我們認為謹慎的做法是為艱難的經濟周期制定計劃並讓我們的成本結構與之保持一致，這樣我們才能實現強勁的每股收益增長。我們的成本和生產力計劃仍在順利進行。我對過去幾個季度的執行情況感到非常滿意。

We've been anticipating a difficult economic environment. The team has taken a lot of action across non-transaction-related OpEx. As we said in our remarks, we expect, in the fourth quarter, that's going to be flat and probably slightly negative as we look ahead. And then as you look into 2023, we see no reason why it will come off of those levels of being flat to slightly negative.

我們一直預計經濟環境會很艱難。該團隊在非交易相關的運營支出方面採取了很多行動。正如我們在評論中所說，我們預計，在第四季度，這將是持平的，並且在我們展望未來時可能會略顯負面。然後，當您展望 2023 年時，我們認為它沒有理由從持平到略微負面的水平下降。

If you think about it, our non-transaction OpEx has traditionally been in the mid-single digits for a long time. During the pandemic, that jumped up to 17% in 2020 and about 20% in 2021. So we have plenty of headcount. Our headcount are going to be down at the end of this year from where we started at the beginning. We have a lot of efficiencies as our processes get better and better.

如果你仔細想想，我們的非交易 OpEx 長期以來一直處於中個位數。在大流行期間，這一比例在 2020 年躍升至 17%，在 2021 年躍升至約 20%。所以我們有足夠的員工人數。我們的員工人數將在今年年底從一開始的地方減少。隨著我們的流程越來越好，我們的效率提高了很多。

We are clearly leveraging our scale with our suppliers as well, whether it be our network partners or others on transaction-related expenses. And we feel very good about delivering at least 100 basis points of operating margin improvement next year. By the way, at the same time, investing in our high-growth, high-conviction areas, Checkout, digital wallets and Braintree, we think this is a time where market share leaders get stronger.

我們顯然也在利用我們與供應商的規模，無論是我們的網絡合作夥伴還是其他與交易相關的費用。我們對明年實現至少 100 個基點的營業利潤率提升感到非常高興。順便說一句，與此同時，投資於我們的高增長、高信心領域、Checkout、數字錢包和 Braintree，我們認為這是市場份額領先者變得更強大的時期。

We want to take advantage of this environment that we're in. We are already seeing some of the investments we're making in those areas pay real dividends in our ability to satisfy our customers. And we think this is an opportunity for us to take share going forward. We're in a rising interest rate environment. That's a tailwind for us. For many of our competitors, it's a headwind. And we just think there's opportunities for us to operate more efficiently and effectively and invest and continue to take market share.

我們希望利用我們所處的這種環境。我們已經看到我們在這些領域進行的一些投資為我們滿足客戶的能力帶來了真正的紅利。我們認為這是我們繼續分享份額的機會。我們處於利率上升的環境中。這對我們來說是順風。對於我們的許多競爭對手來說，這是一個逆風。我們只是認為我們有機會更有效地運營，投資並繼續佔據市場份額。

So really pleased with the focus and the commitment from the team, making real progress on the cost side and the productivity front. And we'll continue to do so as we go into next year.

非常滿意團隊的專注和承諾，在成本方面和生產力方面取得了真正的進步。進入明年，我們將繼續這樣做。

Your next question comes from Jason Kupferberg with Bank of America.

您的下一個問題來自美國銀行的 Jason Kupferberg。

I wanted to talk about the top line outlook for Q4, currency neutral. We're looking at 9% revenue growth. I know last quarter, we were thinking more like 14%, obviously, linked to the softer TPV outlook. Can you just walk us through perhaps pieces of that bridge, what you thought last quarter versus what you're thinking now for Q4 given the context of the softer macro?

我想談談第四季度的頂線前景，貨幣中性。我們期待 9% 的收入增長。我知道上個季度，我們認為 14% 顯然與 TPV 前景疲軟有關。你能不能帶我們走過那座橋的一部分，你上個季度的想法與你現在對第四季度的想法，考慮到宏觀經濟疲軟的背景？

Yes. You bet, Jason. So you're right. We took down our full year revenue guidance by about 1 point and at the same time, of course, raised our EPS at the midpoint by $0.16. We had a strong Q3. And obviously, we delivered on all of our commitments. But at the end of the quarter, we started to see some slowing and that came right at the very end.

是的。你打賭，傑森。所以你是對的。我們將全年收入指引降低了約 1 個百分點，同時當然將我們的每股收益中點提高了 0.16 美元。我們有一個強勁的第三季度。顯然，我們兌現了所有承諾。但在本季度末，我們開始看到一些放緩，而且這種情況在最後就出現了。

In October, in addition, we didn't see the early start to the holiday season that we've seen in 2021. And so we brought down our internal forecast for U.S. e-commerce growth commensurately with that. And so in the middle of the year, we were thinking about U.S. e-commerce growth for the fourth quarter in the mid-single digits. That's now come down to low singles. That's pretty consistent with what we see from other third parties and that really is the predominant driver of the change in our guidance.

此外，在 10 月，我們沒有看到 2021 年假期季的提前開始。因此，我們相應地下調了對美國電子商務增長的內部預測。因此，在年中，我們正在考慮第四季度美國電子商務的中個位數增長。現在歸結為低單曲。這與我們從其他第三方看到的非常一致，這確實是我們指導變化的主要驅動力。

Now in conjunction with that, similar to earlier this year, when we took down some of our expectations around initiatives in conjunction with a lower growth environment, we've done the same. And so that's also contributing to the 9% FX-neutral expectation on Q4. But of course, we're raising EPS overall. And in the quarter, we expect to deliver about 75 basis points of op margin expansion. So we continue to deliver on our efficiencies despite the slower growth environment.

現在與此相結合，類似於今年早些時候，當我們降低了對與較低增長環境相關的舉措的一些期望時，我們也做了同樣的事情。因此，這也促成了第四季度 9% 的外匯中性預期。但是，當然，我們整體上提高了每股收益。在本季度，我們預計將實現約 75 個基點的營業利潤率擴張。因此，儘管增長環境放緩，我們仍將繼續提高效率。

And I think you'll also be seeing any report that comes out on the macroeconomic environment reaching all-time high. The inflation report in the Eurozone was not great. And you're seeing in countries like the Netherlands, which is so conservative, a 17% inflation rate; U.K., which is our second largest market, is really suffering.

而且我認為您還將看到任何有關宏觀經濟環境的報告達到歷史最高水平。歐元區的通脹報告並不好。你在像荷蘭這樣保守的國家看到了 17% 的通貨膨脹率；英國是我們的第二大市場，它真的很痛苦。

And our view is that we're still going into winter. Energy costs are going to go up. And the low-end income levels and middle-income levels are beginning to cut back on their discretionary spend. They're spending so much more on food, on energy, on gas, on rent. And we're beginning to see that impact those segments of the market.

我們的觀點是，我們仍將進入冬天。能源成本將上漲。低端收入水平和中等收入水平開始削減他們的可自由支配支出。他們在食品、能源、天然氣和房租上的花費要多得多。我們開始看到這會影響這些細分市場。

The high end of the market, by the way, is still spending quite freely and we're seeing that also in our results. The other thing is we did expect quite a number of live-to-site implementations on Braintree in the fourth quarter, almost a full point of growth that are being pushed into next year. So we'll capture that revenue. We just won't capture it this quarter.

順便說一句，高端市場的消費仍然相當自由，我們在結果中也看到了這一點。另一件事是，我們確實預計第四季度會在 Braintree 上進行相當多的實時到站點實施，這幾乎是明年將實現的一個完整增長點。因此，我們將獲得該收入。我們只是不會在本季度捕獲它。

So I think as Gabs said, there are certain things we can control, as our expenses, where we're investing, how we're doing in those investments. And there, I think the team is doing an excellent job. And there are certain things like the macro environment that we can't control but we need to be ready in a wide range of scenarios.

所以我認為正如 Gabs 所說，我們可以控制某些事情，例如我們的開支、我們在哪裡投資、我們在這些投資中的表現。在那裡，我認為團隊做得很好。還有一些事情，比如我們無法控制的宏觀環境，但我們需要在廣泛的場景中做好準備。

And that's what we're laying out for you, a firm commitment around at least 15% EPS growth and operating margin expansion and continued investment in our high-growth, high-conviction areas.

這就是我們為您準備的，堅定承諾至少 15% 的每股收益增長和營業利潤率擴張，以及對我們高增長、高信念領域的持續投資。

Your next question comes from Colin Sebastian with Baird.

您的下一個問題來自 Colin Sebastian 和 Baird。

Obviously, it's a fluid environment. But maybe following up the last question, I think it would be helpful to know for context how you're thinking about the overall e-commerce environment into next year, how that impacts the 2023 framework and including the underlying volume or revenue growth assumptions that you have to get to those targets.

顯然，這是一個流動的環境。但也許跟進最後一個問題，我認為了解您如何考慮明年的整體電子商務環境、這將如何影響 2023 年框架以及包括潛在的數量或收入增長假設會很有幫助你必須達到這些目標。

So let me start off then Gabs can come in. So first of all, Colin -- look, I think it's a little bit too soon to have strong visibility into what 2023 will look like. Typically, in a quarter, when you're 1/3 of the way through it, you have pretty good visibility into what's going to happen in the quarter. But in the fourth quarter, that's not the case. It's really all about the holiday season and what happens in a 5- or 6-week period that's still ahead of us.

所以讓我開始吧，然後 Gabs 可以進來。首先，科林——看，我認為現在對 2023 年的情況有很強的了解還為時過早。通常，在一個季度中，當您完成它的 1/3 時，您可以很好地了解該季度將要發生的事情。但在第四季度，情況並非如此。這真的是關於假期的一切，以及在我們面前的 5 或 6 週內會發生什麼。

But based on what we're seeing right now, based on external reports, based on our conversations with other e-commerce players, you saw another very large e-commerce player take down their revenues in the fourth quarter, that we think that e-commerce is going to be pretty muted in the fourth quarter. And right now, we are not planning that, that comes back for any reason as we look into 2023.

但根據我們現在看到的情況，根據外部報告，根據我們與其他電子商務參與者的對話，你看到另一個非常大的電子商務參與者在第四季度減少了他們的收入，我們認為- 第四季度的商業活動將相當低迷。而現在，我們並沒有計劃這樣做，但在我們展望 2023 年時，無論出於何種原因，它都會捲土重來。

I think baseline e-commerce growth will be subdued, but I fully expect that we will outpace it. We've got quite a number of Braintree live to site with very large merchants coming up. Our Checkout and digital wallet improvements are quite strong right now. And I'm really pleased with the indications from those initiatives. Obviously, Amazon, we'll see what happens with that but we have a lot of hope for that. And our deal with Apple will certainly be meaningful over at least in the medium term on that.

我認為電子商務的基線增長將受到抑制，但我完全預計我們將超過它。我們有相當多的 Braintree 現場直播，即將有非常大的商家出現。我們的 Checkout 和數字錢包改進現在非常強大。我對這些舉措的跡象感到非常滿意。顯然，亞馬遜，我們會看到這會發生什麼，但我們對此抱有很大希望。我們與蘋果的交易至少在中期肯定是有意義的。

So still too early to call. We're going to be very conservative on our top line assumptions but we're going to build a ton of resilience into our model. We'll adjust to potential lower growth environments. We can keep our OpEx very well controlled, we've demonstrated that now. And we'll continue to enable operating margin expansion next year. So -- and if the macro picture gets better, these numbers could improve dramatically. But we're anticipating a difficult economic cycle and preparing for that so that we can invest and deliver robust EPS growth at the same time.

所以現在打電話還為時過早。我們將對我們的頂線假設非常保守，但我們將在我們的模型中建立大量的彈性。我們將適應潛在的低增長環境。我們可以很好地控制我們的運營支出，我們現在已經證明了這一點。我們將在明年繼續擴大營業利潤率。所以 - 如果宏觀情況變得更好，這些數字可能會顯著改善。但我們預計會出現艱難的經濟周期並為此做好準備，以便我們可以同時進行投資並實現強勁的每股收益增長。

Your next question comes from Darrin Peller with Wolfe Research.

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

Look, it's really helpful to have the volume breakdown by PayPal Braintree more. I know you said -- I think you said 4% core PayPal growth and you're saying you're expecting that it'll be in line with the market. If you could just touch on the assumptions and drivers of PayPal core engagement growth and what you can do there.

看，通過 PayPal Braintree 進行交易量細分真的很有幫助。我知道你說過——我認為你說 4% 的核心 PayPal 增長並且你說你預計它將與市場保持一致。如果您能談談 PayPal 核心參與度增長的假設和驅動因素，以及您可以在那裡做些什麼。

It obviously looks like you're making progress around initiatives like passkey or the Venmo Amazon partnership or obviously Apple. All that should help, I assume, on the checkout experience, but maybe we can have some more color on how much room there is to improve that experience and what that can mean.

顯然，您似乎正在圍繞密碼或 Venmo 亞馬遜合作夥伴關係或顯然是 Apple 等計劃取得進展。我認為，所有這些都應該有助於結帳體驗，但也許我們可以對有多少空間可以改善這種體驗以及這意味著什麼有更多的了解。

Yes. Sure. So I'll dive really quickly into both Checkout and a little bit on what we're seeing on digital wallet. So as you know, Darrin, we're already the leader in branded Checkout. I mean we have 8x the footprint of the next closest digital wallet. Consumers are twice as likely to spend online when they see the PayPal button. 80% of the 1,500 largest online retailers across U.S. and Europe accept us and our auth-rate right now is 600 basis points above the market average. Like, for every 100 transactions, PayPal is going to improve 6 more than traditional card networks.

是的。當然。因此，我將快速深入了解 Checkout 以及我們在數字錢包上看到的內容。如您所知，Darrin，我們已經是品牌 Checkout 的領導者。我的意思是，我們的足跡是下一個最接近的數字錢包的 8 倍。當消費者看到 PayPal 按鈕時，他們在線消費的可能性是其兩倍。美國和歐洲 1,500 家最大的在線零售商中有 80% 接受我們，我們目前的授權率比市場平均水平高 600 個基點。比如，每 100 筆交易，PayPal 將比傳統卡網絡多改進 6 筆。

But obviously, as we've talked about many times, we can do a lot more here. And one, we've improved customer perceived latency by 40% in the last 12 months. Our uptime and availability has gone up by another 9. We're approaching 5 9s of availability. And when we're doing in-app, our early indications from in-app with the mobile SDK is that conversion rates increase between 3% and 10%. Again, it's early days on that but imagine how significant that improvement is.

但顯然，正如我們多次談到的那樣，我們可以在這裡做更多的事情。第一，在過去的 12 個月中，我們將客戶感知延遲降低了 40%。我們的正常運行時間和可用性又增加了 9 個。我們正在接近 5 個 9 的可用性。當我們在應用內進行時，我們從應用內與移動 SDK 的早期跡像是，轉化率增加了 3% 到 10%。同樣，現在還處於早期階段，但想像一下這種改進有多麼重要。

On the authentication side, passkeys is a very big deal. Passkeys are going to be accepted, not just with Apple. We're integrating through iOS on passkeys initially. But Google and Microsoft are also enabling passkeys. And that basically enables authentication through biometrics fully embedded into the OS. It eliminates the need for weak or reused credentials. It removes the frustration of having to remember a password.

在身份驗證方面，密鑰非常重要。密碼將被接受，而不僅僅是 Apple。我們最初是通過 iOS 的密鑰集成。但谷歌和微軟也在啟用密碼。這基本上可以通過完全嵌入操作系統的生物識別技術進行身份驗證。它消除了對弱憑據或重用憑據的需要。它消除了必須記住密碼的挫敗感。

And like one of our recent surveys, like 44% of consumers have abandoned an online purchase due to a password issue. So that passkey could be a very meaningful piece of conversion uplift for us. And then, of course, we're moving into vaulting an accelerated checkout. And I've mentioned this already on our digital wallet stats but it's up 50% of our base now, plus it's using our digital wallets.

就像我們最近的一項調查一樣，44% 的消費者由於密碼問題而放棄了在線購買。所以這個密碼對我們來說可能是一個非常有意義的轉換提升。然後，當然，我們正在進入加速結賬。我已經在我們的數字錢包統計數據中提到了這一點，但它現在已經占我們基數的 50%，而且它正在使用我們的數字錢包。

That's up over 13% year-over-year. We're seeing much reduced churn on that 25% to 33%, 50% greater ARPU, 60% more checkout transactions. We're seeing a lot of our new products in the wallet gain a lot of traction. I mean, savings is early. It's got a 3% APY, but we're seeing a 20% lift in ARPA for those who come into our savings program, 30% lift in Checkout.

同比增長超過 13%。我們看到 25% 到 33% 的客戶流失率大大降低，ARPU 提高了 50%，結賬交易量提高了 60%。我們看到我們錢包中的許多新產品獲得了很大的吸引力。我的意思是，儲蓄為時過早。它有 3% 的 APY，但我們看到加入我們儲蓄計劃的人的 ARPA 提高了 20%，Checkout 提高了 30%。

And even things like just like our new 3, 2 card because cards are an important part of our strategy. That's off to an incredibly strong start. We've acquired more accounts in the first 6 months of that launch than we did in the previous 22 months with our 2% cash back offer. So a lot of things to be excited about in terms of what we can do with our initiatives. And that's why we're investing heavily in them as well as returning operating margin performance and EPS performance to our investors.

甚至像我們的新 3、2 卡這樣的東西，因為卡是我們戰略的重要組成部分。這是一個令人難以置信的強勁開端。在推出的前 6 個月，我們通過 2% 的現金返還優惠獲得了比前 22 個月更多的賬戶。因此，就我們可以用我們的舉措做些什麼而言，有很多事情令人興奮。這就是為什麼我們大力投資於它們，並將營業利潤率表現和每股收益表現回報給我們的投資者。

Your next question comes from Lisa Ellis with MoffettNathanson.

您的下一個問題來自 Lisa Ellis 和 MoffettNathanson。

Dan, I just wanted to follow up on the Apple-related announcements that you made or highlighted on the call. Certainly, some good progress there. Can you talk a bit more about what you think this unlocks for PayPal in terms of better serving both your merchants and your consumers? Are there any aspects of this relationship that you could think could be more impactful perhaps over time? Like, where could it go? And then also could you talk a little bit about how that relationship dynamic is, how collaborative this relationship is with Apple?

丹，我只是想跟進你在電話中發布或突出顯示的與 Apple 相關的公告。當然，那裡取得了一些不錯的進展。您能否多談談您認為這為 PayPal 帶來的好處，以便更好地為您的商家和消費者提供服務？隨著時間的推移，您認為這種關係的任何方面可能會產生更大的影響嗎？比如，它可以去哪裡？然後你能否談談這種關係的動態，這種關係與蘋果的合作程度如何？

Yes. Well, first of all, I think the agreement is quite important strategically. Our 2 companies have been working on that together for quite some time. I think there are 3 areas that this really helps unlock. I mean, first of all, enabling our merchants to use their iPhone without any incremental dongle or a point-of-sale terminal around that. All they need to do, if they have a business profile on Venmo or PayPal, is give us 3 pieces of information: their mobile phone number, their birthday and either their social security number or their tax ID. That's it. And then they're set up to receive payments in the offline world.

是的。好吧，首先，我認為該協議在戰略上非常重要。我們兩家公司已經合作了很長時間。我認為這確實有助於解鎖 3 個領域。我的意思是，首先，讓我們的商家能夠在沒有任何增量加密狗或銷售點終端的情況下使用他們的 iPhone。如果他們在 Venmo 或 PayPal 上有業務資料，他們需要做的就是向我們提供 3 條信息：他們的手機號碼、他們的生日以及他們的社會安全號碼或稅號。而已。然後他們被設置為在離線世界中接收付款。

And our payment rate there is 2.29% plus $0.09. That is a really competitive rate versus others in the market. And we think this can be really especially significant for the millions of customers that have Venmo business profiles and allow us to compete aggressively in an omnichannel world in there. So I think there's a big unlock on that.

我們的付款率為 2.29% 加 0.09 美元。與市場上的其他人相比，這是一個真正具有競爭力的價格。我們認為這對於擁有 Venmo 業務檔案的數百萬客戶來說尤其重要，並允許我們在那裡的全渠道世界中積極競爭。所以我認為這是一個很大的解鎖。

Second, adding Apple to our unbranded flows. As you know, Apple is already on Braintree and on our unbranded flows. But that's just going to make us well more competitive as we go out and sell PayPal Commerce Platform further down into middle market and smaller businesses. It enables us to sell PayPal Commerce Platform more completely. It enables us to offer more choice to our merchants, which is something we've been focused on for years and years now. And it also enables the very best integration of our PayPal-branded and Venmo-branded checkout buttons.

其次，將 Apple 添加到我們的無品牌流程中。如您所知，Apple 已經在 Braintree 和我們的無品牌流程上。但這只會讓我們更有競爭力，因為我們會進一步向中間市場和小型企業銷售 PayPal Commerce Platform。它使我們能夠更完整地銷售 PayPal Commerce Platform。它使我們能夠為我們的商家提供更多選擇，這是我們多年來一直關注的事情。它還可以實現我們 PayPal 品牌和 Venmo 品牌結賬按鈕的最佳集成。

And then finally, the ability for our consumers to add their PayPal and Venmo credit and/or debit card into Apple Pay in the U.S. or to use at anywhere Apple Pay is accepted is probably a bigger deal than most people realize. We've been doing this with Google Pay for quite some time. And we've seen, for instance, that Google Pay users in Germany, when they add their PayPal credentials there, there's a 20% increase in their branded Checkout transactions.

最後，我們的消費者能夠將他們的 PayPal 和 Venmo 信用卡和/或借記卡添加到美國的 Apple Pay 或在任何接受 Apple Pay 的地方使用的能力可能比大多數人意識到的要大。很長一段時間以來，我們一直在使用 Google Pay 進行此操作。例如，我們已經看到德國的 Google Pay 用戶，當他們在那裡添加他們的 PayPal 憑證時，他們的品牌 Checkout 交易增加了 20%。

And so we also have the ability to create temporary digital cards that can even allow us to bring our Buy Now, Pay Later from branded Checkout online to everywhere consumer shops. And so I think there are a lot of really nice unlocks. Apple and PayPal have been working closely on this. We're both excited to put these into the market and dedicate resource to assuring that they're successful and just create a better value proposition for our mutual customers.

因此，我們也有能力創建臨時數字卡，甚至可以讓我們將“立即購買，以後付款”從在線品牌結賬帶到任何地方的消費商店。所以我認為有很多非常好的解鎖。 Apple 和 PayPal 一直在這方面密切合作。我們很高興將這些產品投入市場，並投入資源確保它們取得成功，並為我們共同的客戶創造更好的價值主張。

Your next question comes from Tien-Tsin Huang with JPMorgan.

您的下一個問題來自摩根大通的 Tien-Tsin Huang。

Just any more clarity on the at least part of the $1.3 billion in cost efficiency next year? Is -- I'm just curious if that's more likely to come from cost-cutting or maybe less investing. How quickly also can you pull the levers to deliver on the 15%?

明年 13 億美元的成本效益中的至少一部分是否更清楚？是 - 我只是好奇這是否更有可能來自削減成本或減少投資。您還能多快拉動槓桿以實現 15% 的交付？

Yes, you bet. So when we talked last quarter about driving at least $1.3 billion in cost savings next year, nearly half of that was coming on the transaction expense side with the other half coming from non-transaction-related OpEx. I'd say in addition to thinking we can do more, I think the balance weighs more in favor of non-transaction-related OpEx than it does TE at this point.

是的，你打賭。因此，當我們上個季度談到明年至少節省 13 億美元的成本時，其中近一半來自交易費用，另一半來自與交易無關的運營支出。我想說，除了認為我們可以做更多的事情之外，我認為與 TE 相比，與 TE 相比，與交易無關的 OpEx 更重要。

And some of that is based on the fact that with a slightly lower growth environment, some of the benefits that we derive on the TE side are really from -- are really volume-based in nature. And so if those volume expectations come in a bit, we would be driving more on the non-transactional-related OpEx side. That said, I think we see a lot of room to go in terms of our initiatives there.

其中一些是基於這樣一個事實，即在增長環境略低的情況下，我們在 TE 方面獲得的一些好處實際上來自——實際上是基於數量的。因此，如果這些數量預期有所提高，我們將在非交易相關的運營支出方面推動更多。也就是說，我認為我們在那裡的舉措方面看到了很大的空間。

And so just sort of taking a step back, last year, our non-transaction-related OpEx grew by 20%. That was on top of about 17% growth in 2020 over 2019. And so this year, we're spending about $2.5 billion more in our non-transaction-related OpEx buckets than we did in 2019. And we see an opportunity to be a lot more productive and drive more savings there.

所以只是退後一步，去年，我們與交易無關的運營支出增長了 20%。這是在 2020 年比 2019 年增長約 17% 的基礎之上。因此，今年，我們在非交易相關的運營支出方面的支出比 2019 年增加了約 25 億美元。我們看到了成為那裡的生產力更高，節省更多。

And so you'll see this year the marketing dollars coming down. They came down again in Q3 about 1% after coming down considerably more than that in Q2. We'll end up the year with low single-digit non-transaction-related OpEx growth. And I expect next year, we'll do better than that. I'd expect it to be closer to flat, if not a decline year-on-year.

所以你會看到今年的營銷費用下降了。在比第二季度大幅下跌之後，它們在第三季度再次下跌約 1%。我們將以低個位數的非交易相關運營支出增長結束這一年。我預計明年，我們會做得更好。我預計它會接近持平，如果不是同比下降的話。

So we're looking for the opportunities we can to continue to drive operating margin expansion even in a lower growth environment. And we think that the savings we're finding are really sustainable. And it's a lot more about productivity and using our scale to benefit us. And so we think we emerge from this environment much stronger as a result of the work that we're doing.

因此，我們正在尋找機會，即使在較低的增長環境中也能繼續推動營業利潤率的增長。我們認為我們發現的節省是真正可持續的。而且更多的是關於生產力和利用我們的規模來使我們受益。因此，我們認為由於我們所做的工作，我們從這種環境中變得更加強大。

Understood. No, that's all useful. And I got to say thank you for Slide 6, including the CAGR stuff. That's great to have. Is that a one-timer, and I'll jump off, in terms of disclosure?

明白了。不，這些都很有用。我要對幻燈片 6 表示感謝，包括 CAGR 的內容。能擁有真是太好了。就披露而言，這是一次性的嗎？我會跳下來嗎？

We will continue to provide updates. I don't know that we're committed to doing it on a quarterly basis but we'll continue to update on the mix of our TPV as it's quite important to understanding the performance of the business.

我們將繼續提供更新。我不知道我們是否承諾每季度進行一次，但我們將繼續更新我們的 TPV 組合，因為這對於了解業務績效非常重要。

We have time for one last question from David Togut with Evercore ISI.

我們有時間回答來自 Evercore ISI 的 David Togut 的最後一個問題。

You've announced a number of new omnichannel initiatives, whether it be the announcements with Apple today, the rollout recently of PayPal Zettle Terminal in the U.S. and, of course, continued expansion of your BNPL products. Can you help us think about what all the omnichannel initiatives might mean over time for revenue? And then sort of broadly, what are the costs associated with expanding omnichannel? You've talked about freeing up investment dollars from your cost-reduction initiatives.

您宣布了許多新的全渠道計劃，無論是今天與 Apple 的公告，最近在美國推出的 PayPal Zettle Terminal，當然還有繼續擴展您的 BNPL 產品。您能否幫助我們思考隨著時間的推移，所有全渠道計劃可能對收入意味著什麼？然後從廣義上講，與擴展全渠道相關的成本是多少？您已經談到從降低成本的計劃中釋放投資資金。

Yes. I'll start on that, David. So BNPL is an integral part of our checkout strategy. We know if we go into upfront presentment with Buy Now, Pay Later, if somebody puts us on their product pages as opposed to checkout, that our share of checkout goes up quite dramatically. And as you saw and as you heard from me, it's growing by leaps and bounds. We're approaching 300,000 upstream presentment.

是的。我將從這個開始，大衛。因此，BNPL 是我們結賬策略不可或缺的一部分。我們知道，如果我們通過“立即購買，以後付款”進行前期展示，如果有人將我們放在他們的產品頁面上而不是結賬，我們的結賬份額就會大幅上升。正如你所見和從我那裡聽到的那樣，它正在突飛猛進地發展。我們正在接近 300,000 個上游呈現。

We're one of the top players in any market 2 years after launch, 150 million different loans at over, by the way, 2.2 million unique merchants. And what I didn't say in my script is it drives a halo spend of greater than 20%, and 90% plus of that is incremental to us. And so not only do we have a great value proposition but we have a real competitive advantage in knowing our customers. 90% of the people that use Buy Now, Pay Later, we have history on. And so our loss rates remain low and stable. And today, we're live in 8 markets.

在推出 2 年後，我們是任何市場上的頂級參與者之一，1.5 億不同的貸款，順便說一句，超過 220 萬個獨特的商家。我在劇本中沒有說的是，它推動了超過 20% 的光環支出，而其中 90% 以上的支出對我們來說是增量的。因此，我們不僅擁有出色的價值主張，而且在了解客戶方面擁有真正的競爭優勢。 90% 使用“立即購買，以後付款”的人，我們都有歷史記錄。因此，我們的損失率保持低且穩定。今天，我們生活在 8 個市場。

As I mentioned when Lisa asked your question, we think that the ability to take Buy Now, Pay Later anywhere you want to shop, whether that be online or in-store, is a really exciting part of the evolution of Buy Now, Pay Later as part of being able to put a branded debit or credit card, PayPal or Venmo branded debit card into Apple Pay, we can also provision a digital Buy Now, Pay Later for somebody going in stores so they can pay in-store using one of our Buy Now, Pay Later solutions.

正如我在麗莎問你的問題時提到的那樣，我們認為在你想購物的任何地方，無論是在線還是實體店，都可以立即購買，以後付款，這是“現在購買，以後付款”發展過程中真正令人興奮的部分作為能夠將品牌借記卡或信用卡、PayPal 或 Venmo 品牌借記卡放入 Apple Pay 的一部分，我們還可以為進入商店的人提供數字“立即購買，稍後付款”，以便他們可以使用其中一種在店內付款我們的“立即購買，以後付款”解決方案。

And we are also now linking our card strategy, which is a very important part of our in-store. We are moving away from going heavy into QR and doing much more with cards. But imagine paying for something in-store and then coming back into your PayPal app and deciding, okay, I paid for that. But now I want to pay for that in 4 installments or split that payment with rewards or fiat currency.

我們現在也正在鏈接我們的卡片策略，這是我們店內非常重要的一部分。我們正在擺脫對 QR 的依賴，而更多地使用卡片。但是想像一下，在店內支付一些東西，然後回到你的 PayPal 應用程序並決定，好吧，我付了錢。但現在我想分 4 期付款，或者用獎勵或法定貨幣分攤付款。

And so we're really trying to imagine Buy Now, Pay Later as being fully omni as a capability. And we think that will unlock quite a bit for us as we look forward. Thank you, David, for that.

因此，我們真的在嘗試將“立即購買，以後付款”想像成一種完全全能的能力。我們認為，在我們期待的過程中，這將為我們帶來很多好處。謝謝你，大衛。

And I want to thank everybody for the time, for your great questions. We look forward to speaking with all of you soon. And again, thanks for your time. Take care, and bye-bye.

我要感謝大家抽出寶貴的時間，感謝你們提出的好問題。我們期待很快與大家交談。再次感謝您的寶貴時間。保重，再見。

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

今天的電話會議到此結束。您現在可以斷開連接。