PayPal Holdings Inc (PYPL) 2023 Q4 法說會逐字稿

Good afternoon. My name is Sarah, 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 Fourth Quarter 2023. (Operator Instructions)

午安.我是Sarah，今天將擔任本次電話會議的接線生。現在，我謹代表PayPal Holdings歡迎各位參加2023年第四季財報電話會議。 （接線生操作說明）

I would now like to introduce your host for today's call, Ryan Wallace, Head of Investor Relations. Please go ahead.

現在我謹介紹今天電話會議的主持人，投資者關係主管瑞安華萊士。請開始吧。

Good afternoon, and thank you for joining PayPal's Fourth Quarter 2023 Earnings Conference Call. Joining me today is Alex Chriss, our President and CEO; and Jamie Miller, CFO.

下午好，感謝各位參加PayPal 2023年第四季財報電話會議。今天與我一同出席的有我們的總裁兼執行長Alex Chriss和財務長Jamie Miller。

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

我們將提供一份幻燈片簡報以配合我們的評論。本次電話會議也將進行網路直播。簡報和會議錄音均可在我們的投資者關係網站上找到。在討論公司績效時，我們將提及一些非GAAP指標。您可以在本次電話會議的簡報中找到這些非GAAP指標與最直接可比較的GAAP指標的調節表。

Our remarks today will include forward-looking statements that are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. 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.

我們今天的演講將包含基於我們當前預期、預測和假設的前瞻性陳述，這些陳述涉及風險和不確定性。我們的實際業績可能與這些陳述有重大差異。您可以在我們向美國證券交易委員會 (SEC) 提交的最新年度報告（表格 10-K）和季度報告（表格 10-Q）中找到更多關於可能影響我們業績的風險、不確定性和其他因素的信息，這些報告可在我們的投資者關係網站上查閱。

All information in this presentation is as of today's date, we expressly disclaim any obligation to update this information. And with that, let me turn the call over to Alex.

本次簡報中的所有資訊均截至今日，我們明確聲明不承擔更新此資訊的任何義務。接下來，我會把電話交給亞歷克斯。

Thank you, Ryan, and thank you to everyone for joining us this afternoon. It's been a productive first 4 months. I'm pleased with what we've been able to accomplish in such a short period of time while delivering the solid financial results we will discuss today. More importantly, I'm excited about the foundation we're setting and the velocity at which we're executing as we enter 2024. Today, I'd like to walk you through the changes we've made to the structure of our company, including several key additions to our leadership team, give a clear road map for how we will be executing going forward and share our strategic priorities for 2024. Jamie will take you through the fourth quarter and full year results in greater detail, but the headline is that we delivered a solid quarter during the most important shopping season for our customers.

謝謝瑞恩，也謝謝各位今天下午蒞臨。過去的四個月碩果累累。在如此短的時間內取得如此成就，並達成今天我們將要討論的穩健財務業績，我感到非常滿意。更重要的是，我對我們正在奠定的基礎以及我們在邁入2024年之際的執行速度感到振奮。今天，我想向大家介紹我們對公司架構所做的調整，包括對領導團隊的幾項重要補充，並清楚闡述我們未來的發展路線圖，以及分享我們2024年的策略重點。傑米將更詳細地介紹第四季度和全年業績，但最重要的是，我們在顧客最重要的購物季實現了穩健的季度業績。

In Q4, we delivered 9% revenue growth on $410 billion in total payment volume. Transaction margin dollar performance was better than expected in the fourth quarter, and we continued strong expense discipline, reducing non-transaction-related expenses by 9% year-over-year.

第四季度，我們實現了9%的營收成長，總支付額達4,100億美元。第四季交易利潤率表現優於預期，我們持續嚴格控製成本，非交易相關支出較去年同期下降9%。

Taken together with $600 million in share repurchases in the quarter, our non-GAAP earnings per share increased 19% year-over-year. While these are solid results, we know there is still much room for improvement, and we're committed to making the necessary changes to our business and how we invest and operate to get it right. One of the key changes I talked about in our last earnings call was ensuring we have an outstanding leadership team in place. It's important to me that we have a leadership team with a broad diversity of experience, deep operational rigor and leaders with track records of success.

加上本季6億美元的股票回購，我們的非GAAP每股盈餘較去年同期成長19%。儘管業績穩健，但我們深知仍有很大的提升空間，並將致力於對業務、投資和營運方式進行必要的調整，以達到最佳狀態。我在上次財報電話會議上提到的一項關鍵變革是確保我們擁有一支卓越的領導團隊。對我而言，擁有一支經驗豐富、營運嚴謹、且業績卓著的領導團隊至關重要。

I'm thrilled with the talent that we've assembled in the last few months. With Jamie as our new CFO; Isabel Cruz, leading people in places; Michelle Gill, leading Small Business & Financial Services; Suzan Kereere, leading Global Markets; Diego Scotti, leading Consumer and Global Marketing and Communications, combined with talented leaders who have risen within PayPal, we have a world-class leadership team in place to help the organization reach its full potential.

我對我們過去幾個月匯聚的人才感到非常興奮。有了Jamie擔任新任財務長；Isabel Cruz領導各部門；Michelle Gill領導小型企業和金融服務部門；Suzan Kereere領導全球市場部門；Diego Scotti領導消費者和全球行銷與傳播部門，再加上PayPal內部湧現出的眾多優秀領導者，我們擁有了一支世界一流的領導團隊，能夠幫助公司充分發揮其潛力。

Each of these leaders chose to join PayPal because they see the tremendous opportunity we have in front of us to reshape commerce and are already driving a renewed energy within the company. Second, we've organized our teams around the customers we serve, consumers, small businesses and enterprises. This creates clear lines of accountability and will enable teams to focus on delivering the right solutions that address our customers' greatest needs. Regardless of the customer we're serving, we want to make the PayPal offering so user-friendly, so rewarding and so integrated into a customer's life that PayPal is the obvious choice. Our new structure enables that.

這些領導者選擇加入PayPal，是因為他們看到了我們面前重塑商業格局的巨大機遇，並且已經在公司內部注入了新的活力。其次，我們圍繞著服務對象——消費者、小型企業和大型企業——來組織團隊。這明確了責任劃分，使團隊能夠專注於提供滿足客戶最迫切需求的解決方案。無論服務對像是誰，我們都希望PayPal的產品/服務能夠如此便捷易用、如此物超所值，並如此深入地融入客戶的生活，使PayPal成為他們的不二之選。我們全新的組織架構正是為了實現這個目標。

Third, last week, we announced that we will reduce our global workforce by approximately 9% through both direct reductions and the elimination of open roles over the course of the year. As I mentioned in our last earnings call, our size has been slowing us down. While this was not an easy decision to make, this change is necessary to execute with the focus and speed required to drive our next chapter of growth and allow us to invest in our future. With these changes, we continue to reprioritize and invest in the innovation and delivery of products and solutions that offer the greatest impact for our customers.

第三，上週我們宣布，將透過直接裁員和取消空缺職位的方式，在年內將全球員工人數減少約9%。正如我在上次財報電話會議上提到的，公司規模過大已經拖慢了我們的發展速度。雖然做出這個決定並不容易，但為了能夠以所需的專注度和速度推進下一階段的成長，並讓我們能夠投資未來，這項調整勢在必行。透過這些調整，我們將繼續重新調整優先事項，並增加對創新和產品及解決方案的投入，從而為客戶帶來最大的價值。

The team has been very focused on building out our strategy and driving focused execution for 2024. These are the most important priorities we're focused on this year, accelerating growth in our branded checkout business, improving overall profitability, including that of our high-growth PSP services, unlocking the power of data to create more value for our customers while tapping into new sources of revenue and margin and operating more efficiently.

團隊一直非常專注於制定我們的策略，並推動2024年的重點執行。今年我們最重要的優先事項是：加速品牌結帳業務的成長，提高整體獲利能力（包括我們高成長的支付服務提供者服務），釋放資料的力量，為客戶創造更多價值，同時開拓新的收入和利潤來源，並提高營運效率。

Our first look, customer announcement 2 weeks ago was an initial demonstration of the importance of delivering compelling value propositions to consumers and merchants. As promised, we're doing a lot of things to drive change internally and externally.

兩週前，我們首次向客戶發布了產品訊息，這初步展現了為消費者和商家提供極具吸引力的價值主張的重要性。正如我們承諾的那樣，我們正在採取多項措施，從內到外推動變革。

However, nothing happens overnight. It will take time for some of our initiatives to scale and move the needle, but the initial customer reaction and merchant demand for our new innovations has been encouraging. 2024 is going to be a transition year, focused on execution to position the business for long-term success. Our clear goal is to reshape the company to accelerate profitable growth and margin expansion in the years ahead.

然而，任何事都不會一蹴可幾。我們的一些措施需要時間才能擴大規模並產生實際效果，但目前客戶和商家對我們創新產品的初步反應令人鼓舞。 2024年將是轉型之年，我們將專注於執行，為公司的長期成功奠定基礎。我們明確的目標是重塑公司，以在未來幾年加速獲利成長並擴大利潤率。

Prioritization will be key allowing us to move more quickly and with better results. Later in the call, Jamie will take you through our full year guidance. We have made strategic decisions to reinvest cost savings back into our most important initiatives. It is critical that we remain on offense and position ourselves to not only innovate but capture our share of the growth in global commerce. We want to be clear-eyed in terms of the potential near-term benefits from our initiatives, which is why our 2024 guidance includes minimal contribution from the innovations we recently announced. We want to see execution and clear results prior to embedding these initiatives into our financial outlook.

優先排序至關重要，這將使我們能夠更快地採取行動並取得更好的成果。稍後，Jamie 將向大家介紹我們的全年業績指引。我們已做出策略決策，將節省的成本重新投入最重要的專案。保持積極主動至關重要，這不僅能讓我們不斷創新，還能讓我們在全球商業成長中佔據應有的份額。我們希望對各項措施可能帶來的近期收益保持清醒的認識，因此，我們2024年的業績指引中，近期宣布的創新舉措所佔比例很小。我們希望看到這些舉措得到有效執行並取得顯著成效，然後再將其納入我們的財務展望。

As a company, we will build back a track record of delivering on our commitments. In November, I committed to being transparent with you all on how we will run the business. I want to spend a few minutes to share our operating principles and how we expect these will drive value creation over time. Our 5 operating principles are: number one, start with the customer. I believe in working customer back. We will start by defining our customers and their most critical needs. Then we will use that knowledge to inform everything we do, including investments and innovation.

作為一家公司，我們將重塑履行承諾的良好記錄。去年11月，我承諾將以透明的方式向大家介紹我們的業務營運模式。我想花幾分鐘時間分享我們的營運原則，以及我們預期這些原則將如何隨著時間的推移創造價值。我們的五項營運原則是：第一，以客戶為中心。我堅信以客戶為本。我們將首先明確客戶及其最關鍵的需求。然後，我們將運用這些知識來指導我們所做的一切，包括投資和創新。

Number two, focus on profitable growth. We will prioritize high-quality, profitable growth and driving improved transaction margin dollars through more rigor and discipline.

第二，專注於獲利成長。我們將優先考慮高品質、高獲利的成長，並透過更嚴格的流程和更自律的管理來提高交易利潤率。

Number three, drive operating leverage over time. We will combine our assets and data to develop more personalized experiences for our customers and drive efficiencies across the business to leverage our cost base.

第三，逐步提升營運槓桿。我們將整合資產和數據，為客戶打造更個人化的體驗，並提高整個業務的效率，從而優化成本結構。

Number four, set measurable goals and communicate consistently. We say what we mean and mean what we say, we will be transparent and accountable for our performance; and number five, maintain a strong balance sheet. We will be diligent in managing our resources and returning excess cash to our shareholders. These 5 principles will guide how we make decisions and will ultimately keep us accountable to deliver what we say we will do.

第四，設定可衡量的目標並保持持續溝通。我們言出必行，行事透明，並對自身績效負責；第五，保持穩健的資產負債表。我們將認真管理資源，並將盈餘現金回饋給股東。這五項原則將指導我們的決策，並最終確保我們履行承諾。

Let me now take you through what this means for how we serve our customers and what we're focused on in 2024. For enterprises, we're focused on accelerating growth in branded checkout and driving the profitable growth of our PSP services this year. Branded checkout is a critical part of PayPal's value proposition. We need to ensure we have our best checkout experience available to every consumer on every merchant every time. This will be a multiyear effort.

現在，我將為您詳細介紹這對我們服務客戶以及2024年的工作重點意味著什麼。對於企業客戶，我們今年的重點是加速品牌結帳的成長，並推動支付服務提供者 (PSP) 服務的獲利成長。品牌結帳是PayPal價值主張的關鍵組成部分。我們需要確保每位消費者在每次於任何商家購物時都能獲得最佳的結帳體驗。這將是一項需要多年努力的工作。

To start, we've redesigned our branded checkout experience, creating more simplicity and consistency with the goal of optimizing presentment, increasing speed and minimizing friction across all major checkout flows. When combined with our efforts in password-less authentication, these new flows can result in up to an additional 50% drop in latency, allowing a shopper to check out twice as fast. Improvements like this are aimed at driving a higher selection rate of PayPal and better conversion for our merchants.

首先，我們重新設計了品牌結帳體驗，使其更加簡潔一致，旨在優化展示效果，提升速度，並最大限度地減少所有主要結帳流程中的摩擦。結合我們推出的無密碼身份驗證功能，這些新流程可使延遲降低高達 50%，讓購物者結帳速度提升一倍。此類改進旨在提高 PayPal 的支付選擇率，並提升商家的轉換率。

A challenge in the past has been bringing existing merchants on to our latest integrations and experiences. This is one of the reasons why our new guest checkout experience Fastlane by PayPal is so exciting. It's truly differentiated and will provide a compelling reason for merchants to operate. With it, we can recognize up to 70% of guests visiting a merchant, reduced checkout time by up to 40% and grow the top of our branded checkout funnel. BigCommerce, one of our long-time partners has already implemented Fastlane on their platform, and the conversion of their merchants using this new solution is as high as 79%. Combining solutions like Fastlane with a full suite of PSP offerings and more targeted, personalized commerce experiences creates a powerful end-to-end suite of capabilities that drive higher sales for merchants and gives them more reason to choose PayPal.

過去，如何讓現有商家接受我們最新的整合和體驗一直是個挑戰。正因如此，我們才對全新的 PayPal 訪客結帳體驗 Fastlane 感到如此興奮。它真正與眾不同，將為商家提供強而有力的理由來選擇使用。透過 Fastlane，我們可以辨識高達 70% 的訪客，將結帳時間縮短高達 40%，並提升品牌結帳流程的轉換率。我們的長期合作夥伴 BigCommerce 已在其平台上部署了 Fastlane，使用該解決方案的商家轉換率高達 79%。將 Fastlane 等解決方案與全套支付服務供應商 (PSP) 產品以及更具針對性和個人化的商務體驗相結合，打造出一套強大的端到端功能套件，能夠有效提升商家的銷售額，並讓他們更有理由選擇 PayPal。

We're focused on driving profitable growth, including within our PSP services like Braintree. The team continues to earn market share and merchant confidence through product and performance enhancements, delivering auth rate improvements of up to 240 basis points for enterprise customers in the U.S. We're continuing to build out and seamlessly integrate additional value-added services in areas like orchestration, routing optimization, payouts and risk as a service in addition to serving as a seamless integration point for our latest branded checkout experiences, including PayPal, Venmo and Buy Now, Pay Later. We will be able to compete in the market with a best-in-class offering and price to value. In addition, we're putting greater discipline into our go-to-market and renewal processes as we focus on profitable growth. These areas take time to scale, but we're laser-focused on them and expect to make steady progress this year.

我們專注於推動獲利成長，包括Braintree等支付服務提供者(PSP)服務。團隊透過產品和效能的提升，不斷贏得市場份額和商家信任，為美國企業客戶實現了高達240個基點的授權率提升。我們正在持續建立並無縫整合更多增值服務，例如編排、路由優化、支付即服務以及風險即服務，同時作為我們最新品牌結帳體驗（包括PayPal、Venmo和「先買後付」）的無縫整合點。我們將憑藉一流的產品和極具競爭力的價格優勢在市場中脫穎而出。此外，隨著我們專注於獲利成長，我們也在加強市場推廣和續約流程的標準化。這些領域的規模化發展需要時間，但我們正全力以赴，並預計今年將取得穩步進展。

For small businesses, we're on a journey to move from a variety of standalone products to a modern platform with a comprehensive suite of solutions. What this means in 2024 is that we're focused on accelerating the adoption of PayPal Complete Payments, or PPCP, through a reinvigorated go-to-market approach for partners and developers. This full stack solution enables us to distribute our best branded checkout flow to SMBs while also competing for the approximately $750 billion addressable market of processing volumes. We've had limited penetration of SMB full stack processing to date due to the lack of a strong product, but that is now changing.

對於小型企業而言，我們正致力於從各種獨立產品過渡到擁有全面解決方案的現代化平台。這意味著在 2024 年，我們將專注於透過煥然一新的市場推廣策略，加速 PayPal Complete Payments (PPCP) 的普及，惠及合作夥伴和開發者。這個全端解決方案使我們能夠將最佳的品牌結帳流程推廣至中小企業，同時參與競爭規模約 7500 億美元的交易處理市場。先前，由於缺乏強大的產品，我們在中小企業全端支付領域的滲透率有限，但這種情況正在改變。

November and December were record-setting months for new SMB adoption of PPCP. We're seeing lower churn rates for merchants on PPCP year-over-year, but we've also seen increases in transaction volume for merchants migrating to full stack processing from our legacy products. As the year progresses, we intend to drive additional adoption through partner channels, targeted marketing and developer-friendly capabilities like low- and no-code integration paths available through our brand new developer portal.

11月和12月，中小企業採用PPCP的數量創下歷史新高。我們看到，PPCP商家的流失率年減，同時，從我們傳統產品遷移到全端支付系統的商家的交易量也有所成長。隨著時間的推移，我們計劃透過合作夥伴管道、精準行銷以及對開發者友好的功能（例如透過我們全新的開發者入口網站提供的低程式碼和無程式碼整合方案）來推動PPCP的進一步普及。

Over time, we want to better serve other important SMB needs, offering more ways to help them connect to new customers. It's also worth noting that all the checkout improvements I just discussed as part of our enterprise strategy can also benefit the tens of millions of SMBs that use PayPal. For consumers, we're focused on differentiating our value proposition, deepening existing relationships and giving shoppers more reasons to choose PayPal. PayPal already has strong consumer awareness and trust, but that is not enough to compete in today's world. Part of a person's decision to choose PayPal comes down to presentment, ease of use and speed, areas where we still have room to improve. We also want to give consumers more reasons to choose PayPal by delivering personal lines and rewarding shopping experiences that also drive higher conversion for merchants.

隨著時間的推移，我們希望能更好地滿足中小企業的其他重要需求，提供更多方式幫助他們拓展新客戶。值得一提的是，我剛才提到的所有結帳流程改進，作為我們企業策略的一部分，也能惠及數千萬使用PayPal的中小企業。對消費者而言，我們專注於差異化價值主張，深化現有關係，並提供消費者更多選擇PayPal的理由。 PayPal已經擁有很高的消費者認知度和信任度，但這在當今競爭激烈的市場中還遠遠不夠。消費者選擇PayPal的部分原因在於其介面呈現、易用性和速度，而這些方面我們仍有提升空間。此外，我們也希望透過提供個人化服務和卓越的購物體驗，為消費者提供更多選擇PayPal的理由，同時也能提升商家的轉換率。

This year, we're launching and evolving a new PayPal app to create [a situation]. We will also leverage our merchant relationships and the power of AI to make the entire shopping experience personalized for consumers while giving them control over their data. In addition, we will drive increased understanding and awareness of Why PayPal via sustained marketing efforts. Our goal is to drive quality customer growth over time as well as deeper relationships that include more frequent use and a greater range of product adoption.

今年，我們將推出並不斷完善全新的PayPal應用程序，以創造[新的局面]。我們也將充分利用與商家的合作關係以及人工智慧的力量，為消費者打造個人化的購物體驗，同時賦予他們資料控制權。此外，我們將透過持續的行銷活動，提升消費者對PayPal的了解與認知。我們的目標是隨著時間的推移，實現高品質的客戶成長，並建立更深的客戶關係，從而提高客戶使用頻率，並拓展產品應用範圍。

The new checkout and app experiences we are rolling out this year will also create an engagement loop that will drive higher awareness of the various products we offer and drive higher adoption of our portfolio over time. Let me give you 2 examples of where we have significant opportunity to drive increased adoption. In the U.S., we have over 27 million active accounts using PayPal Rewards. In the fourth quarter, rewards accounts had higher engagement and average revenue per account that was almost double that of non-rewards accounts. The average revenue per account of someone who adopts the PayPal Cashback Mastercard is about 5x higher than the average checkout-only account.

我們今年推出的全新結帳和應用程式體驗將形成一個良性循環，從而提高用戶對我們各類產品的認知度，並隨著時間的推移推動我們產品組合的普及。讓我舉兩個例子來說明我們在哪些方面擁有顯著的提升用戶採納率的機會。在美國，我們擁有超過2700萬個活躍的PayPal Rewards帳戶。在第四季度，獎勵帳戶的用戶參與度更高，平均每個帳戶的收入幾乎是非獎勵帳戶的兩倍。使用PayPal返現萬事達卡的用戶的平均帳戶收入約為僅使用結帳功能的用戶的5倍。

Today, only about 2% of active accounts have that card in their wallet. Increasing adoption of these products will not only drive a richer experience for our customers but improvement in customer engagement and lifetime value for us. Redesigning our app and creating improved frictionless onboarding paths are tangible ways that we plan to drive higher penetration of these types of products.

目前，只有約 2% 的活躍帳戶持有該卡。提高此類產品的普及率不僅能為我們的客戶帶來更豐富的體驗，還能提升客戶參與度和終身價值。我們計劃透過重新設計應用程式和創建更流暢的註冊流程，實際提高此類產品的滲透率。

We're also bringing more functionality and better experiences to Venmo this year, like the ability to connect consumers with cash back offers from small businesses in their local communities. In addition to this innovation, we're focused on driving adoption of the Venmo debit card. Venmo debit card holders are among our most engaged accounts and drive 6x the incremental revenue than that of a P2P only customer, about 6% of our active Venmo customers have a Venmo debit card today.

今年，我們也將為 Venmo 帶來更多功能和更佳體驗，例如讓消費者輕鬆獲得當地小型企業的現金回饋優惠。除了這項創新之外，我們還致力於推廣 Venmo 金融卡。 Venmo 金融卡持卡人是我們用戶活躍度最高的群體之一，他們帶來的增量收入是僅使用 P2P 轉帳用戶的 6 倍。目前，約有 6% 的活躍 Venmo 用戶持有 Venmo 金融卡。

So there is a significant opportunity there for us to focus on. Finally, this year, we will demonstrate meaningful progress towards operating more efficiently. We've already consolidated many disparate technology services into common platforms. So we have more work to unleash the power of our data in service of our customers. We're simplifying and automating manual processes and investing in tools and services needed to drive productivity and innovation velocity. This will reduce cost and complexity, improve the developer experience and give more reasons for customers to choose PayPal.

因此，這方面存在著值得我們重點關注的重要機會。今年，我們將展現出在提升營運效率方面取得的顯著進展。我們已經將許多分散的技術服務整合到通用平台中。因此，我們還有更多工作要做，以充分發揮數據的力量，更好地服務客戶。我們正在簡化和自動化人工流程，並投資於提升生產力和創新速度所需的工具和服務。這將降低成本和複雜性，改善開發者體驗，並為客戶選擇PayPal提供更多理由。

For example, we're converging to a single merchant reporting system, so that our merchants will get consistent and accurate reports, which will make a huge difference in how they run their business. Another outcome of consolidating platforms is that we will now see one view of the customer, which allows us to more effectively cross-sell the various products we offer. We will be moving at lightning speed and with the weight of the company behind each of these initiatives to deliver the best experiences possible for our customers this year.

例如，我們正在整合到一個統一的商家報告系統，以便我們的商家能夠獲得一致且準確的報告，這將極大地改善他們的業務運作方式。平台整合的另一個成果是，我們現在可以查看客戶的統一視圖，從而更有效地交叉銷售我們提供的各種產品。我們將以閃電般的速度推動這些舉措，並依靠公司強大的實力，力求在今年為客戶提供最佳體驗。

To wrap up, I am pleased with our fourth quarter results and the execution that the team delivered throughout the quarter amid an enormous amount of change. I'm excited about the year ahead and all the innovation we have in store for our customers. With that, I'll hand the call over to Jamie to take you through our results for the fourth quarter and full year.

總結起來，我對我們第四季的業績以及團隊在整個季度中克服重重變化所展現出的出色執行力感到非常滿意。我對未來一年充滿期待，也對我們為客戶準備的所有創新舉措充滿信心。接下來，我將把電話交給Jamie，由他為大家介紹我們第四季和全年的業績。

Thanks, Alex. Good afternoon. First, let me say that I'm very excited to have joined PayPal. Our new leadership team is laser-focused on our customers, and I am incredibly energized to see our team come together to deliver PayPal's full potential. Before I discuss our financial results, you'll notice several things different in our materials today. First, we've redesigned our press release in a more standardized tabular format designed to allow ease of use and better consumption of information. We have also included additional supplemental metrics in our investor presentation intended to provide greater transparency into our business. We will continue to evaluate these and other changes over time.

謝謝，Alex。午安.首先，我非常高興加入PayPal。我們新的領導團隊以客戶為中心，看到團隊齊心協力發揮PayPal的全部潛力，我感到無比振奮。在討論財務表現之前，您會注意到我們今天的資料有幾處不同。首先，我們重新設計了新聞稿，採用更標準化的表格格式，旨在方便使用和更好地理解資訊。此外，我們在投資者簡報中增加了一些補充指標，旨在提高我們業務的透明度。我們將持續評估這些以及其他方面的改進。

I'll start with a summary of our financial performance. In the fourth quarter, we reported 9% revenue growth on a spot and currency-neutral basis. For the full year, revenue grew 8% at spot and 9% on a currency-neutral basis. Transaction margin dollars were flat year-over-year in the fourth quarter and declined 1% for the full year. Non-GAAP earnings per share were $1.48 in the quarter, representing 19% year-over-year growth. Higher earnings per share in the quarter were driven by ongoing expense discipline and better-than-expected transaction margin dollars, which benefited from branded checkout, Braintree and interest on customer balances.

首先，我將概述一下我們的財務表現。第四季度，我們以即期匯率和固定匯率計算的營收均成長了9%。全年來看，以即期匯率計算的收入成長了8%，以固定匯率計算的收入成長了9%。第四季交易利潤與去年同期持平，全年則下降了1%。第四季非GAAP每股收益為1.48美元，較去年同期成長19%。第四季每股收益的成長主要得益於持續的成本控制以及超出預期的交易利潤，其中品牌結帳、Braintree平台以及客戶餘額利息的貢獻尤為顯著。

We ended the full year with $5.10 of non-GAAP earnings per share, up 24%. Our full year results benefited from lower operating expenses, the higher interest rate environment and the impact of share buybacks. Now I'll walk you through some key operating metrics that support these results. We ended the year with 426 million active accounts and 224 million monthly active accounts. Throughout last year, we indicated that we expected ongoing churn of unengaged accounts in less developed markets, predominantly in Latin America and the Asia Pacific region.

我們全年非GAAP每股收益為5.10美元，較去年同期成長24%。全年業績受惠於營運費用降低、利率環境走高、股票回購的影響。接下來，我將介紹一些支撐這些績效的關鍵營運指標。年底，我們擁有4.26億個活躍帳戶和2.24億個月活躍帳戶。去年，我們曾表示預計在欠發達市場（主要在拉丁美洲和亞太地區）會出現持續的不活躍帳戶流失。

This was the primary driver of our year-over-year reduction in total active accounts. We had modest growth in monthly active accounts, up 1% for both the quarter and the full year, and our active base of engaged counts remain stable. More than 50% of our total active accounts were monthly actives over the course of 2023. Transactions per active account, which is a trailing 12-month number, was 58.7 in the fourth quarter, up 14%. If we exclude PSP processing, which is primarily Braintree from that figure, transactions per active account grew 7%. Part of this growth rate is driven by the churn of unengaged accounts that I just mentioned, but we were also encouraged by the higher activity levels we're seeing among our core base of accounts.

這是導致我們活躍帳戶總數較去年同期下降的主要原因。每月活躍帳戶數量略有成長，季度和全年均成長1%，而活躍用戶基數保持穩定。 2023年全年，超過50%的活躍帳戶為每月活躍帳戶。過去12個月的平均每活躍帳戶交易量在第四季為58.7筆，成長14%。如果將主要由Braintree處理的支付服務提供者（PSP）排除在外，每個活躍帳戶的交易量增加7%。這一成長部分源自於我剛才提到的不活躍帳戶的流失，但我們也對核心帳戶群活躍度的提升感到鼓舞。

Page 14 in our investor presentation includes additional information on our historical trends in monthly active accounts and transactions per active account, excluding PSP processing. On volume growth in the fourth quarter, we saw total payment volume, or TPV, of $409.8 billion, representing 15% growth at spot and 13% growth on a currency-neutral basis.

我們的投資者簡報第14頁包含了更多關於我們每月活躍帳戶和每個活躍帳戶交易量（不包括支付服務提供者處理的交易）歷史趨勢的資訊。關於第四季的交易量成長，我們看到總支付金額（TPV）達到4098億美元，以即期匯率計算成長15%，以固定匯率計算成長13%。

This growth was driven primarily by Braintree as well as branded checkout and Venmo. U.S. TPV grew 11%, International TPV grew 17% on a currency-neutral basis, primarily driven by strength in Europe and improvement in Asia. For the full year, TPV was $1.5 trillion, increasing 13% at spot and 12% on a currency-neutral basis.

這一成長主要得益於 Braintree、品牌支付平台以及 Venmo 的推動。美國交易總額成長 11%，國際交易總額（以固定匯率計算）成長 17%，主要受歐洲市場強勁成長和亞洲市場改善的推動。全年交易總額達 1.5 兆美元，以即期匯率計算成長 13%，以固定匯率計算成長 12%。

PayPal's fourth quarter global branded checkout volumes grew by approximately 5% on a currency-neutral basis, bringing full year branded checkout volume growth to 6%. We have seen a solid start to the year with consistent global branded checkout growth through January. PSP processing volumes grew 29% in the quarter, driven by ongoing growth in Braintree. The team continues to make product and performance enhancements for merchants. We are also putting greater discipline into our go-to-market and renewal processes as we focus on overall profitable growth.

PayPal第四季全球品牌支付交易量以固定匯率計算成長約5%，全年品牌支付交易量成長6%。今年開局良好，截至1月份，全球品牌支付交易量持續成長。本季支付服務供應商（PSP）處理量成長29%，主要得益於Braintree業務的持續成長。團隊將繼續為商家優化產品和效能。同時，我們也更加重視市場推廣和續約流程，以實現整體獲利成長。

With respect to revenue, as I noted earlier, revenue in the fourth quarter increased 9% on a spot and currency-neutral basis to $8 billion. Transaction revenue grew 9% on a spot basis to $7.3 billion, driven by Braintree and branded checkout. In the fourth quarter, U.S. revenue grew 8%. International revenue increased 10% at spot and 12% on a currency-neutral basis, accelerating from the third quarter.

關於營收，如我先前所提到的，第四季營收以即期匯率和固定匯率計算均成長9%，達到80億美元。交易營收以即期匯率計算成長9%，達到73億美元，主要得益於Braintree及品牌結帳業務的成長。第四季度，美國營收成長8%。國際營收以即期匯率計算成長10%，以固定匯率計算成長12%，較第三季成長加速。

Similar to TPV, we saw ongoing strength in Europe and improvements in Asia. For the full year, U.S. revenue grew 9% and international revenue increased 7% at spot and 9% on a currency-neutral basis. Other value-added services revenue in the quarter grew 9% on a spot basis to $743 million. For the full year, other value-added services revenue grew 26% or by approximately $600 million. For both the quarter and the full year, this growth was driven almost entirely by increased interest income on customer stored balances.

與TPV類似，我們在歐洲市場持續保持強勁勢頭，亞洲市場也取得進步。全年來看，美國市場營收成長9%，國際市場營收以即期匯率計算成長7%，以固定匯率計算成長9%。本季其他加值服務收入以即期匯率計算成長9%，達7.43億美元。全年來看，其他增值服務收入成長26%，約6億美元。無論是本季或全年，這一成長幾乎完全得益於客戶存款餘額利息收入的增加。

Transaction take rate declined 10 basis points to 1.78% in the fourth quarter. Approximately 7 bps of this decline was driven by 2 factors: lower gains from foreign currency hedges, which are recorded as international transaction revenue and flat foreign exchange fees. In addition, mix shift with higher volumes from large merchants continued to have a slight impact on our branded checkout take rate. Transaction take rate for the full year was 1.76%, also down 10 basis points year-over-year. Transaction margin dollars were flat year-over-year in the fourth quarter compared to a 3.5% decline in the third quarter. This approximate 4 percentage point improvement was driven by a combination of the absence of merchant contractual compensation in the prior year period and by branded checkout and Braintree.

第四季交易手續費率下降10個基點至1.78%。其中約7個基點的下降主要受兩個因素影響：一是外匯對沖收益減少（計入國際交易收入），二是外匯手續費持平。此外，大型商家交易量增加所導致的交易結構變化也對品牌結帳手續費率產生了輕微影響。全年交易手續費率為1.76%，年減10個基點。第四季交易利潤率與去年同期持平，而第三季則下降了3.5%。這一約4個百分點的改善主要得益於上年同期商家合約補償的缺失以及品牌結帳和Braintree業務的成長。

The growth of interest income on customer stored balances and growth of branded checkout were the largest contributors to transaction margin dollars in the fourth quarter. This growth was offset by the absence of hedge gains compared to the prior year period as well as declines in other parts of the portfolio, including the impact of migrating and consolidating legacy PayPal payment services. Fourth quarter transaction expense as a rate of TPV came in at 97 basis points, 4 basis points higher than the same period last year. This increase was primarily driven by Braintree volume growth and was partially offset by a favorable geographic mix of PayPal volumes and rate benefits in Venmo.

第四季度，客戶帳戶餘額利息收入的成長和品牌支付的成長是交易利潤的主要貢獻者。然而，與去年同期相比，對沖收益的缺失以及投資組合其他部分（包括遷移和整合原有PayPal支付服務的影響）的下滑，抵消了上述成長。第四季交易費用佔交易總價（TPV）的比例為97個基點，比去年同期高出4個基點。這一增長主要由Braintree交易量的增長所驅動，並部分被PayPal交易量有利的地域分佈以及Venmo的費率優勢所抵消。

Full year transaction expense as a rate of TPV was 94 basis points. Transaction loss as a rate of TPV was 7 basis points for the quarter, up 1 basis point from the fourth quarter last year and 8 basis points for the full year. Credit losses were $119 million for the quarter or 3 basis points as a rate of TPV, down 32% year-over-year and 3 basis points as a rate of TPV for the full year.

全年交易費用佔總交易額的比例為94個基點。本季交易損失佔總交易金額的比例為7個基點，較去年同期上升1個基點，全年上升8個基點。本季信貸損失為1.19億美元，佔總交易額的比例為3個基點，年減32%，全年也下降3個基點。

We have taken a prudent and active approach to managing our overall credit risk, tightening originations within our PayPal business loans portfolio and externalizing our European Buy Now, Pay Later portfolio. In the fourth quarter, non-transaction-related operating expenses declined 9% as we continue to actively manage our cost structure.

我們採取了審慎且積極的方式來管理整體信貸風險，收緊了PayPal商業貸款組合的發放，並將歐洲的「先買後付」業務組合外包。第四季度，由於我們持續積極管理成本結構，非交易相關的營運支出下降了9%。

For the full year, the same expenses declined 11%.

全年來看，同樣的支出下降了 11%。

Non-GAAP operating income grew 11% in the quarter to nearly $1.9 billion and for the full year by 14% to $6.7 billion. Our non-GAAP operating margin increased 40 basis points to 23.3% in the quarter and increased 110 basis points to 22.4% for the full year due to better operating expense leverage in each period. PayPal generated $2.5 billion in free cash flow in the fourth quarter. This includes a $1.7 billion net benefit from the sale of our European Buy Now, Pay Later receivables to KKR, partly offset by the impact of new loans originated as held for sale.

本季非GAAP營業收入成長11%至近19億美元，全年成長14%至67億美元。由於各期間營運費用槓桿率的提高，本季度非GAAP營業利益率提升40個基點至23.3%，全年提升110個基點至22.4%。 PayPal第四季自由現金流為25億美元。其中包括將歐洲「先買後付」應收帳款出售給KKR所得的17億美元淨收益，部分被新增待售貸款的影響所抵銷。

Adjusting for this impact, we generated nearly $800 million in adjusted free cash flow in the quarter and $4.6 billion for the full year. Higher-than-expected changes in working capital and cash taxes had a negative impact on fourth quarter free cash flow. In the quarter, we completed more than $600 million in share repurchases, bringing full year share repurchases to approximately $5 billion. We ended the quarter with cash, cash equivalents and investments of $17.3 billion and debt of $11.3 billion.

剔除上述影響後，本季我們實現了近8億美元的調整後自由現金流，全年則為46億美元。高於預期的營運資本變動和現金稅款對第四季自由現金流產生了負面影響。本季度，我們完成了超過6億美元的股票回購，使全年股票回購總額達到約50億美元。截至本季末，我們持有的現金、現金等價物及投資總額為173億美元，負債總額為113億美元。

Before turning to our first quarter and 2024 guidance, I have 2 updates to our guidance approach to share. First, for the time being, we intend to move away from providing annual revenue guidance and instead provide guidance for the upcoming quarter. Given the considerable changes underway at the company, we believe it is prudent to guide revenue 1 quarter ahead and provide updates as the year progresses. Second, the first quarter and 2024 guidance that we're providing today excludes the impact of stock-based compensation from our non-GAAP results. This is consistent with our historical approach.

在介紹我們第一季和2024年業績指引之前，我想先分享兩個關於我們業績指引方式的更新。首先，目前我們計劃不再提供年度營收指引，而是提供下一季的業績指引。鑑於公司正在進行的重大變革，我們認為謹慎的做法是提前一個季度提供營收指引，並隨著時間的推移不斷更新。其次，我們今天提供的第一季和2024年業績指引已從非GAAP財務報表中剔除了股權激勵的影響。這與我們以往的做法一致。

Beginning in the first quarter, we will include stock-based compensation expense in our non-GAAP results. We will update our reporting and guidance accordingly at that time. Stock-based compensation is an integral part of our cost structure and one that we believe we need to manage more directly and transparently. Including stock-based compensation expense in our non-GAAP earnings, we'll introduce more accountability and discipline and will align our own performance measures to the way that many investors already evaluate our business.

從第一季開始，我們將把股權激勵費用納入非GAAP財務報表。屆時，我們將相應地更新報告和業績指引。股權激勵是我們成本結構的重要組成部分，我們認為需要對其進行更直接、更透明的管理。將股權激勵費用納入非GAAP收益，將有助於我們提高問責制和規範管理，並使我們的業績衡量標準與眾多投資者評估我們業務的方式保持一致。

In terms of our outlook for the first quarter, we expect revenue to increase approximately 6.5% at spot and 7% on a currency-neutral basis. In addition, we expect non-GAAP earnings per share in the first quarter to grow at a mid-single-digit percentage. With respect to our full year financial plan, as we have said previously, with all of the changes we are making, 2024 will be an execution year and one we're positioning the business for long-term success will be critical. For the full year, we are planning for a relatively consistent macroeconomic environment with some level of interest rate declines as we move through the year.

展望第一季，我們預期營收以即期匯率計算將成長約6.5%，以固定匯率計算將成長約7%。此外，我們預計第一季非GAAP每股收益將實現中等個位數百分比的成長。關於我們的全年財務計劃，正如我們之前所說，鑑於我們正在進行的所有變革，2024年將是執行之年，而為業務的長期成功奠定基礎至關重要。全年來看，我們預期宏觀經濟環境將保持相對穩定，利率將在年內逐步下降。

We also assume that overall consumer spending and activity levels will remain relatively consistent. We expect full year 2024 non-GAAP EPS to be roughly in line with prior year EPS of $5.10. Underpinning our outlook, we expect roughly flat transaction margin dollars. Alex discussed our innovation and product enhancements earlier. Many of these are already in pilot or launch, but will require execution throughout the year before we begin to see impact. Our guidance includes minimal impact from these initiatives. We expect a low single-digit increase in non-transaction operating expense. As Alex mentioned, we announced actions last week to reduce cost to drive continued efficiencies while at the same time, investing more in our product engineering and platform teams to drive growth.

我們也假設整體消費者支出和消費活動水準將保持相對穩定。我們預計2024年全年非GAAP每股收益將與去年每股收益5.10美元大致持平。支撐我們這項展望的是，我們預期交易利潤率將基本保持不變。 Alex之前已經討論過我們的創新和產品改進。其中許多創新和改進已經進入試點或上市階段，但需要在今年內持續進行才能開始產生影響。我們的業績指引中已考慮到這些措施的影響微乎其微。我們預計非交易營運費用將出現個位數低幅的成長。正如Alex所提到的，我們上週宣布了一系列旨在降低成本以持續提高效率的措施，同時增加對產品工程和平台團隊的投入，以推動成長。

There are 2 factors to be mindful of that will impact our other value-added services revenue. First, while we are still seeing benefit from the higher interest rate environment, we expect that this tailwind will be much less significant in 2024. Second, we continue to take an active and prudent approach to managing our credit exposure. We are carrying lower credit receivables after tightening originations last year. And for our off-balance sheet originations, we are planning for ongoing normalization and loss rates, which will impact the revenue share that we earn.

有兩個因素會影響我們的其他加值服務收入，需要特別注意。首先，雖然我們目前仍受益於較高的利率環境，但我們預期到2024年，這種利好因素的影響將顯著減弱。其次，我們將繼續採取積極審慎的信貸風險管理策略。去年收緊貸款發放後，我們的應收帳款減少。對於表外貸款，我們正在為持續的正常化和損失率調整做準備，這將影響我們的收入份額。

We expect free cash flow for 2024 to be approximately $5 billion. From a financial policy perspective, we remain committed to maintaining an investment-grade credit rating. Absent inorganic growth opportunities, we expect to continue allocating approximately 70% to 80% of our free cash flow to share buybacks.

我們預計2024年自由現金流約為50億美元。從財務政策角度來看，我們將持續致力於維持投資等級信用評等。在沒有非內生成長機會的情況下，我們預計將繼續把約70%至80%的自由現金流用於股票回購。

However, given our strong cash position as we enter the year, we are currently planning for at least $5 billion in share buybacks in 2024. That concludes my prepared remarks. I'll now hand it back over to the operator to begin Q&A.

然而，鑑於我們年初以來強勁的現金流，我們目前計劃在2024年至少回購50億美元的股票。我的發言到此結束。現在我將把發言權交還給主持人，開始問答環節。

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

（操作員說明）您的第一個問題來自摩根大通的黃天進。

Appreciate all the details here. I wanted to dig in on the outlook for transaction margin dollars to be flat. Can you just give us a little bit more, maybe high-level thoughts on the key drivers there, and maybe some of the levers that are available to you to get the transaction margin dollar growth to accelerate beyond that in 2024. I get a lot of questions about it, obviously. So I'd love to hear the puts and takes that you would underline for us.

非常感謝您提供的所有細節。我想深入了解交易利潤率持平的前景。您能否再詳細談談，例如主要驅動因素是什麼，以及您可以採取哪些措施來推動交易利潤率在2024年加速成長？顯然，我經常收到關於這方面的問題。所以我很想聽聽您的看法。

First, let me start just with recognizing how much change there is that we've gone through. You heard it in my prepared remarks, but we essentially have a brand-new executive leadership team. We've accelerated the pace of innovation. The first-look experience you saw a couple of weeks ago, really was innovation that could have taken months or years that I'm very proud of the team, accelerating and getting done in 60 days. And we are at a point now where even our mindset shift, this focus on profitable growth is something that's new for the organization, and we are grinding away every day. And so with that said, let me unpack the components of transaction margin growth.

首先，我想先強調我們經歷了多麼巨大的改變。正如我在事先準備好的演講稿中提到的，我們基本上組建了一支全新的高階主管團隊。我們加快了創新步伐。幾週前你們看到的初步成果，原本可能需要數月甚至數年才能完成的創新，我為團隊感到無比自豪，他們僅用了60天就完成了。現在，我們甚至連思維模式都發生了轉變，這種對獲利成長的關注對公司來說也是全新的，我們每天都在為此努力奮鬥。接下來，我將詳細解讀交易獲利成長的構成要素。

The way I think about it is there's 3 levers there. The first is really around the branded experience. This is a proven experience for us. It's one that we -- in some of the innovations that we put out, both for merchants that improve their experience as well as consumers with a new app that allows them to get through the experience better. That is a significant lever for us. And one that, to be honest, we've under-invested in. And if I take just specifically the mobile experience for our consumers, has been underwhelming. And it's something that with the new innovations we just rolled out, I expect for us to be able to continue to see improvement there.

我認為這裡有三個關鍵點。首先是品牌體驗。對我們來說，品牌體驗已被證明行之有效。我們推出的一些創新舉措，既提升了商家的體驗，也透過新的應用程式幫助消費者更好地完成購買流程，都體現了這一點。這對我們來說是一個重要的槓桿。坦白說，我們在這方面的投入不足。就拿消費者的行動體驗來說，一直差強人意。但隨著我們剛推出的創新舉措，我預期這方面會持續改善。

The second is around the unbranded processing. This is an area that we have invested significantly in. With Fastlane now, we have really, I believe, one of the best products in the market for our merchants. We're seeing the highest conversion rates out there, and it's something that our merchants are looking for and looking to adopt. We also are looking to move into new areas for growth that have higher margin opportunities such as international and small business. And it allows us to actually have different conversations with our customers and really price to value the product. And the third is really what I'd consider a bucket of value-added services.

第二點是關於無品牌支付處理。我們在這個領域投入了大量資金。有了 Fastlane，我相信我們為商家提供了市場上最好的產品之一。我們看到了最高的轉換率，而且我們的商家也正在尋找並希望採用這項服務。我們也尋求拓展利潤更高的新成長領域，例如國際市場和小型企業市場。這使我們能夠與客戶進行更深入的溝通，並真正根據產品的價值進行定價。第三點，我稱之為一系列加值服務。

This is a combination of improving our flows with our consumers to ensure that we're attaching the products that we need to whether it's Buy Now, Pay Later or our Cashback Mastercard, these are flows that we've not optimized and were underperforming when it comes to really attach.

這是透過改善我們與消費者的互動流程，確保我們將所需的產品與「立即購買，稍後付款」或「返現萬事達卡」等方式相結合來實現的。這些流程我們尚未優化，在真正實現產品附加方面表現不佳。

And then some of the new offerings that we rolled out, you saw our advanced offerings platform as well as smart receipts. These are all ways that we can monetize and improve the connection between our merchants and consumers. So that's different ways that I think about the components.

此外，我們也推出了一些新產品，例如我們先進的產品平台和智慧收據。這些都是我們實現獲利並改善商家與消費者之間聯繫的方式。以上就是我對這些組成部分的不同思考。

Yes. And Tien-Tsin, I'll jump in on the '24 specific puts and takes on transaction margin dollars. And first, you heard us both say earlier that on the initiatives that Alex has been talking about, we have included limited impact on that in our guidance. But if I pull back, really, we're viewing largely steady trends to what you saw last year, maybe in slightly different proportions. So Branded Checkout being a healthy contributor to growth, improvement in our PSP margin profile. We expect some benefit in our interest income on customer balances, but really, that should be much smaller than what we saw last year. And we do expect some headwinds to our credit revenue, which as I think, as I mentioned in the script on the call, with loss rate normalization happening to pre-pandemic levels and that trend is starting to work.

是的。田進，我來補充一下關於2024年交易保證金的具體看法。首先，正如我們之前提到的，Alex所提到的那些舉措，我們在績效指引中只考慮了其影響有限。但如果我再詳細說，我們預期整體趨勢與去年基本持平，可能只是比例略有不同。品牌結帳業務對成長貢獻良好，支付服務提供者（PSP）的利潤率也有所改善。我們預期客戶餘額的利息收入會有所成長，但實際上，增幅應該遠低於去年。我們預期信貸收入會面臨一些阻力，正如我在電話會議的發言稿中提到的，隨著損失率逐漸恢復到疫情前的水平，這一趨勢正在開始發揮作用。

We'll just see lower rev share from our partnerships in that space. And then offsetting that, we really see also that some of our smaller product lines in the aggregate will be a drag on TM. This will be to a much lower extent than last year. But in areas where we do platform consolidation, there are times we deprecate products to really push customers to new platforms.

我們預計該領域合作夥伴關係帶來的收入份額會下降。此外，一些規模較小的產品線整體上也會拖累TM的業績。不過，這種情況的程度會比去年小得多。但在我們進行平台整合的領域，有時我們會淘汰一些產品，以真正推動客戶遷移到新平台。

Good example of that is PPCP, we do see some drop-off. And we've got a few other products that, as you know, we have not invested as heavily as perhaps we should have in the last couple of years. And as we work our way through that, there'll be some offset there.

個人護理用品和藥品（PPCP）就是一個很好的例子，我們確實看到銷售量下降。而且，正如您所知，過去幾年我們對其他一些產品的投入可能還不夠。隨著我們逐步解決這些問題，銷售下降的影響會得到一定程度的抵銷。

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

你的下一個問題來自美國銀行的傑森·庫柏伯格。

I wanted to hone in on branded TPV growth a bit. I think it slowed by 1 point in the fourth quarter to 5%. Was hoping you could maybe take us through some of the monthly intra-quarter trends there, any market share observations you might have had from holiday season. And then just some general comments on what you're planning for on branded TPV growth in the first quarter and full year '24?

我想重點談談品牌付費影片 (TPV) 的成長情況。我認為第四季增速放緩了 1 個百分點，至 5%。希望您能介紹一下季度內各月的趨勢，以及您在假期季節觀察到的市場佔有率。另外，能否就您 2024 年第一季和全年品牌付費影片 (TPV) 的成長計畫談談您的看法？

Thanks, Jason. Let me set the context and I'll see if Jamie wants to pile on. Our branded checkout performance was 6% for the year. It's been pretty consistent. And for what we're looking going into next year, we're expecting it to be consistent as well. And as we've talked about, that doesn't include or includes minimal aspects of the new innovations that we put out there.

謝謝，傑森。我先交代背景，看看傑米是否想補充。我們品牌結帳的業績今年成長了6%，一直相當穩定。展望明年，我們預期業績也會保持穩定。正如我們之前討論過的，這還不包括我們推出的一些創新舉措，或者說只包含了其中的一小部分。

Let me talk about just some of the levers when it comes to the new innovations or ways that I think about accelerating branded checkout because this obviously is going to be a big focus for the organization. The first is we really have to improve the value proposition for our consumers. This is why you see us leaning into rewards, ensuring that we've got an improved experience that reduces latency and really leaning in on mobile as well so that our consumers have a better branded checkout experience.

讓我談談一些關於如何加速品牌結帳流程的創新舉措，因為這顯然是公司工作的重點。首先，我們必須實際提升消費者的價值主張。因此，我們大力發展獎勵機制，確保提供更流暢的體驗，降低延遲，並大力推進行動端，進而為消費者帶來更優質的品牌結帳體驗。

Second, the acceleration of Fastlane when it comes to our merchants not only improves the unbranded opportunity where we can see 70% of the customers that come through the Fastlane experience, but allows us to have a second engagement with our customers and bring them back into a branded experience at a later date, show them all the different reasons why they should be using PayPal or getting a reward back for a purchase that they made.

其次，Fastlane 加速了我們商家的體驗，不僅提高了非品牌機會（我們可以看到 70% 透過 Fastlane 體驗而來的客戶），而且還使我們能夠與客戶進行第二次互動，並在稍後將他們帶回品牌體驗中，向他們展示他們應該使用 PayPal 或獲得購物獎勵的各種理由。

So I think these, again, are just a couple of examples of innovations that we're leaning into now that allow us to really focus on that branded experience.

所以我覺得，這些只是我們目前正在大力推進的創新舉措中的幾個例子，這些舉措使我們能夠真正專注於品牌體驗。

Your next question comes from the line of Darrin Peller with Wolfe Research.

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

Alex, Jamie, just to follow up a bit on some of this train of thought. I mean I know you're mentioning you're not incorporating these new initiatives in your transaction profit growth thoughts for this year. But when we think about some of these -- I mean most of these to your point, Alex, are going to be beneficial to gross profit growth. And so I guess we'd love to hear a little bit more around what you'd measure us, how you would measure success, whether it's the PPCP initiatives or unbranded as well as the branded checkout experience, what KPI should we look for? And I guess a little bit more on timing. If not this year, when do you want investors to expect some traction in actual gross profit re-acceleration?

Alex，Jamie，我想就剛才的一些想法再補充一點。我知道你們提到今年沒有將這些新措施納入交易利潤成長的預期。但當我們思考這些舉措時——我的意思是，正如Alex所說，其中大部分舉措都將有利於毛利成長。所以，我們很想了解你們將如何衡量這些舉措，如何衡量成功，無論是PPCP舉措，還是非品牌和品牌結帳體驗，我們應該關注哪些KPI？另外，我想再談談時間安排。如果今年不行，你們希望投資人何時能看到毛利實際加速成長的跡象？

Yes. Well, thank you, Darrin. And look, let me be clear. We are not putting in the expectations into the guidance until we see execution. We just think it's prudent for us to put points on the board before we put it into the guidance. That said, the teams are grinding on this every single day. We are having conversations with our merchants and introducing them. As I mentioned on the call, the reaction has been quite encouraging from the innovations. There is demand in the market, and we are starting right now. And I will tell you, the conversations that we're having now that we're focused on both innovations that are driving demand as well as improvements for these merchants are different than we've had in the past. So I just want you to know, we are working now on this, and we will update you as we start to see points on the board and adjust our guidance as needed.

是的。謝謝你，達林。還有，我要說明一點。在看到實際執行情況之前，我們不會把預期結果寫入業績指引。我們認為，在正式發布業績指引之前，先把要點列出來是明智之舉。話雖如此，我們的團隊每天都在為此努力。我們正在與商家溝通並向他們介紹這些創新。正如我在電話會議上提到的，這些創新帶來的迴響非常令人鼓舞。市場需求旺盛，我們現在正著手實施。我可以告訴大家，我們現在討論的內容與以往不同，因為我們既關注推動需求的創新，也關注如何改善這些商家的體驗。所以，我想讓大家知道，我們正在努力推進這項工作，一旦看到一些進展，我們會及時向大家匯報，並根據需要調整業績指引。

Secondly, back to your first question around how I think about this. Look, the thing I want you to take away from all of this innovation that we rolled out in first look is this is really changing the way we engage with our customers and our merchants. We are now creating experiences across the entire customer life cycle, not just at checkout. So we are driving not only a checkout improvement, the 50% improvement in latency being able to improve Fastlane, but now we're starting to see a customer value proposition with CashPass, giving rewards back to our customers so that they have a reason to choose PayPal at every purchase. We're improving the onboarding and the reboarding as they come back into the app and start to now attach our Mastercard or debit experiences or Buy Now, Pay Later. We're improving the post-purchase experience where we now have smart receipts or package tracking so that we can improve the engagement between our merchants and our consumers, and we now have an ongoing active use engagement.

其次，回到你第一個問題，關於我對這件事的看法。我想讓你記住的是，我們在首次展示中推出的所有創新正在真正改變我們與客戶和商家互動的方式。我們現在正在打造貫穿整個客戶生命週期的體驗，而不僅僅是在結帳環節。因此，我們不僅在改善結帳流程（例如，延遲降低 50%，從而提升了 Fastlane 的效率），而且現在我們還開始透過 CashPass 為客戶創造價值，透過獎勵回饋客戶，讓他們每次購物都有理由選擇 PayPal。我們正在改進新用戶註冊和重新註冊流程，讓他們在返回應用程式時體驗我們的萬事達卡、金融卡或「先買後付」服務。我們也在改善售後體驗，例如提供智慧收據和包裹追蹤功能，從而增強商家和消費者之間的互動，並提高用戶持續活躍使用率。

And then we're leaning into demand generation and actually solving the biggest challenge that our merchants have, which is finding new customers as we think about our Advanced Offers Platform or creating shopper insights so that our merchants can start to engage and personalize their experience through our data and through the AI that we can lean through. So the way I think about it is we are looking at the entire end-to-end experience, and we'll measure our success through the metrics that you have. It's going to turn into what does transaction margin look like? What are -- what does active use look like from our ongoing users? So that's how we think about it.

然後，我們正著力於需求創造，並著力解決商家面臨的最大挑戰──尋找新客戶。我們正在考慮推出高級優惠平台，或創建消費者洞察，以便商家能夠透過我們的數據和人工智慧技術，與客戶互動並打造個人化體驗。因此，我認為我們應該專注於完整的端到端體驗，並透過您提供的指標來衡量我們的成功。例如，交易利潤率如何？現有用戶的活躍使用情況如何？這就是我們的思考方式。

Your next question comes from the line of Michael Ng with Goldman Sachs.

你的下一個問題來自高盛的吳恩達（Michael Ng）第一線員工。

I wanted to ask a question about PayPal's commitment to durable, high-quality profitable growth. How does that impact the pricing strategy in Braintree? What unprofitable is the system products will PayPal deemphasize? And how does that tie into your 2024 non-transaction OpEx outlook of flat?

我想問一個關於PayPal致力於實現永續、高品質獲利成長的問題。這會對Braintree的定價策略產生什麼影響？ PayPal會減少哪些不獲利的系統產品？這又如何與你們2024年非交易營運支出持平的預期相符？

Great. Thanks, Mike. Let me talk about Braintree and then I'll have Jamie talk about potentially some of the other products and businesses. So let me take you back. Braintree, if you go back a few years ago, was really trying to establish itself in the market. It hasn't delivered at scale, and there were gaps in the product. We've invested heavily in the product and have really focused on some of the largest U.S. enterprise customers, which now have proven the scale while we've gotten the product to parity. Then you look at what we just rolled out with innovations like Fastlane, I think we've now leapfrogged the competition.

太好了，謝謝，Mike。我先說說Braintree，然後Jamie可能會介紹一下其他產品和業務。我們先回顧一下。幾年前，Braintree還在努力站穩腳步。當時它還沒有達到規模化，產品也存在一些缺陷。我們對產品進行了大量投資，並重點關注了一些美國最大的企業客戶，這些客戶已經證明了我們的規模優勢，同時我們也使產品達到了應有的水平。再看看我們最近推出的Fastlane等創新產品，我認為我們現在已經超越了競爭對手。

So what does that allow us to do? It allows us to be the one-stop shop for merchants, it allows us to provide a best-in-class experience on auth rates and give them the ability to have not only the best processing and unbranded, but also package that with PayPal and with all the other ways that customers want to pay, including Buy Now, Pay Later.

那麼，這能讓我們做些什麼呢？這讓我們能夠成為商家的一站式服務平台，提供一流的授權費率體驗，並讓他們不僅能獲得最佳的無品牌支付處理服務，還能將其與 PayPal 以及客戶想要的所有其他支付方式（包括「先買後付」）打包在一起。

We now are shifting towards being able to have a price-to-value conversation with our merchants and being able to really start to think about how will we ramp up go to market for not only Braintree, but also PPCP.

我們現在正朝著能夠與商家進行價格價值對話的方向發展，並真正開始思考我們將如何擴大 Braintree 以及 PPCP 的市場推廣規模。

We also are now moving into markets that have higher margins. So international and small business with both Braintree and PPCP allow us to now, again, price to value and have different conversations. So that is how we think about it. We're not focused on unprofitable growth when it comes to Braintree. We think we now have the product in market to be able to compete effectively and win.

我們現在也正在進軍利潤率更高的市場。因此，Braintree 和 PPCP 的國際市場和小型企業客戶讓我們能夠再次根據價值定價，並展開不同的對話。這就是我們的思路。對於 Braintree，我們並不專注於無利可圖的成長。我們認為，我們現在的產品已經具備了有效競爭並贏得市場的能力。

Yes. And Mike, on the other part of your question, I guess what I'd say is we are just doing too many things. And our biggest opportunity is that we have to make decisions to stop things and to really focus and that gets into market competitiveness. It gets into pricing, it gets into really leaning into market opportunity and really stopping doing things that prevent us from doing the right thing in those spaces. So we are knee deep in that right now. And so when we talk about a year of transformation and execution, that's exactly what we're talking about.

是的。麥克，關於你問題的另一部分，我想說的是，我們做的事情太多了。我們最大的機會在於，我們必須做出決定，停止一些事情，真正專注於核心業務，這涉及市場競爭力、定價，以及真正掌握市場機遇，並停止那些阻礙我們在這些領域做出正確決策的事情。所以我們現在正深陷其中。因此，當我們談到轉型和執行的一年時，我們指的正是這個。

Your next question comes from the line of Ramsey El-Assal with Barclays.

你的下一個問題來自拉姆齊·埃爾-阿薩爾在巴克萊銀行的職位。

I wanted to ask about how much leeway or opportunity you have to continue kind of taking out expenses while simultaneously executing on the growth strategy? How are you thinking about striking that balance sort of cost control versus growth? And I guess, how confident are you that you have room to do both?

我想問一下，在執行成長策略的同時，您還有多少空間或機會繼續削減開支？您是如何考慮在成本控制和成長之間取得平衡的？還有，您對能夠兼顧這兩方面有多大信心？

Yes, I would say that is definitely an and, not an or. And that's exactly what we're doing with the workforce announcements we made a week ago and really taking that and putting that back into product into engineering and into marketing, we have got to invest deeply to grow this place. And it's really important for us to just set the company up for the future. And to do that, the innovation muscle, the commercial muscle means that rightsizing our expense levels isn't going to be something that we -- that is a won and done.

是的，我認為這絕對是“兩者兼顧”，而不是“二者擇一”。這正是我們一週前宣布的人員配置計畫的初衷，我們將把這些資金真正投入到產品、工程和行銷中，我們必須大力投資才能成長。對我們來說，為公司的未來做好準備至關重要。而要做到這一點，我們需要強大的創新能力和商業實力，這意味著調整支出水準並非一勞永逸的事情。

We know we have significant opportunity to continue to be more efficient, be that through automation, be that through driving deeper productivity. And as we harvest that, that just gives us more levers to invest that are -- the right things for our profile as we go forward.

我們深知自身擁有龐大的提升效率的空間，無論是透過自動化，或是透過更深入地提高生產力。而當我們充分利用這些優勢時，就能獲得更多投資管道，以便更能實現我們未來的發展目標。

Your next question comes from the line of James Faucette with Morgan Stanley.

你的下一個問題來自摩根士丹利的詹姆斯‧福塞特。

James, a quick clarification and I have a question for Alex. But you said that starting from the first quarter, you'll be including stock-based compensation in your non-GAAP rather than excluding it. So does that mean that if we just imagine that we fast forward a few months, that the non-GAAP earnings would be reduced by roughly that $1.8 billion. Just looking for a little bit of clarification there.

James，我有個問題想請教一下，另外還有一個問題想問Alex。你說過從第一季開始，你們會將股票選擇權激勵納入非GAAP財務報表，而不是將其排除在外。那麼，如果我們假設幾個月後的情況，非GAAP收益是否會減少約18億美元？我只是想確認一下。

And then, Alex, you made an interesting comment in terms of like feeling things are too big organizationally. But I'm wondering how you're feeling about the tech stack right now and the level of integration and where we're at from that perspective in terms of your ability to drive the kinds of improvements and perhaps add functionality to improve the customer experience.

然後，Alex，你剛才提到組織架構太龐大，這很有趣。但我很想知道你對目前的技術堆疊和整合程度有何看法，以及從你的角度來看，我們目前處於什麼階段，你能否推動改進，並可能增加功能來提升客戶體驗。

Yes, James, on your first question, you have it exactly right. So beginning in the first quarter, we'll start including stock-based compensation expense in our non-GAAP and closer to that time, we'll do the look back where we'll provide the retrospective data so that we've got everything on a comparable basis. But yes, you're thinking about that right.

是的，詹姆斯，關於你的第一個問題，你完全正確。從第一季開始，我們會將股權激勵費用計入非GAAP財務報表，臨近該時間點時，我們會進行回顧性分析，提供追溯數據，以便所有數據都能進行比較。是的，你的想法是對的。

And then, James, on your question around the tech stack. Look, I'll be transparent. The company has gone through significant growth over the last few years and a lot of acquisitions. We have not invested enough in creating a single platform. That again slows us down when it comes to innovation, and it slows us down when it comes to being able to leverage the data across the ecosystem. We are investing heavily in that now and starting to see real improvement.

詹姆斯，關於你提出的技術堆疊問題。坦白說，公司在過去幾年經歷了顯著成長，也進行了許多收購。但我們在建立單一平台方面投入不足。這拖慢了我們的創新速度，也阻礙了我們在整個生態系統中有效利用數據。我們現在正在大力投資，並且已經開始看到實際的改善。

I mentioned a couple of things on the call, but really being able to put out a reporting system that now sees across the entire ecosystem, being able to see a single view of the customer so that now we can provide innovations to customers but also actually be able to cross-sell and be able to say, "hey, this is a customer that has this risk profile and should be in these 2 or 3 different products", is a huge win for us as we start to consolidate. It also just accelerates our engineering velocity, being able to have a services-based engineering team that can build once and deploy across the entire ecosystem is the direction that we're heading in. And so you started to see that. We -- even the innovations that we just put out over the last couple of weeks weren't really possible without us being investing heavily in the platform. But I also would say we have a ways to go. And so it's a primary focus for me and the organization and will drive velocity and efficiency.

我在電話會議上提到了一些事情，但真正重要的是，我們能夠推出一個覆蓋整個生態系統的報告系統，能夠看到客戶的單一視圖，這樣我們不僅可以為客戶提供創新產品，還可以進行交叉銷售，並能夠說：“嘿，這位客戶的風險狀況是這樣的，他應該使用這兩到三種不同的產品”，這對於我們開始整合業務來說是一項巨大的勝利。它還能加快我們的工程開發速度，擁有一個基於服務的工程團隊，可以一次構建，即可部署到整個生態系統，這正是我們努力的方向。所以你們已經開始看到了這一點。即使是我們在過去幾週推出的創新產品，如果沒有我們對平台的大量投資，也是不可能的。但我也要說，我們還有很長的路要走。因此，這是我和整個組織的首要任務，它將推動速度和效率的提升。

Your next question comes from the line of David Togut with Evercore ISI.

你的下一個問題來自 Evercore ISI 的 David Togut。

A major regulatory change in payments just went through in Europe with Apple opening up its iOS and NFC chip for physical point-of-sale payments. What opportunity does this present to PayPal?

歐洲支付領域近期迎來重大監管變革，蘋果公司開放了其iOS和NFC晶片，用於實體POS機支付。這對PayPal來說意味著什麼機會？

Yes. Thanks for the question, David. We are tracking this closely. Apple is a great partner of ours. And our customers that love PayPal on the online e-commerce side are demanding -- being able to have an omnichannel and off-line solution as well. So we'll be working closely on this. And when it is available, we will be ready to be able to deliver for our customers, both online and off-line.

是的，謝謝你的提問，David。我們正在密切關注此事。蘋果是我們的重要夥伴。我們喜愛使用PayPal進行線上電商交易的客戶也希望能夠獲得全通路和離線解決方案。因此，我們將全力以赴。一旦方案上線，我們將做好準備，為線上和線下客戶提供服務。

Your next question comes from the line of Sanjay Sakhrani with KBW.

你的下一個問題來自 Sanjay Sakhrani 與 KBW 的對話。

Alex, one more on the initiatives. I'm just trying to think through the prioritization of these additional investments you'll be making. Of those 6 initiatives, which do you think will sort of yield the returns quickest? And maybe a little bit more on timing of them, maybe not 2024, but how early?

Alex，關於這些舉措，我還有一個問題。我正在思考你將要進行的這些額外投資的優先順序。在這六項舉措中，你認為哪一項能最快產生回報？還有，關於這些措施的時間安排，也許不是2024年，但最早可以提前多久？

And then, Jamie, just a quick question on the interest rates. I think you mentioned, you don't expect it to have a big impact or as big an impact in 2024, but is there an explicit rate forecast you have? Like do you have lower rates in 2024?

傑米，關於利率，我還有一個問題。我想你之前提到過，你預期利率在2024年不會產生太大影響，或是影響不會像現在這麼大，但你有沒有具體的利率預測？例如，你認為2024年的利率會更低嗎？

So all of the innovations are incredibly exciting for us, but let me be specific on your question. The two that I am closely watching and our teams are executing on immediately is really a focus on the branded experience. This is both for the combination of merchants and consumers, easing that experience for a customer to choose PayPal, have a reward that comes back to them, ensure that they're able to get through the experience with velocity and check out every time with PayPal, is a huge focus for us, and that's where we are driving a new app experience. And again, all of these innovations will be coming out over the next couple of weeks to months.

所有這些創新都讓我們感到無比興奮，但我想具體回答您的問題。我目前密切關注的兩項創新，也是我們團隊正在立即著手實施的，都著重於提升品牌體驗。這包括商家和消費者兩方面，旨在簡化客戶選擇PayPal的體驗，讓他們獲得獎勵，確保他們能夠快速完成交易，並每次都使用PayPal結帳。這是我們工作的重中之重，也是我們正在打造全新應用程式體驗的重點。再次強調，所有這些創新都將在未來幾週到幾個月內陸續推出。

Then we have to drive adoption. So that is having conversations with merchants, ensuring that they're upgrading to our latest innovations, that's ensuring that we make it easy for them as well. So that's why you've seen us launch a new developer portal. We're creating no-code, low-code experiences so developers can take the demand that they've shown because they have a best-in-class experience now and get it into market. So step one is I'm very focused on that branded experience.

接下來，我們需要推動用戶採納。這包括與商家溝通，確保他們升級到我們最新的創新產品，並確保我們為他們提供便利的使用體驗。因此，您會看到我們推出了全新的開發者入口網站。我們正在打造無程式碼、低程式碼體驗，以便開發者能夠將他們目前所展現的卓越體驗轉化為市場需求。所以，第一步，我非常注重品牌體驗。

The second one is on the unbranded side, which is ensuring that Fastlane gets rolled out. That, to me, starts to create an interesting network effect of us being able to have not only a branded experience, but for them, those consumers that pass a branded experience, whether it's ours or anyone else's and want to just go through a guest checkout flow, we're able to identify them, we're able to help them and our merchants complete the transaction. And then we're able to have a follow-up conversation with that customer as well because they've gone through our Fastlane experience. So those 2 to me, we need to get rolled out, we need to get points on the board and show that it's driving, but driving outcomes, but that is where I'm most focused on right now.

第二個重點是非品牌方面，也就是確保 Fastlane 的順利推出。在我看來，這將產生一種有趣的網路效應：我們不僅能夠提供品牌體驗，而且對於那些體驗過我們或其他品牌的品牌服務，並希望使用訪客結帳流程的消費者，我們能夠識別他們，幫助他們和我們的商家完成交易。之後，我們也能與體驗過 Fastlane 的顧客進行後續溝通。所以，我認為這兩項工作都需要盡快推出，我們需要取得成效，證明它能帶來實際的成果，而這正是我目前最關注的。

Yes. And Sanjay, on the interest rate question, we do expect that the interest income on customer balances will have a strong growth this year, but really it will be more first half-focused. The second half, we do expect a series of rate cuts that is assumed in our macroeconomic scenario that underpins our guide, and that's why the second half should be much lighter on that front.

是的。桑傑，關於利率問題，我們預計今年客戶餘額的利息收入將強勁增長，但這種增長主要集中在上半年。下半年，我們預期會有一些降息措施出台，這是我們宏觀經濟預測的假設，也是我們業績指引的基礎，因此下半年的利率成長應該會比較溫和。

That is all the time we have for questions. I will turn it to Alex Chriss for closing remarks.

提問時間到此結束。接下來請亞歷克斯·克里斯作總結發言。

Fantastic. Thank you, Sarah, and thank you all for joining us today. I want to reemphasize that 2024 is going to be a transition year focused on execution to position our business for long-term success. I'm excited with where we're positioned in the market, and I know that there is a real opportunity to grow our role in commerce. We're driving the foundational and transformative changes that will set the company up for the future. Thank you.

太棒了！謝謝莎拉，也謝謝各位今天蒞臨。我想再次強調，2024年將是轉型之年，我們將專注於執行，為公司的長期成功奠定基礎。我對我們目前的市場地位感到興奮，我知道我們在商業領域擁有巨大的發展潛力。我們正在推動基礎性的變革，這將為公司的未來發展奠定堅實的基礎。謝謝！

Thank you. This concludes today's conference call. We thank you for joining. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝各位的參與。您可以掛斷電話了。