(PYPL) 2024 Q1 法說會逐字稿

Good morning. 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 First Quarter 2024. (Operator Instructions)

早安.我叫莎拉，今天我將擔任你們的會議操作員。在此，我歡迎大家參加 PayPal Holdings 2024 年第一季收益電話會議。

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

現在我想介紹一下今天電話會議的主持人，投資者關係主管 Ryan Wallace。請繼續。

Good morning. Thank you for joining PayPal's First Quarter 2024 Earnings Conference Call. Joining me today is Alex Chriss, our President and CEO; and Jamie Miller, our CFO.

早安.感謝您參加 PayPal 2024 年第一季財報電話會議。今天加入我的是我們的總裁兼執行長 Alex Chriss；以及我們的財務長傑米·米勒 (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.

我們將提供幻燈片演示來配合我們的評論。這次電話會議也進行了網路直播。演示和電話會議均可在我們的投資者關係網站上查看。

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.

在討論我們公司的表現時，我們將參考一些非公認會計準則衡量標準。您可以在本次電話會議隨附的簡報中找到這些非 GAAP 衡量標準與最直接可比較的 GAAP 衡量標準的對帳。

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

我們今天的言論將包括基於我們當前的預期、預測和假設並涉及風險和不確定性的前瞻性陳述。我們的實際結果可能與這些陳述有重大差異。您可以在我們向 SEC 提交並在我們的網站上提供的最新 10-K 表年度報告和 10-Q 表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資​​訊。本簡報中的所有資訊均為截至今天的資訊。我們明確不承擔更新此資訊的義務。

And with that, let me turn the call over to Alex.

接下來，讓我把電話轉給亞歷克斯。

Thank you, Ryan, and thank you to everyone for joining us this morning. This quarter, we delivered a solid set of results, and the year is off to a good start. Our new leadership team is operating well together, and we are really starting to get our arms around the business. You will see in our numbers and the read-through that our efforts are beginning to make a difference. We also see substantial need for continued retooling of the company, how we work with our customers and how we execute. We are encouraged by the progress to date but remain realistic that we still have a lot of work to do and a lot of opportunity to drive profitable growth ahead of us.

謝謝你，瑞安，也謝謝大家今天早上加入我們。本季度，我們取得了一系列紮實的業績，為今年開了個好頭。我們的新領導團隊運作良好，我們真正開始全力開展業務。您將在我們的數據和通讀中看到我們的努力正在開始產生影響。我們也看到公司持續重組、與客戶合作的方式以及執行方式的巨大需求。我們對迄今為止所取得的進展感到鼓舞，但我們仍然保持現實，我們仍然有很多工作要做，並且有很多機會來推動我們的獲利成長。

What we said at the start of the year still holds. This is a transition year where we are focused on execution and making critical choices that will set the business up for long-term success. We have a plan that will return this company to where it needs to be and remain focused on execution to get there. We see clear opportunities for operational improvements across our large enterprise, small business and consumer businesses, including Venmo, and in driving more efficiency across the organization. But it will take time to prudently drive a meaningful and sustainable transformation.

我們在年初所說的話仍然有效。今年是過渡的一年，我們專注於執行和做出關鍵選擇，為業務取得長期成功奠定基礎。我們有一個計劃，將使這家公司回到它需要的位置，並繼續專注於執行以實現這一目標。我們看到了包括 Venmo 在內的大型企業、小型企業和消費者業務改進營運以及提高整個組織效率的明顯機會。但謹慎推動有意義且可持續的轉型需要時間。

In the first quarter, we delivered 10% revenue growth on a currency-neutral basis on $404 billion in total payment volume. Transaction margin dollar performance grew 4%, which was better than expected, thanks in part to actions we took. Our non-GAAP earnings per share increased 27% year-over-year.

第一季度，在不考慮貨幣因素的情況下，我們的營收成長了 10%，支付總額達到 4,040 億美元。交易保證金美元表現成長了 4%，好於預期，部分歸功於我們採取的行動。我們的非 GAAP 每股盈餘年增 27%。

Our results are stronger than we expected earlier in the year, and they require some unpacking to put them in the context of the full year. What I want you to understand is what we are focused on, namely, making surgical changes to the way we are running the company. Some of these will have an immediate impact and others will take longer to bear fruit. As such, we need to maintain flexibility throughout this year to make important decisions to drive the long-term growth of the business. This includes decisions about where we prioritize and reinvest, how we go to market and actions that can be taken to sharpen our value proposition for consumers and merchants.

我們的業績強於今年早些時候的預期，需要進行一些分析才能將其放在全年的背景下。我想讓您了解的是我們的重點是什麼，也就是對我們經營公司的方式進行徹底的改變。其中一些將產生即時的效果，而另一些則需要更長的時間才能見效。因此，我們今年需要保持靈活性，做出重要決策，推動業務的長期成長。這包括我們優先考慮和再投資的領域、我們如何進入市場以及可以採取哪些行動來增強我們對消費者和商家的價值主張的決策。

With that in mind, we do now expect full year EPS to grow mid- to high single digits, which is partially driven by our better-than-expected start to the year. Jamie will take you through our Q1 results, contours of the year and updated guidance in just a few moments. Let me first spend some time providing an update on our execution against our customer strategies and investment priorities and detail progress on our efforts to operate more efficiently.

考慮到這一點，我們現在預計全年每股收益將實現中高個位數成長，部分原因是我們的年初好於預期。傑米將在幾分鐘內向您介紹我們的第一季業績、今年的概況和更新的指導。首先讓我花一些時間介紹我們根據客戶策略和投資優先事項執行的最新情況，並詳細介紹我們為提高營運效率所做的努力的進展。

Turning to our 3 customer groups. We continue to make steady progress on strengthening our strategic positioning and product portfolio. For large enterprises, we continue to focus on accelerating growth in branded checkout and driving the profitability of our business.

轉向我們的 3 個客戶群。我們在加強策略定位和產品組合方面繼續穩步取得進展。對於大型企業，我們繼續專注於加速品牌結帳的成長並提高業務的獲利能力。

We are executing to get upgrades to our core branded checkout experiences to the market. We continue to make good progress in our early testing of Fastlane by PayPal with a focused group of merchants. And data from those alpha merchants show that returning Fastlane users are converting at nearly 80%. We are just getting started and already creating a low double-digit lift in guest checkout conversion for participating merchants. The results so far are encouraging as incremental conversion improves our merchants' growth and profits. Demand for this product is promising, and we expect to make Fastlane generally available in the U.S. in the second half of the year.

我們正在努力升級我們的核心品牌結帳體驗並推向市場。我們與一組重點商家一起在 PayPal 的 Fastlane 早期測試中繼續取得良好進展。這些 alpha 商家的數據顯示，Fastlane 回訪用戶的轉換率接近 80%。我們才剛開始，已經為參與商家的客人結帳轉換率創造了兩位數的低提升。迄今為止的結果令人鼓舞，因為增量轉換提高了我們商家的成長和利潤。該產品的需求前景廣闊，我們預計 Fastlane 將於今年下半年在美國全面上市。

Additionally, we are continuing to focus on making it even easier to pay with PayPal by removing friction from the checkout process. In the coming months, we will continue to move to more passwordless authentication processes, like biometrics, and launch a redesigned mobile checkout experience, which we believe will result in higher conversion rates.

此外，我們將繼續致力於消除結帳過程中的障礙，讓 PayPal 付款變得更加容易。在接下來的幾個月中，我們將繼續採用更多的無密碼身份驗證流程，例如生物識別技術，並推出重新設計的行動結帳體驗，我們相信這將帶來更高的轉換率。

We've begun active discussions with our largest enterprise customers to focus on commercial outcomes that reflect the true value of our payments processing platform and the services we provide. As we speak, many of our top merchants are gathered in California for our annual Commerce 360 Customer Conference, where our teams will go deep on the innovations we plan to bring to market this year and the value they can provide.

我們已經開始與最大的企業客戶進行積極討論，重點關注反映我們支付處理平台和我們提供的服務的真正價值的商業成果。就在我們發言之際，我們的許多頂級商家齊聚加利福尼亞州，參加我們的年度Commerce 360​​ 客戶會議，我們的團隊將在會上深入探討我們計劃今年推向市場的創新及其可提供的價值。

We are also in the early stages of evaluating the overall dynamics and pipeline of our top 10,000 merchant accounts. As we evaluate our programs, we see clear opportunities to price to value, not only with our PSP processing, but especially with our value-added services that we already provide, services such as payouts, fraud prevention and processing orchestration.

我們也處於評估 10,000 個排名前 10,000 的商家帳戶的整體動態和管道的早期階段。當我們評估我們的計劃時，我們看到了明顯的定價價值機會，不僅透過我們的 PSP 處理，而且特別是透過我們已經提供的增值服務，如支付、詐欺預防和處理編排等服務。

This process will take time, but we have a focused game plan, and we are already having fruitful conversations that are helping merchants understand the additional value they can unlock by strengthening their relationship with us, including through our value-added services.

這個過程需要時間，但我們有一個有針對性的遊戲計劃，並且我們已經進行了富有成效的對話，幫助商家了解他們可以透過加強與我們的關係（包括透過我們的增值服務）來釋放額外價值。

For example, DraftKings recently went live with our fraud management solution, Fraud Protection Advanced, which combines our intelligence with advanced machine learning and analytics to help businesses protect themselves from ever-evolving fraud threats. This is an example of a best-in-class offering and a key differentiator against our competitors. It also showcases our ability to leverage AI to drive customer benefit and is an area where we can price to the value we provide.

例如，DraftKings 最近推出了我們的詐欺管理解決方案 Fraud Protection Advanced，它將我們的情報與先進的機器學習和分析相結合，幫助企業保護自己免受不斷變化的詐欺威脅。這是一流產品的例子，也是我們與競爭對手的關鍵差異。它還展示了我們利用人工智慧來推動客戶利益的能力，並且是我們可以根據我們提供的價值進行定價的領域。

For small- and medium-sized businesses, the launch of our PayPal Complete Payments Platform has been gaining momentum over the past couple of quarters. We've made good progress in expanding PPCP's geographic reach to now more than 34 countries. In the first quarter, we expanded the platform to Canada, the U.K. and more than 20 European markets. We also added new features to PPCP in Australia, Germany and the U.S. in recent months. Additionally, we are seeing positive response to our new low- and no-code tools for merchants and developers to integrate PPCP, which we launched in March.

對於中小型企業，我們的 PayPal 完整支付平台的推出在過去幾季中勢頭強勁。我們在將 PPCP 的地理覆蓋範圍擴大到目前超過 34 個國家方面取得了良好進展。第一季度，我們將平台擴展到加拿大、英國和 20 多個歐洲市場。近幾個月來，我們還在澳洲、德國和美國的 PPCP 中加入了新功能。此外，我們在 3 月推出了供商家和開發人員整合 PPCP 的新的低程式碼和無程式碼工具，我們看到了正面的反響。

As of the end of the first quarter, approximately 7% of our SMB volume is already on PayPal Complete Payments, with our team focused on distribution through partners that can accelerate adoption to the largest number of customers. Our efforts here are important because PPCP ensures merchants have our latest branded checkout integration, which will include Fastlane, so that consumers have a best-in-class checkout experience wherever they shop, and merchants will benefit from higher conversion.

截至第一季末，我們大約 7% 的中小企業交易量已經透過 PayPal Complete Payments 進行，我們的團隊專注於透過合作夥伴進行分銷，以加速對最大數量客戶的採用。我們在這方面的努力非常重要，因為PPCP 可確保商家擁有我們最新的品牌結帳整合（其中包括Fastlane），以便消費者無論在何處購物都能獲得一流的結帳體驗，而商家也將從更高的轉換率中受益。

On average, merchants who adopt PPCP use approximately 4 PayPal products, which deepens the relationship and reduces churn. This translates to an average revenue per account for our PPCP full-stack merchant that is nearly 2x that of an SMB on a legacy integration.

平均而言，採用 PPCP 的商家使用約 4 個 PayPal 產品，這加深了關係並減少了客戶流失。這意味著我們的 PPCP 全端商家的每個帳戶平均收入幾乎是傳統整合中的中小企業的 2 倍。

As you all know, I have a deep passion for helping small businesses succeed. Frankly, this is an area where PayPal took its eye off the ball. Over the years, we've deprecated products and made pricing decisions that negatively affected our market positioning. Despite that, we still have the largest population of SMBs anywhere, who are using our products and eager for us to do more for them. This is an area where we are investing to correct our course. We are here to serve and win the small business market.

眾所周知，我對幫助小型企業取得成功充滿熱情。坦白說，這是 PayPal 忽略的一個領域。多年來，我們棄用了產品並做出了對我們的市場定位產生負面影響的定價決策。儘管如此，我們仍然擁有世界上數量最多的中小企業，他們正在使用我們的產品，並渴望我們為他們做更多的事情。這是我們正在投資以糾正我們路線的一個領域。我們致力於服務並贏得小型企業市場。

On the consumer front, the PayPal app is at the center of our strategy to leverage the power of our data to create more value for our customers and unlock new sources of revenue and margin expansion opportunities. In the first quarter, we revamped the PayPal app with a new look and feel and introduced enhancements to our rewards program to enable shoppers to get the most out of their money while increasing conversion for merchants.

在消費者方面，PayPal 應用程式是我們策略的核心，我們利用數據的力量為客戶創造更多價值，並釋放新的收入來源和利潤擴張機會。在第一季度，我們以新的外觀和風格改進了 PayPal 應用程序，並增強了我們的獎勵計劃，使購物者能夠充分利用他們的錢，同時提高商家的轉換率。

Additionally, we began testing a comprehensive rewards-focused life cycle marketing program. When tested with approximately 20% of our PayPal app users, we saw it drive a nearly 7% increase in weekly app logins and 4% increase in transaction margin per user.

此外，我們開始測試全面的以獎勵為中心的生命週期行銷計劃。當我們對大約 20% 的 PayPal 應用程式用戶進行測試時，我們發現它使每週應用程式登入次數增加了近 7%，每位用戶的交易利潤增加了 4%。

Introducing consumers to new products, like our debit card that can help maximize the value they receive from PayPal, is a major focus. The enhancements our team made to our onboarding flow enabled a 38% increase in debit card first-time users during the first quarter. On average, a customer who adopts the PayPal debit card is more engaged, generating a 2x lift to transaction activity and a nearly 20% increase to average revenue per account compared to users who primarily use checkout. Approximately 4% of our active PayPal consumer accounts in the U.S. have a debit card. So while we have a lot more to do, this work is meaningful to the economics of our business.

向消費者介紹新產品，例如我們的金融卡，可以幫助他們最大限度地從 PayPal 獲得價值，是我們的重點。我們的團隊對入職流程進行了改進，使第一季借記卡首次用戶數量增加了 38%。平均而言，與主要使用結帳方式的使用者相比，使用 PayPal 金融卡的客戶參與度更高，交易活動增加了 2 倍，每個帳戶的平均收入增加了近 20%。在美國，大約 4% 的活躍 PayPal 消費者帳戶擁有金融卡。因此，雖然我們還有很多工作要做，但這項工作對我們業務的經濟效益很有意義。

In the quarter, we onboarded BigCommerce and WooCommerce to our package tracking solution. In the 12 months since launch, we've had approximately 7 million active accounts use package tracking. This is a key pillar in our post-purchase strategy. Package tracking not only allows consumers to track their shipments within the PayPal app, but will also enable us to make personalized purchase recommendations and present relevant offers through the app and our AI-powered Smart Receipts. We believe these innovations will drive engagement with the PayPal app and incentivize future branded checkout activity.

在本季度，我們將 BigCommerce 和 WooCommerce 添加到我們的包裹追蹤解決方案中。自推出以來的 12 個月內，我們已有大約 700 萬個活躍帳戶使用包裹追蹤。這是我們購買後策略的關鍵支柱。包裹追蹤不僅使消費者能夠在 PayPal 應用程式中追蹤他們的發貨情況，而且還使我們能夠提出個人化的購買建議，並透過應用程式和人工智慧驅動的智慧收據提供相關優惠。我們相信這些創新將推動 PayPal 應用程式的參與度並激勵未來的品牌結帳活動。

For Venmo, we are focused on giving our customers more ways to immediately use their Venmo debit card in person with Apple Pay and Google Pay, which you will see in the market in the coming months. In the first quarter, we saw a 21% year-over-year increase in consumers using our Venmo debit card. Remember, Venmo debit cardholders are among the most engaged accounts and on average drives 6x the incremental revenue than that of a P2P-only customer. Simultaneously, we are making it easier for consumers to use their Venmo balance when making payments or sending money to friends. In the first quarter, balance-funded P2P senders grew by 17%, which contributed to our overall transaction margin dollar growth in the quarter.

對於 Venmo，我們致力於為客戶提供更多方式立即透過 Apple Pay 和 Google Pay 親自使用 Venmo 金融卡，您將在未來幾個月在市場上看到這些方式。第一季度，使用 Venmo 金融卡的消費者年增 21%。請記住，Venmo 金融卡持卡人是參與度最高的帳戶之一，平均帶來的增量收入是純 P2P 客戶的 6 倍。同時，我們正在讓消費者在付款或向朋友匯款時更輕鬆地使用他們的 Venmo 餘額。第一季度，餘額資助的 P2P 發送者成長了 17%，這推動了我們本季整體交易利潤率的成長。

Our leadership team is continuing to go through our business from top to bottom, understanding where we can operate more efficiently and invest in the innovation that will offer the greatest impact for our customers and PayPal. This is a mindset shift we are driving throughout the entire organization. Investing for durable growth backed by a clear payback path and time horizon remains a top priority. Investing in branded checkout and better serving our small business customers are 2 focus areas you heard me talk about today.

我們的領導團隊將繼續自上而下地審視我們的業務，了解我們可以在哪些方面更有效地運營，並投資於創新，從而為我們的客戶和 PayPal 帶來最大的影響。這是我們在整個組織中推動的思維轉變。以明確的回報路徑和時間期限為支撐的持久成長投資仍然是首要任務。投資品牌結帳和更好地服務我們的小型企業客戶是您今天聽到我談論的兩個重點領域。

We are also actively evaluating and greenlighting new investments to accelerate future growth that support and strengthen our strategic priorities. A good example of this is our remittance business, Xoom, which has stagnated while similar services have gained share. This business has been on a negative revenue trajectory due to a lack of prioritization and clarity about its value proposition. That is now changing.

我們也積極評估和批准新投資，以加速未來的成長，支持和加強我們的策略重點。我們的匯款業務 Xoom 就是一個很好的例子，該業務已經停滯不前，而類似的服務卻獲得了市場份額。由於缺乏優先順序和價值主張的清晰度，該業務一直處於負收入軌道。現在這種情況正在改變。

We are executing the right product refinements bundled with an enhanced and more customizable pricing model intended to promote growth over the long run. We plan to reduce the cost of cross-border transfers and provide consumers the option to eliminate transaction fees altogether when funding with our PYUSD stablecoin. We are activating those plans, and we expect to see tangible progress throughout 2024 and beyond.

我們正在執行正確的產品改進，並與增強且更可自訂的定價模式捆綁在一起，旨在促進長期成長。我們計劃降低跨境轉帳的成本，並為消費者提供在使用我們的 PYUSD 穩定幣融資時完全消除交易費用的選擇。我們正在啟動這些計劃，預計 2024 年及以後將取得實際進展。

The key takeaway here is that we are in the process of assessing a handful of areas of investment where we believe there are compelling unit economics and market upside. These may mean that we will make decisions to invest in 2024 where we believe these investments will ultimately contribute to the sustainable and profitable growth of the company. At the same time, we must maintain our focus. We are continuing to evaluate the markets we operate in and the products we offer. Where we see areas to improve focus and prioritization, we will take action and update you accordingly.

這裡的關鍵要點是，我們正在評估一些投資領域，我們認為這些領域具有令人信服的單位經濟效益和市場上行空間。這可能意味著我們將在 2024 年做出投資決定，我們相信這些投資最終將有助於公司的可持續和獲利成長。同時，我們必須保持專注。我們正在繼續評估我們經營的市場和我們提供的產品。如果我們發現需要改進重點和優先順序的領域，我們將採取行動並向您提供相應的最新資訊。

Finally, a few words on our continued efforts to drive operational efficiency and productivity across PayPal. We are instilling a rigorous cost/benefit discipline throughout the company and leaving no stone unturned when it comes to reducing unproductive costs. We are also investing in automation that will help answer our customers' frequently asked questions, simplify the integration process for our merchants and enable our team to deploy solutions more quickly.

最後，簡單介紹一下我們為提高 PayPal 營運效率和生產力所做的持續努力。我們正在整個公司灌輸嚴格的成本/效益紀律，並在降低非生產性成本方面不遺餘力。我們也投資於自動化，這將有助於回答客戶的常見問題，簡化商家的整合流程，並使我們的團隊能夠更快地部署解決方案。

As mentioned on the last earnings call, we have started reporting stock-based compensation as part of our non-GAAP metrics beginning this quarter. In addition to our annual incentive plan, shifting to cash payment from stock, we have also better aligned our incentive programs to performance, particularly focusing on transaction margin and non-GAAP operating income growth. We will continue to focus on a pay-for-performance culture that appropriately aligns pay with results.

正如上次財報電話會議中所提到的，從本季度開始，我們已開始報告基於股票的薪酬，作為我們非公認會計準則指標的一部分。除了我們的年度獎勵計劃（從股票轉向現金支付）之外，我們還更好地將激勵計劃與業績掛鉤，特別關注交易利潤率和非公認會計準則營業收入增長。我們將繼續關注按績效付薪的文化，使薪酬與結果適當掛鉤。

I'll conclude by thanking the PayPal team for continuing to innovate and serve our customers. While we are still in the early innings of driving a meaningful and comprehensive transformation of PayPal to deliver the sustainable and high-quality growth we are aiming for, our first quarter results are an encouraging indication of what our team's renewed strategic focus and persistent execution can achieve. We will continue to update you on our execution throughout the year and be transparent about our progress. I am confident that we are taking the right steps to build long-term profitable growth.

最後，我要感謝 PayPal 團隊持續創新並為我們的客戶提供服務。雖然我們仍處於推動PayPal 進行有意義和全面轉型的早期階段，以實現我們所追求的可持續和高品質成長，但我們第一季的業績令人鼓舞，表明我們團隊新的策略重點和堅持不懈的執行力可以帶來什麼達到。我們將繼續向您通報我們全年的執行情況，並對我們的進展保持透明。我相信我們正在採取正確的步驟來實現長期的獲利成長。

With that, I'll hand it over to Jamie to take you through our first quarter results.

接下來，我將把它交給傑米，讓您了解我們第一季的業績。

Thanks, Alex. Good morning, everyone. We had a solid start to the year with first quarter results that were above our expectations. As Alex mentioned, it's still early in the company's transformation. We are getting deeper in understanding both our challenges and our opportunities with much greater clarity.

謝謝，亞歷克斯。大家，早安。我們今年開局良好，第一季業績超出了我們的預期。正如亞歷克斯所提到的，公司轉型仍處於早期階段。我們更加深入、更清楚地了解我們的挑戰和機會。

Our goal for 2024 is to foundationally set up the business for the future by making key decisions and aligning our investment path for growth. And to do so, we are laser-focused on strategic analysis and decision-making, driving innovation back into the business and executing with excellence. While it will take time for our efforts to sustainably flow through results, the speed at which the team is moving is encouraging, and we are making steady progress.

我們 2024 年的目標是透過做出關鍵決策並調整投資路徑以促進成長，從根本上為未來奠定基礎。為此，我們專注於策略分析和決策，推動創新重新融入業務並卓越執行。雖然我們的努力需要時間才能持續取得成果，但團隊前進的速度令人鼓舞，我們正在穩步取得進展。

Let me start with a summary of our financial performance. As a reminder, our non-GAAP results now include the impact of stock-based compensation expense and related payroll taxes. This change is intended to enhance transparency, operating discipline and align our performance measures to how many investors already evaluate our business.

讓我先總結一下我們的財務表現。提醒一下，我們的非公認會計準則績效現在包括基於股票的補償費用和相關薪資稅的影響。這項變更旨在提高透明度、營運紀律，並使我們的績效衡量標準與已經評估我們業務的投資者數量保持一致。

Now moving to our results. As Alex mentioned, in the first quarter, revenue increased 9% at spot and 10% on a currency-neutral basis. Transaction margin dollars grew 4% year-over-year, improving in growth by more than 400 basis points from the fourth quarter. I'll walk through the drivers of that growth in a few minutes and provide context on the shape of the year, including tailwinds that we expect to be more pronounced in the first half compared to the second half.

現在轉向我們的結果。正如 Alex 所提到的，第一季的即期收入成長了 9%，在貨幣中性的基礎上成長了 10%。交易保證金年增 4%，較第四季成長超過 400 個基點。我將在幾分鐘內概述這一增長的驅動因素，並提供有關今年形勢的背景信息，包括我們預計上半年將比下半年更加明顯的順風車。

Under our updated non-GAAP methodology, earnings per share were $1.08, representing 27% year-over-year growth. Under the company's prior non-GAAP methodology, which excluded the impact of stock-based compensation, earnings per share would have increased approximately 20% to $1.40, above our guidance for mid-single-digit growth on a comparable basis.

根據我們更新的非公認會計準則方法，每股收益為 1.08 美元，年增 27%。根據該公司先前的非公認會計準則方法（排除了股票薪酬的影響），每股收益將增長約 20% 至 1.40 美元，高於我們對可比基礎上中個位數增長的指導。

Relative to our outlook, higher earnings per share were driven by a combination of factors, including better-than-expected transaction margin dollars, ongoing expense discipline, the timing of certain investment in marketing spend and interest income.

相對於我們的預期，每股盈餘的成長是由多種因素推動的，包括好於預期的交易保證金、持續的支出紀律、行銷支出和利息收入的某些投資的時機。

Now I'll walk through some key operating metrics that support those results. We ended the first quarter with 427 million total active accounts and 220 million monthly active accounts. Total active accounts increased by nearly 2 million from the fourth quarter and included growth in PayPal merchant and consumer accounts in addition to other products. We were encouraged to see total active accounts inflect positively in the quarter, and we remain focused on driving deeper relationships and more activity across our customer base.

現在我將介紹一些支持這些結果的關鍵營運指標。截至第一季末，我們的總活躍帳戶數為 4.27 億，每月活躍帳戶數為 2.2 億。活躍帳戶總數較第四季度增加了近 200 萬，其中包括 PayPal 商家和消費者帳戶以及其他產品的成長。我們很高興看到本季活躍帳戶總數出現正面變化，我們仍然專注於在客戶群中推動更深層次的關係和更多活動。

Monthly active accounts continued to show steady progress, up 2% year-over-year to 220 million with contribution from both PayPal and Venmo. Transactions per active account, which is a trailing 12-month number, was 60 in the first quarter, up 13%. Excluding PSP processing, which is primarily Braintree, transactions per active account grew 7%.

每月活躍帳戶持續穩定成長，年增 2%，達到 2.2 億，這得益於 PayPal 和 Venmo 的貢獻。第一季每個活躍帳戶的交易量（過去 12 個月的數字）為 60 筆，成長 13%。不包括主要由 Braintree 進行的 PSP 處理，每個活躍帳戶的交易量增加了 7%。

Moving to volume growth. In the first quarter, TPV grew 14% on a spot and currency-neutral basis to $403.9 billion. U.S. TPV grew 12%. International TPV grew 17% on a currency-neutral basis primarily driven by strength in Continental Europe and improvement in Asia.

轉向銷量成長。第一季度，冠捷在現貨和貨幣中性的基礎上成長了 14%，達到 4,039 億美元。美國TPV增長12%。在貨幣中性的基礎上，國際 TPV 成長了 17%，這主要是由於歐洲大陸的強勁和亞洲的改善所推動的。

Global branded checkout growth accelerated to 7% on a currency-neutral basis from 5% in the fourth quarter. The first quarter included about a 1 point benefit from leap day as well as ongoing benefits from the growth of global marketplaces.

在貨幣中性的基礎上，全球品牌結帳成長從第四季的 5% 加速至 7%。第一季包括來自閏日的約 1 個百分點的收益以及來自全球市場成長的持續收益。

Within branded checkout, large enterprise and international markets were the biggest contributors to growth. We remain laser-focused on driving deeper adoption of our best-in-class solutions with small- and medium-sized businesses and improving mobile experience, which are critical, particularly in markets like the U.S. and the U.K. PSP processing volume grew 26% in the quarter driven by continued momentum from Braintree compared to 29% in the fourth quarter.

在品牌結帳中，大型企業和國際市場是成長的最大貢獻者。我們仍然專注於推動中小型企業更深入地採用我們一流的解決方案並改善行動體驗，這一點至關重要，特別是在美國和英國等市場。受到Braintree 持續成長動能的推動，而第四季為29%。

Conversations with merchants have been encouraging as we shift our focus to a more disciplined go-to-market and renewal process that emphasizes a focus on profitable growth. Merchants recognize the product and performance improvements we have already started to make and are excited about the pipeline of upcoming innovation.

隨著我們將重點轉向更嚴格的上市和更新流程，強調對獲利成長的關注，與商家的對話一直令人鼓舞。商家意識到我們已經開始進行的產品和效能改進，並對即將推出的創新管道感到興奮。

As I noted earlier, revenue in the first quarter increased 9% at spot and 10% on a currency-neutral basis to $7.7 billion. Transaction revenue grew 11% on a spot basis to $7 billion driven by Braintree and branded checkout. Other value-added services revenue in the quarter declined 2% on a spot basis to $665 million.

正如我之前指出的，第一季的營收以即期計算成長 9%，以匯率中性運算成長 10%，達到 77 億美元。在 Braintree 和品牌結帳的推動下，交易收入以現貨成長 11%，達到 70 億美元。該季度其他加值服務收入以現貨計算下降 2%，至 6.65 億美元。

Within other value-added services, interest on customer balances continued to be a meaningful tailwind. Our credit business performed relatively in line with our expectations with revenue lower because of 2 main factors. First, we are carrying lower merchant receivables after tightening originations last year. Second, we have had lower revenue share on our off-balance sheet U.S. consumer revolving credit portfolio due to ongoing normalization of loss rates.

在其他加值服務中，客戶餘額利息仍然是一個有意義的推動力。我們的信貸業務表現相對符合我們的預期，但收入較低有兩個主要因素。首先，去年收緊貨源後，我們的商業應收帳款減少。其次，由於損失率持續正常化，我們表外美國消費者循環信貸投資組合的收入份額較低。

Transaction take rate declined 5 basis points to 1.74% driven primarily by lower foreign exchange fees and lower gains from foreign currency hedges. In addition, mix shift to large merchants continued to impact our branded checkout take rate. Transaction margin dollars increased 4% in the first quarter. Higher interest on customer balances, branded checkout, better transaction loss performance and lower credit losses were the largest contributors to growth.

交易接受率下降 5 個基點至 1.74%，主要是由於外匯費用下降和外匯對沖收益下降。此外，向大型商家的混合轉移持續影響我們的品牌結帳率。第一季交易保證金成長了 4%。更高的客戶餘額利息、品牌結帳、更好的交易損失表現和更低的信用損失是成長的最大貢獻者。

While the performance of the core business has been relatively consistent, we expect that a few of these tailwinds are likely to be less meaningful as we move through the year. Specifically, we expect to see lower year-over-year benefit from interest on customer balances and lower year-over-year improvement on transaction and loan loss performance.

雖然核心業務的表現相對穩定，但我們預計，隨著今年的發展，其中一些有利因素可能會變得不那麼有意義。具體來說，我們預期客戶餘額利息的年比收益將下降，交易和貸款損失績效的年比改善也會下降。

Non-transaction-related operating expenses declined 2% as we continue to actively manage our cost structure while reinvesting into key strategic initiatives. Part of the decline in operating expenses is a result of certain corporate and marketing investments deferred to the second half as well as lower stock-based compensation. Non-GAAP operating income grew 15% in the quarter to $1.4 billion, and non-GAAP operating margin expanded 84 basis points to 18.2%.

由於我們持續積極管理成本結構，同時對關鍵策略措施進行再投資，非交易相關營運費用下降了 2%。營運費用下降的部分原因是某些企業和行銷投資延後到下半年以及股票薪資下降。本季非 GAAP 營業收入成長 15%，達到 14 億美元，非 GAAP 營業利潤率擴大 84 個基點，達到 18.2%。

PayPal generated $1.8 billion in free cash flow in the first quarter or $1.9 billion, excluding the impact of held-for-sale accounting related to our European Buy Now, Pay Later externalization. In the quarter, we completed $1.5 billion in share repurchases, bringing share repurchases over the past 12 months to approximately $5.1 billion. We ended the quarter with cash, cash equivalents and investments of $17.7 billion and debt of $11 billion.

PayPal 第一季產生了 18 億美元的自由現金流，即 19 億美元，不包括與我們的歐洲「先買後付」外部化相關的持有待售會計的影響。本季度，我們完成了 15 億美元的股票回購，使過去 12 個月的股票回購額達到約 51 億美元。本季結束時，我們的現金、現金等價物和投資為 177 億美元，債務為 110 億美元。

I'll now move to our second quarter and 2024 guidance. Consistent with the approach we shared in February, we will continue to provide revenue guidance 1 quarter at a time. For the second 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 to increase by a low double-digit percentage.

我現在將討論第二季和 2024 年的指導。與我們在 2 月分享的方法一致，我們將繼續每次提供一個季度的收入指導。對於第二季度，我們預計即期營收將成長約 6.5%，在貨幣中性的基礎上成長 7%。此外，我們預期非公認會計原則每股收益將以較低的兩位數百分比成長。

For the full year, we continue to plan for a relatively consistent macroeconomic and consumer spending environment. With respect to earnings per share, we now expect 2024 non-GAAP EPS to grow by a mid- to high single-digit percentage.

全年，我們持續規劃相對穩定的宏觀經濟和消費者支出環境。就每股盈餘而言，我們現在預計 2024 年非 GAAP 每股盈餘將實現中高個位數百分比成長。

As Alex said earlier, we are in a transition year, and we do not expect that our quarterly progression will be linear. To help bridge this outlook compared to our prior guidance for approximately flat non-GAAP EPS, there are 2 main factors I would point you to.

正如亞歷克斯之前所說，我們正處於過渡年，我們預計我們的季度進展不會是線性的。為了幫助彌合這一前景，與我們先前對非公認會計準則每股收益大致持平的指導相比，我想向您指出兩個主要因素。

First, our inclusion of stock-based compensation expense within non-GAAP results is expected to benefit EPS growth by approximately 3 percentage points this year. Second, we saw meaningful outperformance in the first quarter relative to our plans. We intend to reinvest a portion of this performance back into the business.

首先，我們將股票薪酬費用納入非 GAAP 業績預計將使今年每股盈餘成長約 3 個百分點。其次，我們看到第一季的業績明顯超出了我們的計劃。我們打算將部分業績重新投資回業務。

We expect earnings growth to be more muted in the second half of the year due primarily to less benefit from interest income on customer balances, normalization in transaction and loan loss performance as we progress through the year and the expected timing of investment actions.

我們預計下半年獲利成長將更加溫和，主要是由於客戶餘額利息收入的收益減少、交易正常化和貸款損失表現隨著我們今年的進展以及投資行動的預期時機。

Underpinning our outlook, we now expect transaction margin dollars to be slightly positive for the full year. We expect non-transaction operating expenses to increase slightly. Embedded within this outlook is the flexibility to make key strategic decisions to invest and reinvigorate profitable growth within components of the portfolio and accelerate go-to-market efforts.

基於我們的前景，我們現在預計全年交易保證金將略有成長。我們預計非交易營運費用將小幅成長。這一前景的核心是能夠靈活地做出關鍵策略決策，以投資和重振投資組合組成部分的獲利成長，並加速進入市場的努力。

For the full year, we expect other value-added services revenue to be roughly flat year-over-year. This excludes any potential impact from the CFPB late fee regulation, given pending litigation across the banking industry and uncertainty on both timing and implementation. As a company, we have already taken steps to mitigate the future impact, though these take time to fully take hold.

就全年而言，我們預計其他增值服務收入將比去年同期大致持平。考慮到整個銀行業的未決訴訟以及時間和實施的不確定性，這排除了 CFPB 滯納金監管的任何潛在影響。作為一家公司，我們已經採取措施減輕未來的影響，儘管這些措施需要時間才能完全發揮作用。

Consistent with the approach we shared last quarter, our guidance includes minimal impact from the new innovations rolling out this year. Our focus is on execution as we begin moving from test and pilot phases into launch. We continue to expect free cash flow for 2024 to be approximately $5 billion and for at least $5 billion in share buybacks.

與我們上季度分享的方法一致，我們的指導包括今年推出的新創新的影響最小。當我們開始從測試和試點階段進入發布階段時，我們的重點是執行。我們仍預期 2024 年的自由現金流約為 50 億美元，並且至少用於股票回購 50 億美元。

In closing, 2024 is off to a solid start as we drive significant change across the company. We have clear opportunities to lean in further. We are doing the hard work now to position PayPal for profitable growth in the years ahead, and it has been incredibly energizing to see the team's commitment to this goal.

最後，我們在整個公司推動重大變革，2024 年有了一個好的開始。我們有明確的機會進一步向前邁進。我們現在正在努力讓 PayPal 在未來幾年實現盈利成長，看到團隊對這一目標的承諾真是令人振奮。

With that, I'll now hand it back to the operator to begin Q&A.

現在，我將把它交還給操作員以開始問答。

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

（操作員指示） 您的第一個問題來自摩根大通黃天欽的專線。

Just I wanted to ask on transaction margin dollars, if you don't mind, the acceleration there. Maybe can you give us a little bit more detail on the growth across the main businesses, branded checkout, unbranded and what we've been calling other? And of course, on the other side, love to hear if there's any change in thinking there on the strategy to reclaim growth or even divest some of those assets.

我只是想問一下交易保證金的情況，如果你不介意的話，那裡的加速。也許您能給我們更多關於主要業務、品牌結帳、非品牌以及我們所說的其他業務成長的細節嗎？當然，另一方面，我很想知道在恢復成長甚至剝離部分資產的策略上的想法是否有任何變化。

Yes. Thank you, Tien-Tsin. Let me hand it over to Jamie to walk you through transaction margin, and then I'll take the more strategic piece on other and how we think about the year.

是的。謝謝你，田津。讓我把它交給傑米來引導您了解交易保證金，然後我將討論其他方面更具戰略意義的部分以及我們如何看待這一年。

I'll just walk you through the drivers for transaction margin growth during the quarter. We were happy with the positive growth progression. I mentioned in my prepared remarks, we've got a lot underway to really position the company for positive TM growth over time.

我將向您介紹本季交易利潤成長的驅動因素。我們對積極的成長進展感到高興。我在準備好的發言中提到，我們已經做了很多工作，以真正使公司能夠隨著時間的推移實現積極的 TM 成長。

In the quarter, just to walk it a little bit, interest income on customer balances was the highest contributor. Branded checkout continued to grow profitably and was a nice contributor to our growth this quarter. We did benefit from leap day, but we also benefited from strength in large enterprise and international. We've been very focused this year on PSP profitability, and that will ramp over time, but it wasn't a meaningful contributor this quarter. And we just had small but I'd say steady ongoing product improvements in Venmo and P2P. So we saw some shifting there and better transaction and credit loss performance. And then lastly, to the last point of your question, we did see a smaller drag from the other smaller parts of the portfolio.

在本季度，僅稍微看一下，客戶餘額的利息收入是最大的貢獻者。品牌結帳持續獲利成長，為本季的成長做出了巨大貢獻。我們確實受益於閏日，但我們也受益於大企業和國際化的實力。今年我們非常關注 PSP 的獲利能力，隨著時間的推移，獲利能力將會不斷提高，但本季它並沒有做出有意義的貢獻。我們只是在 Venmo 和 P2P 方面進行了小規模但我想說的持續穩定的產品改進。因此，我們看到了一些轉變以及更好的交易和信用損失表現。最後，對於你問題的最後一點，我們確實看到投資組合中其他較小部分的阻力較小。

I don't know, Alex, do you want to talk through that a little bit.

我不知道，亞歷克斯，你想談談這個問題嗎？

Yes. Let me just sort of take a step back, Tien-Tsin, and talk about how we've been thinking about the year. You've heard us talk about this as a transition year. The way we've really been focusing the team is on sort of 3 different components to make sure that we're set up well for profitable growth into the future.

是的。田進，讓我退後一步，談談我們對這一年的看法。您已經聽過我們談論今年是過渡年。我們團隊真正關注的方式是專注於 3 個不同的組成部分，以確保我們為未來的獲利成長做好準備。

The first is accelerating innovation and ensuring that we've got best-in-class innovation, whether that's on the consumer side and ensuring that our customers have a frictionless, incredible experience in checkout; to an unbranded side where we allow our merchants to have, again, best processing available. So really accelerating the velocity of our innovation.

首先是加速創新，確保我們擁有一流的創新，無論是在消費者方面，還是確保我們的客戶在結帳時獲得順暢、令人難以置信的體驗；到無品牌的一面，我們允許我們的商家再次獲得最好的處理。所以確實加快了我們創新的速度。

The second is adoption and ensuring that once that innovation is actually in the market, that our consumers are using it, that our merchants are onboarding to our latest and greatest integrations. I'll give you an example. We talked about in the last call the opportunity for debit card engagement. We changed the onboarding flow inside of the PayPal app this past quarter and saw a 69% higher debit card engagement just by changing that flow. So a big focus on the team on not just delivering our innovation but actually delivering the adoption.

第二是採用並確保一旦創新真正進入市場，我們的消費者就會使用它，我們的商家就會加入我們最新、最好的整合。我給你舉個例子。我們在上次電話會議中談到了借記卡參與的機會。上個季度，我們更改了 PayPal 應用程式內部的登入流程，僅透過更改該流程，借記卡參與度就提高了 69%。因此，團隊的重點不僅在於交付創新，而且在於實際交付採用。

And then lastly, as you mentioned, cleaning up some of our underperforming services. I mentioned Xoom on the call. That is a business that we looked at very hard. It's been underperforming for a couple of years now. And we wanted to make a decision on, is this an asset that's strategic to the business that should be a profitable grower for us, or not? And when we looked at it, we realized that there were just opportunities where we had priced ourselves out of the market in a number of different corridors that we could make strategic decisions on and actually make this a profitable, growing business.

最後，正如您所提到的，清理我們一些表現不佳的服務。我在電話中提到了 Xoom。這是我們非常認真研究的一項業務。幾年來，它的表現一直不佳。我們想要做出決定，這是否是一項對企業具有策略意義的資產，是否應該成為我們獲利的種植者？當我們審視它時，我們意識到，在許多不同的走廊中，我們已經將自己的定價排除在市場之外，我們可以根據這些機會做出戰略決策，並實際上使其成為一項有利可圖的、不斷成長的業務。

And so that's just an example. We're going top to bottom throughout the organization. And there will be some businesses or markets that don't meet that cut, and we'll let you know when we make those decisions. And there will be other ones that, with focus and execution, we'll turn around.

這只是一個例子。我們將在整個組織中自上而下進行。會有一些企業或市場無法滿足這項要求，當我們做出這些決定時，我們會通知您。透過專注和執行，我們也會扭轉其他一些問題。

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

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

I think it would be helpful, if you don't mind, just first revisiting some of the initiatives around unbranded and your conviction and the timing around the impact from them on -- perhaps on transaction margin.

我認為，如果您不介意的話，首先重新審視一些圍繞無品牌的舉措以及您的信念以及它們對交易利潤的影響的時機，這將會有所幫助。

But maybe even more specifically, if you've had discussions with Braintree merchants around pricing, and I think you touched on this in the prepared remarks, but more pricing to value than pricing to win, how are those conversations going?

但也許更具體地說，如果您與布倫特里商家就定價進行了討論，並且我認為您在準備好的評論中談到了這一點，但更多的是定價價值而不是定價獲勝，那麼這些對話進展如何？

And I guess, Alex, market-wide, when we think about the appreciation of the value-added services and differentiator for PayPal's 2-sided network, how has that been resonating in the market lately?

我想，Alex，在整個市場範圍內，當我們考慮增值服務的增值和 PayPal 雙向網路的差異化因素時，最近在市場上引起了怎樣的共鳴？

Yes. Thank you, Darrin. So again, just to sort of paint the high picture on unbranded, this is an important segment for us, both on -- for enterprise and for small business. We have to nail the basics, right? So our customers are looking for the best auth rates, the best uptime, the best availability, the best reliability. And those are things that we are now providing.

是的。謝謝你，達林。再次強調，為了描繪無品牌的美好形象，這對我們來說是一個重要的細分市場，無論是對企業還是小型企業。我們必須打好基礎，對吧？因此，我們的客戶正在尋求最佳的驗證率、最佳的正常運作時間、最佳的可用性和最佳的可靠性。這些就是我們現在提供的東西。

And I think over the last few years, as we've been building the service, whether it's Braintree or now with PPCP, we've been investing in that and establishing a beachhead for our product across the market. In doing so, though, we also have been building value-added services that, to be totally transparent, we haven't been able to price to value or we haven't been able to ensure that we're engaged with our customers in a real end-to-end strategic conversation. That's changing now.

我認為在過去幾年中，隨著我們一直在建立服務，無論是 Braintree 還是現在的 PPCP，我們一直在對此進行投資，並為我們的產品在整個市場上建立灘頭陣地。不過，在這樣做的過程中，我們也一直在建立增值服務，為了完全透明，我們無法根據價值進行定價，或者我​​們無法確保我們與客戶互動真正的端到端策略對話。現在情況正在改變。

And so to your question, we're having great conversations with both enterprise and small business merchants around our end-to-end solutions, the value-added services that we can now bring to bear, really more strategic conversations, as you mentioned, around the 2-sided network, both on unbranded, on branded, and then even things like our new marketing and ad platform in the mix. We're now having really deep conversations with our merchants that, again, are strategic for them and extract the value that -- of the services that we're providing.

因此，對於你的問題，我們正在與企業和小型企業商家圍繞我們的端到端解決方案、我們現在可以提供的增值服務、真正更具策略性的對話進行良好的對話，正如你所提到的，圍繞著雙邊網絡，無論是無品牌的、品牌的，甚至是我們新的行銷和廣告平台之類的東西。我們現在正在與我們的商家進行真正深入的對話，這對他們來說再次具有戰略意義，並從我們提供的服務中提取價值。

So very encouraged with these conversations. Obviously, it's going to take time. Especially for some of the largest merchants, it just takes time for them to roll out and adopt. But our teams right now are, as I mentioned on the call, in L.A. with our Customer 360 conference and showing them all the innovations and having really, really good conversations. So encouraged with the start. It's just going to take time throughout the year.

這些對話讓我深受鼓舞。顯然，這需要時間。特別是對於一些最大的商家來說，他們只需要時間來推出和採用。但正如我在電話中提到的，我們的團隊現在正在洛杉磯參加我們的 Customer 360 會議，向他們展示所有創新，並進行非常非常好的對話。一開始就受到鼓勵。這只是需要一整年的時間。

Your next question comes from the line of Timothy Chiodo with UBS.

您的下一個問題來自瑞銀集團的 Timothy Chiodo。

I wanted to (inaudible), 2 parts really, one around mechanics, one around the uplift. On the mechanics, there might be 2 ways to go about this. One is to make it a part of your unbranded offering, and it could be either part of your negotiations on pricing, it could be a separate fee. But any way you look at it in that scenario, would be more of an, if Fastlane, then Braintree does the processing. But the alternative way would for it to be more of an as-a-service and available on a processor-agnostic basis. Wanted to see, first, if you can give us color on which routes you might be able to take, or maybe both.

我想要（聽不清楚），實際上有兩個部分，一部分圍繞著機械，一部分圍繞著隆起。在機制上，可能有兩種方法可以解決這個問題。一種是使其成為您的非品牌產品的一部分，它可以是您定價談判的一部分，也可以是單獨的費用。但在這種情況下，無論你以何種方式看待它，都更像是一個快速通道，然後 Braintree 進行處理。但另一種方式將使其更像是一種服務，並且在與處理器無關的基礎上可用。首先，我想看看您是否可以告訴我們您可以選擇哪些路線，或者兩者都可以。

And then lastly, on the uplift, which is if we think about the range of net take rates with unbranded at the low end and branded at the high end, where do you think Fastlane could eventually reside on that spectrum?

最後，關於提升，如果我們考慮低端無品牌和高端品牌的淨採用率範圍，您認為 Fastlane 最終會位於該範圍內的哪個位置？

Yes. Thanks, Tim. Let me take the first part and see if Jamie wants to add anything in. We are really excited about Fastlane as it now gets to market. We are live with a handful of early partners, and the results just continue to impress.

是的。謝謝，蒂姆。讓我先講第一部分，看看 Jamie 是否想添加任何內容。我們與一些早期合作夥伴一起生活，結果繼續令人印象深刻。

And just as a reminder, we're now enabling 80% conversion rate for returning users through our guest checkout flow. What's even more exciting, that we've now been able to start to see with these early merchants, is that we're actually seeing unrecognized users, so these are non-PayPal users, opting in to Fastlane at a 40% rate.

提醒一下，我們現在透過賓客結帳流程為回頭客提供 80% 的轉換率。更令人興奮的是，我們現在已經開始在這些早期商家中看到，我們實際上看到了未被識別的用戶，所以這些是非 PayPal 用戶，以 40% 的比例選擇加入 Fastlane。

That just shows the power of our brand, and it shows the power of what PayPal can be. And it goes a little bit to your question around how we think about pricing it and how we think about go-to-market because it's even beyond just an unbranded processing element. I don't want to unveil exactly how our go-to-market will work. But that data point shows that this is not just within a PayPal ecosystem. This is allowing us to actually take the brand that we've established over 25 years and leverage that for our merchants to deliver incredible checkout conversion rate for the 60% of the market that continues to go through a guest checkout experience. So we're really encouraged by the early signs there.

這不僅展示了我們品牌的力量，也展現了 PayPal 的力量。這有點涉及到你關於我們如何考慮定價以及我們如何考慮進入市場的問題，因為它甚至不僅僅是一個無品牌的處理元素。我不想透露我們的上市具體如何運作。但該數據點表明，這不僅僅存在於 PayPal 生態系統內。這使我們能夠真正利用我們在 25 年來建立的品牌，並利用它為我們的商家提供令人難以置信的結帳轉換率，為 60% 的市場提供持續的賓客結帳體驗。因此，我們對那裡的早期跡象感到非常鼓舞。

In terms of rollout and how we think about it, obviously, on the PPCP side, as we continue to deliver Fastlane to that platform through many of our platform partners, it becomes easy for our small businesses to, one click, turn that on. So that will be a big part of our rollout. And then having good merchant conversations as well on the large enterprise side. And again, those are kicking off really in earnest this week at our C360 conference.

就推出以及我們如何看待它而言，顯然，在 PPCP 方面，隨著我們繼續透過許多平台合作夥伴向該平台提供 Fastlane，我們的小型企業可以輕鬆地一鍵打開它。因此，這將是我們推出的重要組成部分。然後在大型企業方面也進行良好的商人對話。同樣，這些內容將在本週的 C360 會議上真正拉開序幕。

So again, the last thing I'd say just on pricing, and then, Jamie, see if you want to add anything, is because we've focused this year on a transition year, we may get very aggressive on the pricing side when it comes to Fastlane for 2024 because we want to drive adoption.

再說一次，我要說的最後一件事是關於定價，然後，傑米，看看你是否想添加任何內容，是因為我們今年的重點是過渡年，當我們在定價方面可能會變得非常激進時2024 年進入 Fastlane 是因為我們希望推動採用。

We think this is the best in the market innovation that all merchants should have access to. And as they think about winning this shopping season, our encouragement is improve the onboarding for them, create low-code, no-code opportunities for them to get up and running as fast as possible so that they can win this season and really prove to themselves that conversion improvement. And rest assured, we'll be pricing to value over time to ensure that we get the right value from that.

我們認為這是市場上最好的創新，所有商家都應該有機會獲得。當他們考慮贏得這個購物季時，我們的鼓勵是改善他們的入職流程，為他們創造低代碼、無代碼的機會，讓他們盡快啟動和運行，以便他們能夠贏得這個季節，並真正證明自己他們自己認為轉換率有所提高。請放心，我們將隨著時間的推移按價值定價，以確保我們從中獲得正確的價值。

Jamie, anything you'd add?

傑米，你還有什麼要補充的嗎？

No, I think you've said it all. I really think Fastlane reinforces our holistic value prop, both for branded and for unbranded. And the focus on merchant checkout conversion, and that being at our core, I think, drives a strong value prop, and it will support strong pricing over time.

不，我想你已經把這一切都說完了。我真的認為 Fastlane 強化了我們的整體價值支撐，無論是品牌還是非品牌。我認為，對商家結帳轉換的關注是我們的核心，這推動了強大的價值支撐，並且隨著時間的推移，它將支持強勁的定價。

The only thing that I would -- just last point is this conversion rate with Fastlane, what's so exciting to me is not just the 40% that's coming in, it's unrecognized users leveraging our brand and the 80% conversion rate of guest checkout for returning users. But this is just early days. This is with a handful of merchants.

我唯一想要的——最後一點是 Fastlane 的轉換率，令我興奮的不僅僅是 40% 的轉換率，還有未被認可的用戶利用我們的品牌以及 80% 的訪客結帳轉換率用戶。但這還只是早期。這是少數商人的事。

This is a network effect. As we gain more and more users coming through, as these users now become returning users over and over again, those rates should continue to improve. And so this is already an order of magnitude better than anything else in the market. And with the network effect and scale that we have, we just expect it to continue to get better.

這是一種網路效應。隨著我們獲得越來越多的用戶，這些用戶現在一次又一次地成為回頭客，這些比率應該會繼續提高。因此，這已經比市場上的其他任何產品都要好一個數量級。憑藉我們擁有的網路效應和規模，我們希望它能繼續變得更好。

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

您的下一個問題來自巴克萊銀行的拉姆齊·阿薩爾 (Ramsey El-Assal)。

Alex, could you comment on the European Commission ruling to open up the iPhone NFC hardware on the handset, and whether you see that as a competitive opening for PayPal in Europe? I know there's some rumblings in the U.S. as well about that type of a move. I mean, how ready from a product perspective are you to take advantage of a more open NFC environment?

Alex，您能否對歐盟委員會決定在手機上開放 iPhone NFC 硬體的決定發表評論？我知道美國也有一些關於此類舉措的傳言。我的意思是，從產品角度來看，您準備好利用更開放的 NFC 環境了嗎？

Yes. Thank you for the question, Ramsey. So let me set the context so that it's clear how we think about it. First, we must play in an omnichannel world. We have established ourselves as the leader in the market in online. And our customers love us and use us globally for online checkout.

是的。謝謝你的提問，拉姆齊。因此，讓我先介紹一下背景，以便清楚地表明我們是如何看待它的。首先，我們必須在全通路世界中發揮作用。我們已成為線上市場的領導者。我們的客戶喜歡我們，並在全球範圍內使用我們進行線上結帳。

But they are demanding an off-line opportunity, an omnichannel opportunity, and to get the value that we're able to provide as we start to deliver not only the basics of our security and flexibility, but also as our rewards platform continues to improve, we want to be able to deliver a PayPal service for customers everywhere, anytime, every purchase. So we will be playing in an omnichannel environment.

但他們需要離線機會、全通路機會，並獲得我們所能提供的價值，因為我們不僅開始提供安全性和靈活性的基礎知識，而且隨著我們的獎勵平台不斷改進，我們希望能夠為客戶隨時隨地的每次購買提供PayPal 服務。因此，我們將在全通路環境中開展業務。

That -- where there are locations where NFC opens up, that obviously becomes a very easy opportunity for us to provide a wallet in an Android or iPhone operating system, and we will be ready. If there are environments where it's not available, we will still operate in an omnichannel.

在有 NFC 開放的地方，這顯然成為我們在 Android 或 iPhone 作業系統中提供錢包的一個非常容易的機會，我們將做好準備。如果存在無法使用的環境，我們仍將在全通路中運作。

So omnichannel is a strategic initiative for us, it's something that is customer-backed and delivers an incredible PayPal experience, again, for every purchase and every checkout. And we'll take advantage of whatever market, whatever features and functionality we have in whatever market we play in.

因此，全通路對我們來說是一項策略性舉措，它是由客戶支援的，並為每次購買和每次結帳提供令人難以置信的 PayPal 體驗。我們將利用我們所涉足的任何市場、我們擁有的任何特性和功能。

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

您的下一個問題來自美國銀行的 Jason Kupferberg。

I just had a 2-part question. The first, just following up on the transaction profit dollar growth. I know you're now expecting slightly positive for the year. I guess that would seem to imply maybe a little bit of deceleration from the Q1 levels, even though the second half comps are a little easier. So just wanted to get a sense of whether that's conservatism or just some normalization of things like transaction and loan loss that helped you in Q1.

我只是有一個由兩個部分組成的問題。首先，只是追蹤交易利潤的成長。我知道您現在對今年的預期略有樂觀。我想這似乎意味著第一季度的水平可能會有所減速，儘管下半場的比賽要容易一些。因此，我只是想了解這是保守主義還是只是交易和貸款損失等在第一季對您有所幫助的事情的正常化。

And then the second part is just is there any change in your full year expectations for branded payment volume growth?

第二部分是您對全年品牌支付量成長的預期是否有任何變化？

So just to walk through a little bit of the first half, second half dynamics on transaction margin dollars. As I talked about before and you noted, I mean, Q1 in particular benefited from a few tailwinds. And we do expect those will be less meaningful as we move throughout the year.

我們簡單介紹一下上半年、下半年交易保證金的動態。正如我之前談到的和你指出的，我的意思是，第一季尤其受益於一些順風車。我們確實預計，隨著我們全年的發展，這些意義將會減弱。

First of all, the growth in our interest income on customer balances, it was the largest contributor. But when you start to look at later in the year, the comps just get more challenging. Rates are rising in the latter half of last year.

首先，我們客戶餘額利息收入的成長，它是最大的貢獻者。但當你在今年晚些時候開始考慮時，比賽就會變得更具挑戰性。去年下半年，利率不斷上漲。

We also saw improvement in transaction loss and credit loss in the first quarter. Transaction loss in particular may not sustain -- or may not be as material as we move throughout the year. And we saw, as you pointed out, a meaningful benefit in loan losses in the first quarter, and we don't expect that to continue either.

我們也看到第一季交易損失和信用損失有所改善。尤其是交易損失可能不會持續，或者可能不像我們全年的損失那麼嚴重。正如您所指出的，我們看到第一季貸款損失顯著改善，但我們預計這種情況不會持續下去。

So I'd say those few things are some of the dynamics. And then our initiatives and some of the new innovation that Alex talked about, it will take time to ramp. So right now, we're focused on execution. We want to keep expectations measured until we see really steady execution results.

所以我想說這幾件事是一些動態。然後我們的舉措和亞歷克斯談到的一些新創新，需要時間來提升。所以現在，我們的重點是執行。我們希望衡量預期，直到看到真正穩定的執行結果。

And just to underline Jamie's point, we have not put -- or we have put limited upside to this innovation that we've talked about in these expectations. And so again, this is about us having the flexibility, us ensuring that we take the right time and do the right thing by the customers as well as building the long term. But those are not built in to the rest of the year.

為了強調傑米的觀點，我們沒有對我們在這些預期中討論過的創新給予有限的好處。再說一次，這關係到我們的靈活性，我們確保我們在正確的時間為客戶做正確的事情，並建立長期的關係。但這些並沒有納入今年剩餘時間。

Yes. And you asked about branded as well. And when we look at that, we had a nice quarter in terms of TPV and revenue. It was a healthy contributor to our transaction margin dollars. We did have some benefit this quarter from leap day. But by and large, we expect branded revenue trends to be pretty consistent with last year as we look at that.

是的。您也詢問了品牌問題。當我們看到這一點時，我們在 TPV 和收入方面度過了一個不錯的季度。它為我們的交易保證金做出了健康的貢獻。本季我們確實從閏日中獲得了一些好處。但總的來說，我們預期品牌收入趨勢將與去年相當一致。

And I guess the other comment I might make is that, when you think about take rate for us, we saw a decent drop last year. We do expect take rate will come down again this year, but not nearly to the same extent. And a little bit of that as it comes through on the branded trend line is just that we're seeing a little bit of mixing towards large enterprise from SMB. And that's impacting the take rate side.

我想我可能會說的另一個評論是，當你考慮我們的利用率時，我們去年看到了相當大的下降。我們確實預計今年的成交率將再次下降，但幅度不會幾乎相同。在品牌趨勢線上出現的一點是，我們看到了中小企業向大型企業的一點混合。這會影響收視率。

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

你的下一個問題來自高盛的 Mike Ng。

Just 2 for me. First, I was just wondering if you could just talk a little bit more about the drags on the smaller part of -- from the smaller part of the portfolio and transaction margin dollars. When does that kind of work itself out of the system?

對我來說只有2個。首先，我只是想知道您是否可以多談談投資組合和交易保證金美元的較小部分對較小部分的拖累。這種情況什麼時候才能脫離系統？

And then related to transaction margin dollar growth, you talked about balance-funded Venmo transactions contributing to growth in the quarter. Could you expand a little bit on that? Do you see that scaling over the next couple of years? And what are the opportunities to improve card attach for Venmo users?

然後，與交易保證金美元增長相關，您談到了餘額資助的 Venmo 交易對本季成長的貢獻。您能對此進行擴充嗎？您認為未來幾年這種規模會擴大嗎？為 Venmo 用戶提供哪些改進卡附加的機會？

Great. On the smaller parts of the portfolio, I guess what I'd say at a macro level, we had seen a pretty significant drag on that last year. It is coming through this year at a smaller rate. I mean, part of these are products we've deprecated. Some of these are, frankly, acquisitions that we just haven't invested in. And as Alex mentioned, we're going through a process of really looking hard at these.

偉大的。就投資組合的較小部分而言，我想在宏觀層面上我會說，去年我們看到了相當大的拖累。今年的成長速度較小。我的意思是，其中一部分是我們已棄用的產品。坦白說，其中一些是我們還沒有投資的收購。

Candidly, some are just in decline, but the declines are smaller. And some, we're investing in or making decisions to really put in more in maintenance mode, which is really shifting the profile going forward. But it will be smaller this year, and it will take a few years for that to burn off.

坦白說，有些只是在下降，但下降幅度較小。有些，我們正在投資或做出決定，真正投入更多維護模式，這確實正在改變未來的形象。但今年它會變小，而且需要幾年時間才能消失。

Yes. Let me talk about -- up-level and talk about Venmo for a minute and the opportunity there. So again, on the positive side, we have the leading P2P platform with incredible customer base with disposable income 22% higher than the U.S. average, 60 million monthly active users and 90 million 12-month actives. So this is an incredible platform for us to work at.

是的。讓我談談 - 高層並談談 Venmo 以及那裡的機會。因此，從積極的一面來看，我們擁有領先的P2P 平台，擁有令人難以置信的客戶群，可支配收入比美國平均水平高22%，每月活躍用戶數為6000 萬，12 個月活躍用戶數為9000 萬。所以這對我們來說是一個令人難以置信的工作平台。

As we talked about in previous calls, and I'll reiterate here, I'm dissatisfied in how we've really thought about monetizing the platform and really thought about delivering, in many ways, just customer experiences that they're looking for, right? Customers of Venmo are looking for dollars and looking for an alternative to traditional mechanisms when dollars are flowing in. And they want to be able to use Venmo for all of their expenses.

正如我們在之前的電話會議中談到的，我將在這裡重申，我對我們如何真正考慮將平台貨幣化以及如何真正考慮以多種方式提供他們正在尋找的客戶體驗感到不滿意，正確的？ Venmo 的客戶正在尋找美元，並在美元流入時尋找傳統機制的替代方案。

Just to give you -- put some numbers behind it. There's $18 billion of net new funds that flow into the platform of Venmo every single month. 80% of those dollars leave within 10 days. That is just unacceptable.

只是為了給你——在它後面加上一些數字。每個月有 180 億美元的淨新資金流入 Venmo 平台。其中 80% 的資金會在 10 天內離開。這是不可接受的。

And so our ability to provide the products and services that our customers need when those dollars come in, whether that's improving debit card penetration, which you've heard as a focus, and you've heard we already, in some of our onboarding flows, are starting to make significant improvements on; or providing other opportunities for money in or money out opportunities and access to capital for our Venmo users. This is just a clear opportunity and a clear focus area for us.

因此，當這些資金進來時，我們有能力提供客戶所需的產品和服務，無論是提高借記卡滲透率，您已經聽說過這是一個重點，而且您已經在我們的一些入職流程中聽說過我們，正在開始做出重大改進；或為我們的 Venmo 用戶提供其他資金進出機會以及獲得資金的機會。這對我們來說是一個明確的機會和一個明確的重點領域。

So again, early days. The team is focused on it. Hopefully, you hear sort of a reinvigoration in my voice of what Venmo can be and the opportunity ahead of us. But very, very excited about where we're taking it.

再說一次，早期。團隊專注於此。希望您能從我的聲音中聽到 Venmo 的未來以及我們面前的機會。但我們對我們的目標感到非常非常興奮。

Your next question comes from the line of Bryan Keane with Deutsche Bank.

您的下一個問題來自德意志銀行的布萊恩‧基恩 (Bryan Keane)。

Solid first quarter results here. My question is just still more on the big picture. The naysayers on PayPal would say the company is structurally challenged with the rise of payment methods like Apple Pay. Alex, I know you've been at PayPal now for a little over 6 months. What do you think the naysayers are missing on the competitive advantages PayPal still has in the market? In particular to grow branded?

第一季業績穩健。我的問題更多的是關於大局。 PayPal 的反對者會說，隨著 Apple Pay 等支付方式的興起，該公司在結構上面臨挑戰。 Alex，我知道您在 PayPal 工作已經 6 個多月了。您認為反對者忽略了 PayPal 在市場上仍擁有的哪些競爭優勢？特別是要發展品牌？

Thank you, Bryan. Thanks for the question. So a couple of thoughts here that I think people are maybe not appreciating enough. The first is 60% of the market is still what I would consider to be nonconsumption. 60% of the market still does not use any mark. So that's what we're playing for.

謝謝你，布萊恩。謝謝你的提問。所以這裡有一些想法，我認為人們可能還沒有足夠的欣賞。首先，60%的市場仍然是我認為的非消費市場。 60%的市場仍然沒有使用任何標誌。這就是我們打球的目的。

We have the best brand. We have the best products and services and the best ability to be able to deliver. And with products like Fastlane not only delivering a reboarding opportunity for our customers, but that stat that I put in earlier, around 40% of unrecognized customers coming through and taking a Fastlane experience, now gives us an opportunity to be able to remarket to them and turn them into PayPal customers.

我們有最好的品牌。我們擁有最好的產品和服務以及最好的交付能力。像 Fastlane 這樣的產品不僅為我們的客戶提供了重新登入的機會，而且根據我先前的統計，大約 40% 的未識別客戶通過並獲得了 Fastlane 體驗，現在讓我們有機會向他們進行再行銷並將他們轉變為PayPal 客戶。

So step one, 60% of the market is nonconsumption, and I think we've got a leading opportunity there. On the other 40%, we're still the leading player. And to be, again, transparent and I've said this before, we have not delivered the innovation and the experience that I would expect and that our customers expect.

所以第一步，60% 的市場是非消費市場，我認為我們在那裡有一個領先的機會。在另外 40% 的方面，我們仍然是領先者。再次強調，透明，我之前已經說過，我們沒有提供我所期望的以及我們的客戶所期望的創新和體驗。

We are doing that now. Improvement in the app, an improvement in the branded experience, reducing latency by 50%. Investing in passwordless opportunities and passkeys will improve the conversion rate and improve the experience. And then creating value-added opportunities and an increased value proposition for our consumers with rewards. I think we're the only player out there at the scale that we have to provide that end-to-end experience.

我們現在正在這樣做。應用程式的改進，品牌體驗的改進，延遲減少了 50%。投資無密碼機會和密鑰將提高轉換率並改善體驗。然後透過獎勵為我們的消費者創造增值機會和更高的價值主張。我認為我們是唯一一家能夠提供端到端體驗的公司。

And again, we provide everything for our customers. It's rewards. It's Buy Now, Pay Later. It's the debit experience. And back to what I mentioned earlier on the call, with an omnichannel play now, PayPal can be the solution that you can use anytime, anywhere.

再說一遍，我們為客戶提供一切。這是獎勵。現在購買，稍後付款。這是藉記體驗。回到我之前在電話中提到的內容，現在有了全管道，PayPal 可以成為您可以隨時隨地使用的解決方案。

So our ability to now start to play in an offline world and take the same brand and the same experience to every purchase, I think, is something that, again, gets me excited. But we've got to prove it, and we've got to continue to execute and create great experiences in the market for our customers.

因此，我們現在開始在線下世界中發揮作用，並在每次購買時採用相同的品牌和相同的體驗，我認為，這再次讓我感到興奮。但我們必須證明這一點，我們必須繼續執行並為客戶創造出色的市場體驗。

That's great. And just had one follow-up. We are getting a few questions on the pending CFPB regulation on late fees. Any impact on PayPal from CFPB caps on late fees?

那太棒了。並且剛剛進行了一次後續行動。我們收到了一些有關 CFPB 懸而未決的滯納金規定的問題。 CFPB 設定滯納金上限對 PayPal 有何影響？

So first, while PayPal is not directly impacted by that regulation, we are indirectly impacted through our revenue share with our consumer credit partner. There's a lot of uncertainty right now around both timing and implementation of that. And as I mentioned before, our guide excludes the impact of that, just given the uncertainty.

首先，雖然 PayPal 沒有直接受到該法規的影響，但我們與消費者信貸合作夥伴的收入分成間接受到影響。目前，其時間和實施都存在許多不確定性。正如我之前提到的，考慮到不確定性，我們的指南排除了其影響。

The industry expects that, if implemented, the impact would be largely offset over time. And we have been very focused on mitigation. We have actions underway. In -- but really, in any scenario, it takes time for those offsets to fully set in. But I guess what I'd say in terms of impact is the date that's being debated right now is the May 14 implementation date. And if that were to be implemented, it would be approximately a 3 percentage point impact to EPS growth for the year, but that is before mitigation. So by 2025, we would expect roughly half of that impact to be offset, and then more over time.

業界預計，如果實施的話，隨著時間的推移，影響將在很大程度上被抵消。我們一直非常關注緩解措施。我們正在採取行動。但實際上，在任何情況下，這些抵消措施都需要時間才能完全發揮作用。如果這項措施得以實施，將對今年每股收益成長產生約 3 個百分點的影響，但這是在緩解之前。因此，到 2025 年，我們預計大約一半的影響將被抵消，隨著時間的推移，這種影響將會被抵消。

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

您的下一個問題來自摩根士丹利的 James Faucette。

Wanted to go back to Fastlane. And Alex, you made the comments around making Fastlane available to all merchants and deriving -- so that they can derive the benefits of it. How should we think about that in terms of what needs to be done, timeline for progression, et cetera? It sounds like you're going to start moving beyond at least those initial merchants that are using it now. But just trying to think about like how that ultimately could end up with most of the first -- the merchants served by Braintree, and then ultimately, the merchants served by PayPal more broadly.

想要回到快車道。亞歷克斯（Alex），您圍繞著讓所有商家都可以使用 Fastlane 並進行派生發表了評論，以便他們能夠從中受益。我們應該如何考慮需要做什麼、進度時間表等等？聽起來您將開始超越至少那些現在使用它的最初商家。但只要想一想，這最終會如何影響到大多數第一批——Braintree 服務的商家，然後最終是 PayPal 更廣泛服務的商家。

Yes. Thanks, James. Here's the best way to think about it. First and foremost, we have to have the best innovation in the market. We -- it was important for us to get some early customers up and running and using it. And the data continues to hold and certainly delight these merchants.

是的。謝謝，詹姆斯。這是思考這個問題的最佳方式。首先，我們必須擁有市場上最好的創新。讓一些早期客戶啟動、運行和使用它對我們來說很重要。這些數據繼續保持不變，當然也讓這些商家感到高興。

And look, in this world, they all talk to each other. And so the ability for our merchants to now be rabid fans of the checkout conversion improvement that they're seeing through Fastlane is great proof points for us as we now start to scale it, and again, think about price to value.

看，在這個世界上，他們都在互相交談。因此，我們的商家現在能夠成為他們透過 Fastlane 看到的結帳轉換率改進的狂熱粉絲，這對我們來說是很好的證明，因為我們現在開始擴展它，並再次考慮價格與價值。

The second leg will be, okay, now that we've proven this out and we've started to really -- I mean, just to be clear, we're talking about driving conversion rate for some of the largest merchants in the world. We need to make sure that this was proven and that it works before we roll this out at scale. There's a lot on the line to be able to nail this, which is why we're moving at a measured pace and ensuring that, in Q1 and Q2, we've really proven it out.

第二步是，好吧，既然我們已經證明了這一點，並且我們已經開始真正 - 我的意思是，為了明確起見，我們正在談論提高世界上一些最大的商家的轉換率。在我們大規模推廣之前，我們需要確保這一點已經得到證實並且有效。要解決這個問題還有很多事情要做，這就是為什麼我們要以謹慎的速度前進，並確保在第一季度和第二季度，我們真正證明了這一點。

The conversations we're having at our C360 conference right now, the conversations we're having with some of our PPCP platforms that are now rolling it out to small businesses, is okay, what is the way that, as we get to the second half of the year, we can really enable the merchants to have this up and running so that they can win the shopping season, holiday season in the back half of the year?

我們現在在 C360 會議上進行的對話，我們與一些 PPCP 平台進行的對話，這些平台現在正在向小型企業推出它，沒關係，當我們進入第二個階段時，方式是什麼下半年，我們真的能讓商家把這個運轉起來，從而贏得下半年的購物季、節慶季節嗎？

So that's how we're thinking about it. Merchant demand is very encouraging. As you would imagine, when you have a product that improves conversion rate and provides a double-digit lift in guest checkout conversion, that's a game-changer. And so demand is high. We want to make sure that we have as low friction and onboarding experience as possible, which is why we wanted to make sure that the ability for folks to upgrade to new integrations would make sense and be easy for them. And we wanted to make sure that customers could onboard.

這就是我們的想法。商家的需求非常令人鼓舞。正如您所想像的那樣，當您擁有一款能夠提高轉換率並在客人結帳轉換方面提供兩位數提升的產品時，這將改變遊戲規則。因此需求很高。我們希望確保我們擁有盡可能低的摩擦和入職體驗，這就是為什麼我們希望確保人們升級到新整合的能力對他們來說是有意義且容易的。我們希望確保客戶能夠加入。

So the plan is, back half of the year, get as many merchants on so that they can win the holiday season. This will still take time. Not everyone will get on for this holiday season, and we expect that will continue into 2025.

因此，我們的計劃是，在今年下半年，讓盡可能多的商家參與進來，以便他們能夠贏得節日季節的勝利。這還需要時間。並不是每個人都能度過這個假期，我們預計這種情況將持續到 2025 年。

But at some point, there will be a tipping point. If I think about over the next year or 2 years, where we are going to expect all of our merchants to be on the latest and greatest integration, which includes Fastlane. And we will then move to deprecate our old integrations. And that's going to be an important milestone for us as we take what is really 15 years of legacy integrations and consolidate them on a more modern stack and a more modern integration for our customers. That allows us to continue to build innovation, continue to drive the best experiences for merchants, for customers, and obviously the best transaction margin results for the company as well.

但在某個時刻，將會出現一個轉捩點。如果我考慮未來一年或兩年，我們將期望所有商家都採用最新、最好的集成，其中包括 Fastlane。然後我們將棄用舊的整合。這對我們來說將是一個重要的里程碑，因為我們將真正 15 年的遺留整合整合到一個更現代的堆疊上，並為我們的客戶提供更現代的整合。這使我們能夠繼續進行創新，並繼續為商家和客戶帶來最佳體驗，顯然也為公司帶來最佳的交易利潤結果。

That's great. Appreciate the color there, Alex. And then you mentioned you're getting a little bit of improvement in Venmo transaction margin. How much of that is coming from increased acceptance of Venmo as a payment option versus finding ways to reduce costs in transacting Venmo and P2P transactions, et cetera? Just trying to understand kind of what the drivers there are and what the potential could be.

那太棒了。欣賞那裡的顏色，亞歷克斯。然後您提到您的 Venmo 交易利潤有所改善。其中有多少是來自於越來越接受 Venmo 作為付款選項，而不是尋找降低 Venmo 和 P2P 交易等成本的方法？只是想了解驅動因素以及潛力。

Yes. It is a combination. What I'd say is we're seeing Pay with Venmo really starting to take off. Obviously, it's -- in the U.S., it's an incredibly well-loved brand. And when people see that button, it's an opportunity for them to use those dollars that I mentioned earlier that are in their account. So that's an exciting piece online.

是的。這是一個組合。我想說的是，我們看到 Pay with Venmo 真正開始起飛。顯然，在美國，它是一個非常受歡迎的品牌。當人們看到這個按鈕時，他們就有機會使用我之前提到的帳戶中的美元。所以這是一篇令人興奮的線上文章。

The piece that, again, I'm sort of dissatisfied with but excited about the future is the offline piece, right? When I talk about omnichannel, it's for PayPal and for Venmo. And so those billions of dollars that are coming in every month into the Venmo ecosystem, we have to continue to give our customers opportunities, whether it's debit card penetration or other innovation that we come up, with for them to be able to tap and pay and check out. And so all of that will move towards improving transaction margin.

再說一次，我有點不滿意但對未來感到興奮的作品是線下作品，對吧？當我談論全通路時，指的是 PayPal 和 Venmo。因此，每個月都有數十億美元進入 Venmo 生態系統，我們必須繼續為客戶提供機會，無論是藉記卡滲透還是我們提出的其他創新，讓他們能夠利用和支付並退房。因此，所有這些都將朝著提高交易利潤的方向發展。

That said, we're also getting better with our risk models and leveraging AI. We are -- there's a lot of AI conversations in the market. I would say we are one of the leaders when it comes to leveraging the data that we have at scale to improve our transaction losses, improve the customer service ability for our customers and improve our transaction margin over time.

也就是說，我們的風險模型和人工智慧的利用也越來越好。我們——市場上有許多人工智慧對話。我想說，在利用我們擁有的大規模數據來改善交易損失、提高客戶服務能力並隨著時間的推移提高交易利潤方面，我們是領導者之一。

So still, again, early days. There's a lot of work to continue there. But again, my excitement for the path and the direction for Venmo is pretty high.

仍然是早期。那裡還有很多工作要做。但同樣，我對 Venmo 的道路和方向感到非常興奮。

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

這就是我們提問的全部時間。我會將電話轉回給亞歷克斯·克里斯 (Alex Chriss)，讓他發表結束語。

Fantastic. Thank you, Sarah. And thanks, everyone, for joining us today. As you can tell from our results and the comments today, we're making steady progress on our transformation efforts. We had a good first quarter, and we are deep in execution mode. And with time, we will return this company to profitable growth that I know we can deliver. So thank you all.

極好的。謝謝你，莎拉。感謝大家今天加入我們。從我們今天的結果和評論中可以看出，我們的轉型工作正在穩步取得進展。我們第一季的表現不錯，而且我們正處於執行模式中。隨著時間的推移，我們將使這家公司恢復獲利成長，我知道我們可以實現這一目標。謝謝大家。

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

今天的電話會議到此結束。您現在可以斷開連線。