PayPal Holdings Inc (PYPL) 2024 Q2 法說會逐字稿

Good morning, and welcome to PayPal's second-quarter 2024 earnings conference call.

早安，歡迎參加 PayPal 2024 年第二季財報電話會議。

My name is Sarah, and I will be your conference operator today.

我叫莎拉，今天我將擔任你們的會議操作員。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to turn the program over to your host for today's conference, Steve Winoker, PayPal's Chief Investor Relations Officer.

我現在想將會議議程交給今天會議的主持人，PayPal 首席投資者關係長 Steve Winoker。

Please go ahead.

請繼續。

Thanks, Sarah.

謝謝，莎拉。

Welcome to PayPal's second-quarter 2024 earnings call.

歡迎參加 PayPal 2024 年第二季財報電話會議。

I'm joined by President and CEO, Alex Chriss; and CFO, Jamie Miller.

總裁兼執行長 Alex Chriss 也加入了我的行列。和財務長傑米·米勒。

Our remarks today include forward-looking statements that involve risks and uncertainties.

我們今天的言論包括涉及風險和不確定性的前瞻性陳述。

Actual results may differ materially from these statements.

實際結果可能與這些陳述有重大差異。

Our commentary is based on our best view of the world and our businesses as we see them today.

我們的評論是基於我們對當今世界和企業的最佳看法。

As described in our earnings press release, SEC filings, and on our website, those elements may change as the world changes.

正如我們的收益新聞稿、美國證券交易委員會文件和我們網站上所述，這些因素可能會隨著世界的變化而變化。

Now, over to you, Alex.

現在，交給你了，亞歷克斯。

Thank you, Steve, and thanks to everyone for joining us this morning.

謝謝你，史蒂夫，也謝謝大家今天早上加入我們。

PayPal delivered a strong second quarter and first half with encouraging operating and financial results.

PayPal 第二季和上半年表現強勁，營運和財務表現令人鼓舞。

While change takes time and we still have much work ahead of us, we are well positioned today, have the right leadership in place, and are moving full steam ahead.

雖然變革需要時間，而且我們還有很多工作要做，但我們今天已處於有利位置，擁有正確的領導層，並且正在全速前進。

I'm confident we are on the right track and making meaningful progress on our transformation to position PayPal for long-term, durable, and profitable growth.

我相信我們正走在正確的道路上，並在轉型方面取得有意義的進展，使 PayPal 能夠實現長期、持久和盈利的成長。

Looking at our results in the second quarter.

看看我們第二季的業績。

Total payment volume rose 11% to $417 billion, and we delivered 9% revenue growth on a currency-neutral basis.

支付總額成長 11%，達到 4,170 億美元，在貨幣中立的基礎上，我們的營收成長了 9%。

Transaction margin dollars grew 8%, representing our best performance on that metric since 2021.

交易保證金成長了 8%，這是我們自 2021 年以來該指標的最佳表現。

Our non-GAAP earnings per share increased 36% year over year.

我們的非 GAAP 每股盈餘年增 36%。

We're encouraged to see not only the strength and stability in PayPal's platform, but also early contributions from some of the initiatives we have underway.

我們不僅看到 PayPal 平台的實力和穩定性，而且看到我們正在進行的一些舉措的早期貢獻，這讓我們深受鼓舞。

Branded checkout continues to grow profitably.

品牌結帳獲利持續成長。

Braintree is now meaningfully contributing to transaction margin dollar growth for the first time in over two years.

現在，Braintree 兩年多來首次為交易利潤率成長做出了有意義的貢獻。

Venmo momentum continues to build, and monthly active accounts increased across both PayPal and Venmo.

Venmo 的動能持續增強，PayPal 和 Venmo 的每月活躍帳戶數均有所增加。

Given the strength across PayPal, we are raising our full-year guidance for growth in transaction margin dollars and earnings per share, and increasing our investment in strategic growth initiatives that we are driving.

鑑於 PayPal 的實力，我們正在提高對交易保證金和每股收益成長的全年指導，並增加對我們正在推動的策略成長計劃的投資。

Overall, we remain on course with the strategy we set at the beginning of the year.

總體而言，我們仍然遵循年初制定的策略。

Our teams are moving with urgency, excited about our innovation and focused on execution.

我們的團隊正在緊急行動，對我們的創新感到興奮並專注於執行。

We are still early in our transformation.

我們仍處於轉型初期。

And while pleased with our progress in many areas, we know there is much more we can do and with greater speed.

雖然我們對我們在許多領域取得的進展感到高興，但我們知道我們可以做得更多，而且速度更快。

For example, mobile experiences, SMB, and Venmo are places we are working hard to improve; and we are continuing to identify ways to operate more effectively and efficiently.

例如，行動體驗、SMB和Venmo是我們正在努力改進的地方；我們正在繼續尋找更有效和高效運作的方法。

I want to spend a moment discussing how PayPal stands apart as a strategic commerce partner.

我想花點時間討論 PayPal 作為策略商業夥伴如何脫穎而出。

In the past 2 quarters, we have talked at length about the experience upgrades we are bringing to branded checkout.

在過去的兩個季度中，我們詳細討論了我們為品牌結帳帶來的體驗升級。

However, I do not want to lose sight of what makes PayPal truly differentiated, our two-sided network of hundreds of millions of consumers and merchants worldwide.

然而，我不想忽視 PayPal 真正與眾不同的原因，即我們由全球數億消費者和商家組成的雙向網路。

We are building an end-to-end platform spanning the full commerce journey with superior customer experiences and sales conversion from start to finish.

我們正在建立一個涵蓋整個商務旅程的端到端平台，從頭到尾提供卓越的客戶體驗和銷售轉換。

PayPal is one of the only players with both sides of the network, consumer and merchant, at scale globally and with the infrastructure to support it that is incredibly hard to replicate and a powerful foundation on which to launch new innovations, including Fastlane and the ads platform that we are in the early stages of building.

PayPal 是唯一一家在全球範圍內同時擁有網路、消費者和商家雙方的參與者之一，其基礎設施難以複製，並且為推出新創新（包括 Fastlane 和廣告）奠定了強大的基礎。的早期階段的平台。

The data insights and compounding network effects give us an incredible advantage that we are now just beginning to harness fully.

數據洞察力和複合網路效應為我們提供了令人難以置信的優勢，我們現在才剛開始充分利用這一優勢。

Today, we operate in a massive $6-trillion-plus global e-commerce market that benefits from the ongoing digitization of payments and commerce in new context.

如今，我們在價值超過 6 兆美元的龐大全球電子商務市場中經營，該市場受益於新環境下持續的支付和商務數位化。

These tailwinds, combined with the initiatives we are now executing, such as building more omnichannel capabilities and offering more value-added services for consumers and merchants, will expand our addressable market and provide PayPal with significant opportunity for long-term growth.

這些有利因素，加上我們現在正在執行的舉措，例如建立更多的全通路能力以及為消費者和商家提供更多增值服務，將擴大我們的潛在市場，並為 PayPal 提供長期成長的重大機會。

Over the last year, we have been working to transform our global business from a series of products and services into a multi-faceted, omnichannel, and open platform capable of generating value in multiple ways throughout the commerce ecosystem.

去年，我們一直致力於將全球業務從一系列產品和服務轉變為多方位、全通路、開放的平台，能夠在整個商業生態系統中以多種方式創造價值。

We are building a platform that delivers far more value to our customers and partners than the individual products we offer.

我們正在建立一個平台，為我們的客戶和合作夥伴提供比我們提供的單一產品更多的價值。

This is a key differentiator for PayPal and will expand our market opportunity over time.

這是 PayPal 的關鍵差異化因素，並將隨著時間的推移擴大我們的市場機會。

The initial response to the innovations we are introducing gives us confidence that we will see more consumers and more engagement in more places across our growing network that, in turn, will drive more merchants and higher levels of commitment into our ecosystem.

對我們推出的創新的初步反應讓我們相信，我們將在不斷發展的網絡中的更多地方看到更多的消費者和更多的參與，進而推動更多的商家和更高水平的承諾進入我們的生態系。

These network effects will be mutually reinforcing, compounding, and add value to the company.

這些網絡效應將相互加強、複合，並為公司增加價值。

Our peers are taking note, and the value of our platform is being recognized by large tech companies that are seeking to partner with us in a variety of new ways.

我們的同行正在關注，我們平台的價值正在被尋求以各種新方式與我們合作的大型科技公司的認可。

One great example of this is Meta, which we already partner with on multiple fronts.

Meta 就是一個很好的例子，我們已經在多個領域與它合作。

PayPal is a top payment method for advertisers and consumers globally across Meta's family of apps.

PayPal 是 Meta 系列應用程式中全球廣告商和消費者的首選付款方式。

Meta's donations and charitable giving campaigns now run on the PayPal Giving Fund platform.

Meta 的捐贈和慈善捐贈活動現在在 PayPal 捐贈基金平台上運行。

Meta pays out creators and developers using Hyperwallet, and Meta uses Braintree for credit card processing.

Meta 使用 Hyperwallet 向創作者和開發者付款，Meta 使用 Braintree 進行信用卡處理。

We are working closely with Meta to optimize the experiences and look forward to deepening our partnership with Meta in mutually beneficial ways in the months and years ahead.

我們正在與 Meta 密切合作，以優化體驗，並期待在未來數月乃至數年中以互惠互利的方式深化與 Meta 的合作夥伴關係。

You will continue to hear about more partnerships with deepening commitments over the coming quarters.

在接下來的幾個季度中，您將繼續聽到更多的合作夥伴關係以及不斷深化的承諾。

Let me update you on our customer-backed business strategies.

讓我向您介紹我們客戶支援的業務策略的最新情況。

We continue to execute with high velocity to enhance customer experiences and value for our large enterprises, SMBs, and consumers.

我們繼續高速執行，以增強大型企業、中小企業和消費者的客戶體驗和價值。

We are building the foundation for our next phase of growth.

我們正在為下一階段的成長奠定基礎。

For large enterprises, we continue to have a productive conversation to help merchants understand the additional value they can unlock by strengthening their relationship with us to take advantage of our full-platform capabilities.

對於大型企業，我們繼續進行富有成效的對話，幫助商家了解他們可以透過加強與我們的關係來釋放額外價值，以利用我們的全平台功能。

For example, we recently renewed our contract with DoorDash to expand how we work together.

例如，我們最近與 DoorDash 續簽了合同，以擴展我們的合作方式。

Beyond unbranded PSP processing and offering our branded marks, DoorDash also relies on our risk capabilities to mitigate losses.

除了無品牌 PSP 處理和提供我們的品牌標誌之外，DoorDash 還依靠我們的風險能力來減輕損失。

As part of our new agreement, DoorDash has committed as an initial launch partner for our latest branded checkout enhancements that we announced in January.

作為我們新協議的一部分，DoorDash 已承諾成為我們 1 月宣布的最新品牌結帳增強功能的初始發布合作夥伴。

And they will be participating in our new ad platform.

他們將參與我們的新廣告平台。

Combining our best-in-class payments platform with value-added services that are margin accretive is helping us create a more profitable dynamic.

將我們一流的支付平台與可增加利潤的增值服務相結合，有助於我們創造更有利可圖的動力。

Last quarter, I told you we expected to make Fastlane generally available in the US in the second half of the year.

上個季度，我告訴過您，我們預計將在今年下半年在美國全面推出 Fastlane。

I'm pleased to announce that in August, we are delivering on that commitment and making Fastlane generally available to merchants in the US.

我很高興地宣布，在 8 月份，我們將兌現這項承諾，讓 Fastlane 全面向美國商家開放。

This includes merchants on Braintree and PPCP as well as through partners, including Salesforce, Adobe, and BigCommerce.

這包括 Braintree 和 PPCP 上的商家以及透過合作夥伴（包括 Salesforce、Adobe 和 BigCommerce）進行的商家。

While broad adoption will take time, we have heard from many merchants who are excited to add Fastlane and have a robust go-to-market strategy.

雖然廣泛採用還需要時間，但我們收到許多商家的回饋，他們很高興能添加 Fastlane 並制定了穩健的上市策略。

As I've shared before, data from our early adopters shows that returning Fastlane users convert at nearly 80% versus the industry average guest checkout conversion closer to 50%.

正如我之前分享的，來自我們早期採用者的數據顯示，Fastlane 回訪用戶的轉換率接近 80%，而業界平均訪客結帳轉換率接近 50%。

As our network builds with more merchants and consumers, we expect benefits to scale over time because we will be able to recognize even more shoppers.

隨著我們的人脈與更多的商家和消費者建立起來，我們預計收益會隨著時間的推移而擴大，因為我們將能夠識別更多的購物者。

The early feedback we've heard from our merchants and sales team gives us increasing confidence that Fastlane will accelerate PayPal's ability to capture the roughly 60% share of e-commerce purchases made without a branded market.

我們從商家和銷售團隊收到的早期回饋讓我們越來越有信心，Fastlane 將加速 PayPal 佔領約 60% 的非品牌市場電子商務購買份額。

As a reminder, a large part of that 60% is still manual card entry, has low conversion today, and is generally a poor experience for consumers and merchants.

需要提醒的是，這 60% 中很大一部分仍然是手動刷卡，目前轉換率很低，對於消費者和商家來說整體體驗很差。

Much of that is now changing with Fastlane.

現在，快速通道正在改變這一切。

For small- and medium-sized businesses, we are continuing to improve our value proposition through the rollout of PPCP.

對於中小型企業，我們將透過推出 PPCP 繼續改善我們的價值主張。

We continue to make progress, migrating volume from legacy platforms onto this new solution as well as integrating with new partners and merchants.

我們不斷取得進展，將流量從舊平台遷移到這個新解決方案，並與新的合作夥伴和商家整合。

SMB volume on PPCP continues to trend positively, up more than 40% through the first half of the year.

PPCP 上的中小企業交易量持續呈現正面趨勢，今年上半年成長了 40% 以上。

A large portion of that volume is coming from merchants using PayPal as their full stack processor across both branded and unbranded payments.

其中很大一部分來自使用 PayPal 作為品牌和非品牌支付全端處理器的商家。

Our efforts here are also important because PPCP ensures merchants have our latest branded checkout integration, which will include Fastlane.

我們在這方面的努力也很重要，因為 PPCP 確保商家擁有我們最新的品牌結帳集成，其中包括 Fastlane。

That will give consumers a best-in-class checkout experience wherever they shop and help merchants benefit from higher conversion.

這將為消費者提供一流的結帳體驗，無論他們在哪裡購物，並幫助商家從更高的轉換率中受益。

On average, merchants who adopt PPCP use more products which deepens our relationship, reduces churn, and drives higher average revenue per account.

平均而言，採用 PPCP 的商家會使用更多產品，從而加深我們的關係、減少客戶流失並提高每個帳戶的平均收入。

As I've said before, this is an area where we are focused, and we have tremendous opportunity to better serve small businesses end-to-end needs.

正如我之前所說，這是我們重點關注的領域，我們有巨大的機會更好地滿足小型企業的端到端需求。

For consumers, we are focused on extending our leadership in consumer preference, increasing the share of checkout, and driving more frequent engagement from our consumers.

對於消費者而言，我們致力於擴大我們在消費者偏好方面的領先地位，提高結帳比例，並推動消費者更頻繁地參與。

In the second quarter, we launched in-app offers with major brands, including BestBuy, Priceline, Lyft, Instacart, Ticketmaster, Walmart, and Nordstrom.

第二季度，我們向主要品牌推出了應用程式內優惠，包括 BestBuy、Priceline、Lyft、Instacart、Ticketmaster、Walmart 和 Nordstrom。

We are seeing positive trends in consumer engagement with gross merchandise volume, driven by one of our offers nearly tripling in June compared to March.

我們看到消費者參與度與商品總量呈正面趨勢，這得益於我們 6 月的一項優惠活動比 3 月幾乎增加了兩倍。

And while still early days, the initial interest from advertisers is encouraging.

雖然還處於早期階段，但廣告商最初的興趣令人鼓舞。

As we've shared before, you will see us invest in marketing in the back half of the year and beyond to further position PayPal and Venmo as rewarding ways to pay.

正如我們之前分享的，您將看到我們在今年下半年及以後的營銷方面進行投資，以進一步將 PayPal 和 Venmo 定位為有益的支付方式。

I talked previously about our need to improve our branded checkout experiences on mobile devices.

我之前談到我們需要改善行動裝置上的品牌結帳體驗。

That improvement is now happening.

這種改善現在正在發生。

In the first half, we started ramping several designs and technology innovations to our branded checkout flows to improve the experience for our customers.

上半年，我們開始在品牌結帳流程中進行多項設計和技術創新，以改善客戶的體驗。

For example, we are launching a new, super simple vaulted experience for high-repeat use merchants.

例如，我們正在為高重複使用的商家推出一種新的、超級簡單的拱形體驗。

In initial tests, the redesigned vaulting payment page alone shows a conversion lift of 75 to 110 basis points.

在初步測試中，僅重新設計的保管支付頁面就顯示轉換率提升了 75 至 110 個基點。

Experiences like this one are clearly resonating with consumers.

像這樣的體驗顯然引起了消費者的共鳴。

And remember that every point of conversion lift drives significant value for our merchants who are fighting to win every sale.

請記住，每一點轉換提升都會為我們努力贏得每筆銷售的商家帶來巨大的價值。

We will be ramping our redesigned branded checkout experiences to all eligible consumers in the US in the coming weeks and months.

我們將在未來幾週和幾個月內向美國所有符合資格的消費者提供重新設計的品牌結帳體驗。

As the number one branded mark with the largest network of merchant acceptance, we are a ubiquitous checkout solution.

作為擁有最大商家認可網絡的第一品牌，我們是無所不在的結帳解決方案。

We are continuing to innovate and create high converting experiences on both desktop and mobile and across platforms and devices.

我們正在繼續創新，在桌面和行動裝置以及跨平台和裝置上創造高轉換體驗。

We also continue engaging consumers post purchase with smart receipts, package tracking, push notifications, and more, adding increased value and driving the PayPal engagement flywheel.

我們也持續透過智慧收據、包裹追蹤、推播通知等方式吸引購買後的消費者，增加價值並推動 PayPal 參與飛輪。

In fact, we drove almost 20 million app logins from our post-purchase experiences in June alone, growing more than 70% from a year ago.

事實上，光是 6 月的購買後體驗就帶動了近 2000 萬次應用程式登錄，比一年前增加了 70% 以上。

P2P is an essential acquisition and engagement tool for us, and we are returning it to growth.

P2P 對我們來說是重要的取得和參與工具，我們正在使其恢復成長。

We suffered declines through 2023.

2023 年我們的業績一直在下滑。

But over the past few quarters, we have seen an improvement driven by product enhancements such as new global withdrawal capabilities, better risk decisioning, and more cross-border activity.

但在過去的幾個季度中，我們看到了產品增強所帶來的改善，例如新的全球提款功能、更好的風險決策和更多的跨境活動。

We will continue to invest in our experiences, pricing, and marketing to drive enhanced awareness and engagement.

我們將繼續投資於我們的體驗、定價和行銷，以提高認知度和參與度。

Turning to Venmo.

轉向Venmo。

We are building on the business' strong market position.

我們正在鞏固該業務強大的市場地位。

In the second quarter, Venmo processed more than $73 billion in total payment volume, growing 8% year over year, with monthly actives increasing 5% year over year to nearly 62 million.

第二季度，Venmo 處理的支付總額超過 730 億美元，年增 8%，每月活躍量年增 5%，達到近 6,200 萬筆。

Both a strong base of peer-to-peer users and adoption of our ecosystem of products are driving this growth.

強大的點對點用戶基礎和我們產品生態系統的採用正在推動這一成長。

For example, both Venmo debit card and Pay with Venmo monthly actives grew approximately 30%.

例如，Venmo 金融卡和 Pay with Venmo 每月活躍度均成長了約 30%。

In the second quarter, we launched push provisioning of the Venmo debit card to Apple and Google Wallets and continued to enable Pay with Venmo with more merchants and partners, including eBay and StubHub, which we expect will continue to fuel this growth.

第二季度，我們向 Apple 和 Google 錢包推送了 Venmo 借記卡，並繼續與更多商家和合作夥伴（包括 eBay 和 StubHub）一起啟用 Venmo 支付，我們預計這將繼續推動這一成長。

Our recently launched Venmo Teen Accounts is showing encouraging early traction, expanding our addressable market and helping us build lifelong relationships with customers from an early age.

我們最近推出的 Venmo 青少年帳戶顯示出令人鼓舞的早期吸引力，擴大了我們的潛在市場，並幫助我們從小就與客戶建立終身關係。

What excites me most about Venmo is that we are only scratching the surface of its potential, starting to drive customer-led, profitable innovation, and we see substantial headroom for growth.

Venmo 最讓我興奮的是，我們只是觸及了其潛力的表面，開始推動以客戶為主導的、可獲利的創新，而且我們看到了巨大的成長空間。

Said simply, Venmo is primed for growth.

簡而言之，Venmo 已經做好了成長的準備。

Finally, consumers who love PayPal for online purchases are also telling merchants they want to use PayPal for their off-line purchases.

最後，喜歡使用 PayPal 進行線上購物的消費者也告訴商家他們希望使用 PayPal 進行離線購物。

We continue to drive the adoption of our card products, and we're making it easier to add PayPal and Venmo branded cards to Apple and Google wallets on mobile devices.

我們繼續推動我們的卡產品的採用，並且我們正在使 PayPal 和 Venmo 品牌的卡片添加到行動裝置上的 Apple 和 Google 錢包中變得更加容易。

We are also looking forward to launching even more ways for consumers to use PayPal anytime, anyplace with NFC technology starting in Europe.

我們也期待從歐洲開始，透過 NFC 技術為消費者推出更多隨時隨地使用 PayPal 的方式。

Expect to see more from us in the coming quarters to enable and incentivize our customers to use PayPal online and in person.

預計在接下來的幾個季度中我們將提供更多支援和激勵我們的客戶在線上和親自使用 PayPal。

Reflecting on the quarter and looking ahead, I want to thank the PayPal team for continuing to work tirelessly as we transform our company and give our customers the best possible experiences.

回顧本季並展望未來，我要感謝 PayPal 團隊在我們公司轉型並為客戶提供最佳體驗的過程中繼續不懈地努力。

With that, over to Jamie.

接下來，交給傑米。

Thanks, Alex.

謝謝，亞歷克斯。

Good morning, everyone.

大家，早安。

Moving to slide 6.

轉到投影片 6。

PayPal delivered strong second-quarter results, and we are raising our full-year guidance.

PayPal 第二季業績強勁，我們正在上調全年指引。

We're passing through the first-half performance and increasing second half growth investments as we build confidence and initiatives across the company.

隨著我們在整個公司建立信心和主動性，我們正在改善上半年的表現並增加下半年的成長投資。

Our goal for 2024 remains the same, to set PayPal up for long-term success by prioritizing investments that will deliver durable, profitable growth.

我們 2024 年的目標保持不變，即透過優先投資能帶來持久、獲利的成長，讓 PayPal 取得長期成功。

As Alex mentioned, while the second quarter produced another improving set of results, change takes time and can sometimes be uneven.

正如亞歷克斯所提到的，雖然第二季度取得了另一組改善的結果，但改變需要時間，有時可能不平衡。

The success of our transformation will be measured over quarters and years.

我們轉型的成功與否將透過季度和年度來衡量。

We have a lot of work ahead, but the teams are making progress and building on a strong foundation visible in our first-half results.

我們還有很多工作要做，但團隊正在取得進展，並在我們上半場的成績中可見的堅實基礎上奠定了基礎。

Looking at the high-level financial results in the second quarter, revenue increased 8% at spot and 9% on a currency-neutral basis.

從第二季的高階財務表現來看，即期營收成長了 8%，在匯率中立的基礎上成長了 9%。

Transaction margin dollars grew 8% year over year, a more than 300-basis-point improvement from the first quarter.

交易保證金年增 8%，比第一季提高了 300 多個基點。

Non-GAAP earnings per share were $1.19, representing 36% year-over-year growth.

非 GAAP 每股收益為 1.19 美元，較去年同期成長 36%。

And relative to our prior expectations, higher earnings per share were driven by a combination of factors including stronger transaction margin dollar growth and interest income.

相對於我們先前的預期，每股盈餘的上漲是由多種因素推動的，包括交易利潤率美元成長和利息收入的強勁成長。

Turning to slide 7.

轉到投影片 7。

Our financial results are a function of the number of customers we have, how engaged they are across our platform, and how frequently they transact with us.

我們的財務表現取決於我們擁有的客戶數量、他們在我們平台上的參與度以及他們與我們進行交易的頻率。

Our operating metrics reflect progress on this front.

我們的營運指標反映了這方面的進展。

We ended the second quarter with 429 million total active accounts and 222 million monthly active accounts.

截至第二季末，我們的總活躍帳戶數為 4.29 億，每月活躍帳戶數為 2.22 億。

Total active accounts increased by nearly 2 million from the first quarter and included growth in PayPal merchant and consumer accounts in addition to other products.

活躍帳戶總數較第一季增加了近 200 萬，其中包括 PayPal 商家和消費者帳戶以及其他產品的成長。

We were encouraged to see sustained total active account growth following a positive inflection in the first quarter.

繼第一季的積極拐點之後，我們欣喜地看到活躍帳戶總數持續成長。

Monthly active accounts continued to show steady progress, up 3% year over year to 222 million, with contributions from both PayPal consumer accounts and Venmo.

每月活躍帳戶持續穩定成長，年增 3%，達到 2.22 億，這得益於 PayPal 消費者帳戶和 Venmo 的貢獻。

Transactions per active account, which is a trailing 12-month number, was 60.9 in the second quarter, up 11%.

第二季每個活躍帳戶的交易量（過去 12 個月的數字）為 60.9 筆，成長 11%。

Excluding PSP processing, which is primarily Braintree, transactions per active account grew 6%.

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 6%。

Moving to slide 8.

轉到投影片 8。

Total payment volume grew 11% on a spot and currency-neutral basis to $417 billion. US TPV

在即期和貨幣中立的基礎上，支付總額增加了 11%，達到 4,170 億美元。美國冠捷科技

grew 11%.

增長了11%。

International TPV also grew 11% on a currency-neutral basis, primarily driven by strength in Continental Europe and Asia.

在貨幣中立的基礎上，國際 TPV 也成長了 11%，這主要是由歐洲大陸和亞洲的強勢所推動的。

Looking at the breakdown by product, global branded checkout volumes grew 6% on a currency-neutral basis in the second quarter.

以產品細分來看，第二季全球品牌結帳量在不考慮貨幣因素的基礎上成長了 6%。

This was consistent with our first-quarter performance, which increased 6%, excluding a 1-point benefit from the additional leap day.

這與我們第一季的業績一致，第一季業績成長了 6%，不包括額外閏日帶來的 1 個百分點的收益。

Within branded checkout, we continue to see strength across large enterprise platforms, marketplaces, and international growth.

在品牌結帳方面，我們持續看到大型企業平台、市場和國際成長的優勢。

We remain laser-focused on driving deeper adoption of our best-in-class solutions with small and medium businesses and improving our mobile experiences, which are critical, particularly in markets like the US and the UK.

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，並改善我們的行動體驗，這至關重要，特別是在美國和英國等市場。

PSP processing volume grew 19% in the quarter compared to 26% in the first quarter.

本季 PSP 處理量成長了 19%，而第一季為 26%。

Importantly, we are beginning to see the benefit of our shift in strategy to drive profitable growth.

重要的是，我們開始看到策略轉變以推動獲利成長的好處。

Our focus on price to value is having an impact, with Braintree now contributing positively to transaction margin dollar growth in a meaningful way.

我們對價格與價值的關注正在產生影響，Braintree 現在以有意義的方式為交易利潤率美元增長做出了積極貢獻。

Moving to more financial detail on slide 9.

請前往投影片 9 上的更多財務細節。

Transaction revenue grew 9% on a spot basis to $7.2 billion, driven primarily by Braintree, branded checkout, and Venmo.

交易收入以現貨計算成長 9%，達到 72 億美元，主要由 Braintree、品牌結帳和 Venmo 推動。

Other value-added services revenue in the quarter was close to flat at $732 million.

該季度其他增值服務收入接近持平，為 7.32 億美元。

Interest on customer balances continued to be a meaningful tailwind to OVAS revenue and contributed approximately 3 points to transaction margin dollar growth in the quarter.

客戶餘額利息持續成為 OVAS 收入的重要推動力，為本季交易利潤率美元成長貢獻了約 3 個百分點。

Revenue within our credit business declined year over year but performed in line with expectations.

我們信貸業務的收入年減，但表現符合預期。

Part of the decline is due to proactive decisions made last year to manage risk and reduce on-balance-sheet merchant receivables.

下降的部分原因是去年為管理風險和減少表內商家應收帳款所做的積極決策。

We are also seeing ongoing normalization of loss rates within our off-balance-sheet US consumer revolving portfolio.

我們也看到表外美國消費者循環投資組合的損失率持續正常化。

Overall, we have taken steps over the last year to actively manage the credit portfolio's exposure and are continuing to position the portfolio to move toward a less capital-intensive business model.

總體而言，我們去年已採取措施積極管理信貸投資組合的風險敞口，並繼續調整投資組合以轉向資本密集度較低的業務模式。

Transaction take rate declined by 3 basis points to 1.72% compared to a 5-basis-point decline last quarter.

交易率較上季下降 5 個基點下降 3 個基點至 1.72%。

PSP volumes and Venmo benefited transaction take rate, which was offset by faster large enterprise growth within our branded checkout business, foreign exchange fees, and an acceleration in other merchant services, including payouts.

PSP 交易量和 Venmo 使交易率受益，但我們的品牌結帳業務、外匯費用以及其他商家服務（包括支付）的加速成長抵消了大型企業更快的成長。

Transaction margin dollars increased 8% in the second quarter compared to a 4% increase in the first quarter.

第二季交易保證金成長了 8%，而第一季則成長了 4%。

Higher interest on customer balances, branded checkout, Braintree, and Venmo were the largest contributors to year-over-year growth.

對客戶餘額、品牌結帳、Braintree 和 Venmo 的更高興趣是同比增長的最大貢獻者。

Branded checkout and Venmo's strong transaction margin results benefited from ongoing efforts to improve and optimize transaction loss performance as well as some transaction expense favorability.

品牌結帳和 Venmo 強勁的交易利潤率成果得益於持續努力改善和優化交易損失績效以及一些交易費用優惠。

While it's still early, we are encouraged to see initial actions related to price value as well as product and ongoing risk enhancements make a positive impact.

雖然現在還為時過早，但我們很高興看到與價格價值以及產品和持續風險增強相關的初步行動產生積極影響。

Relative to last quarter, we saw Braintree return to profitable growth and improvements in the contribution from Venmo, branded checkout, and P2P.

與上季相比，我們看到 Braintree 恢復了獲利成長，並且 Venmo、品牌結帳和 P2P 的貢獻有所改善。

Non-transaction-related operating expenses declined 1% as we continue to actively manage our cost structure while reinvesting in key growth initiatives.

由於我們繼續積極管理成本結構，同時對關鍵成長計畫進行再投資，非交易相關營運費用下降了 1%。

Non-GAAP operating income grew 24% in the quarter to $1.5 billion. Non-GAAP

本季非 GAAP 營業收入成長 24%，達到 15 億美元。非公認會計原則

operating margin expanded 230 basis points to 18.5%, benefiting from expense leverage and improvement in transaction margin trends.

由於費用槓桿和交易利潤率趨勢的改善，營業利潤率擴大了 230 個基點，達到 18.5%。

PayPal generated $1.4 billion in free cash flow in the second quarter, and we completed $1.5 billion in share repurchases, bringing share repurchases over the past 12 months to approximately $5 billion.

PayPal 第二季產生了 14 億美元的自由現金流，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 50 億美元。

Finally, we ended the quarter with cash, cash equivalents, and investments of more than $18 billion and debt of just over $12 billion.

最後，本季結束時，我們的現金、現金等價物和投資超過 180 億美元，債務略高於 120 億美元。

Moving to guidance on slide 10 for the third quarter and the full year in 2024.

轉向幻燈片 10 上的第三季和 2024 年全年指引。

For the remainder of the year, we continue to guide assuming a relatively consistent macroeconomic and consumer spending environment.

在今年剩餘時間裡，我們將繼續指導假設宏觀經濟和消費者支出環境相對穩定。

For the third quarter, we expect revenue to grow by mid-single digits and non-GAAP EPS to grow by high single digits.

對於第三季度，我們預計收入將實現中個位數成長，非公認會計準則每股收益將實現高個位數成長。

We are raising our guidance for the full year and now expect 2024 non-GAAP EPS to grow in the low- to mid-teens.

我們正在提高全年指引，目前預計 2024 年非 GAAP 每股盈餘將在 15% 左右成長。

This increase reflects outperformance in the second quarter as well as a slightly more positive view of the second half of the year with some strategic reinvestment into growth initiatives.

這一成長反映了第二季的優異表現以及對下半年稍微積極的看法，並對成長計畫進行了一些策略再投資。

Underpinning our guidance, we now expect transaction margin dollars to increase by a low- to mid-single-digit percentage for the full year.

根據我們的指導，我們現在預計全年交易保證金將成長低至中個位數百分比。

We have seen steady profitable growth from our branded checkout business and feel confident in the progress our teams are making.

我們看到品牌結帳業務的利潤穩定成長，並對我們團隊的進展充滿信心。

It is encouraging to see the initial impact of our initiatives related to price to value as well as ongoing product enhancements in areas like P2P.

令人鼓舞的是，我們的價格與價值相關措施以及 P2P 等領域的持續產品增強所產生的初步影響。

Some of our efforts, particularly on the innovation side, are still early and will take time to scale, but we're encouraged by the initial results and customer response as we begin moving from the test and pilot phases into launch.

我們的一些努力，特別是在創新方面，還處於早期階段，需要時間才能擴大規模，但隨著我們開始從測試和試點階段進入發布階段，我們對初步結果和客戶反應感到鼓舞。

As we move into the second half of the year, we expect to continue to make progress on these fronts, but there are a few factors to keep in mind.

隨著進入今年下半年，我們預計將繼續在這些方面取得進展，但有一些因素需要牢記。

Consistent with the strategy we laid out in prior quarters, our teams continue to prioritize high-quality, profitable growth as we execute against our long-term road map.

與我們在前幾季制定的策略一致，我們的團隊在執行長期路線圖時繼續優先考慮高品質、獲利性的成長。

Related to this, we expect lower volume and revenue growth as we move through the second half of the year.

與此相關的是，我們預計下半年銷售量和營收成長將會下降。

This is deliberate, and it shows good progress.

這是經過深思熟慮的，並且顯示出良好的進展。

By strategically focusing on price to value in areas like large enterprise processing within Braintree, we are driving transaction margin dollar improvements even on a lower volume growth.

透過在 Braintree 內的大型企業處理等領域策略性地關注價格與價值的比值，即使在銷售成長較低的情況下，我們也正在推動交易利潤率的提高。

Offsetting some of these improvements, we expect a much smaller tailwind from growth and interest on customer balances, which represented an approximately 3-percentage-point tailwind to transaction margin dollar growth in the first half.

我們預計成長和客戶餘額利息帶來的推動力會小得多，這抵消了其中一些改進，這代表上半年交易利潤率美元增長的推動力約為 3 個百分點。

We are also planning prudently and forecasting less favorability with some normalization in transaction and credit losses.

我們也正在謹慎規劃，並預測隨著交易和信用損失的正常化，有利性會降低。

We continue to expect non-transaction operating expenses to increase slightly with ongoing efficiency funding our strategic growth investments.

我們繼續預計非交易營運費用將略有增加，因為持續的效率為我們的策略成長投資提供資金。

Our investment spending will ramp as the year progresses to support our highest priority growth initiatives, the go-to-market of new products, partnerships and innovation, as well as reinvigorated marketing and brand campaigns for both PayPal and Venmo.

我們的投資支出將隨著時間的推移而增加，以支持我們最優先的成長計劃、新產品的上市、合作夥伴關係和創新，以及為 PayPal 和 Venmo 重振行銷和品牌活動。

These investments are all in support of reaccelerating durable profitable growth for the company.

這些投資都是為了支持公司重新加速持久的獲利成長。

Given the strong start to the year, we are raising our 2024 free cash flow guidance to approximately $6 billion.

鑑於今年開局強勁，我們將 2024 年自由現金流指引提高至約 60 億美元。

We are also increasing our share buyback plan to $6 billion compared to our prior guidance for at least $5 billion.

我們還將股票回購計畫增加至 60 億美元，而先前的指引為至少 50 億美元。

In closing, we've been making good progress throughout the first half of 2024 as we drive significant change across the company.

最後，我們在 2024 年上半年推動了整個公司的重大變革，並取得了良好進展。

We have clear opportunities to lean in further and ensure we stay on offense in what remains a competitive and dynamic environment.

我們有明確的機會進一步加強並確保我們在競爭激烈且充滿活力的環境中保持進攻。

We're excited about the path forward and look forward to updating you on our progress along the way.

我們對前進的道路感到興奮，並期待向您通報我們一路走來的最新進展。

With that, back to you, Alex.

說到這裡，回到你身邊，亞歷克斯。

Thank you, Jamie.

謝謝你，傑米。

To summarize, PayPal grew profitably again, with strength in multiple areas, including branded, unbranded, and Venmo.

總而言之，PayPal 再次獲利成長，並在多個領域表現強勁，包括品牌、非品牌和 Venmo。

We are also starting to see traction in several initiatives.

我們也開始看到一些措施的吸引力。

Taken together, these results highlight the strength of PayPal's global commerce platform.

總而言之，這些結果凸顯了 PayPal 全球商務平台的實力。

I'll leave you with one last example.

我將給您留下最後一個例子。

You've heard me talk about our Venmo customers looking for us to provide more money in and money out opportunities.

您聽過我談到我們的 Venmo 客戶希望我們提供更多資金進出機會。

As we are improving opportunities to spend Venmo balance with products like Venmo debit card or Pay with Venmo, we are seeing a corresponding improvement in funds being used within the Venmo ecosystem rather than transferred out.

隨著我們透過 Venmo 金融卡或 Pay with Venmo 等產品增加使用 Venmo 餘額的機會，我們看到資金在 Venmo 生態系統內使用而不是轉出的情況相應改善。

This is an example of meeting our customers where they are, solving their needs, and driving monetization and margin improvement in the process.

這是滿足客戶需求、解決他們的需求並在此過程中推動貨幣化和利潤率提高的一個例子。

Overall, this was a strong quarter for PayPal, and it gives us the confidence to both increase our growth investments and raise our full-year profit and free cash flow guide.

總體而言，對於 PayPal 來說，這是一個強勁的季度，它讓我們有信心增加成長投資並提高全年利潤和自由現金流指標。

I'm proud of our team and excited about the coming quarters and years for PayPal.

我為我們的團隊感到自豪，並對 PayPal 未來幾季和幾年感到興奮。

Steve, let's go to Q&A.

史蒂夫，讓我們開始問答。

Thanks, Alex.

謝謝，亞歷克斯。

(Event Instructions) Sarah, please open the line.

（活動說明）莎拉，請接通電話。

Thank you.

謝謝。

(Operator Instructions) Ramsey El-Assal, Barclays.

（操作員說明）Ramsey El-Assal，巴克萊銀行。

Great to see all the progress that you're making.

很高興看到您所取得的所有進步。

Branded volumes maintain the ex-leap-year growth rate from last quarter.

品牌銷售量維持上季除閏年的成長率。

Can you drill down a bit more into your strategy to drive branded growth acceleration?

您能否更深入了解推動品牌成長加速的策略？

You mentioned a focus on mobile, vault, and user interface.

您提到了對行動、保險庫和使用者介面的關注。

What are the most important levers?

最重要的槓桿是什麼？

And then maybe also to Jamie's comments on lower volume right there at the end of the prepared remarks and the second half apply to both branded and unbranded volumes.

然後，也許還有傑米在準備好的評論末尾對較低銷量的評論，後半部分適用於品牌和非品牌銷售。

Thanks.

謝謝。

Yeah.

是的。

Thanks for the question, Ramsey.

謝謝你的提問，拉姆齊。

We're excited to see the progress that we've made on branded.

我們很高興看到我們在品牌方面取得的進展。

As you can see, we've got a consistent loyal customer base that continues to use and love PayPal.

正如您所看到的，我們擁有始終如一的忠實客戶群，他們繼續使用並喜愛 PayPal。

What we've been focused on over the last six months is really some of the things I touched on before, the experiences, particularly around mobile.

在過去的六個月裡，我們一直關注的其實是我之前提到過的一些事情、體驗，尤其是與行動相關的體驗。

I touched on some of it in the comments, but the teams are working night and day now to improve everything from the vaulted experience, which is essential on mobile.

我在評論中談到了其中的一些內容，但團隊現在正在日以繼夜地工作，以改善拱頂體驗的一切，這對於行動裝置至關重要。

This is think of high usage, high repeat usage checkout experience, where you actually vault PayPal as your default.

這是高使用率、高重複使用率的結帳體驗，您實際上將 PayPal 作為預設付款方式。

We've now improved that experience.

我們現在已經改進了這種體驗。

And as I mentioned, we're seeing a 75 to 110-basis-point lift with our new experience.

正如我所提到的，我們的新體驗使我們的業績成長了 75 至 110 個基點。

We're also rolling out a new pay sheet experience overall, which simplifies -- gives customers still the choice of whether they're using PayPal balance or any instrument they want as well as Buy Now, Pay Later, but just simplifying the experience.

我們還全面推出了新的支付表體驗，這簡化了客戶仍然可以選擇是否使用 PayPal 餘額或他們想要的任何工具以及「立即購買，稍後付款」的方式，但只是簡化了體驗。

And we're seeing a nice lift in conversion rate there as well.

我們也看到轉換率有了很大的提升。

So big focus on the end-to-end customer experience.

非常注重端到端的客戶體驗。

We feel like that, combined with the ubiquity that we have just in marks across both mobile and web, gives us the ability to continue to not only maintain but where we want to be, which is taking share in the branded experience.

我們認為，再加上我們在行動和網路上的無處不在的標記，使我們不僅能夠繼續維護，而且能夠繼續實現我們想要的目標，即在品牌體驗中佔據份額。

Great.

偉大的。

And Ramsey, on the second part of your question about lower volumes in the second half.

拉姆齊，關於你關於下半年銷售下降的問題的第二部分。

That primarily relates to Braintree.

這主要與布倫特里有關。

We are seeing both lapping of larger wins this year, particularly in the second half, and some shifting in normalization in the Braintree revenue profile just as we enter into and really get into the process of working with our customers around our mission around profitable growth.

我們看到今年取得了更大的勝利，特別是在下半年，而且就在我們圍繞我們的盈利增長使命進入並真正進入與客戶合作的過程時，Braintree 收入狀況的正常化發生了一些轉變。

But on the branded checkout side of things, we expect the second half to be consistent with the first.

但在品牌結帳方面，我們預計下半年將與上半年保持一致。

July is off to a good start.

七月有了一個好的開始。

What we've seen in July is very consistent with the first half so far.

我們在 7 月看到的情況與上半年迄今的情況非常一致。

So we feel pretty good about that.

所以我們對此感覺很好。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

Nice results.

不錯的結果。

Look, especially on the transaction margin side, so just start there and touch on the dynamics around what's contributing to it from mix versus -- you talked a lot about pricing per value, which we've heard more and more about it in the industry also.

Look, especially on the transaction margin side, so just start there and touch on the dynamics around what's contributing to it from mix versus -- you talked a lot about pricing per value, which we've heard more and more about it in the industry也.

So it's good to see.

所以很高興看到。

But maybe more direction and color on the contributing forces.

但也許對貢獻力量有更多的方向和色彩。

And adding on to that, the sustainability of the strength you saw this quarter in growing transaction margin dollars at these rates, help us understand your expectations there going forward now.

除此之外，您在本季看到的交易保證金以這些速度成長的力量的可持續性，有助於我們了解您現在對未來的期望。

Obviously, you updated guidance, but really beyond just the first -- the next few months.

顯然，您更新了指導意見，但實際上超出了第一個 - 接下來的幾個月。

Yeah.

是的。

Thank you.

謝謝。

So maybe I'll start with the biggest contributors to transaction margin dollar growth and talk a little bit about the second half there as well.

因此，也許我會從交易保證金成長的最大貢獻者開始，並談談下半年的情況。

So we were really excited to see the broad-based strength and the acceleration.

因此，我們非常高興看到廣泛的實力和加速。

There's a lot the team has underway and there are several significant contributors to the growth.

團隊已經開展了很多工作，並且有幾個對成長做出了重要貢獻的人。

First, we talked about in my prepared remarks interest income on customer balances.

首先，我們在我準備好的發言中討論了客戶餘額的利息收入。

That was about 3 points in the first half.

上半場大約有3分。

But second, and really very strong, was branded checkout.

但第二，也是非常強大的，是品牌結帳。

It continues to grow profitably as a healthy contributor to transaction margin dollar growth.

作為交易利潤美元成長的健康貢獻者，它繼續實現獲利成長。

Braintree, which you mentioned, it is back to contributing to transaction margin dollar growth, which we're really excited about.

您提到的布倫特里（Braintree）又回到了對交易利潤美元增長的貢獻，我們對此感到非常興奮。

And it's really great to see some progress from our shift and focus there.

很高興看到我們的轉變和重點取得了一些進展。

Venmo continues to benefit not only from the strong consumer, but we're doing a nice job in Venmo to driving continued growth in monthly actives.

Venmo 不僅繼續受益於強勁的消費者，而且我們在 Venmo 方面做得很好，推動了每月活躍度的持續成長。

And then lastly, transaction loss favorability continued to be favorable in the second quarter as well, which was nice to see.

最後，第二季交易損失的好感度也持續良好，這是令人高興的。

When we think about the second half, there's really a couple of things to think about there.

當我們思考下半年時，確實有一些事情需要考慮。

I'd say first is that our first half tailwinds around interest income will begin to decline.

我首先要說的是，上半年我們圍繞利息收入的有利因素將開始下降。

We've just got higher comps in the second half of '23 as rates were coming up in the second half of last year.

由於去年下半年費率上升，我們在 23 年下半年獲得了更高的補償。

So that impact on transaction margin dollar growth, the percentage, that will start to come down.

因此，對交易保證金美元成長的影響（百分比）將開始下降。

The second is that we saw transaction loss favorability in both the first quarter and the second quarter.

第二個是我們在第一季和第二季都看到了交易損失的好感度。

It is feeling more durable than we expected even in the first quarter.

即使在第一季度，它也比我們預期的更持久。

Having said that, we're planning for some normalization in the second half.

話雖如此，我們計劃在下半年實現一些正常化。

As we get better in transaction loss prevention and detection, so do bad actors; and they continue to work hard to do different things.

隨著我們在交易損失預防和檢測方面做得更好，不良行為者也會做得更好；並且他們繼續努力做不同的事情。

And the second is, we are launching a number of products in the second half.

第二個是，我們下半年會推出一些產品。

And any time you launch products, we're just being prudent around how we think about transaction loss to make sure that if we have a few bugs in the process, we're working the kinks out as we go.

每當您推出產品時，我們都會謹慎對待交易損失，以確保如果我們在過程中出現一些錯誤，我們會隨時解決問題。

But the core business is solid.

但核心業務很紮實。

We are more positive than we were 3 months ago on Braintree profitability, P2P, on transaction loss.

與 3 個月前相比，我們對 Braintree 獲利能力、P2P 和交易損失更加樂觀。

It's still early in our progress, but we're driving significant change.

我們的進展還處於早期階段，但我們正在推動重大變革。

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

Good results here.

這裡有好的結果。

I want to ask about the second-half growth in investments.

我想問一下下半年投資成長。

It looks like in your guidance, you're implying a fourth quarter step down in EPS performance there.

在您的指導中，您似乎暗示第四季度的每股收益表現會有所下降。

So does that -- should we assume that that's heavy marketing around the holiday?

那麼，我們是否應該假設這是節日期間的大量行銷活動？

Can you maybe just give a little bit more specifics on what you're marketing exactly and what kind of return you're expecting?

您能否更具體地說明您正在行銷的內容以及您期望的回報？

I'll take the first part, and then maybe Alex will want to comment on the marketing pieces of it.

我將討論第一部分，然後亞歷克斯可能想對其中的行銷部分發表評論。

So in the first half, we've done, I think, a really nice job with expense discipline.

因此，我認為，在上半年，我們在費用紀律方面做得非常好。

We've taken a number of actions to reduce our OpEx profile while at the same time remixing or prioritizing investment back into engineering product and some marketing.

我們採取了一系列行動來降低我們的營運支出，同時將投資重新混合或優先考慮到工程產品和一些行銷。

Now we intentionally deferred, in the first half, some marketing dollars to the second half.

現在，我們有意將上半年的一些行銷資金推遲到下半年。

So when you look at the second-half profile, you're seeing the same underlying core reinvestment in engineering and go-to-market and things like that.

因此，當您查看下半年的概況時，您會看到在工程和上市等方面的相同潛在核心再投資。

But you're also seeing a much bigger ramp in our marketing spend, around marketing and brand campaigns for both PayPal and Venmo, but really also around these product launches, really making sure we put our marketing dollars to work to have that hit the ground running the way we need to.

但你也看到我們的行銷支出大幅增加，圍繞 PayPal 和 Venmo 的行銷和品牌活動，但實際上也圍繞著這些產品發布，真正確保我們將行銷資金投入到工作中，以實現這一目標按照我們需要的方式運行。

So in the second half, when you think about the EPS guide side of it, more than half of that 4Q pressure is the ramping of those growth investments.

因此，在下半年，當你考慮每股盈餘指引方面時，第四季壓力的一半以上來自這些成長投資的增加。

The other side, I'll just mention this quickly while we're on the topic, is that we've got a higher tax rate in the second half than we had in the first half.

另一方面，在我們討論這個主題時我會很快提到這一點，那就是我們下半年的稅率比上半年更高。

And so that, particularly on a comparative basis to last year, is what's impacting some of the EPS profile.

因此，特別是與去年相比，這就是影響每股盈餘的一些因素。

Yeah.

是的。

And just to pile on and dig a little bit deeper.

只是為了堆積並挖掘得更深一點。

We -- this is very deliberate.

我們——這是經過深思熟慮的。

The first half of the year, we needed to invest in innovation and invest in the customer experiences and put to market experiences on both PayPal and Venmo from a consumer standpoint that we could be proud of.

今年上半年，我們需要投資創新，投資於客戶體驗，並從消費者的角度將我們值得自豪的體驗推向 PayPal 和 Venmo 的市場。

I feel like we're at that place now.

我感覺我們現在就在那個地方。

The experience on the PayPal app, what we're putting out on branded experiences and even just the engagements, just the new designs, the shopping and rewards that now exist inside of the PayPal app, is completely rebuilt and new.

PayPal 應用程式上的體驗，我們在品牌體驗上的體驗，甚至只是參與度，只是 PayPal 應用程式中現在存在的新設計、購物和獎勵，都是完全重建和全新的。

On the Venmo side, you've seen the improvement as we started to create real onboarding ramps for our debit card, and we're seeing the improvement there.

在 Venmo 方面，當我們開始為借記卡創建真正的入門坡度時，您已經看到了改進，並且我們正在那裡看到改進。

So feeling really good about the experiences on both of the apps, and it's time to tell the world about it.

因此，我對這兩個應用程式的體驗感覺非常好，是時候向全世界介紹它了。

And we're excited to ramp up some of our go-to-market spend in sort of exciting and engaging ways.

我們很高興能夠以令人興奮和引人入勝的方式增加一些市場投入。

Harshita Rawat, Bernstein.

哈希塔·拉瓦特，伯恩斯坦。

Alex, I want to ask about your -- historically, PayPal has grown in the region despite not investing enough.

Alex，我想問您的情況——從歷史上看，儘管投資不足，但 PayPal 在該地區仍然取得了增長。

How are you thinking about your -- among PayPal's international markets, it looks like the company has a very strong global presence.

您如何看待您的——在 PayPal 的國際市場中，該公司似乎擁有非常強大的全球影響力。

And the regulatory environment is now more favorable with respect to NFC access

現在對於 NFC 接取的監管環境更加有利

[iPhone?]

[iPhone？

Yeah, I think it's a great question, and it's one of the things that we may overlook sometimes when we just think about PayPal.

是的，我認為這是一個很好的問題，也是我們在考慮 PayPal 時有時可能會忽略的事情之一。

We are a global company.

我們是一家全球性公司。

And the way customers use us, whether it be cross-border, whether it be access to merchants all over the world, is truly a global phenomenon.

客戶使用我們的方式，無論是跨國的，或是接觸世界各地的商家，都是真正的全球現象。

We've invested heavily over the years in ensuring that we are compliant in everywhere that we want to be in over 200 different markets.

多年來，我們投入了大量資金，以確保我們在 200 多個不同市場中的任何地方都符合要求。

As we think about our strategy, as I've laid out in the past, to make sure that PayPal is available everywhere for every purchase, every time, that includes being able to be available in an omnichannel solution, whether it's e-commerce or whether it's in person.

當我們思考我們的策略時，正如我過去所闡述的那樣，確保 PayPal 每次購買都可以在任何地方使用，這包括能夠在全通路解決方案中使用，無論是電子商務還是電子商務無論是本人。

And with some of the changes coming, particularly in Europe around NFC, that opens up the opportunity for us, and we will be prepared shortly to be able to play in that space.

隨著一些變化的到來，特別是在歐洲圍繞 NFC 的變化，這為我們提供了機會，我們很快就會做好準備，能夠在這個領域進行比賽。

So it's exciting to see our growth.

所以看到我們的成長是令人興奮的。

I'll hit one more example.

我再舉一個例子。

Our Buy Now, Pay Later growth that we continue to see, 60% of that volume comes from outside of the US.

我們繼續看到「先買後付」的成長，其中 60% 的銷量來自美國以外的地區。

So we're bringing the entire ecosystem of what PayPal brings to the global stage and excited to continue to invest there.

因此，我們正在將 PayPal 帶來的整個生態系統推向全球舞台，並很高興繼續在那裡投資。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

I was curious on the SMB initiatives, in particular, the strategy to drive more adoption of branded checkout, how important Fastlane is in that initiative.

我對中小企業計畫感到好奇，特別是推動更多採用品牌結帳的策略，以及 Fastlane 在該計畫中的重要性。

And then also, if you think advertising can be ultimately a lever for that side of the business as well on both sides of the network.

此外，如果您認為廣告最終可以成為業務這一方以及網路雙方的槓桿。

Yeah.

是的。

It's a great question.

這是一個很好的問題。

And SMB, as I've said since I got here, I think, is an untapped opportunity for us.

正如我來到這裡以來所說的那樣，我認為中小企業對我們來說是一個尚未開發的機會。

So let's just pull back and talk about what SMBs really need, right?

那麼，讓我們回過頭來談談中小企業真正需要什麼，對嗎？

Small businesses are -- they're fighting for every customer, they need to be able to find customers, they need to be able to engage with customers, convert them and then reengage with them.

小型企業正在為每位客戶而戰，他們需要能夠找到客戶，他們需要能夠與客戶互動，轉換他們，然後重新與他們互動。

And really, what they're looking for is an end-to-end platform and an end-to-end solution to help them.

事實上，他們正在尋找的是一個端到端的平台和端到端的解決方案來幫助他們。

It is very difficult for a small business to piece together 17 different solutions.

對於小型企業來說，拼湊 17 種不同的解決方案非常困難。

They just don't have the bandwidth, the people, and the time to be able to make that happen.

他們只是沒有足夠的頻寬、人員和時間來實現這一目標。

With PPCP, we now have put together the most powerful single platform for them to be able to run their business in a full stack manner.

透過 PPCP，我們現在已經整合了最強大的單一平台，使他們能夠以全端方式經營其業務。

So with PPCP, you now get branded experiences with the best branded experiences.

因此，透過 PPCP，您現在可以獲得最佳品牌體驗的品牌體驗。

You get access to the best guest checkout conversion with Fastlane.

您可以透過 Fastlane 獲得最佳的賓客結帳轉換率。

You get unbranded processing so that you can ensure that you can process anywhere around the world.

您可以獲得無品牌加工，這樣您就可以確保您可以在世界任何地方進行加工。

You get every mark.

你得到了每一個分數。

You get Buy Now, Pay Later.

您可以立即購買，稍後付款。

You get access to our working capital.

您可以使用我們的營運資金。

And then as you mentioned, now that we start to roll out our ads platform, you get the ability to drive new customers.

正如您所提到的，既然我們開始推出我們的廣告平台，您就有能力吸引新客戶。

You also get the ability to reengage with customers in a delightful way, so package tracking, smart receipts, the ability to be able to remarket to customers even after they purchased.

您還能夠以令人愉快的方式重新與客戶互動，例如包裹追蹤、智慧收據，甚至在客戶購買後也能夠向他們進行再行銷。

All of this is in one place with one partner.

所有這一切都由一位合作夥伴在同一個地方完成。

And so look, we're in early days right now.

所以看，我們現在還處於早期階段。

PPCP really is just rolling out.

PPCP 確實剛推出。

We're excited about the progress and the growth, but there's a lot more to play here.

我們對進步和成長感到興奮，但這裡還有很多事情要做。

Live in 30 markets and through 40 partner channels, but I think we're just getting started.

我們在 30 個市場和 40 個合作夥伴管道開展業務，但我認為我們才剛開始。

This is going to play out over the next few years.

這將在未來幾年內發揮作用。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼 (Sanjay Sakhrani)，KBW。

It's nice to hear about the accelerated general availability of Fastlane.

很高興聽到 Fastlane 加速全面上市。

Maybe you could talk about what it means from a revenue contribution standpoint?

也許您可以從收入貢獻的角度談談這意味著什麼？

And if not this year, maybe you could just talk about what that -- how we should think about the revenue contribution?

如果不是今年，也許你可以談談我們應該如何考慮收入貢獻？

Would it be through more engagement?

是透過更多的參與嗎？

And then maybe just secondly, if you could just talk about the volume trends?

其次，能否談談成交量趨勢？

It seems like US was pretty stable.

看來美國還是很穩定的。

International dropped off.

國際航班下車了。

Maybe just a little bit more color there would be helpful.

也許多一點顏色會有幫助。

Yeah.

是的。

Let me start with Fastlane.

讓我從快車道開始。

So just as a reminder for everyone, Fastlane is really tackling the 60% of checkout that is guest checkout.

所以提醒大家，Fastlane 真正解決的是 60% 的結帳問題，也就是客人結帳問題。

We've got a unique experience because of the volume of our two-sided network and the consumers that we see coming in, where we're able to dramatically change the conversion rate for repeat users.

由於我們的雙邊網路數量和我們看到的消費者數量，我們獲得了獨特的體驗，我們能夠大幅改變重複使用者的轉換率。

So 80% conversion rate versus a traditional roughly 50% on a repeat user.

因此，重複使用者的轉換率為 80%，而傳統的轉換率約為 50%。

Our goal is to capture and help all merchants for all guest checkout.

我們的目標是捕獲並幫助所有商家進行所有客人結帳。

So the way we built Fastlane is this really is a platform that can be processed or agnostic.

所以我們建構 Fastlane 的方式是，這確實是一個可以處理或不可知的平台。

And we want to be able to help every consumer come through and have a delightful guest checkout experience as well as enable actually our ability to capture them through a Fastlane by PayPal experience and bring them into a branded experience as well, so there's a flywheel effect.

我們希望能夠幫助每位消費者度過愉快的賓客結帳體驗，同時讓我們能夠透過 PayPal 的 Fastlane 體驗吸引他們，並將他們帶入品牌體驗中，因此存在飛輪效應。

In terms of rollout, we are rolling this out now.

在推出方面，我們現在正在推出。

We've got a developer day situated in a few weeks from this time in August.

從八月的這個時候開始，幾週後我們將迎來一個開發者日。

We're going GA now in August as well.

我們現在也將在八月正式上市。

And so we'll be ramping up as many customers as we can.

因此，我們將盡可能增加客戶。

We've not talked about and disclosed pricing on this, so I'm not going to get into that at this point.

我們還沒有討論和披露這方面的定價，所以我現在不打算討論這個問題。

But know that this is our ability to monetize, not just guest checkout that we process through Braintree, but really for us, the total addressable market is the entire guest checkout experience across the board.

但要知道，這是我們的貨幣化能力，不僅僅是我們透過 Braintree 處理的賓客結帳，而且對我們來說，真正的潛在市場是全面的整個賓客結帳體驗。

Yeah.

是的。

And on the second part of your question around the US and international environments, as I mentioned before, we see the US environment being very consistent right now with what we've seen over the first half.

關於你關於美國和國際環境的問題的第二部分，正如我之前提到的，我們認為美國目前的環境與我們上半年所看到的非常一致。

International is a real strength for us, and we did have a shift down a bit in the international area on TPV this quarter.

國際化對我們來說是一個真正的優勢，本季我們在冠捷的國際化領域確實有所下降。

But when you look at that, what that really is, it's almost solely related to lapping some large Braintree wins last year.

但當你看看它到底是什麼時，它幾乎完全與去年在布倫特里取得的一些重大勝利有關。

Otherwise, very healthy.

否則，非常健康。

Dan Dolev, Mizuho.

丹‧多列夫，瑞穗。

Great results.

很好的結果。

I wanted to ask you, Alex, a little bit about the competitive positioning regarding Apple Pay.

Alex，我想問你一些關於 Apple Pay 的競爭定位的問題。

Obviously, really strong branded checkout.

顯然，真正強大的品牌結帳。

There has been some worries in the past.

過去曾有過一些擔憂。

Can you maybe contextualize a little bit where we are and what you're doing to beat them?

您能否稍微介紹一下我們的處境以及您正在採取哪些措施來擊敗他們？

Yeah.

是的。

Thanks, Dan.

謝謝，丹。

Great question.

很好的問題。

So let me set some context.

讓我來設定一些背景。

So first, we play in a massive multi-trillion-dollar market and it's not a zero-sum game.

因此，首先，我們參與的是一個數萬億美元的龐大市場，這不是一場零和遊戲。

So we expect competitors.

所以我們期待競爭對手。

We've had competitors come in since we launched.

自從我們推出以來，就有競爭對手進來了。

Over a decade ago, it went from one button to now.

十多年前，它從一鍵變成了現在。

There's lots of different buttons and branded experiences, and we'll expect that to continue.

有很多不同的按鈕和品牌體驗，我們希望這種情況能持續下去。

Let me just set the context of the reality of today and then how we think about the future.

讓我先介紹一下今天的現實，然後我們該如何思考未來。

So the reality today, we are the number one branded experience across all platforms and devices.

因此，今天的現實是，我們是所有平台和設備上的第一個品牌體驗。

If we narrow down into desktop web, which is still 40% to 50% of all checkout, we see no degradation in our share over the past 4 years.

如果我們縮小範圍到桌面網絡，它仍然佔所有結帳的 40% 到 50%，我們發現過去 4 年我們的份額沒有下降。

So let me say that again, we've held share despite competition.

因此，讓我再說一遍，儘管存在競爭，我們仍保住了份額。

Second, if we look across browsers, there's actually no difference in our selection rate across different browsers.

其次，如果我們跨瀏覽器查看，實際上不同瀏覽器之間的選擇率並沒有差異。

So certain buttons moving from one platform to the other just isn't material to us.

因此，某些按鈕從一個平台移動到另一個平台對我們來說並不重要。

So that's where we are today.

這就是我們今天的處境。

So let's focus around our ability to continue to improve and make this a better experience for our consumers going forward.

因此，讓我們專注於我們持續改進的能力，並為未來的消費者提供更好的體驗。

So for merchants, they're looking for an end-to-end solution.

因此對於商家來說，他們正在尋找端到端的解決方案。

They want to get customers, they want to convert customers, and they want to engage and have a return experience with customers.

他們想要獲得客戶，他們想要轉換客戶，他們想要與客戶互動並獲得回報體驗。

As we talked about, we now have the best branded experience.

正如我們所說，我們現在擁有最好的品牌體驗。

We're continuing to improve that.

我們正在繼續改進這一點。

We have Fastlanes.

我們有快車道。

We have the best checkout experience.

我們有最好的結帳體驗。

So -- and we've rolled out ads and continuing to invest in our profile.

因此，我們推出了廣告並繼續投資於我們的個人資料。

So we're helping merchants end-to-end.

因此，我們正在為商家提供端到端的協助。

On a consumer side, they're looking for ubiquity, flexibility, and a rewarding experience.

在消費者方面，他們尋求無所不在、靈活性和有益的體驗。

We are the most ubiquitous.

我們是最無所不在的。

We have 80% acceptance rate in the developed world with a large and growing customer base.

我們在已開發國家的接受率達到 80%，擁有龐大且不斷成長的客戶群。

And from a flexibility standpoint, they want to be able to pay everywhere with any way that they can -- that they want to pay, and we're able to provide that.

從靈活性的角度來看，他們希望能夠以任何方式在任何地方進行支付——他們想要支付，而我們能夠提供這一點。

So if you pull back, I'm just excited that we are in a strong position of being the most complete platform and two-sided global network, driving the highest value and benefit to our consumers and our merchants.

因此，如果你退一步說，我很高興我們處於最完整的平台和雙邊全球網路的強勢地位，為我們的消費者和商家帶來最高的價值和利益。

Timothy Chiodo, UBS Financial.

提摩西‧奇奧多 (Timothy Chiodo)，瑞銀金融集團。

I wanted to drill into branded checkout a little bit with the 6% growth.

我想以 6% 的成長率深入研究品牌結帳。

Maybe you could talk a little bit about the relative levels of growth, US versus international, granted you did call out the strength in international with Continental Europe and Asia; and then also on the relative levels of transaction margin, given that there are some differences in transaction expense levels and also potentially merchant size mix.

也許你可以談談美國與國際的相對成長水平，假設你確實指出了國際與歐洲大陸和亞洲的實力；然後是交易保證金的相對水平，因為交易費用水平和潛在的商家規模組合存在一些差異。

I would appreciate those.

我會很感激那些。

Yeah.

是的。

So on a relative level of growth, US and international both continue to be strong contributors for us.

因此，就相對成長水準而言，美國和國際市場仍然是我們的強勁貢獻者。

There's obviously different market mixes and different merchant mixes as you look at those growth profiles.

當您查看這些成長概況時，顯然存在不同的市場組合和不同的商家組合。

In the US, large enterprises continues to be an area of strength for us.

在美國，大型企業仍然是我們的優勢領域。

And I would say in the small business area, we continue to remix that portfolio as we move to PPCP and off of legacy platforms and really move to both a direct and a partner strategy there.

我想說的是，在小型業務領域，隨著我們轉向 PPCP 並脫離傳統平台，我們將繼續重新組合該產品組合，並真正轉向直接策略和合作夥伴策略。

When you look at the international side of things, branded checkout is very, very strong in several European, both countries and corridors.

從國際角度來看，品牌結帳在歐洲的幾個國家和走廊都非常非常強大。

UK continues to be pressured.

英國繼續面臨壓力。

But I would say outside of that, we've got real strength in other countries such as Germany and just real bright spots in Europe as well.

但我想說的是，除此之外，我們在德國等其他國家也有真正的實力，在歐洲也有真正的亮點。

So I'd say it's fairly balanced across the globe when you look at it.

所以我想說，當你觀察時，全球範圍內的情況相當平衡。

I'm trying to look at the second part of your question here, transaction expense.

我想在這裡看看你問題的第二部分，交易費用。

When you look at transaction expense, it is impacted by funding mix, product mix, geo mix, all of that stuff.

當你考慮交易費用時，它會受到資金組合、產品組合、地理組合等所有因素的影響。

Funding mix is relatively stable.

資金結構相對穩定。

The biggest driver of our shift in TE right now has been Braintree, and that continues to be what is happening there.

目前，我們在 TE 轉型的最大推動力是 Braintree，而且這仍然是那裡正在發生的事情。

We're always looking at ways to continuously improve our transaction expense profile and work with different partners to move the needle on that and we continue to have different benefits, different quarters just in terms of how that rolls through.

我們一直在尋找方法來不斷改善我們的交易費用狀況，並與不同的合作夥伴合作，以推動這一目標，並且我們繼續在不同的季度獲得不同的好處，只是就其實施方式而言。

None of which was particularly material, but we had a little bit of that, too.

這些都不是特別重要的，但我們也有一點。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

I just wanted to ask a follow-up question on the full-year guide for the transaction profit dollar growth.

我只是想問一個關於全年交易利潤美元增長指南的後續問題。

Obviously, you're taking that up here.

顯然，你在這裡提到了這一點。

It does imply the deceleration in the second half that you mentioned around float comps, et cetera.

它確實意味著您在浮動補償等方面提到的下半年的減速。

What I'm trying to get a sense of, has your full year outlook for transaction profit dollar growth from the core branded and Braintree businesses changed?

我想了解的是，您對核心品牌和 Braintree 業務的全年交易利潤成長前景是否發生了變化？

Just to kind of isolate the delta here in the guidance.

只是為了在指南中隔離增量。

Yeah.

是的。

I would say, generally, we're seeing a stronger branded baseline, and we're having increasing confidence in the slope of our Braintree profitability efforts.

我想說，總的來說，我們看到了更強大的品牌基線，我們對 Braintree 獲利能力的斜率越來越有信心。

That's what I would say on those two.

這就是我要對這兩個人說的話。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

Great.

偉大的。

I wanted to circle back to Fastlane and obviously, a lot of interest and excitement in terms of its launch timing, et cetera.

我想回到 Fastlane，顯然，人們對它的發佈時間等方面非常感興趣和興奮。

And I think you've made it pretty clear that this will be a gradual opportunity that will build on it in addressing a big market.

我認為您已經明確表示，這將是一個漸進的機會，將在此基礎上解決一個大市場的問題。

How should we think about like what your key to-dos are as we go through the rest of this year and into next year?

當我們度過今年剩餘時間和明年時，我們應該如何思考您的關鍵任務是什麼？

And I'm wondering if any of Fastlane with the launch timing is now built into the guidance as well as any other new initiatives that may have been added in the guidance for the rest of the year.

我想知道是否有任何具有啟動時間的快車道現在已納入指南中，以及今年剩餘時間可能已添加到指南中的任何其他新舉措。

Yeah.

是的。

Let me start with the last part.

讓我從最後一部分開始。

We've really not built any Fastlane upside into guidance.

我們確實沒有將任何快車道的優勢納入指導。

And part of that is because of our go-to-market is going to be very focused on just getting adoption, not around monetizing in this half of the year.

部分原因是我們的市場推廣將非常專注於獲得採用，而不是在今年上半年獲利。

Now to be clear, we're pricing in the contracts that we're signing with customers.

現在需要明確的是，我們正在與客戶簽訂的合約中定價。

And so pricing is built in.

因此定價是內建的。

And as I said before, the TAM is every guest checkout.

正如我之前所說，TAM 是每位客人的結帳台。

That's what our focus is, but it's not built into the second half of the year.

這就是我們的重點，但不會放在下半年。

In terms of key to-dos, we've really created and worked hard during this beta period to create a seamless experience so that developers and merchants can get on board as fast as possible.

就關鍵待辦事項而言，我們在測試期間確實創造並努力創造無縫體驗，以便開發者和商家能夠盡快加入。

And so for someone using us now, it's really a two- to four-week experience to get on to the Fastlane code and enable that to roll out.

因此，對於現在使用我們的人來說，獲取 Fastlane 代碼並使其得以推出確實需要兩到四個星期的時間。

So we need to get it on as many platforms as we can so that small businesses, in particular, can just one click a button and turn it on for the holidays.

因此，我們需要將其推廣到盡可能多的平台上，以便特別是小型企業只需單擊一個按鈕即可在假期期間將其打開。

We're working with many of our large enterprises who want access to this before the holidays as well.

我們正在與許多大型企業合作，他們也希望在假期前獲得此服務。

But again, look, the reality is we've got a lot of merchants around the world and it's going to take time for them to be able to put this into their road map.

但再說一次，現實是我們在世界各地有很多商家，他們需要時間才能將其納入他們的路線圖。

So that's why we want to set expectations that this is going to take quarters and years to get everyone on board.

這就是為什麼我們要設定預期，這將需要幾個季度甚至幾年的時間才能讓每個人都參與其中。

But the beauty of Fastlane is it's a network effect.

但 Fastlane 的美妙之處在於它的網路效應。

More customers coming through it.

更多的客戶通過它。

We're already seeing best-in-class conversion rates.

我們已經看到了一流的轉換率。

The more customers that come through it, the more profiles that we start to capture and the better the conversion rates should become.

通過它的客戶越多，我們開始捕獲的個人資料就越多，轉換率就應該越高。

So we want to get started as fast as possible, get as many merchants through this holiday season as we can, and then build from there.

因此，我們希望盡快啟動，讓盡可能多的商家度過這個假期，然後從那裡開始建造。

Sarah, let's make time for one last question, please.

莎拉，請讓我們抽出時間回答最後一個問題。

Andrew Schmidt, Citi.

安德魯‧施密特，花旗銀行。

I wanted to double-click just on the Braintree trends.

我只想雙擊 Braintree 趨勢。

Obviously, good progress in terms of transaction margin dollar growth.

顯然，交易保證金成長方面取得了良好進展。

Maybe you could talk a little bit more about what's driving that, clearly, more discipline, lapping of large contracts?

也許你可以多談談是什麼推動了大合約的嚴格遵守？

And then as we look to the back half and beyond, I hear you on the slope that's built into the outlook.

然後，當我們看向後半部及更遠的地方時，我聽到你在景觀中內建的斜坡上的聲音。

But from what you've seen so far, how does it inform your confidence in terms of building on the progress that you've seen so far in transaction margin dollar growth as we go into the back half in the subsequent years?

但從您迄今為止所看到的情況來看，當我們進入接下來的幾年的下半年時，它如何表明您對在交易保證金美元增長方面取得的進展的基礎上再接再厲？

Thank you.

謝謝。

So first, well, let's just talk through the Braintree growth and what's really driving that.

首先，我們來談談布倫特里的成長以及真正推動這一成長的因素。

We set out this year to really reorient the team with Braintree around profitable growth.

今年，我們計劃圍繞獲利成長真正重新調整 Braintree 團隊的方向。

And as we've done that, we've had just a number of conversations with customers, both around contract renewal, but also just around our holistic relationship and really getting into understanding how we partner, what the margin structure is, how we provide value-added services, just the overall value-to-value exchange that we've got.

在我們這樣做的過程中，我們與客戶進行了多次對話，既圍繞合約續約，也圍繞著我們的整體關係，並真正了解我們如何合作、利潤結構是什麼、我們如何提供服務增值服務，就是我們所擁有的整體價值對價值的交換。

And honestly, they've been really positive conversations.

老實說，他們的對話非常積極。

As we -- and just on a total relationship basis sort of thing.

正如我們——並且只是在整體關係的基礎上。

As we looked at that, there are certain situations where as we've gotten into the discussion, we're willing to accept a lower share of revenue in exchange for a higher margin contract.

正如我們所看到的，在某些情況下，當我們進入討論時，我們願意接受較低的收入份額以換取較高的利潤率合約。

There's other situations where, as we work with our customers, we're able to sell in value-added services in ways that we just haven't done before.

在其他情況下，當我們與客戶合作時，我們能夠以前所未有的方式銷售增值服務。

So it's lots of different levers in that process.

所以這個過程中有很多不同的槓桿。

But what we're excited about is we're really starting to see good traction on that.

但令我們興奮的是，我們確實開始看到這方面的良好動力。

It's intentional.

這是故意的。

We've set out to do this.

我們已經著手這樣做了。

And it's a really good thing for the business.

這對企業來說確實是件好事。

And I think as you look at the second half, what we saw play out in the second quarter, I expect to continue.

我認為，當你看到下半場時，我們在第二季度看到的情況，我預計會繼續下去。

We saw some of the volume growth normalize a bit, but we saw more positive transaction margin dollar growth.

我們看到一些交易量成長有點正常化，但我們看到交易利潤率美元成長更為積極。

And it's really good to see that tangible progress play out.

很高興看到切實的進展正在發揮作用。

And I think it will continue to play out over time.

我認為隨著時間的推移，這種情況將繼續發揮作用。

It may be a little bit uneven and not linear, but that trend of a little bit more normalization into the business, but improving margin profiles is something we fully expect to continue.

它可能有點不平衡和非線性，但業務更正常化的趨勢，但我們完全期望繼續改善利潤率狀況。

Alex, I think you have time for any final comments you might have?

亞歷克斯，我想你有時間發表任何最後的評論嗎？

Yeah.

是的。

Thank you all today, and thanks, Steve.

今天謝謝大家，謝謝史蒂夫。

Just to close the call, company is energized.

剛結束通話，公司就充滿了活力。

We're proud of what we've accomplished.

我們為我們所取得的成就感到自豪。

Just to, again, sort of step -- set the context of where we are, we're really six months in.

再次，踏出一步——設定我們所處的背景，我們實際上已經六個月了。

We've got a new leadership team.

我們有了一個新的領導團隊。

We're getting stronger every day.

我們每天都在變得更強。

We've returned the company to transaction margin growth.

我們使公司恢復了交易利潤成長。

We've returned the company to a consumer user growth.

我們使公司恢復了消費者用戶的成長。

We significantly improved profitability at Braintree, and we're accelerating Venmo.

我們顯著提高了 Braintree 的獲利能力，並且正在加速 Venmo。

And so I just feel really proud that we are stronger today than we were six months ago, and we will be stronger six months from now than we are today.

因此，我感到非常自豪，我們今天比六個月前更強大，並且六個月後我們將比今天更強大。

And we're executing against our game plan.

我們正在執行我們的遊戲計劃。

This will be measured in quarters and years, so it'll be a long game.

這將以季度和年份來衡量，因此這將是一場漫長的比賽。

But six months in, we are on the right trajectory.

但六個月過去了，我們正走在正確的軌道上。

So thank you all for today, and see you next quarter.

今天謝謝大家，下季再見。

Thank you.

謝謝。

This concludes today's conference.

今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。