PayPal Holdings Inc (PYPL) 2024 Q3 法說會逐字稿

Good morning, and welcome to PayPal's third-quarter 2024 earnings conference call. My name is Sara, and I will be your conference operator today. As a reminder, this conference is being recorded.

早安，歡迎參加 PayPal 2024 年第三季財報電話會議。我叫薩拉，今天我將擔任你們的會議操作員。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. Please go ahead.

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。請繼續。

You're welcome to PayPal's third-quarter 2024 earnings call. I'm joined by CEO, Alex Chris, and CFO, Jamie Miller. Our remarks today include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from these statements. Our commentary is based our view of the world and our businesses as we see them today. As described in our earnings press release, SEC filings, and on our website, those elements may change as the world changes.

歡迎您參加 PayPal 2024 年第三季財報電話會議。執行長 Alex Chris 和財務長 Jamie Miller 也加入了我的行列。我們今天的言論包括涉及風險和不確定性的前瞻性陳述。實際結果可能與這些陳述有重大差異。我們的評論是基於我們今天對世界和企業的看法。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.

現在輪到你了，亞歷克斯。

Thanks, Steve, and thank you to everyone for joining us this morning. PayPal had a highly productive third quarter. We made good progress on our continued transformation while delivering strong operating and financial results. We brought multiple innovations to market, coupled with a significant new marketing campaign and are seeing encouraging early adoption. And we continue to forge important partnerships with leaders in global commerce.

謝謝史蒂夫，也謝謝大家今天早上加入我們。貝寶第三季的生產力非常高。我們在持續轉型方面取得了良好進展，同時實現了強勁的營運和財務表現。我們將多項創新推向市場，並開展了重要的新行銷活動，並看到了令人鼓舞的早期採用。我們繼續與全球商業領導者建立重要的合作關係。

We're early in our transformation journey, and we have a lot of work ahead to get to where we want to be. However, I'm proud of what we've been able to achieve in the last year, and it gives me conviction that we're taking the necessary steps to unlock the full potential of PayPal and Venmo over time.

我們正處於轉型之旅的早期階段，為了實現我們想要的目標，我們還有很多工作要做。然而，我對我們去年的成就感到自豪，這讓我相信我們正在採取必要的措施，隨著時間的推移，釋放 PayPal 和 Venmo 的全部潛力。

We've assembled a world-class leadership team, reignited innovation for our customers, and are now moving with clear purpose and increased velocity. We're leaning into our competitive advantage, a two-sided network of hundreds of millions of consumers and tens of millions of merchants around the world to evolve from a set of disparate payment products and point solutions into a powerful commerce platform.

我們組建了世界一流的領導團隊，為客戶重新激發創新，現在正以明確的目標和更快的速度前進。我們正在利用我們的競爭優勢，即由全球數億消費者和數千萬商家組成的雙向網絡，從一組不同的支付產品和點解決方案發展成為一個強大的商務平台。

As we shift from a payments company to a commerce platform, more of the world's leading commerce players have partnered with us to add value for our mutual customers. In just over two months, we've announced partnerships with Fiserv, Adyen, Amazon, Global Payments, and Shopify, and we're actively discussing more collaborations across the industry. These new and expanded relationships are a clear demonstration that our brand, innovations, and momentum are resonating.

隨著我們從支付公司轉向商務平台，越來越多的世界領先的商務參與者與我們合作，為我們共同的客戶增加價值。在短短兩個多月的時間裡，我們宣布與 Fiserv、Adyen、Amazon、Global Payments 和 Shopify 建立合作夥伴關係，我們正在積極討論整個行業的更多合作。這些新的和擴展的關係清楚地表明我們的品牌、創新和動力正在產生共鳴。

Before we discuss this quarter's details, I'm excited to announce that we will host an Investor Day on February 25 in New York City. We look forward to seeing many of you in person in sharing our team's longer-term strategy, key opportunities, financial and operating targets, and how we will get there.

在我們討論本季的詳細資訊之前，我很高興地宣布，我們將於 2 月 25 日在紐約舉辦投資者日活動。我們期待與大家見面，分享我們團隊的長期策略、關鍵機會、財務和營運目標，以及我們將如何實現這些目標。

Now turning to our Q3 results. Total payment volume grew 9% to $423 billion. We delivered $7.8 billion in revenue, growing 6% on a currency-neutral basis. Transaction margin dollars grew 8% to $3.7 billion and were up 6%, excluding the benefit of interest on customer balances. Our non-GAAP earnings per share increased 22% year over year. Importantly, this translated into significant free cash flow. We're proud of these results and have a clear plan to drive continued profitable growth over the long term.

現在轉向我們的第三季業績。支付總額成長 9%，達到 4,230 億美元。我們實現了 78 億美元的收入，在貨幣中性的基礎上成長了 6%。交易保證金成長 8%，達到 37 億美元，成長 6%（不含客戶餘額利息收益）。我們的非 GAAP 每股盈餘年增 22%。重要的是，這轉化為大量的自由現金流。我們對這些成果感到自豪，並制定了明確的計劃來推動長期持續獲利成長。

After another strong quarter, we're raising our full-year guidance for transaction margin dollars and non-GAAP earnings per share. At the same time, we're continuing to invest in areas that we believe will drive long-term profitable growth.

在又一個強勁的季度之後，我們提高了交易保證金和非公認會計準則每股收益的全年指引。同時，我們將繼續投資於我們認為將推動長期獲利成長的領域。

Let me update you on our customer business strategies and the promising early results we're seeing. When I joined, it was clear that we had significant work to do to improve branded checkout. PayPal had fallen behind on innovation, and we had work to do to be more competitive, particularly on mobile devices. In January, we shared new mobile checkout experiences designed to significantly improve conversion. We've completed testing over the past few quarters and are now rolling out to customers new experiences on both desktop and mobile. These new checkout experiences are second to none.

讓我向您介紹我們的客戶業務策略以及我們所看到的有希望的早期成果的最新情況。當我加入時，很明顯我們需要做大量工作來改善品牌結帳。 PayPal 在創新方面落後了，我們需要努力提高競爭力，特別是在行動裝置方面。一月份，我們分享了旨在顯著提高轉換率的新行動結帳體驗。我們在過去幾個季度完成了測試，現在正在向客戶推出桌面和行動裝置上的新體驗。這些新的結帳體驗是首屈一指的。

When implemented properly, the new product experiences are resulting on average in more than 100 basis points of conversion lift for vaulted checkout and up to 400 basis points of conversion uplift for one-time checkout. We're also seeing a 15% to 20% increase in Buy Now, Pay Later use. These experiences are live on close to 5% of our US checkout traffic today, and we're pushing hard to get them into the hands of more of our merchants throughout the holiday shopping season and into next year. I'm proud of our team's innovation velocity as we reestablish ourselves as the best converting branded experience for consumers and merchants.

若實施得當，新產品體驗平均可為拱頂結帳帶來超過 100 個基點的轉換提升，為一次性結帳帶來高達 400 個基點的轉換提升。我們還發現「立即購買、稍後付款」的使用量增加了 15% 至 20%。這些體驗目前占我們美國結帳流量的近 5%，我們正在努力推動在整個假期購物季和明年將這些體驗交給更多商家。我為我們團隊的創新速度感到自豪，我們將自己重新打造為消費者和商家的最佳品牌體驗轉換者。

Continuing in large enterprise. We're making solid progress on our initiative to price our services in a way that reflects the current value we bring to our merchants. This is now the second consecutive quarter in more than two years, that Braintree is meaningfully contributing to transaction margin dollar growth. We're having very constructive conversations with our merchants, focused on ways we can enable strategic growth opportunities that drive long-term upside for both of us.

繼續在大企業。我們在以反映我們目前為商家帶來的價值的方式對服務進行定價的舉措方面取得了紮實的進展。這是兩年多來連續第二個季度，Braintree 為交易利潤率成長做出了有意義的貢獻。我們正在與我們的商家進行非常有建設性的對話，重點關注如何實現策略成長機會，為我們雙方帶來長期成長。

What is different today is that we now have a suite of value-added services, including payouts, risk as a service, orchestration, guest checkout, and personalization capabilities that help attract new customers and convert them more effectively, in addition to world-class payment processing. We're excited about our progress here as it is key to long-term value creation.

今天的不同之處在於，除了世界一流的服務外，我們現在還擁有一套增值服務，包括支付、風險即服務、編排、賓客結帳和個人化功能，有助於吸引新客戶並更有效地轉化他們。我們對在這裡取得的進展感到興奮，因為這是長期價值創造的關鍵。

Finally, we're pleased with the initial reaction to Fastlane, which targets the 60% of e-commerce purchases made without a branded mark. Since we launched in August, we have over 1,000 merchants using Fastlane to provide a seamless experience to their customers and drive increased conversion. We've also reached a new milestone in our ability to recognize and auto fill information for first-time Fastlane users.

最後，我們對 Fastlane 的初步反應感到滿意，該計劃的目標是 60% 的電子商務購買沒有品牌標記。自 8 月推出以來，已有 1,000 多家商家使用 Fastlane 為其客戶提供無縫體驗並提高轉換率。我們在識別和自動填寫 Fastlane 首次用戶資訊的能力方面也達到了一個新的里程碑。

In the US, 170 million eligible customer profiles on the PayPal platform can now enjoy a seamless guest checkout the very first time they try Fastlane. The scale of consumers who are primed to spend with PayPal puts us way ahead of other guest checkout solutions, and it is one of the reasons why so many platforms are choosing to partner with us. We can't wait to get Fastlane into the hands of more merchants, not only on Braintree and PPCP, but also through our partnerships with Fiserv, Adyen, and Global Payments next year.

在美國，PayPal 平台上 1.7 億符合資格的客戶資料現在可以在首次嘗試 Fastlane 時享受無縫的賓客結帳服務。準備透過 PayPal 消費的消費者規模使我們遠遠領先其他賓客結帳解決方案，這也是許多平台選擇與我們合作的原因之一。我們迫不及待地希望讓更多商家能夠使用 Fastlane，不僅在 Braintree 和 PPCP 上，而且在明年還透過我們與 Fiserv、Adyen 和 Global Payments 的合作夥伴關係。

Moving to small- and medium-sized businesses. Last month, we launched PayPal Complete Payments in new geographies, including China and Hong Kong with more market on the horizon in 2025. In the markets where PPCP is live, we're steadily converting volume from our legacy products with nearly 40% of our SMB processing and checkout volume now on this platform. What is important to remember is that many of these merchants are using PayPal for both branded and unbranded payments, an example of the benefits that come with integrated solutions.

轉向中小企業。上個月，我們在新的地區推出了PayPal Complete Payments，其中包括中國大陸和香港，預計2025 年將有更多市場。 40%。需要記住的重要一點是，許多商家都使用 PayPal 進行品牌和非品牌支付，這是整合解決方案帶來的好處的一個例子。

PayPal Complete Payments also allows us to work with many small and medium-sized businesses through partner platforms, including Shopify. As we announced in the quarter, PayPal is now an additional processor for Shopify Payments in the US. Our branded checkout solutions are now integrated into Shopify Payments, creating a single, unified experience for time-constrained business owners to drive operational efficiency.

PayPal Complete Payments 還允許我們透過 Shopify 等合作夥伴平台與許多中小型企業合作。正如我們在本季宣布的那樣，PayPal 現在是美國 Shopify Payments 的額外處理商。我們的品牌結帳解決方案現已整合到 Shopify Payments 中，為時間有限的企業主創造單一、統一的體驗，以提高營運效率。

We also recently announced a partnership with Amazon to bring PayPal Checkout to SMBs offering Buy with Prime. Next year, we will expand our work together to give Prime members the option to link their Amazon and PayPal accounts so that consumers can receive Prime shipping benefits when they use PayPal while shopping with Buy with Prime. While they will take time to realize, there is significant opportunity here and more we can do to better serve the needs of small businesses.

我們最近也宣布與亞馬遜建立合作關係，將 PayPal Checkout 引入中小型企業，提供 Buy with Prime 服務。明年，我們將共同擴大合作範圍，為 Prime 會員提供連結其亞馬遜和 PayPal 帳戶的選項，以便消費者在透過 Buy with Prime 購物時使用 PayPal 時可以享受 Prime 運費優惠。雖然他們需要時間才能意識到，但這裡存在著巨大的機會，我們可以做更多的事情來更好地滿足小型企業的需求。

For consumers, we're redefining our value proposition with last month's launch of PayPal Everywhere. This initiative builds on PayPal's established brand position as an online shopping powerhouse to position PayPal as the go-to solution for spending, sending, and earning rewards whether online or offline. We're doing this through cashback incentives on the PayPal debit card, a marketing campaign with the goal of reintroducing our capabilities to consumers who may never have thought about PayPal as more than an online payment option. We're starting to shift perceptions of PayPal and beginning to drive adoption of our suite of complementary products, which all drive back to branded checkout.

對於消費者來說，隨著上個月推出 PayPal Everywhere，我們正在重新定義我們的價值主張。這項舉措建立在 PayPal 作為線上購物巨頭的既定品牌地位之上，將 PayPal 定位為線上或離線消費、發送和賺取獎勵的首選解決方案。我們透過 PayPal 金融卡的現金回饋激勵措施來實現這一目標，這是一項行銷活動，目的是向那些可能從未認為 PayPal 不僅僅是一種線上支付選擇的消費者重新介紹我們的功能。我們開始改變人們對 PayPal 的看法，並開始推動我們的配套產品套件的採用，所有這些都將推動品牌結帳。

The broader awareness and perception shift we're aiming for is not going to happen overnight. This is an area where we plan to continue to invest over time. That said, we're seeing early signs that give us confidence our strategy is working.

我們所追求的更廣泛的意識和觀念轉變不會在一夜之間發生。這是我們計劃隨著時間的推移繼續投資的領域。也就是說，我們看到的早期跡象讓我們相信我們的策略正在發揮作用。

Since we launched PayPal Everywhere, we've added more than 1 million first-time debit card users. As a reminder, we're allowing consumers to pick a cashback category of their choice each month, which is capped at $50 per month. The top three categories customers are choosing and earning rewards for us so far are groceries, gas, and restaurants. What gets me so excited is that we're now seeing customers make daily in-person purchases with their PayPal debit card.

自從我們推出 PayPal Everywhere 以來，我們已經新增了超過 100 萬首次使用金融卡的用戶。提醒一下，我們允許消費者每月選擇自己喜歡的現金回饋類別，每月上限為 50 美元。到目前為止，客戶選擇並為我們賺取獎勵的前三大類別是雜貨、汽油和餐廳。讓我如此興奮的是，我們現在看到客戶每天都使用 PayPal 借記卡進行親自購物。

In addition, these debit card users are now choosing PayPal branded checkout more frequently when they shop online. Early data from our existing customers shows a 5x increase in total omni spend within the first two weeks of sign-up. We plan to expand the PayPal Everywhere value proposition to Europe next year, incorporating learnings from our US launch. We expect the availability of NFC capabilities will help drive further adoption and use of PayPal.

此外，這些金融卡用戶現在在網上購物時更頻繁地選擇 PayPal 品牌結帳。我們現有客戶的早期數據顯示，在註冊後的前兩週內，全方位支出總額增加了 5 倍。我們計劃明年將 PayPal Everywhere 價值主張擴展到歐洲，吸取我們在美國推出的經驗教訓。我們預計 NFC 功能的可用性將有助於推動 PayPal 的進一步採用和使用。

With Venmo, we're making progress in executing our strategy to shift from solely a P2P service to a central part of consumers' financial lives. Our new leadership team is taking a fresh look at Venmo, and we're completely transforming and upgrading the user experience. We know that we inherited one of the strongest P2P brands and see an opportunity to prioritize innovations that unlock Venmo's value. We believe that Venmo will eventually have multiple monetization levers.

借助 Venmo，我們在執行策略方面取得了進展，從單純的 P2P 服務轉變為消費者金融生活的核心部分。我們的新領導團隊正在重新審視 Venmo，我們正在徹底改造和升級使用者體驗。我們知道，我們繼承了最強大的 P2P 品牌之一，並看到了優先考慮釋放 Venmo 價值的創新的機會。我們相信 Venmo 最終將擁有多種貨幣化槓桿。

In the short term, we see two meaningful contributors. Let me unpack each of them. First is the Venmo debit card, which allows customers to spend with their balance, both online and offline. We're in the early days of driving adoption, but we're seeing encouraging trends in engagement and monetization. In the quarter, monthly active debit card accounts grew 30% yet again.

短期內，我們看到了兩個有意義的貢獻者。讓我將它們逐一拆開。首先是 Venmo 借記卡，它允許客戶在線上和線下使用餘額進行消費。我們正處於推動採用的早期階段，但我們看到了參與度和貨幣化方面令人鼓舞的趨勢。本季度，每月活躍簽帳卡帳戶再次成長 30%。

This is exciting as the average revenue per account is 4 times that of all Venmo accounts. However, only 5% of Venmo active accounts are monthly active Venmo debit card users, demonstrating the opportunity ahead of us.

這是令人興奮的，因為每個帳戶的平均收入是所有 Venmo 帳戶的 4 倍。然而，只有 5% 的 Venmo 活躍帳戶是每月活躍的 Venmo 金融卡用戶，這表明我們面臨機會。

The second lever is Pay with Venmo, which provides a seamless way to pay online. This strategy with Pay with Venmo involves both consumer and merchant adoption. On the consumer side, 8% of Venmo active accounts are monthly active Pay with Venmo users, so we have room to grow. Monthly active Pay with Venmo users were up 20% in the quarter, and the average revenue per account is 3 times that of all Venmo accounts.

第二個槓桿是 Pay with Venmo，它提供了一種無縫的線上支付方式。 Pay with Venmo 的這項策略涉及消費者和商家的採用。在消費者方面，8%的Venmo活躍帳戶是每月活躍的Pay with Venmo用戶，所以我們還有成長的空間。本季每月活躍 Pay with Venmo 用戶成長了 20%，每個帳戶的平均收入是所有 Venmo 帳戶的 3 倍。

On the merchant side, we will bundle Pay with Venmo with PayPal Checkout in our go-to-market motions to accelerate distribution. With these product improvements in place, we're now leaning into marketing for Venmo for the first time in years. We will continue to build on this foundation and obsess over consumer needs and our product to fully unlock the brand's long-term potential as a multibillion-dollar franchise.

在商家方面，我們將在上市行動中將 Pay with Venmo 與 PayPal Checkout 捆綁在一起，以加速分銷。隨著這些產品改進的到位，我們現在多年來首次轉向 Venmo 的營銷。我們將繼續在此基礎上發展，專注於消費者需求和我們的產品，以充分釋放該品牌作為數十億美元特許經營權的長期潛力。

I want to thank the PayPal team for their continued commitment to transforming our company and making it even stronger. We've got the right team in place, and we're playing to win.

我要感謝 PayPal 團隊持續致力於改造我們的公司並使其更強大。我們已經擁有了合適的團隊，我們正在為勝利而戰。

With that, over to Jamie.

接下來，交給傑米。

Thanks, Alex. Moving to slide 7. PayPal delivered another strong quarter of results. The underlying stability and consistency of the business is encouraging, and we remain focused on advancing our transformation to drive durable, profitable growth. Change takes time, and we still have a lot of work ahead, but the team is making steady progress on top of an already solid foundation.

謝謝，亞歷克斯。轉到投影片 7。業務的穩定性和一致性令人鼓舞，我們將繼續專注於推進轉型，以推動持久的獲利成長。改變需要時間，我們還有很多工作要做，但團隊正在已經堅實的基礎上穩步前進。

Looking at the high-level financial results in the quarter, revenue increased 6% on both a spot and currency-neutral basis. Transaction margin dollars accelerated slightly from the second quarter, in addition to a nearly 3-point benefit from interest on customer balances, branded checkout, Venmo, Braintree, and better transaction loss performance contributed to growth in the quarter. Our focus on price to value is paying off with Braintree again contributing materially to transaction margin dollars even as volume and revenue growth deliberately slows. Non-GAAP earnings per share were $1.20, representing 22% year-over-year growth. Relative to our guidance, outperformance was driven by a number of factors, including continued optimization of transaction loss, Venmo and improvements in credit.

從本季的高階財務業績來看，以即期匯率和匯率中立計算，營收成長了 6%。交易保證金較第二季略有加速，此外，客戶餘額利息、品牌結帳、Venmo、Braintree 帶來近 3 個百分點的收益，以及更好的交易損失業績推動了本季的成長。我們對性價比的關注得到了回報，儘管銷量和收入成長故意放緩，但 Braintree 再次為交易利潤率做出了重大貢獻。非 GAAP 每股收益為 1.20 美元，較去年同期成長 22%。相對於我們的指引，業績優異是由多種因素推動的，包括交易損失、Venmo 的持續優化和信用的改善。

Turning to slide 8. Our operating metrics reflect another quarter of progress. Total active accounts increased by nearly 3 million from the second quarter to 432 million. Monthly active accounts continued to show steady progress, up 2% year over year to 223 million with contributions from PayPal consumer accounts and Venmo. Transactions per active account, which is a trailing 12-month number, were 61.4 in the third quarter, up 9%. Excluding PSP processing, transactions per active grew 5%.

轉向投影片 8。活躍帳戶總數較第二季增加近 300 萬，達 4.32 億。由於 PayPal 消費者帳戶和 Venmo 的貢獻，每月活躍帳戶持續穩定成長，年成長 2%，達到 2.23 億。第三季每個活躍帳戶的交易量（過去 12 個月的數字）為 61.4 筆，成長 9%。不包括 PSP 處理，每個活躍交易量增加了 5%。

Moving to slide 9. Total payment volume grew 9% on a spot and currency-neutral basis to $423 billion. Looking at the breakdown by product, global branded checkout volumes grew 6% on a currency-neutral basis in the third quarter, consistent with the mid-single-digit growth we've seen for the last three years. Within branded checkout, we continue to see strength across large enterprise platforms, marketplaces, and international merchants.

轉向投影片 9。以產品細分來看，第三季全球品牌結帳量在不考慮貨幣因素的基礎上成長了 6%，與過去三年中個位數的成長一致。在品牌結帳方面，我們持續看到大型企業平台、市場和國際商家的實力。

As Alex mentioned, our team is hard at work to drive wider coverage of our most modern best-in-class checkout experiences. We are particularly focused on small and medium businesses and mobile, both critically important areas for us to improve our positioning.

正如亞歷克斯所提到的，我們的團隊正在努力推動我們最現代的一流結帳體驗的更廣泛覆蓋範圍。我們特別關注中小型企業和行動領域，這兩個領域對於我們提高定位至關重要。

PSP processing volume grew 11% compared to 19% in the second quarter. As part of our price-to-value strategy, we are moving deliberately and making decisions that prioritize healthy, profitable growth rather than targeting a high proportion of processing volume at low or even negative margins.

PSP 處理量較第二季的 19% 成長了 11%。作為我們價格比價值策略的一部分，我們正在謹慎行事並做出決策，優先考慮健康、盈利的成長，而不是以低利潤甚至負利潤來實現高比例的處理量。

What this looks like in practice with some of our largest enterprise customers is often a renegotiated agreement that reduces our total share of payment processing to a more balanced level. So for example, from 95% to 75%, but with better economics and with a greater breadth of products and services. This means we are driving Braintree transaction margin dollar improvements and more strategic partnerships, but with lower volume and revenue growth.

在我們與一些最大的企業客戶的實踐中，這通常是重新協商的協議，將我們支付處理的總份額降低到更平衡的水平。例如，從 95% 到 75%，但具有更好的經濟效益以及更廣泛的產品和服務。這意味著我們正在推動 Braintree 交易利潤率的提高和更具策略性的合作夥伴關係，但數量和收入成長較低。

Moving to more financial detail on slide 10. Transaction revenue grew 6% on a spot basis to $7.1 billion driven primarily by Braintree, branded checkout, and Venmo. Other value-added services revenue in the quarter increased 2% to $780 million, and interest on customer balances continued to be a meaningful tailwind to OVAS, and credit revenue was under less pressure compared to the past three quarters.

轉到幻燈片 10 上的更多財務細節。本季其他加值服務收入成長 2%，達到 7.8 億美元，客戶餘額利息持續成為 OVAS 的重要推動力，與過去三個季度相比，信貸收入面臨的壓力較小。

We have now fully lapped the actions taken last year to tighten credit underwriting and reduce on balance sheet risk. We're seeing better performance across the portfolio and have now started to modestly grow merchant originations. We'll continue to prudently manage the portfolio's exposure with the goal of sustaining our balance sheet-light business model while providing our customers with more ways to manage their cash flow, spending, and borrowing needs.

我們現在已經全面落實去年收緊信貸承銷和降低資產負債表風險的行動。我們看到整個投資組合的表現更好，現在已經開始適度成長商業起源。我們將繼續審慎管理投資組合的風險敞口，目標是維持我們的輕資產負債表業務模式，同時為我們的客戶提供更多方式來管理其現金流量、支出和借貸需求。

Transaction take rate declined by 4 basis points to 1.67% compared to a 3-basis-point decline last quarter. Improvements in Braintree and Venmo monetization benefited transaction take rate. These were offset by large enterprise and marketplace growth within branded checkout, foreign exchange, and faster payouts growth.

交易接受率較上季下降 3 個基點下降 4 個基點至 1.67%。 Braintree 和 Venmo 貨幣化的改進有利於交易率。這些被大型企業和品牌結帳市場的成長、外匯和更快的支出成長所抵消。

Turning to transaction margin dollar growth, as I said earlier, interest on customer balances, branded checkout, Venmo, and Braintree were the largest contributors. Results in the quarter continue to benefit from efforts to optimize transaction loss performance with more advanced data analytics and some transaction expense favorability. Non-transaction-related operating expenses increased 3% as we continue to actively manage our cost structure while reinvesting in key growth initiatives, including marketing that was deferred from the first half of the year and the rollout of new products and initiatives like PayPal Everywhere.

至於交易利潤率成長，正如我之前所說，客戶餘額利息、品牌結帳、Venmo 和 Braintree 是最大的貢獻者。本季度的業績繼續受益於透過更先進的數據分析和一些交易費用優惠來優化交易損失績效的努力。非交易相關的營運費用增加了 3%，因為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，包括今年上半年推遲的行銷以及推出 PayPal Everywhere 等新產品和計畫。

Non-GAAP operating income grew 18% in the quarter to $1.5 billion. Non-GAAP operating margin expanded 194 basis points to 18.8%, benefiting from transaction margin expansion as well as expense leverage. PayPal generated $1.4 billion of free cash flow in the third quarter. We completed $1.8 billion in share repurchases, bringing the total number of share repurchases over the past 12 months to approximately $5.4 billion. Finally, we ended the quarter with $16.2 billion in cash, cash equivalents, and investments, and $12.4 billion in debt.

本季非 GAAP 營業收入成長 18%，達到 15 億美元。受惠於交易利潤率擴張和費用槓桿，非公認會計原則營業利潤率成長 194 個基點至 18.8%。 PayPal 第三季產生了 14 億美元的自由現金流。我們完成了 18 億美元的股票回購，使過去 12 個月的股票回購總數達到約 54 億美元。最後，本季結束時，我們的現金、現金等價物和投資為 162 億美元，債務為 124 億美元。

Moving to guidance on slide 11 for the fourth quarter and the full year 2024. We continue to assume a relatively consistent macroeconomic and consumer spending environment for the remainder of the year. For the fourth quarter, we expect revenue to grow by a low single-digit percentage. This is directly related to Braintree merchant negotiations and ongoing efforts to drive quality, profitable growth.

轉向投影片 11 中第四季和 2024 年全年的指引。對於第四季度，我們預計收入將以較低的個位數百分比成長。這與 Braintree 商人談判以及推動高品質、獲利成長的持續努力直接相關。

As I mentioned earlier, this is a deliberate action and a continuation of the strategy we've articulated throughout the year, where we have accepted a lower near-term Braintree revenue profile in exchange for better margins as we have renegotiated agreements. As a result of these efforts, we expect lower Braintree volume and revenue growth in the fourth quarter and through 2025 before reaccelerating from the reset baseline. This is a healthy profitable trade-off for the business that benefits transaction margin dollar growth and build stronger, more strategic relationships.

正如我之前提到的，這是一項深思熟慮的行動，也是我們全年制定的策略的延續，我們接受了近期 Braintree 較低的收入狀況，以換取更好的利潤，因為我們重新談判了協議。由於這些努力，我們預計第四季和 2025 年 Braintree 的銷售和收入成長將下降，然後從重置基準重新加速。對企業來說，這是一種健康的獲利權衡，有利於交易利潤的成長，並建立更強大、更具策略性的關係。

We expect higher nontransaction OpEx growth in the fourth quarter as we have intentionally concentrated more of our discretionary investment spend, particularly in marketing during the back half of the year and in the holiday season. This is strategically timed to support key initiatives, including the go-to-market of new products and innovation, as well as ongoing marketing and brand campaigns for PayPal and Venmo.

我們預計第四季度非交易營運支出將實現更高成長，因為我們有意集中更多可自由支配的投資支出，特別是在今年下半年和假期季節的行銷支出上。此舉在策略上是為了支持關鍵舉措，包括新產品和創新的上市，以及 PayPal 和 Venmo 的持續行銷和品牌活動。

Due to this timing, we expect fourth-quarter non-GAAP EPS to decrease by a low to mid-single-digit percentage. 2024's full-year nontransaction OpEx growth rate, which we now expect to increase in the low single-digit range, is a reasonable way to think about the OpEx profile for the business next year. But like this year, we expect some unevenness in any given quarter.

由於這個時機，我們預計第四季度非公認會計原則每股收益將下降低至中個位數百分比。 2024 年全年非交易營運支出成長率（我們現在預計將在較低的個位數範圍內成長）是考慮明年業務營運支出狀況的合理方式。但與今年一樣，我們預計任何特定季度都會出現一些不平衡的情況。

Moving to the full year in more detail. We are raising our guidance for transaction margin dollars and non-GAAP earnings per share. This increase reflects outperformance in the third quarter as well as strategic reinvestments back into growth initiatives. We now expect 2024 non-GAAP EPS to grow in the high teens and full year transaction margin dollars to increase by a mid-single-digit percentage.

更詳細地轉向全年。我們正在提高對交易保證金和非公認會計準則每股收益的指導。這一成長反映了第三季的優異表現以及對成長計畫的策略再投資。我們現在預計 2024 年非 GAAP 每股盈餘將實現高位雙位數成長，全年交易利潤率將實現中個位數百分比成長。

We have seen steady profitable growth from our branded checkout business, and the teams are advancing our checkout initiatives. I'm encouraged by the rollout of innovation, the initial impact of our price-to-value strategy, ongoing product enhancements in areas like Venmo and P2P, and the customer response to the launch of PayPal Everywhere.

我們已經看到我們的品牌結帳業務的利潤穩定成長，團隊正在推進我們的結帳計畫。我對創新的推出、價格比價值策略的初步影響、Venmo 和 P2P 等領域的持續產品增強以及客戶對 PayPal Everywhere 推出的反應感到鼓舞。

As we move into the fourth quarter and beyond, we expect to continue making progress, but there are a few factors to keep in mind. Through the first three quarters of the year, growth in interest on customer balances and improvements to transaction loss were an approximately 4-point percentage benefit to transaction margin dollars. Beginning in the fourth quarter, we expect minimal benefit from growth and interest on customer balances and then a headwind beginning in 2025 due to interest rate cuts. We're also planning for some normalization and transaction losses as we roll out new products. We now expect full-year nontransaction operating expenses to increase in the low single-digit range with ongoing cost efficiency helping to fund our strategic growth investments.

隨著我們進入第四季度及以後，我們預計將繼續取得進展，但有一些因素需要牢記。今年前三個季度，客戶餘額利息的成長和交易損失的改善使交易保證金收益提高了約 4 個百分點。從第四季開始，我們預期客戶餘額成長和利息帶來的好處微乎其微，然後由於降息，2025 年開始將出現逆風。當我們推出新產品時，我們也計劃應對一些正常化和交易損失。我們現在預計全年非交易營運費用將在較低的個位數範圍內成長，持續的成本效率有助於為我們的策略成長投資提供資金。

As we move into next year, our focus will be on striking the right balance between investment and productivity, seeking to largely fund long-term investments through savings generated from better deployment of tech and automation. We continue to expect 2024 free cash flow of approximately $6 billion and continue to plan for $6 billion of share buyback this year.

進入明年，我們的重點將是在投資和生產力之間取得適當的平衡，尋求透過更好地部署技術和自動化所產生的節省來為長期投資提供大量資金。我們仍預期 2024 年自由現金流約為 60 億美元，並繼續計劃今年進行 60 億美元的股票回購。

In closing, I'd like to thank the PayPal team for their ongoing dedication as we drive meaningful change to strengthen our foundation for profitable growth. We are continuing to execute, and we're making good progress, and we're excited to share more with you at our Investor Day in February.

最後，我要感謝 PayPal 團隊在我們推動有意義的變革以鞏固獲利成長基礎的過程中所做出的持續奉獻。我們正在繼續執行，並且取得了良好的進展，我們很高興在二月份的投資者日與您分享更多資訊。

With that, back to you, Alex.

說到這裡，回到你身邊，亞歷克斯。

Today, I am more confident than ever about our future. We have a durable and differentiated market position and a strong brand that we continue to aggressively invest in. PayPal has a massive global opportunity. We have the right team in place to harness that opportunity, and we are firing on all cylinders. It's an enviable position, and we're ready to make the most of it to drive value for our customers and shareholders as we head into the holiday season and 2025.

今天，我對我們的未來比以往任何時候都更有信心。我們擁有持久且差異化的市場地位以及我們持續積極投資的強大品牌。我們擁有合適的團隊來利用這個機會，我們正在全力以赴。這是一個令人羨慕的職位，在進入假期季節和 2025 年之際，我們已準備好充分利用這一優勢，為我們的客戶和股東創造價值。

Overall, this was a good quarter for PayPal. We are confident in our strategy and ability to execute going into the holiday season and 2025.

總體而言，本季對 PayPal 來說是一個不錯的季度。我們對進入假期和 2025 年的策略和執行能力充滿信心。

Steve, let's go to Q&A.

史蒂夫，讓我們開始問答。

(Operator Instructions) Sarah, please open the line.

（操作員指示）莎拉，請接通電話。

(Operator Instructions)

（操作員說明）

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

Nice results on gross profit in the quarter. Look, unbranded decelerated as expected. It looks like you've been able to successfully meet that with strong pricing for value. So maybe, Alex, if you could just start by touching on the customer response to pricing changes and what you're bringing to the table.

本季毛利表現良好。瞧，無品牌如預期般減速了。看起來您已經能夠透過強大的價值定價成功地滿足這項要求。亞歷克斯，也許你可以先談談客戶對價格變化的反應以及你所提供的內容。

And then just maybe perhaps touch on the deceleration, again, embedded in fourth quarter margin growth along with how we should think about the exit rate into '25. Jamie, that was helpful color, but any more just in terms of the dynamics and what gives you conviction in the sustainability to the underlying trends?

然後也許會再次涉及第四季度利潤成長的減速，以及我們應該如何考慮 25 年的退出率。傑米（Jamie），這是有用的顏色，但僅就動態而言，是什麼讓您對潛在趨勢的可持續性充滿信心？

Why don't I start with the second part of your question, Darrin, and then Alex talk about merchant response. So when we look at transaction margin dollars, as you mentioned, we're really excited about our momentum throughout 2024. And maybe I'll pause and just talk for a second about third-quarter transaction margin and then talk about the comparative to fourth quarter.

達林，我為什麼不從你問題的第二部分開始，然後亞歷克斯談談商家的反應。 So when we look at transaction margin dollars, as you mentioned, we're really excited about our momentum throughout 2024. And maybe I'll pause and just talk for a second about third-quarter transaction margin and then talk about the comparative to fourth四分之一.

And what's important here is we did have benefit from interest income from the third quarter. It was about 3 points. But more importantly, we have really good underlying growth drivers. Branded checkout TPV was up 6%, profitably growing transaction margin. It was our second-quarter with Braintree contributing nicely to transaction margin dollars growth, so just continued progress there, which has been great.

這裡重要的是我們確實從第三季的利息收入中受益。大約是3分。但更重要的是，我們擁有非常好的潛在成長動力。品牌結帳 TPV 上漲 6%，交易利潤率獲利成長。這是我們的第二季度，Braintree 對交易利潤率美元的成長做出了很好的貢獻，所以繼續取得進展，這非常棒。

And then Venmo monetization. And Alex mentioned a couple of the data points on the call that that's really starting to move along. And it's early days, but we're starting to see that become very consistent as it rolls through transaction margin dollars. So all of that consistent trends in the fourth quarter.

然後是 Venmo 貨幣化。亞歷克斯在電話會議上提到了一些數據點，這些數據點確實開始取得進展。現在還處於早期階段，但我們開始看到隨著交易保證金的增加，這種情況變得非常一致。因此，第四季度所有這些趨勢都是一致的。

But what we've seen in the fourth quarter that is a little bit different is that, number one, interest income, it has been a benefit all year, that is going to be a meaningfully lower tailwind in fourth quarter. I'm planning on less than 1 point of contribution to transaction margin dollar growth in the fourth quarter. So really relatively immaterial.

但我們在第四季度看到的有點不同的是，第一，利息收入，全年都是有利的，這將是第四季度明顯較​​低的推動力。我計劃第四季對交易利潤美元成長的貢獻不到 1 個百分點。所以真的相對無關緊要。

And then we're also planning for transaction loss normalization as well. We're launching new products, and we also have some lower fraud recoveries just on a comparative basis.

然後我們也計劃交易損失正常化。我們正在推出新產品，而且僅在比較的基礎上，我們的詐欺追償率也較低。

So if I pull up for fourth quarter, we're really looking at low to mid-single-digit transaction margin dollar growth for the fourth quarter. The quarter's off to a good start. But the most important holiday weeks are ahead of us, but the consumer feels strong at this point.

因此，如果我拉高第四季的數據，我們實際上會看到第四季交易利潤率的美元成長率為低至中個位數。本季度有一個良好的開端。但最重要的假期週即將到來，但消費者此時感覺很強勁。

And then if I pull to '25, I think the thing to think about is when we look at '25, ex-interest income, we expect transaction margin dollars to grow at least as fast as 2024 on that same basis.

然後，如果我拉到 25 年，我認為要考慮的事情是，當我們考慮 25 年的除利息收入時，我們預計交易保證金美元的增長速度至少與 2024 年相同的基礎上一樣快。

Darrin, just to hit on the merchant response. I've personally been involved in a number of these conversations, and I'd characterize them as very healthy and very strategic. As Jamie described in her remarks, a lot of this is us really laying out our strategy to be focused on profitable revenue growth.

達林，只是為了回應商家的回應。我個人參與過許多這樣的對話，我認為它們非常健康且非常具有戰略意義。正如傑米在她的演講中所描述的，這在很大程度上是我們真正制定的策略，專注於獲利性收入成長。

And sometimes that comes with a relook at our contracts and a relook at the partnership, but I think we're bringing more to the table now. And so the conversations we're having with these merchants is we're innovating, we're bringing Fastlane, we're bringing ads platform. We're bringing additional value-added services that allow us to have a healthier, stronger conversation about where we're going.

有時，這需要重新審視我們的合約和合作夥伴關係，但我認為我們現在正在考慮更多。因此，我們與這些商家的對話是我們正在創新，我們正在推出 Fastlane，我們正在推出廣告平台。我們正在提供額外的增值服務，使我們能夠就我們的目標進行更健康、更強有力的對話。

So it's not that all the merchants were excited to have the conversations, but they understand where we're coming from and we're bringing more to the table. And again, I feel like, as we've talked about, we are really focused on building durable growth levers and making sure that we have these conversations with merchants and getting back into a healthy place is a big part of that conversation.

因此，並不是所有的商家都對此次對話感到興奮，但他們了解我們的出發點，我們正在帶來更多東西。再說一次，我覺得，正如我們所討論的，我們真正專注於建立持久的成長槓桿，並確保我們與商家進行這些對話，並回到健康的狀態是對話的重要組成部分。

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

Appreciate all this -- all the data points here. Can you just give us a little bit more detail on the drivers of the more favorable view on transaction margin dollar growth here for the fourth quarter? And would love to hear what might improve and what you're most excited about going into 2025. And I recognize that it's hard to completely offset some of the interest income, but just curious what to be -- what we should be looking here for acceleration in '25?

感謝這一切——這裡的所有數據點。您能否為我們提供更多有關第四季度交易利潤率美元增長更有利觀點的驅動因素的詳細資訊？我很想知道進入 2025 年哪些方面可能會有所改善以及您最興奮的是什麼。

I really think it gets back to the key themes that we've been seeing all year. We've really focused on durable, profitable growth as we've set things up for this year. And part of that gets back to the product innovation and the deep investments we're making in our consumer experience and working with our merchants around branded checkout. The trends on branded have been very consistent throughout this year.

我真的認為這又回到了我們這一整年所看到的關鍵主題。正如我們今年的計劃一樣，我們真正關注的是持久、有利可圖的成長。其中一部分要歸功於產品創新和我們在消費者體驗方面所做的深度投資，以及與我們的商家圍繞品牌結帳的合作。今年的品牌趨勢非常一致。

And second, and this dovetails with what Alex was just talking about, the focus of the teams around how to really have our Braintree platform be more holistic, really looking at the holistic margin profile and really getting that to a place where we've got a much deeper breadth of value-added services with merchants. I mean, all of those things are things that again, have been growing this year, but the momentum we're seeing now and the visibility into how that continues is just we just have more confidence, and we're more constructive on that today than we were three months ago.

其次，這與 Alex 剛才所說的吻合，團隊的重點是如何真正讓我們的 Braintree 平台更加全面，真正關注整體利潤狀況，並真正將其達到我們所達到的水平為商家提供更深入的增值服務。我的意思是，所有這些事情今年都在增長，但我們現在看到的勢頭以及這種情況如何持續的可見性只是我們更有信心，今天我們對此更具建設性比我們三個月前。

And then Venmo and even P2P, the PayPal peer-to-peer money transfer, those two products are really turning nicely for us. P2P has had a nice turn this year, and we're continuing to see good momentum. And then when we look at Venmo, the actions of the team to really broaden how we bring this product to our consumers is really real and really rich. And you hear it in some of the data points Alex shared in his prepared remarks.

然後是 Venmo 甚至 P2P（PayPal 點對點匯款），這兩種產品對我們來說確實進展順利。 P2P 今年出現了良好的轉變，我們繼續看到良好的勢頭。然後，當我們觀察 Venmo 時，團隊為真正拓寬我們將產品帶給消費者的方式而採取的行動非常真實且豐富。你可以從亞歷克斯在他準備好的演講中分享的一些數據點中聽到這一點。

But when you actually look at kind of the activity roll through, Venmo is just a very consistently sticky product for us, so really excited about that. And that's what I see as fourth quarter just continuation and then moving into '25 as well.

但當你實際觀察活動的滾動情況時，Venmo 對我們來說只是一個非常具有黏性的產品，所以對此感到非常興奮。我認為第四季只是延續，然後也將進入 25 年。

Tien-Tsin, just to reinforce what Jamie just talked about, what we talked about with contracts on Braintree, I think that's pretty clear. Venmo, you heard in my remarks, the core drivers that we have, we've now implemented from an innovation perspective. Our Pay with Venmo, continued rollout, our debit card is now embedded in the product. So I feel very good about the durable growth there.

Tien-Tsin，只是為了強調 Jamie 剛才談到的內容，以及我們在 Braintree 上的合約中討論的內容，我認為這很清楚。 Venmo，你在我的演講中聽到了，我們現在已經從創新的角度實施了我們擁有的核心驅動力。我們的 Pay with Venmo 繼續推出，我們的金融卡現已嵌入到產品中。所以我對那裡的持久增長感到非常滿意。

Maybe something we haven't connected the dots on well enough is all the innovation that we're doing with Fastlane and with PayPal Everywhere and with what I talked about in my remarks on branded checkout, it all comes back to that durable branded checkout growth, right? PayPal Everywhere, we're starting to see real habituation of people not just getting access to the offline checkout, but also now bringing that back into online. So all of this is driving back branded checkout growth. Same with Fastlane, where we're now starting to get more and more users that are just used to seeing the PayPal experience, and we can now market to them to bring them back.

也許我們還沒有將這些點聯繫得足夠好，那就是我們在 Fastlane 和 PayPal Everywhere 上所做的所有創新，以及我在品牌結帳評論中談到的內容，這一切都回到了持久的品牌結帳增長，正確的？ PayPal無處不在，我們開始看到人們真正習慣了，不僅可以訪問離線結帳，而且現在還可以將其重新帶回線上結帳。因此，所有這些都正在阻礙品牌結帳的成長。與 Fastlane 一樣，我們現在開始吸引越來越多的用戶，他們只是習慣了 PayPal 的體驗，我們現在可以向他們推銷以吸引他們回來。

So as we move into 2025, I feel like we are very focused on the core drivers that are important to the business, and we are innovating in the places that matter for our customers and will drive continued durable profitable transaction margin dollar growth into '25 and beyond.

因此，當我們進入 2025 年時，我覺得我們非常專注於對業務重要的核心驅動因素，我們正在對客戶重要的地方進行創新，並將推動盈利交易利潤率持續持續增長到 25 年以及更遠的地方。

Yes. And maybe, Tien-Tsin, I want to come back and just talk a little bit about interest rates because you mentioned that in your question. And I think it's probably helpful to table set on that a little bit. So we've talked about transaction margin dollar growth at 8%. When you look at transaction margin dollar growth ex-interest income, which is really a metric we look at just as much as we do the main metric because we think it really represents what we're doing operationally in the business, that measure has been 4% year to date this year compared to negative the last couple of years. So when we look at that, really very excited about what we're seeing there.

是的。也許，Tien-Tsin，我想回來談談利率，因為你在問題中提到了這一點。我認為對此進行一些設置可能會有所幫助。我們已經討論過交易保證金成長率為 8%。當您查看交易保證金美元增長（除利息收入）時，這實際上是我們關注的一個指標，就像我們關注主要指標一樣，因為我們認為它真正代表了我們在業務中的運營情況，該指標已今年迄今為4%，而過去幾年為負值。因此，當我們看到這一點時，我們對在那裡看到的東西感到非常興奮。

But when we level up and talk about rates, we've had that 3-point benefit this year, fourth quarter. I expect that benefit to be relatively immaterial. The rate cuts that are assumed in a forward curve, let's just pause for a minute on that, our portfolio is about a four-month duration. So it just takes time, and it will take time for any particular rate cut to flow through. But the way to think about it when you're thinking about '25 is a 25-basis-point rate cut is equivalent to about $40 million of transaction margin, and it depends on timing and when that happens.

但當我們升級並談論費率時，我們今年第四季就獲得了 3 分的優勢。我預期這種好處相對來說並不重要。假設遠期曲線中的降息，讓我們暫停一下，我們的投資組合的持續時間約為四個月。因此，這只是需要時間，而且任何特定的降息都需要時間。但當你想到「25」時，你應該考慮一下，降息 25 個基點相當於約 4000 萬美元的交易保證金，這取決於時機和何時發生。

But if you just said, okay, we're going to rates down by 100 to 150 basis points next year, it's about a 1- to 2-point drag on transaction margin dollar growth. So running the business ex-interest income is something we're going to be very, very focused on as we go forward.

但如果你只是說，好吧，明年我們將把利率下調 100 到 150 個基點，那麼交易利潤率的成長就會受到 1 到 2 個基點的拖累。因此，在我們前進的過程中，經營除利息收入之外的業務是我們非常非常關注的事情。

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

Now that you have a larger sample size of Fastlane acceptance in the marketplace, can you update us on the monetization strategy? Help us think through how potentially additive Fastlane take rates might be versus average unbranded volume yields?

既然您在市場上獲得了更大的 Fastlane 接受度樣本，您能否向我們介紹一下貨幣化策略的最新情況？請幫我們思考一下，與平均無品牌產量相比，快速通道的潛在附加率如何？

Yeah. Let me take the rollout of Fastlane and then, Jamie, if you want to pile on with anything. We are seeing great uptake in Fastlane. I mentioned over 1,000 merchants. We also, as you've seen, are starting to bring on additional processors as part of that platform as well.

是的。讓我來介紹 Fastlane 的推出，然後傑米，如果你想繼續做點什麼的話。我們看到 Fastlane 的使用率很高。我提到了1000多個商家。正如您所看到的，我們也開始引入額外的處理器作為該平台的一部分。

And really, that is the focus of innovation right now is improving the conversion rate in the 60% of nonconsumption of a branded mark. So the majority of checkout is still guest checkout. We now have the best converting guest checkout product in the market.

事實上，目前創新的重點是提高品牌商標 60% 的非消費轉換率。所以大部分結帳還是客人結帳。我們現在擁有市場上轉換率最高的賓客結帳產品。

And so our focus right now is adoption. Our focus is ensuring we get as many processors up and running. That's important particularly as we start to bring large enterprises into Fastlane as well because many of them are multiprocessor and will need potentially a Braintree and an Adyen Fastlane experience as well.

所以我們現在的重點是採用。我們的重點是確保盡可能多的處理器啟動並運行。當我們開始將大型企業引入 Fastlane 時，這一點尤其重要，因為其中許多企業都是多處理器，並且可能還需要 Braintree 和 Adyen Fastlane 體驗。

And so right now, again, all of our focus on Fastlane is adoption. Pricing is built in to all of our contracts. We have relationships directly with the merchants. But our focus right now has been on adoption, and we'll continue to drive that up.

因此，現在我們對 Fastlane 的所有焦點再次在於採用。定價包含在我們所有的合約中。我們與商家有直接關係。但我們現在的重點是採用，我們將繼續推動這一趨勢。

Yeah. And with respect to economics and how this will flow through, we are in the midst of a lot of conversations with merchants. And all of that includes the pricing element. And we've got good arrangements with our partners as well. Clearly, Fastlane will take time to ramp.

是的。關於經濟及其如何發展，我們正在與商人進行大量對話。所有這些都包括定價因素。我們與合作夥伴也有良好的安排。顯然，快車道的發展需要時間。

And as we get through fourth quarter and through 2025, it will take time to ramp and see in the numbers.

隨著第四季和 2025 年的到來，我們需要時間來逐步看到數字。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

I wanted to ask about branded TPV growth. I'm assuming you're expecting continued stability at around 6% in Q4. I'm just wondering if the broader rollout of the new checkout experience will accelerate the branded growth in 2025? And just as part of that, I know you gave the metric that 5% of US checkout traffic is on the new experience. Any sense of where that potentially goes over the next 12 months?

我想問一下冠捷品牌的成長情況。我假設您預計第四季將繼續穩定在 6% 左右。我只是想知道新結帳體驗的廣泛推出是否會加速 2025 年的品牌成長？作為其中的一部分，我知道您給出的指標是，美國 5% 的結帳流量來自新體驗。您知道未來 12 個月內可能會發生什麼嗎？

So to the first part of your question, yes, we see consistent trends when it comes to branded checkout. Again, our focus, and I've been consistent with this really for a year now is the improvement in our branded checkout experience. I've been very transparent that we had fallen behind on innovation, particularly on mobile.

因此，對於您問題的第一部分，是的，我們在品牌結帳方面看到了一致的趨勢。再說一遍，我們的重點是改善我們的品牌結帳體驗，我一年來一直堅持這一點。我一直非常坦率地表示，我們在創新方面已經落後，尤其是在行動領域。

And as I sit here today, I am really proud and excited with the experiences we are now putting into market. And I shared some of the data on the improvement in one-time checkout with the 400 basis point improvement in conversion. Vaulted checkout, 100 basis point improvement in conversion.

當我今天坐在這裡時，我對我們現在投入市場的體驗感到非常自豪和興奮。我還分享了一些有關一次性結帳改進以及轉換率提高 400 個基點的數據。拱形結帳，轉換率提高 100 個基點。

So we've also reduced latency in the overall experience by 45%. We've included additional mobile-specific innovations like an app switch, which is driving 10% lift and success for -- versus just password, which is driving -- it's over 97% success rate on iOS now. So overall, we have rebuilt the entire pay sheet, the entire experience on mobile.

因此，我們也將整體體驗的延遲減少了 45%。我們還加入了其他針對行動裝置的創新，例如應用程式切換，它使 iOS 上的成功率提高了 10%，而密碼則使成功率提高了 97%。總的來說，我們重建了整個薪資表，以及行動裝置上的整個體驗。

I expect us to continue to improve on branded checkout. This is a core focus for the business, not only these experiences, but as I mentioned earlier, Fastlane and PayPal Everywhere, everything driving continued flywheel back into branded checkout. So all in all, we need to see this play out.

我希望我們能夠繼續改進品牌結帳。這是業務的核心焦點，不僅是這些體驗，而且正如我之前提到的，Fastlane 和 PayPal Everywhere，一切都推動飛輪繼續回歸品牌結帳。總而言之，我們需要看到這一結果。

In terms of the ramp, I mentioned we're 5% now. Look, the way I think about it is there are some integrations we have with merchants. Think about it as roughly 1/3 or so of our integrations. We have some ability to continue to ramp up. We will do that throughout the holiday season and into early next year. And then some we need, as we've talked about before, many, many -- hundreds of different integration patterns that we need merchants to do the work on.

就坡度而言，我提到我們現在是 5%。聽著，我的想法是我們與商家進行了一些整合。將其視為我們整合的大約 1/3 左右。我們有一定的能力繼續提升。我們將在整個假期期間和明年初這樣做。然後我們需要一些，正如我們之前討論過的，很多很多——數百種不同的整合模式，我們需要商家來處理這些模式。

And so the good news is they now have an incentive to do it. The conversion improvements are significant. And the conversations with merchants now are very healthy, and they're excited about getting these new experiences ramped up once they get past the holidays. So we're not standing still. I expect continued momentum on that 5% throughout the next quarter and into 2025.

好消息是他們現在有動力這樣做。轉換率的改善是顯著的。現在與商家的對話非常健康，他們對假期過後能夠獲得這些新體驗感到興奮。所以我們並沒有坐以待斃。我預計從下個季度到 2025 年，這 5% 的成長勢頭將持續下去。

Dan Dolev, Mizuho.

丹‧多列夫，瑞穗。

Amazing results again. I wanted to ask if it wasn't addressed already. Are you able to give us like a sneak preview of how you see '25 because from our conversations, this remains a big debate? So I appreciate it.

再次取得驚人的結果。我想問的是不是已經解決了。您能否向我們介紹一下您對 25 年的看法，因為從我們的談話來看，這仍然是一個大爭論？所以我很感激。

I think some of the comments that we've talked about already really helps shape '25 to a degree. You start with the revenue line. When we looked at some of the very deliberate and intentional conversations we've had with Braintree merchants, I mentioned in my prepared remarks that we're seeing the impact of some of the revenue trades we're making begin to flow through the numbers in the third quarter. And that's also implicit in our fourth quarter guide as well. We expect that trend to continue through 2025 as we really shift from focusing on high portions of revenue to just more holistic, better-margin contracts.

我認為我們已經討論過的一些評論在一定程度上確實有助於塑造“25”。您從收入線開始。當我們審視與布倫特里商人進行的一些非常深思熟慮和有意的對話時，我在準備好的發言中提到，我們正在看到我們正在進行的一些收入交易的影響開始透過數字來體現。三季。這也隱含在我們的第四季指南中。我們預計這種趨勢將持續到 2025 年，因為我們真正從關注高比例收入轉向更全面、利潤更高的合約。

Transaction margin, we've talked about a little bit that interest income, really expect to see at least as favorable in 2024. One area we really haven't talked about is OpEx. And if I spend a minute on that, we do expect to see a higher proportion of OpEx in the fourth quarter than we've seen all year. And we're really reinvesting favorability back into the business.

交易保證金，我們已經討論了一點利息收入，確實預計到 2024 年至少會同樣有利。如果我花一點時間討論這個問題，我們確實預期第四季的營運支出比例將高於全年。我們確實將好感度重新投入業務。

And in addition to that, we had deferred marketing expenses very deliberately from the first half into the second half. So you see that pop up in the fourth quarter. We now expect the full year to be up low single digits from an OpEx perspective. And when you look at 2025, that's probably the right framing and way to think about it as well. But just more balanced throughout the year in terms of how it flows through.

除此之外，我們也非常刻意地將行銷費用從上半年延後到下半年。所以你會在第四季看到這種情況的出現。現在，從營運支出的角度來看，我們預計全年將出現低個位數成長。當你展望 2025 年時，這也可能是正確的框架和思考方式。但就其流動方式而言，全年更加平衡。

Let me just -- I'd love to just share and unpack because you asked a little sneak peek about how we think about it and how we talk about it in the business. We are hyperfocused on what we are in control of, and we are focused on building durable growth levers. It's why the focus of the innovations that we've talked about, whether it's branded checkout, everything coming back to that, whether it's the conversations in getting healthier Braintree economics, rolling out new innovations like Fastlane and PayPal everywhere. All of these are things we're in all of its innovation that is important to our customers and that we can monetize over the long term.

讓我——我很樂意分享和解開，因為您詢問了我們如何看待它以及我們如何在業務中談論它。我們高度關注我們能控制的事情，我們專注於建立持久的成長槓桿。這就是為什麼我們所討論的創新的焦點，無論是品牌結帳，一切都回到了這一點，無論是關於變得更健康的 Braintree 經濟的對話，還是在各地推出 Fastlane 和 PayPal 等新創新。所有這些都是我們所有創新中的內容，對我們的客戶來說很重要，我們可以長期獲利。

We also, from the metrics that we're focused on, really are thinking about transaction margin dollar excluding interest income because that's the metric we can really think about and be in control of. And again, as Jamie said, if you think about the last two years, that was a negative amount for us. We've now turned that positive in 2024. I believe we now have built a solid foundation and baseline for us to grow on. And I expect 2025 to grow on top of that.

從我們關注的指標來看，我們確實正在考慮不包括利息收入的交易保證金美元，因為這是我們真正可以考慮和控制的指標。再說一次，正如傑米所說，如果你想想過去兩年，這對我們來說是一個負數。我們現在已經在 2024 年實現了這一積極的轉變。我預計 2025 年將在此基礎上成長。

So we, at least as strong and grow from where we set the baseline in '24. So the team is focused. Our innovations will continue to roll out into the market, and I think we're in a healthy place.

因此，我們至少在 24 年設定的基線基礎上同樣強大並成長。所以團隊很專注。我們的創新將繼續推向市場，我認為我們處於健康的狀態。

And that's part of the good thing, Dan, also about the Investor Day that we announced, that Alex announced today in late February, where we'll have the chance to also dive more deeply into all those elements.

Dan，這也是我們宣布的投資者日的一部分，Alex 今天在二月底宣布了這一消息，屆時我們將有機會更深入地探討所有這些元素。

Timothy Chiodo, UBS.

提摩西‧奇奧多，瑞銀集團。

I want to hit on Braintree, two aspects there. One around competitive positioning on pricing now with the new sort of rebased pricing strategy. And then also the ability to bundle and get prominent positioning with the button. So first on the pricing piece, relative (inaudible) With this new strategy, would you still consider Braintree to be more of a price leader, meaning when the contract is reset, is Braintree still the lowest price of all the merchant acquirers working with these various large enterprise merchants?

我想談談布倫特里，有兩個面向。現在，圍繞定價的競爭定位，採用了一種新的重新調整的定價策略。然後還能夠透過按鈕捆綁並獲得顯著的定位。因此，首先在定價部分，相對（聽不清楚）透過這種新策略，您是否仍然認為Braintree 更像是價格領導者，這意味著當合約重置時，Braintree 仍然是所有與這些合作的商家收單方的最低價格各大企業商家？

And the second piece is, in the past, the button was often bundled as part of the contracts to receive prominent position on websites. Is that clause still able to be added into those contracts with this new pricing strategy?

第二點是，在過去，該按鈕經常被捆綁為合約的一部分，以獲得網站上的顯眼位置。該條款是否仍可加入採用新定價策略的合約中？

Yeah, it's a great question, Tim. Here's the way I think about it. We are not -- we are changing the conversation with our merchants. It is not just about processing what I would consider, in some cases, to be just a commodity conversation about pricing. We are -- when we talk about price to value, we're talking about the full strategic conversation and what we bring to the table.

是的，這是一個很好的問題，提姆。這是我的想法。我們不是－我們正在改變與商家對話的方式。在某些情況下，這不僅僅是處理我認為只是關於定價的商品對話。當我們談論價格與價值時，我們談論的是完整的策略對話以及我們帶來的成果。

And what -- so when I talk about the healthy conversations we're having, and again, I'm having many of these myself. When I talk to the CEO of a merchant, yes, they want great processing pricing. But you know what they're really focused on, how do they grow customers? How do they get more customers to buy their products? And those are now value services that we're able to bring to them, not just best-in-class processing, not just FX as a service, risk as a service, the ability to sell all around the world. But now we're bringing to them an ads platform.

那麼當我談到我們正在進行的健康對話時，我自己也進行了很多這樣的對話。當我與商家的執行長交談時，是的，他們想要很好的加工定價。但你知道他們真正關注的是什麼，他們如何發展客戶？他們如何讓更多的顧客購買他們的產品？現在，我們能夠為他們提供這些價值服務，不僅僅是一流的處理，不僅僅是外匯即服務、風險即服務，以及在世界各地銷售的能力。但現在我們為他們帶來了一個廣告平台。

Now we're bringing to them the ability to start to target with payment APIs, the right customers at the right time. And these are really fun and really healthy conversations. And so to be honest, yes, we will bundle our branded because that's important to us. And it's important to them because it's still the best converting branded checkout option in the world.

現在，我們讓他們能夠開始使用支付 API，在正確的時間瞄準正確的客戶。這些都是非常有趣且非常健康的對話。老實說，是的，我們將捆綁我們的品牌，因為這對我們很重要。這對他們來說很重要，因為它仍然是世界上轉換率最高的品牌結帳選項。

Yes, we will still have significant pricing that we will price to value, and we will continue to price all our value-added services. But what's most important is these are now bigger, more strategic conversations with merchants that actually help them drive growth of their business, not just processing their payments.

是的，我們仍然會有重要的定價，我們將按價值定價，我們將繼續對所有增值服務定價。但最重要的是，現在與商家進行的對話規模更大、更具策略性，實際上可以幫助他們推動業務成長，而不僅僅是處理付款。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

We appreciate, Alex, your comments there on changing the conversation and being able to bring incremental value, including ad platform and driving that. I guess following up on Tim's question there, as you think about that, as you change that conversation, how should we be thinking about the potential then for pricing or value add and that kind of thing in the future? I know that you've -- I think you've done a really good job outlining that this is going to take time during the course of '25 but thinking about the long-term trajectory of where you would ultimately like to get and what you think that value looks like.

亞歷克斯，我們感謝您對改變對話並能夠帶來增量價值（包括廣告平台和推動）的評論。我想在跟進蒂姆的問題時，當你思考這個問題時，當你改變對話時，我們應該如何考慮未來定價或增值以及此類事情的潛力？我知道你已經——我認為你做得非常好，概述了這將在 25 年期間需要時間，但思考你最終想要達到的目標以及什麼的長期軌跡你認為那個值看起來像。

Yeah. I think, again, it's very similar to what I just shared, which is for us having these more strategic, deeper relationships that we can monetize across all of our value-added services is what's most important. And so again, whether it's processing, which, again, we should monetize or all the value-added services or the ad platform, Fastlane, all of these different pieces, we're going to continue to lean in. And we're going to continue to work with our partners to drive branded checkout as well.

是的。我再次認為，這與我剛才分享的內容非常相似，對我們來說，擁有這些更具策略性、更深入的關係，我們可以透過所有增值服務獲利，這是最重要的。同樣，無論是處理（我們應該再次貨幣化）還是所有增值服務或廣告平台、Fastlane，所有這些不同的部分，我們都將繼續投入。

One of the things that's interesting as we have these strategic conversations is how excited these merchants are about the demographics that we have as we start to reignite PayPal Everywhere, right? There's opportunities with merchants that are omnichannel merchants that are thinking about, hey, how can PayPal Everywhere now work in the store as well?

當我們進行這些策略對話時，有趣的事情之一是，當我們開始重新點燃 PayPal Everywhere 時，這些商家對我們的人口統計數據感到多麼興奮，對嗎？全通路商家有機會思考，嘿，PayPal Everywhere 現在如何在商店中使用？

As we start to bring Pay with Venmo. Pay with Venmo is an incredible opportunity for merchants as they now think about the ability to get access to one of the most valuable demographics of young, affluent spenders in the United States. And so again, all of these conversations just continue to build on themselves. And I think we feel good about the conversations as well. Jamie?

當我們開始使用 Venmo 進行付款。對於商家來說，使用 Venmo 付款是一個難以置信的機會，因為他們現在正在考慮是否能夠接觸到美國最有價值的年輕、富裕消費者群體之一。再說一次，所有這些對話都只是繼續以自身為基礎。我認為我們對這些對話也感覺良好。傑米？

Yes. Maybe I'd just add too, a little bit about where we are in the process. We have worked our way through some large renegotiations, which have been really good conversations. But we've got more progress as well in the next couple of years. The agreements are typically multiyear in nature.

是的。也許我也想補充一點關於我們在過程中所處的位置。我們已經完成了一些大型的重新談判，這是非常好的對話。但在接下來的幾年裡我們也取得了更多進展。這些協議通常是多年期的。

Some renewals happen earlier than others. But we expect that more visible impact on TPV and revenue over the next several quarters. But more importantly, we expect margin accretion to emerge over the next few years as well. And part of that is these renegotiations.

有些續訂比其他續訂更早。但我們預計未來幾季對冠捷和營收的影響將更加明顯。但更重要的是，我們預計未來幾年利潤率也會增加。其中一部分就是這些重新談判。

But equally, importantly, and you mentioned value-added services, it puts us in a position where in those discussions and following those discussions, the build-out OVAS and how we can bring that to bear in terms of building a much more sticky holistic relationship but one that really improves margin over time, that's a holistic piece of it that we're looking at. And we're already seeing that we have already launched in the third quarter of a really significant new value-added service that has been launched with a big merchant. And it's that kind of thing that we're -- we'll continue to grow.

但同樣重要的是，您提到了增值服務，它使我們能夠在這些討論中以及在這些討論之後，構建 OVAS 以及我們如何將其應用於建立更具粘性的整體關係，但隨著時間的推移確實可以提高利潤率，這是我們正在關注的整體部分。我們已經看到，我們已經在第三季推出了一項非常重要的新增值服務，該服務是與一家大商家一起推出的。我們就是這樣——我們將繼續成長。

Harshita Rawat, Bernstein.

哈希塔·拉瓦特，伯恩斯坦。

I want to follow up on Fastlane. Good momentum with partnerships here. Alex, you talked about 100 merchants using Fastlane. What are you hearing from some of the larger merchants ahead of the holiday season and getting into the testing?

我想跟進 Fastlane。這裡的合作關係勢頭良好。 Alex，您談到了 100 家使用 Fastlane 的商家。您在假期季節之前從一些較大的商家那裡聽到了什麼並開始進行測試？

And you mentioned using your existing ball to go to deliver Fastlane experience now. How should we kind of think about like the dynamics with branded checkout experiences here?

您提到現在使用現有的球來提供快車道體驗。我們該如何思考品牌結帳體驗的動態？

So just to be clear, we're over 1,000 merchants now on Fastlane and continuing to ramp. A lot of those merchants are some of the smaller businesses, small and midsized businesses that are part of platforms that we were able to turn on like big commerce as an example. A lot of the large enterprises, as you can imagine, are in the middle of their holiday season. What we're hearing from them is very, very exciting feedback on ramping Fastlane as soon as they can.

需要明確的是，我們現在有超過 1,000 家商家進入 Fastlane，並且還在繼續增加。其中許多商家都是一些小型企業、中小型企業，它們是我們能夠像大型商業一樣打開的平台的一部分。正如您可以想像的那樣，許多大型企業正處於假期期間。我們從他們那裡聽到的是關於盡快提升 Fastlane 的非常非常令人興奮的反饋。

Oftentimes, that's going to start in Q1 to be transparent for a couple of reasons. One, a lot of their -- the code is shut down for the holiday season. Two, they want to make sure that Fastlane works across multiple processors and many of the large enterprises are using multiple processors, which is why our multiprocessor strategy for Fastlane is so important.

通常，出於幾個原因，這將從第一季開始變得透明。一，他們的許多代碼在假期期間被關閉。第二，他們希望確保 Fastlane 能夠跨多個處理器工作，並且許多大型企業都在使用多個處理器，這就是為什麼我們的 Fastlane 多處理器策略如此重要。

And so bringing on those partners, as you mentioned, processing partners is critical. But the conversations that I've had personally with a number of the large enterprises is -- they're excited about Fastlane, they're ready to get on as soon as they can, and it's just about getting the work done.

因此，正如您所提到的，引入這些合作夥伴，處理合作夥伴至關重要。但我個人與許多大型企業的對話是——他們對快速通道感到興奮，他們準備盡快上手，而這只是為了完成工作。

In terms of bringing that back to branded, we are starting to test into that as well. For us, again, if you think about the experience, we're getting the largest population of any accounts right now. These are people that have bypassed the branded experience or some of them have never been PayPal users, of which those folks that have never been PayPal users, 30% are opting in to Fastlane. So we're now vaulting their instrument, we're creating a profile for them, and we're able to bring them back into the branded experience.

在將其帶回品牌方面，我們也開始進行測試。對我們來說，如果你考慮體驗，我們現在擁有的帳戶數量是所有帳戶中最多的。這些人繞過了品牌體驗，或者其中一些從未成為 PayPal 用戶，其中 30% 的人從未成為 PayPal 用戶，並選擇使用 Fastlane。因此，我們現在正在保管他們的工具，為他們創建個人資料，並且我們能夠將他們帶回品牌體驗中。

And so for us, that's going to be a big initiative as we go into 2025, building on those profiles, those users that continue to check out at high rates through the guest checkout experience, but sharing with them the value proposition that a PayPal branded experience has. And again, that's why you've seen so much focus for us in '24 around building a rewards platform and starting to -- even in the marketing that you've seen us go out, really start to burn into the minds of our consumers that PayPal is the most rewarding experience and the most rewarding way to pay because we want people to be habituated into that branded checkout experience. And we think we now have unique levers, whether it's through PayPal Everywhere or through Fastlane to be able to bring them into that branded checkout.

因此，對我們來說，隨著我們進入 2025 年，這將是一項重大舉措，以這些用戶資料為基礎，這些用戶繼續透過訪客結帳體驗以高利率結帳，但與他們分享 PayPal 品牌的價值主張經驗有。再說一次，這就是為什麼我們在 24 年如此專注於建立一個獎勵平台並開始 - 即使在您看到我們出去的營銷中，也真正開始深入我們消費者的心中PayPal 是最有價值的體驗和最有價值的支付方式，因為我們希望人們習慣這種品牌結帳體驗。我們認為我們現在擁有獨特的槓桿，無論是透過 PayPal Everywhere 還是 Fastlane，都能夠將他們帶入品牌結帳。

Trevor Williams, Jefferies.

特雷弗威廉斯，杰弗里斯。

I wanted to go back to the transaction take rate. I think the year-over-year decline there was a little bit bigger this quarter despite a better mix between branded and Braintree. If you could just unpack that, how you're thinking about the trajectory of the take rate from here?

我想回到交易率。我認為，儘管品牌和 Braintree 之間的組合更好，但本季的同比下降幅度更大一些。如果您能解開這個問題，您如何考慮從這裡開始的獲取率的軌跡？

And then within branded, the faster relative growth of large enterprise and marketplaces versus SMBs, that's been a consistent callout from you guys. Anything more specific on how that spread looked relative to the last few quarters would be helpful.

然後在品牌內部，大型企業和市場相對於中小企業的相對成長更快，這是你們一致的呼聲。任何更具體地了解過去幾季的利差情況都會有所幫助。

So take rate, as you know, there's a lot of factors that impact take rate, both our product mix, our geographic mix, customer mix, as well as pricing. And I would say, improvements in our Braintree margins are directly impacting take rate. And that's one of the things as we have lower incentives that we have improving margins, that's one of the more significant things you see impacting take rate just in terms of the overall mix shift in the numbers.

因此，如您所知，影響利用率的因素有很多，包括我們的產品組合、地理組合、客戶組合以及定價。我想說的是，我們 Braintree 利潤率的提高直接影響了採用率。這是其中一件事，因為我們的激勵措施較低，所以我們提高了利潤率，這是您看到的影響採取率的更重要的事情之一，僅就數字的整體組合變化而言。

And that is offset by we've also had large enterprise growth at a faster rate as compared to small and medium businesses. And that mix shift as well with large enterprises just having lower take rates than small and medium businesses, that also impacts just the math on that. And we've had some impact from FX in our payouts business as well.

與中小企業相比，大型企業的成長速度更快，從而抵消了這一點。這種混合變化以及大型企業的利用率低於中小型企業，這也會影響到這一點。我們的支付業務也受到了外匯的一些影響。

I'd love to just pile on small business. This is, as you all know, a very strong passion for me. What I feel great about is the innovation that we're rolling out. PayPal Complete Payments is now really the best one-stop shop for merchants to be able to do money in and access to capital. Money out, we still have opportunities as we think about the opportunity to allow small businesses to be able to send payments to others.

我很想專注於小生意。眾所周知，這對我來說是一種非常強烈的熱情。我感到很棒的是我們正在推出的創新。 PayPal Complete Payments 現在確實是商家能夠賺錢和獲得資金的最佳一站式商店。錢出去了，當我們考慮讓小企業能夠向其他企業付款時，我們仍然有機會。

But overall, FX, global, Fastlane, Venmo, all these different things that we can now package together for small businesses is exactly the right product. And the feedback we're getting, especially as we lean into no-code, low-code solutions, easy onboarding, bringing developer days, I feel really good about the innovation we have with small business.

但總的來說，FX、global、Fastlane、Venmo，我們現在可以為小型企業打包的所有這些不同的東西正是正確的產品。我們得到的回饋，特別是當我們傾向於無程式碼、低程式碼解決方案、輕鬆入門、帶來開發人員日時，我對我們在小型企業方面的創新感到非常滿意。

Where I'm dissatisfied right now is it just takes time, right? This is a long tail of small businesses. You've got to touch what is ultimately millions of merchants over a period of time. So it's just not as fast of a switch as being able to just have a handful of large enterprise conversations. But we are building the go-to-market motions.

我現在不滿意的地方是需要時間，對吧？這是小型企業的長尾。你必須在一段時間內接觸到最終數以百萬計的商家。因此，它的切換速度不如僅進行少量大型企業對話那麼快。但我們正在製定上市動議。

I'm very confident in what the team is bringing up, and I expect that to continue to grow and us really to make penetration in the small business as we look into 2025 and beyond.

我對團隊所帶來的成果非常有信心，我預計，展望 2025 年及以後，我們的團隊將繼續發展，並真正滲透到小型企業中。

Let's try to fit in two more questions.

讓我們試著回答另外兩個問題。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

I wanted to ask about branded checkout, the 6% growth rate. Alex, how do you think that compares to the e-commerce market and how you guys are doing versus just thinking about the share?

我想問一下品牌結帳的情況，6% 的成長率。亞歷克斯，你認為這與電子商務市場相比如何？

And then with Fastlane and improvements in branded and the focus on SMB, where do you think you can get branded checkout growth rates? Do you think you can get it to high single digits or just some kind of goals that you guys have set for the company?

然後，隨著 Fastlane 和品牌方面的改進以及對中小企業的關注，您認為您可以在哪裡獲得品牌結帳成長率？你認為你能把它達到高個位數還是只是你們為公司設定的某種目標？

Yeah. What I'd say is branded checkout has been very consistent. We are, again, the largest, best converting and most share of branded checkout anywhere in the world, and it has been consistent. At the same time, we know there are opportunities. And the innovations that I talked about in my remarks and earlier in the call gives me confidence that we have opportunity to continue to improve that experience and grow.

是的。我想說的是品牌結帳非常一致。我們再次成為世界上規模最大、轉換最好、佔有率最高的品牌結帳品牌，而且一直都是如此。同時，我們知道還有機會。我在演講中和之前的電話會議中談到的創新讓我相信我們有機會繼續改善這種體驗並成長。

If you also then think about Fastlane Lane, if you think about PayPal Everywhere, the habituation of people bringing back into the online branded experience, I think there's room for us to continue to take share there. So I'm excited about, first, you've got to have innovation. You've got to have a value proposition. I think we put those into market now, and we've got the flywheel turning.

如果你還想一下 Fastlane Lane，如果你想一下 PayPal Everywhere，人們習慣性地重新帶回線上品牌體驗，我認為我們還有空間繼續在那裡分享。所以我很興奮，首先，你必須要有創新。你必須有一個價值主張。我認為我們現在將它們投入市場，並且我們已經讓飛輪轉動起來。

So again, none of this is going to happen overnight, but I'm excited about where we go there.

再說一次，這一切都不會在一夜之間發生，但我對我們要去的地方感到興奮。

We'll take the last question.

我們將回答最後一個問題。

Andrew Schmidt, Citi.

安德魯‧施密特，花旗銀行。

I wanted to switch to the consumer side for a moment. Maybe talk about just the trajectory you see in monthly actives, especially given the -- what you're seeing with the Venmo and the PayPal Everywhere promotion?

我想暫時轉向消費者方面。也許只談談您在每月活動中看到的軌跡，特別是考慮到您在 Venmo 和 PayPal Everywhere 促銷活動中看到的情況？

And then just broadly speaking, maybe you could talk about just the pipeline just for products on the consumer side. It's just an area where we get a lot of questions in terms of the consumer fit.

然後從廣義上講，也許您可以只討論消費者方面產品的管道。這只是我們在消費者適合度方面遇到許多問題的一個領域。

Yeah. Thanks, Andrew. First, what I'd say is innovation is the most durable competitive advantage we have. And what you've seen for us in the last few quarters is really starting to drive innovation, both on the consumer PayPal app, not just in branded to checkout, but actually putting real innovation into the app with PayPal Everywhere launch, giving consumers the opportunity to now have an offline experience, which is driving habituation back into online, an enhanced rewards platform.

是的。謝謝，安德魯。首先，我想說的是，創新是我們擁有的最持久的競爭優勢。您在過去幾季中看到的情況確實開始推動消費者PayPal 應用程式的創新，不僅僅是在結帳方面進行品牌化，而是透過PayPal Everywhere 的推出，將真正的創新融入到應用程式中，為消費者提供現在有機會獲得線下體驗，這正在促使人們重新習慣線上，這是一個增強的獎勵平台。

And then on the Venmo side, leading in with innovations that, to be honest, customers have been asking for, for years with scheduled payments and groups and adding direct deposit. And so when I think about customer growth, customer growth is going to be essential for us as we continue to lean in and want to grow the business but that comes through continuing to innovate and continuing to provide great products to our customers.

然後在 Venmo 方面，領先的創新是客戶多年來一直要求的創新，包括定期付款和團體，並增加了直接存款。因此，當我考慮客戶成長時，客戶成長對我們來說至關重要，因為我們繼續努力並希望發展業務，而這是透過持續創新和繼續為客戶提供優質產品來實現的。

So what I'm really most satisfied about, when I look back over the last year, is we have an innovation machine that's now starting to ramp up inside of the company. Our velocity is improving, while we're reducing tech debt. Our ability for our engineers to put more releases out into our consumers' hands. And we have a very, very healthy road map of innovation that we'll be driving to our consumers. So very excited about where we lean in over the next few quarters.

因此，當我回顧過去的一年時，我真正最滿意的是我們擁有一台創新機器，現在開始在公司內部加速發展。我們的速度正在提高，同時我們正在減少技術債。我們的工程師有能力將更多版本交付給消費者。我們有一個非常非常健康的創新路線圖，我們將向消費者推動這條路線圖。我們對未來幾季的發展方向感到非常興奮。

Yes. And I would just say, we've seen really steady progress in our monthly actives, both sequentially and year-over-year. And that is both the PayPal consumer and our Venmo consumers as well, also internationally.

是的。我只想說，我們已經看到我們的每月活躍度確實取得了穩定的進展，無論是連續的還是同比的。這既是 PayPal 消費者，也是我們的 Venmo 消費者，也是國際消費者。

But one of the things we really haven't talked about, and I think Alex has teased in his remarks here is really PayPal Everywhere as well. And we're really excited about the launch we've had the last couple of months. We're seeing really strong adoption, really strong usage. We had more than 1 million new users since that launch. And the economics are nicely attractive on that.

但我們確實還沒有討論過的事情之一，我認為 Alex 在他的言論中已經調侃過，這實際上也是 PayPal Everywhere。我們對過去幾個月的發布感到非常興奮。我們看到了非常強烈的採用和使用。自發布以來，我們已經擁有超過 100 萬新用戶。這在經濟學上非常有吸引力。

And it really drives habituation inflection. Just like Alex was talking about both with that core product and just the engagement with the app, the engagement with the debit card, all of those things, but also with respect to the halo effect that we see across other forms of branded spend with our products. So that's, I think, a great example of one that we're really excited about, and we'll have more of.

它確實會導致習慣性變化。就像亞歷克斯談論的核心產品以及與應用程式的互動，與借記卡的互動，所有這些事情，而且還涉及我們在其他形式的品牌支出中看到的光環效應產品。所以我認為這是一個很好的例子，我們對此感到非常興奮，而且我們還會有更多這樣的例子。

I know we've gone over a little bit, but Alex, any final thoughts?

我知道我們已經討論了一些，但是 Alex，最後還有什麼想法嗎？

Yeah. So thanks to you all, and thanks, Steve. So look, we've set a solid foundation to build upon, and we're executing against our strategy. I'm very proud of our team and the momentum we've created for our consumers, merchants, and partners. And I'm excited to deliver a solid holiday season for our customers and continue the trajectory into 2025, so take care, everyone.

是的。謝謝大家，謝謝史蒂夫。所以看，我們已經奠定了堅實的基礎，我們正在執行我們的策略。我為我們的團隊以及我們為消費者、商家和合作夥伴創造的動力感到非常自豪。我很高興能為我們的客戶帶來一個充實的假期，並將這一軌跡延續到 2025 年，所以大家要保重。

Thank you. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。