PayPal Holdings Inc (PYPL) 2025 Q1 法說會逐字稿

Good morning, and welcome to PayPal's first quarter 2025 earnings conference call. My name is Paulie, and I will be your conference operator today. As a reminder, this conference is being recorded.

早安，歡迎參加 PayPal 2025 年第一季財報電話會議。我叫 Paulie，今天我將擔任您的會議主持人。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.

現在，我想將節目交給今天會議的主持人、PayPal 首席投資者關係官史蒂夫·維諾克 (Steve Winoker)。請繼續。

Thanks, Paulie. Welcome to PayPal's first quarter earnings call. I'm joined by CEO, Alex Chriss; and Chief Financial and Operating Officer, Jamie Miller.

謝謝，保利。歡迎參加 PayPal 第一季財報電話會議。和我一起參加的是執行長 Alex Chriss；以及財務與營運長 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 on our best view of the world and our bids as we see them today.

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對世界的最佳看法以及我們今天所看到的出價。

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的網站所述，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. We had a strong first quarter as we begin to execute on the strategy we laid out during our recent Investor Day. PayPal is transforming from a payments company to a commerce platform. This includes expanding to be available everywhere, whether it's online, in-store or agentic. This means moving from a one-size-fits-all experience to personalized experiences that leverage the vast data at our fingertips.

謝謝，史蒂夫。隨著我們開始執行最近投資者日制定的策略，我們第一季表現強勁。PayPal 正在從支付公司轉型為商業平台。這包括擴展到任何地方，無論是在線、店內還是代理處。這意味著從一刀切的體驗轉向​​利用我們指尖上的大量數據的個人化體驗。

We are developing a dynamic smart wallet that will allow consumers to make the smart choice in how to pay and get rewarded. With this transformation, we are shifting from being purely a payments processor to an end-to-end strategic commerce partner for our merchants.

我們正在開發一種動態智慧錢包，讓消費者能夠明智地選擇如何支付和獲得獎勵。透過這種轉型，我們從單純的支付處理商轉變為商家的端到端策略商務夥伴。

And underpinning this is our work to converge into a single PayPal platform that unlocks the full potential of PayPal's two-sided network in support of both consumers and merchants. This strategy -- and positions us to win in the months and years ahead.

為此，我們致力於整合為 PayPal 平台，充分發揮 PayPal 雙邊網路的潛力，為消費者和商家提供支援。這項策略將使我們在未來幾個月乃至數年內取得勝利。

Turning to Q1. We have so much to be proud of. Let me share just a few highlights. Our strategy is designed to improve PayPal's profitability over time. In Q1, we delivered our fifth consecutive quarter of profitable growth, with transaction margin dollars growing by 8%, excluding the impact from last year's leap day.

轉向 Q1。我們有太多值得驕傲的事。讓我僅分享幾個亮點。我們的策略旨在逐步提高 PayPal 的獲利能力。在第一季度，我們實現了連續第五個季度的獲利成長，不包括去年閏日的影響，交易利潤成長了 8%。

That growth was driven by multiple sources across our strategic initiatives, including omnichannel commerce, both online branded checkout and off-line branded payment methods, Venmo and PSP.

這一成長是由我們策略性舉措的多個來源推動的，包括全通路商務、線上品牌結帳和線下品牌支付方式、Venmo 和 PSP。

As a result of this focus on profitability, non-GAAP earnings per share increased 23% year-over-year. Additionally, PayPal and Venmo are being used by more people, more often. Both total active accounts and monthly active accounts grew a healthy 2% in the quarter. Transactions per active account ex PSP grew 4%, reflecting improved engagement and transaction growth in online branded checkout and Venmo.

由於注重獲利能力，非公認會計準則每股收益年增 23%。此外，越來越多的人開始更頻繁地使用 PayPal 和 Venmo。本季總活躍帳戶數和每月活躍帳戶數均健康成長了 2%。除 PSP 外，每個活躍帳戶的交易量增加了 4%，反映出線上品牌結帳和 Venmo 的參與度和交易量有所增長。

As we expand our offerings from online to everywhere, the best way to see the traction we're gaining is through branded experiences TPV. Branded experiences comprises volume from PayPal and Venmo online checkout, as well as branded in-store payment methods like debit and Tap to Pay.

隨著我們將產品從線上擴展到各個地方，了解我們所獲得吸引力的最佳方式是透過 TPV 品牌體驗。品牌體驗包括 PayPal 和 Venmo 線上結帳量，以及金融卡和 Tap to Pay 等品牌店內支付方式。

In Q1, branded experiences TPV grew 8%, excluding last year's leap day. That's a full 2 points higher than branded experiences' growth for the full year of 2024, highlighting the growing contribution of our omnichannel initiatives. It's still early days, but we are very proud of this progress.

第一季度，除去去年的閏日，品牌體驗 TPV 成長了 8%。這比 2024 年全年品牌體驗的成長高出整整 2 個百分點，凸顯了我們的全通路計畫的貢獻日益增強。雖然現在還處於早期階段，但我們對這項進展感到非常自豪。

Within branded experiences, we're continuing to accelerate the rollout of our upgraded online branded checkout flows. This includes our simplified and modernized pay sheet design, with streamlined log-in reduced latency. Since the beginning of the year, we've driven a 25-point jump to more than 45% of US checkout traffic.

在品牌體驗方面，我們正在持續加快推出升級的線上品牌結帳流程。這包括我們簡化和現代化的工資表設計，以及簡化的登入減少延遲。自今年年初以來，我們已推動美國結帳流量躍升 25 個百分點，達到 45% 以上。

This shows we can execute, and we anticipate an even faster rollout for Europe starting in the second quarter. And finally, Venmo had another standout quarter. We hit an important inflection point for Venmo monetization, 20% revenue growth, driven by our push to make Venmo one of the best ways to pay online and in-store.

這表明我們能夠執行，並且我們預計從第二季度開始在歐洲以更快的速度推出。最後，Venmo 又迎來了一個出色的季度。我們達到了 Venmo 貨幣化的一個重要轉折點，收入成長了 20%，這得益於我們努力將 Venmo 打造成最好的線上和店內支付方式之一。

These are only a few examples of the strength we're seeing in the execution of our strategy. We're feeling the excitement of our innovations in the market and the engagement from our consumers and merchant partners, and we're just getting started.

這些只是我們在執行策略過程中所看到的優勢的幾個例子。我們感受到了市場創新的興奮以及消費者和商家合作夥伴的參與，而我們才剛起步。

As you can hear, I'm encouraged by the momentum we are driving. We had a great start to the year and expect a solid second quarter, which would result in the first half coming in above our prior expectations. However, given it is early in the year and because of the current level of macro uncertainty, we are maintaining our guidance for the full year at this time. Jamie will provide more color on our results and guidance in her remarks.

正如您所聽到的，我們對我們所取得的進展感到鼓舞。我們今年有一個良好的開端，並預計第二季將表現穩健，這將使上半年的業績超出我們先前的預期。然而，考慮到今年尚處於初期階段，且目前的宏觀不確定性水準較高，我們目前仍維持對全年業績的預期。傑米將在她的評論中詳細介紹我們的成果和指導。

Let me now go into the details of the progress we're making on our strategic growth drivers. Starting with win checkout. Online branded checkout TPV, including PayPal and Pay with Venmo, grew nearly 6% this quarter, accounting for last year's leap day. We're proud of this growth and expect it to increase over time as more traffic flows through our upgraded experience.

現在讓我詳細介紹一下我們在策略成長動力方面所取得的進展。從贏取結帳開始。由於去年是閏日，包括 PayPal 和 Pay with Venmo 在內的線上品牌結帳 TPV 本季成長了近 6%。我們對這一成長感到自豪，並希望隨著更多流量通過我們升級的體驗，這一增長將隨著時間的推移而增加。

One of the main benefits of our upgraded experience is the modernized pay sheet, which improves the presentment of our full suite of payment options. This contributes to a personalized experience where consumers can more easily pay their own way, whether balance, cards, crypto or buy now pay later.

我們升級體驗的主要優勢之一是現代化的薪資單，它改善了我們全套支付選項的呈現。這有助於提供個人化的體驗，消費者可以更輕鬆地按照自己的方式付款，無論是餘額、卡片、加密貨幣還是先買後付。

What we're seeing is that as we improve the presentment of BNPL and checkout, it's being selected more often. In Q1, the BNPL volume grew more than 20% and monthly active accounts grew 18% year-over-year, highlighting the effectiveness of the new design and the strength of our value proposition. As a reminder, BNPL users spend 33% more on average and conduct 17% more transactions.

我們看到的是，隨著我們改進 BNPL 的呈現和結帳，它被選擇的頻率越來越高。第一季度，BNPL 交易量年增超過 20%，每月活躍帳戶數年增 18%，凸顯了新設計的有效性和我們價值主張的優勢。提醒一下，BNPL 用戶平均支出增加 33%，交易增加 17%。

BNPL is featured in our latest marketing efforts with Will Ferrell about PayPal's flexible online checkout, and we are focused on winning in key markets. We will continue to lean into BNPL throughout this year with consumer awareness campaigns in the UK and Germany, and continued investment in other priority global markets, including Australia, France, Italy and Spain.

BNPL 是我們與 Will Ferrell 合作的最新行銷活動的一部分，主要內容是關於 PayPal 靈活的線上結帳方式，我們專注於在關鍵市場中獲勝。今年，我們將繼續支持 BNPL，在英國和德國開展消費者宣傳活動，並繼續投資其他重點全球市場，包括澳洲、法國、義大利和西班牙。

Pay with Venmo is resonating well with consumers and merchants, and it's growing rapidly with TPV increasing more than 50%. Monthly active accounts grew [30%] as we increased merchant availability. First of all, in January, JetBlue became the first airline to accept Venmo for bookings.

使用 Venmo 付款深受消費者和商家的歡迎，並且成長迅速，TPV 增幅超過 50%。隨著我們增加商家可用性，每月活躍帳戶成長了 [30%]。首先，今年 1 月，捷藍航空成為第一家接受 Venmo 預訂的航空公司。

We're seeing strong selection from Venmo's valuable demographic with brands such as Domino's, Instacart and TikTok shop. I expect more demographic relevant merchants to offer Pay with Venmo over the coming quarters.

我們看到 Venmo 的寶貴客戶群對 Domino’s、Instacart 和 TikTok shop 等品牌做出了強有力的選擇。我預計未來幾季會有更多符合人口統計特徵的商家提供 Venmo 支付服務。

Let's move to the progress we are making to become omnichannel, serving our customers everywhere they want to shop with PayPal and Venmo. As noted earlier, branded experiences' TPV grew 8% in the quarter, excluding last year's leap day. This growth reflects our strategy to deliver flexible and rewarding experiences that consumers to do the things and experiences they want and love wherever they shop.

讓我們繼續前進，成為全通路購物平台，為所有想透過 PayPal 和 Venmo 購物的顧客提供服務。如前所述，不包括去年的閏日，品牌體驗的 TPV 本季成長了 8%。這種成長反映了我們的策略，即提供靈活且有益的體驗，讓消費者無論在哪裡購物都能做自己想做的事情，享受自己喜歡的體驗。

Today, our PayPal and Venmo debit cards are enabling our customers to use their balance to shop anywhere cards are accepted. Adoption is strong and growing, with approximately 2 million first-time PayPal and Venmo debit card users in the quarter, an increase of nearly 90% from last year.

今天，我們的 PayPal 和 Venmo 借記卡使我們的客戶能夠使用其餘額在任何接受卡的地方購物。採用率強勁且不斷成長，本季首次使用 PayPal 和 Venmo 金融卡的用戶約有 200 萬，比去年成長了近 90%。

Debit card TPV grew approximately 64% in the first quarter. Venmo debit card monthly active accounts grew nearly 40% and penetration has reached to 6% of Venmo MAAs.

第一季簽帳卡TPV成長約64%。Venmo 金融卡月活躍帳戶成長近 40%，滲透率已達到 Venmo MAA 的 6%。

We are focused on getting these products into the hands of even more of our customers because they allow them to choose PayPal and Venmo as their way to pay more often. In the first quarter, users who adopted the PayPal debit card transacted nearly 6 times more and generated more than 2 times the average revenue per account, compared to those who used on branded checkout only.

我們致力於讓更多客戶使用這些產品，因為它們允許他們更頻繁地選擇 PayPal 和 Venmo 作為付款方式。在第一季度，與僅使用品牌結帳方式的用戶相比，使用 PayPal 金融卡的用戶的交易量幾乎增加了 6 倍，平均每個帳戶的收入增加了 2 倍以上。

There is also a halo effect where debit card users choose PayPal more often in online branded checkout. Our omnichannel strategy is showing early success in the US, and we are excited to roll it out internationally. We are on track to launch NFC capabilities in Germany later this quarter and bring PayPal everywhere to the UK in Q3.

還有一種光環效應，借記卡用戶在網上品牌結帳時更頻繁地選擇 PayPal。我們的全通路策略在美國取得了初步成功，我們很高興能夠在國際上推廣它。我們計劃在本季稍後在德國推出 NFC 功能，並在第三季將 PayPal 引入英國。

Moving to our PSP business, which remains a key driver of transaction margin dollar growth. We continue to build deeper relationships with the world's largest brands and sell our strong suite of value-added services. That is a massive untapped and margin-rich opportunity. I'll share two examples.

轉向我們的 PSP 業務，這仍然是交易利潤成長的主要驅動力。我們繼續與世界上最大的品牌建立更深層的關係，並銷售我們強大的加值服務。這是一個尚未開發且利潤豐厚的巨大機會。我將分享兩個例子。

We recently scaled our optimized debit routing with Wayfair and Upwork. This service routes eligible debit cards through lower-cost debit networks, which helps merchants reduce their transaction fees. Regal Cinemas has adopted our Fraud Protection Advanced Service, which allows merchants to leverage PayPal's decades of fraud intelligence and machine learning to improve their risk decisions and capture even more revenue.

我們最近與 Wayfair 和 Upwork 合作擴展了優化的借記路由。該服務透過低成本借記網路路由符合資格的借記卡，從而幫助商家降低交易費用。Regal Cinemas 採用了我們的高級詐欺保護服務，該服務允許商家利用 PayPal 數十年的詐欺情報和機器學習來改善他們的風險決策並獲得更多收入。

Let me give you an example of how this focus on adoption of value-added services can improve end-to-end relationship and margin profile of our largest customers. Recently, we expanded our relationship with a long-time Braintree merchant. By focusing on price to value and processing, acumen of advanced risk capabilities and leading-edge brand dilutions, like payment-ready API, we were able to improve merchant performance and profitability.

讓我舉一個例子來說明如何透過專注於增值服務的採用來改善我們最大客戶的端到端關係和利潤狀況。最近，我們擴大了與 Braintree 一家長期商家的關係。透過專注於價格與價值和處理、敏銳的先進風險能力以及前沿的品牌稀釋（如支付就緒 API），我們能夠提高商家的績效和獲利能力。

We took this merchant from unprofitable to profitable, improving their transaction margin nearly 20-percentage-points over the course of a year. These are the kinds of conversations we're having that drive value for our customers and for PayPal. Because of the quality of our value-added services, we expect these types of improvements to continue over the next few years.

我們幫助這家商家從無利可圖變為盈利，在一年的時間裡將其交易利潤率提高了近 20 個百分點。我們正在進行的這些對話可以為我們的客戶和 PayPal 創造價值。由於我們的增值服務質量，我們預計這些類型的改進將在未來幾年繼續下去。

For small businesses, we continue to migrate volume on to PayPal Complete payments. Today, nearly half of SMB processing and checkout volume is on this platform, which is steady progress from last quarter. Bringing more SMBs into the stack enables them to easily access our latest online branded checkout and new products like Fastlane, and we've seen incremental product adoption increase by 33% as a result.

對於小型企業，我們繼續將交易量遷移到 PayPal Complete 付款。如今，近一半的中小企業處理和結帳量都在這個平台上進行，這與上一季相比取得了穩步進展。將更多的中小型企業納入堆疊使他們能夠輕鬆訪問我們最新的線上品牌結帳和 Fastlane 等新產品，並且我們因此看到產品採用率增加了 33%。

Next, PayPal has laying our two-sided ecosystem in ways we've never seen before to innovate and build the future of commerce. Whether it's AI, personalization, ads or crypto we are providing our customers with the most advanced ways to engage in a shopping experience. These initiatives are in the early stages but unlock significant growth potential for us in the years ahead.

接下來，PayPal 將以我們從未見過的方式建立我們的雙邊生態系統，以創新和建立商業的未來。無論是人工智慧、個人化、廣告或加密，我們都為客戶提供最先進的購物體驗方式。這些舉措尚處於早期階段，但將為我們未來幾年釋放巨大的成長潛力。

Take AI for instance. At Investor Day, I told you we were leaning into agentic commerce. I asked you to imagine what a future would look like, where AI agents could bring up the right products at the right time and complete your purchase. Thanks to rapid developments, that future is here.

以人工智慧為例。在投資者日，我告訴你們我們傾向於代理商務。我請你想像一下未來會是什麼樣子，人工智慧代理可以在正確的時間帶來正確的產品並完成你的購買。由於快速的發展，這個未來已經到來。

Just a few weeks ago, we launched the industry's first remote MCP server and enabled the leading AI agent frameworks to seamlessly integrate with PayPal APIs. Now any business can create agentic experience that allow customers to pay, track shipments, manage invoices and more, all powered by PayPal and all within an AI client.

就在幾週前，我們推出了業界首個遠端 MCP 伺服器，並讓領先的 AI 代理框架能夠與 PayPal API 無縫整合。現在，任何企業都可以創建代理體驗，讓客戶付款、追蹤貨運、管理發票等，所有這些都由 PayPal 提供支持，並且全部在 AI 用戶端內完成。

As we speak, developers are gathering in our San Jose headquarters for our annual developer days. Every major player in AI is represented, providing demos and engaging with our developer community. The future of commerce will have a strong agentic presence, and we're excited about leading the charge.

就在我們說話的時候，開發人員正聚集在我們聖荷西的總部，參加我們一年一度的開發者日。人工智慧領域的每一位主要參與者都出席了會議，提供演示並與我們的開發者社群互動。未來的商業將具有強大的代理作用，我們很高興能夠引領這一潮流。

PayPal Ads is continuing to lay the foundation for a robust and highly differentiated ads business that will create more personalized shopping experiences. We're leveraging our extensive cross-merchant transaction data and customer insights to develop a platform that improves discovery for consumers and helps merchants reach more shoppers.

PayPal Ads 正在繼續為強大且高度差異化的廣告業務奠定基礎，以創造更個人化的購物體驗。我們正在利用廣泛的跨商家交易數據和客戶洞察來開發一個平台，以改善消費者的發現並幫助商家接觸更多的購物者。

We recently expanded PayPal Ads internationally with our launch in the UK. And today, we are launching offsite ads, which are ads informed by our insights placed outside of the PayPal platform. This will allow PayPal to help brands find the right user at the right time, and it is built with the privacy in mind.

我們最近在英國推出了 PayPal Ads，並將其擴展至國際市場。今天，我們推出了站外廣告，這些廣告是根據我們的見解在 PayPal 平台之外投放的。這將使 PayPal 能夠幫助品牌在正確的時間找到正確的用戶，並且在建立時考慮了隱私。

We are working to rapidly accelerate advertiser onboarding as we continue to grow. Crypto is another area we're making strides. We're moving quickly to bring the benefits of crypto and stable coins to our customers and the industry. Last week, we introduced the ability to earn rewards for holding PYUSD. This will increase the option and use of digital currencies for everyday commerce, from sending money internationally to making purchases and more.

隨著公司不斷發展，我們正在努力加快廣告商的加入。加密是我們正在取得進展的另一個領域。我們正在迅速採取行動，為我們的客戶和行業帶來加密貨幣和穩定幣的好處。上週，我們推出了持有 PYUSD 即可獲得獎勵的功能。這將增加數位貨幣在日常商業中的選擇和使用，從國際匯款到購物等等。

We've also strengthened our relations with major crypto players, like Coinbase, so people can more easily access and use PYUSD. As I close my remarks, I want to again highlight how proud I am of our team and the focused execution and innovation we are driving. To reinforce this point, let me bring together Venmo's strength in the first quarter as an example.

我們還加強了與 Coinbase 等主要加密貨幣參與者的關係，以便人們可以更輕鬆地存取和使用 PYUSD。在結束我的演講之前，我想再次強調我對我們的團隊以及我們所推動的專注執行和創新感到多麼自豪。為了強調這一點，讓我以 Venmo 在第一季的實力為例。

We've leaned into Venmo and the investment is starting to pay off. The Venmo user base continued to expand, and we're growing monthly active accounts mid-single digits. Pay with Venmo TPV grew more than 50% and MAAs grew 30%. Venmo debit card MAAs grew nearly 40% and penetration has increased to 6% of Venmo MAAs. That's up from 4% a year ago.

我們已經傾向於 Venmo，而這項投資開始獲得回報。Venmo 用戶群持續擴大，每月活躍帳戶數以中位數個位數成長。使用 Venmo 付款的 TPV 成長了 50% 以上，MAA 成長了 30%。Venmo 金融卡 MAA 成長了近 40%，滲透率已上升至 Venmo MAA 的 6%。這一數字比一年前增加了 4%。

When you add it all up, the Venmo business, grew revenue 20%. That sequential double-digit growth are the highest rate we've achieved in years. Our execution muscle is growing stronger by the day, and we're just getting started.

綜合起來，Venmo 業務的收入成長了 20%。連續兩位數的成長是我們多年來所取得的最高成長率。我們的執行力日益增強，而我們才剛起步。

To recap, we had a great first quarter. We are confident in our ability to execute the strategy we laid out as we entered the year. With our clear strategy, strong balance sheet, high free cash flow conversion, and traction and execution, we have a solid foundation that allows us to navigate uncertain times and invest in our long-term growth.

總而言之，我們第一季表現非常出色。我們有信心有能力執行我們在新年伊始所製定的策略。憑藉清晰的策略、強勁的資產負債表、高自由現金流轉換率以及牽引力和執行力，我們擁有堅實的基礎，使我們能夠度過不確定的時期並投資於我們的長期成長。

With that, over to Jamie.

接下來，交給 Jamie。

Alex. Moving to slide 5. PayPal delivered a strong quarter to start the year. Our results reflect another positive step forward, with multiple drivers contributing to an acceleration in profitable growth. We are improving our speed and focus across the organization, working hard to transform the company, while improving our value proposition for consumers and merchants.

亞歷克斯。移至投影片 5。PayPal 今年第一季表現強勁。我們的業績反映了另一個積極的進步，多種驅動因素​​推動了獲利成長的加速。我們正在提高整個組織的速度和重點，努力改造公司，同時提高我們為消費者和商家的價值主張。

Excluding interest on customer balances, transaction margin dollars grew 7% or 8% ex leap day accelerating from last quarter. We outperformed the TM dollars and EPS guidance we provided in February with upside driven by a combination of sources, including PSP profitability, Venmo, credit and transaction expense improvement and a more favorable tax rate.

不計客戶餘額利息，交易保證金金額（除閏日外）增加 7% 或 8%，較上一季有所加快。我們的業績超出了我們在二月份提供的 TM 美元和 EPS 預期，上行動力來自多種因素，包括 PSP 盈利能力、Venmo、信貸和交易費用改善以及更優惠的稅率。

Non-GAAP earnings per share were $1.33 in the quarter, up 23%. And PayPal generated $1 billion of free cash flow in the first quarter, bringing trailing 12-month free cash flow to $6 billion. Adjusted free cash flow, which excludes the net timing impact between originating and selling European Buy Now, Pay Later receivables, was $1.4 billion in the first quarter and $6.2 billion over the past 12 months.

本季非公認會計準則每股收益為 1.33 美元，成長 23%。PayPal 在第一季產生了 10 億美元的自由現金流，使過去 12 個月的自由現金流達到 60 億美元。調整後的自由現金流（不包括發起和銷售歐洲「先買後付」應收帳款之間的淨時間影響）在第一季為 14 億美元，在過去 12 個月為 62 億美元。

Turning to slide 6. Total active accounts increased by about 1.5 million from the fourth quarter and over 8 million versus the prior year's first quarter to 406 million. Monthly active accounts continue to show good progress, up 2% year-over-year to 224 million, with contributions from PayPal consumer accounts and Venmo. Transaction per active account, excluding PSP processing, grew 4%.

翻到幻燈片 6。總活躍帳戶數較第四季增加約 150 萬，較去年同期第一季增加 800 多萬，達到 4.06 億。每月活躍帳戶繼續呈現良好成長勢頭，同比增長 2% 至 2.24 億，其中 PayPal 消費者帳戶和 Venmo 做出了貢獻。不包括 PSP 處理，每個活躍帳戶的交易量增加了 4%。

Moving to slide 7. Total payment volume grew 3% at spot and 4% on a currency-neutral basis to $417 billion. As we highlighted at our Investor Day in February, this slide now includes a simpler and more relevant TPV breakout. This view reflects how we think about our product portfolio today, the go-forward strategy and our customer needs.

移至幻燈片 7。總支付額以現貨計算成長 3%，以貨幣中性計算成長 4%，達到 4,170 億美元。正如我們在二月的投資者日上所強調的那樣，這張投影片現在包含更簡單、更相關的 TPV 細分。這種觀點反映了我們對目前產品組合、未來策略和客戶需求的看法。

Looking across these categories, we are encouraged to see signs that both consumers and merchants are demanding how and where they use PayPal. Winning checkout remains our most critical priority, and our teams remain laser-focused on advancing the many initiatives that reinforce our checkout business.

縱觀這些類別，我們很高興地看到，消費者和商家都在要求如何以及在何處使用 PayPal。贏得結帳仍然是我們最關鍵的優先事項，我們的團隊仍然專注於推動加強結帳業務的眾多措施。

In the first quarter, online branded checkout volumes grew more than 4% on a currency-neutral basis. And excluding last year's leap day, which contributed over 1 point to growth, online branded checkout volumes increased nearly 6%.

第一季度，線上品牌結帳量按匯率中性計算增長了 4% 以上。除去去年的閏日（對成長貢獻超過 1 個百分點），線上品牌結帳量成長了近 6%。

Branded experiences TPV, which includes online checkout, PayPal and Venmo Debit, as well as Tap to Pay, grew 8% ex leap day accelerating from the prior year. We're excited about this momentum as we work to drive greater awareness that both PayPal and Venmo are ways to pay any time and any place. Ultimately, our goal is to form deeper consumer relationships to bring habituation across online and off-line channels.

品牌體驗 TPV（包括線上結帳、PayPal 和 Venmo Debit 以及 Tap to Pay）除閏日外成長了 8%，比上年同期有所加快。我們對這一勢頭感到非常興奮，因為我們致力於提高人們的認識，即 PayPal 和 Venmo 都是隨時隨地付款的方式。最終，我們的目標是建立更深層的消費者關係，從而透過線上和線下管道形成習慣。

Turning to PSP, which spans both large enterprise and SMB processing as well as parts of our OVAS portfolio, like payout, invoicing and point-of-sale solutions, volume grew 2% compared to 6% in the fourth quarter. As we've discussed throughout the past year, the shape of this growth is intentional, we are prioritizing healthy quality growth within our Braintree business, and have made deliberate choices to shift away from unprofitable volume.

談到 PSP，它涵蓋大型企業和 SMB 處理以及我們的 OVAS 產品組合的部分內容，例如支付、發票和銷售點解決方案，其交易量增長了 2%，而第四季度的增長率為 6%。正如我們在過去一年中所討論的那樣，這種增長的形式是有意為之的，我們優先考慮 Braintree 業務的健康品質增長，並已做出慎重選擇，擺脫無利可圖的業務量。

Shifting away from this volume pressures gross revenue but is accretive to transaction margin dollars and should result in more than 1 point of TM benefit this year. We continue to expect benefit to build over time as we drive more value-added services.

減少這筆交易量會給總收入帶來壓力，但會增加交易利潤，並應在今年帶來超過 1 個百分點的 TM 收益。隨著我們推出更多增值服務，我們將繼續期待收益能夠隨著時間的推移而累積。

Moving to more financial detail on slide 8. Transaction revenue was up on a spot basis or up 1% on a currency-neutral basis to $7 billion, driven primarily a branded checkout, Venmo and SMB processing. This growth was offset by the shift away from unprofitable Braintree volume that I just mentioned.

請參閱第 8 張投影片，以了解更多財務細節。交易收入以現貨計算上漲，或以貨幣中性計算上漲 1%，達到 70 億美元，主要受到品牌結帳、Venmo 和 SMB 處理的推動。這種成長被我剛才提到的無利可圖的 Braintree 業務量的轉移所抵消。

Importantly, other value-added services revenue grew 17% to $775 million driven primarily by healthy performance in consumer and merchant credits. We ended the quarter with $6.5 billion in net loan receivables, up 1% sequentially, and we continue to be pleased with the quality, the diversification and the performance of our credit portfolio.

重要的是，其他加值服務收入成長 17%，達到 7.75 億美元，主要得益於消費者和商家信貸的良好表現。本季末，我們的淨貸款應收帳款為 65 億美元，季增 1%，我們繼續對我們的信貸組合的品質、多樣化和表現感到滿意。

We take a prudent approach to managing the portfolio's exposure and our goal is to sustain a balance sheet-light business model, while providing our customers with more ways to manage their cash flow spending and borrowing needs.

我們採取審慎的方式來管理投資組合的風險敞口，我們的目標是維持輕資產負債表的業務模式，同時為我們的客戶提供更多的方式來管理他們的現金流支出和借貸需求。

Transaction take rate declined by 6 basis points to 1.68%, driven largely by product and merchant mix. The two largest drivers of this change were momentum and payouts, and shifting away from unprofitable volume on Braintree, some of which carries a higher gross take rate due to card funding.

交易接受率下降 6 個基點至 1.68%，主要受產品和商家組合的影響。造成這項變化的兩個最大驅動因素是動量和支出，以及擺脫 Braintree 上無利可圖的交易量，其中一些交易量由於信用卡融資而具有更高的總利潤率。

There was also impact from faster growth of large price volume within branded checkout, adoption of the PayPal debit card and growth of Venmo and PayPal P2P. These are positive trends for our business, demonstrating the relevance and importance of PayPal to consumers and merchants around the globe as well as the process we are making to improve profitability.

品牌結帳中大額價格交易量的快速成長、PayPal 金融卡的採用以及 Venmo 和 PayPal P2P 的成長也產生了影響。這些都是我們業務的正面趨勢，顯示了 PayPal 對全球消費者和商家的相關性和重要性，以及我們為提高獲利能力所做的努力。

Our focus on profitable growth and the progress we are making across our strategic growth drivers is most clearly demonstrated by the acceleration in transaction margin dollar growth that we have delivered over the past year. Branded checkout, PSP and value-added services, credit and Venmo were all meaningful contributors to transaction margin dollar growth in the quarter. These drivers also include improvement in transaction expense.

我們對獲利成長的關注以及我們在策略成長動力方面所取得的進展最明顯地體現在我們過去一年實現的交易利潤美元成長的加速。品牌結帳、PSP 和加值服務、信用卡和 Venmo 都是本季交易利潤美元成長的重要貢獻者。這些驅動因素還包括交易費用的改善。

Transaction margin rate increased by more than 270 basis points year-over-year, reflecting our focus on price to value and profitable growth. Non-transaction-related OpEx increased 2%, as we continue to actively manage our cost structure while reinvesting in key growth initiatives. This includes marketing to support the rollout of new products and initiatives.

交易保證金率年增超過270個基點，反映出我們對價格價值和獲利成長的關注。非交易相關的營運支出增加了 2%，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。這包括支援新產品和新計劃推出的行銷。

Non-GAAP operating income grew 16% in the quarter to $1.6 billion and non-GAAP operating margin increased about 260 basis points to 20.7%. In the quarter, we completed $1.5 billion in share repurchases, bringing share repurchases over the past four quarters to $6 billion. Finally, we ended the quarter with $15.8 billion in cash, cash equivalents and investments and $12.6 billion in debt.

本季非公認會計準則營業收入成長 16% 至 16 億美元，非公認會計準則營業利潤率增加約 260 個基點至 20.7%。本季度，我們完成了 15 億美元的股票回購，使過去四季的股票回購總額達到 60 億美元。最後，本季結束時，我們的現金、現金等價物和投資為 158 億美元，債務為 126 億美元。

Moving to guidance on slide 9 for the second quarter and the full year of 2025. Our team is focused on execution and capturing the opportunity in front of us. We are confident that our scale, diversification and balance sheet enable us to keep advancing our strategic growth drivers through different operating environments.

轉到第 9 張投影片中有關 2025 年第二季和全年的指導。我們的團隊專注於執行並抓住眼前的機會。我們相信，我們的規模、多樣化和資產負債表使我們能夠在不同的營運環境中繼續推進我們的策略成長動力。

As we continue making progress on PayPal's transformation, we have multiple growth levers, and are well positioned to help merchants and consumers navigate the environment. Importantly, with a strong first quarter behind us and a good start to the second, we believe we are on pace to outperform our original expectations for the first half of 2025.

隨著 PayPal 轉型不斷取得進展，我們擁有多種成長槓桿，能夠很好地幫助商家和消費者應對環境。重要的是，憑藉第一季的強勁表現和第二季的良好開局，我們相信我們有望超越對 2025 年上半年的最初預期。

At the same time, given uncertainty in the environment, and the potential for a wide range of outcomes, we are appropriately cautious. Consumer spending and the labor market have proven resilient, but it remains to be seen how tariffs and other trading friction will impact global economic activity, consumer spending and supply chains over time.

同時，鑑於環境的不確定性以及可能出現的多種結果，我們也採取了適當的謹慎態度。消費者支出和勞動力市場已證明具有韌性，但關稅和其他貿易摩擦將如何影響全球經濟活動、消費者支出和供應鏈仍有待觀察。

As Alex mentioned, despite our strong start to the year, we're maintaining our full year guidance. And this guidance now implicitly builds some incremental flexibility into the second half of the year for macroeconomic uncertainty.

正如亞歷克斯所提到的，儘管我們今年開局強勁，但我們仍維持全年業績預期。現在，該指引隱性地為下半年的宏觀經濟不確定性增加了一些彈性。

Throughout different macro environments, we will remain focused on making the right long-term decisions for the business, striking an appropriate balance between investment and productivity.

在不同的宏觀環境下，我們將繼續專注於為企業做出正確的長期決策，在投資和生產力之間取得適當的平衡。

For the second quarter, we expect low to mid-single-digit revenue growth on a currency-neutral basis, which is impacted by the Braintree renegotiation efforts I discussed earlier. We've seen a good start to April, and are watching trends closely. Tariff-related concerns and news flow have likely resulted in some spend being pulled forward for certain verticals in the US.

對於第二季度，我們預計按貨幣中性計算，收入將實現低至中等個位數成長，這受到我之前討論過的 Braintree 重新談判努力的影響。我們看到四月份有一個良好的開端，並且正在密切關注趨勢。與關稅相關的擔憂和新聞流可能會導緻美國某些垂直行業的支出被提前。

We are not assuming that those higher activity levels persist for the entire quarter. We expect second quarter transaction margin dollars to be between $3.75 billion and $3.8 billion, which represents 4.5% growth at the midpoint. Excluding interest on customer balances, we expect transaction margin dollars to increase by approximately 6.5% in the midpoint.

我們並不假設這些較高的活動水準會持續整個季度。我們預計第二季交易保證金將在 37.5 億美元至 38 億美元之間，中間值成長 4.5%。不包括客戶餘額的利息，我們預計交易保證金金額中位數將增加約 6.5%。

We are planning for mid-single-digit non-transaction OpEx growth in the quarter due to the timing of initiatives and marketing spend. We expect to deliver non-GAAP EPS in the range of $1.29 to $1.31, or 9% growth at the midpoint.

由於計劃和行銷支出的時間安排，我們計劃本季實現中等個位數的非交易營運支出成長。我們預計非 GAAP 每股盈餘將在 1.29 美元至 1.31 美元之間，中間值成長 9%。

For the full year, we are maintaining our guidance, as I mentioned earlier, and I'll just highlight a couple of lines. Excluding interest on customer balances, we expect transaction margin dollars to grow by at least 5% compared to 4.6% growth in 2024. And we expect to deliver full year non-GAAP EPS in the range of $4.95 to $5.10, representing about 8% growth in the midpoint.

正如我之前提到的，對於全年，我們仍將維持我們的指導方針，我只想強調幾行。不包括客戶餘額的利息，我們預計交易保證金金額將成長至少 5%，而 2024 年的成長率為 4.6%。我們預計全年非公認會計準則每股收益將在 4.95 美元至 5.10 美元之間，中間值將成長約 8%。

This includes negative impact from lower interest rates and compared to our prior guidance of smaller headwind from our expected non-GAAP effective tax rate. Our guidance continues to assume approximately $6 billion in share buyback for the full year, and we continue to expect full year free cash flow of approximately $6 billion to $7 billion.

這包括較低利率的負面影響，以及與我們先前預期的非公認會計準則有效稅率帶來的較小阻力相比。我們的指導意見繼續假設全年股票回購額約為 60 億美元，我們繼續預計全年自由現金流約為 60 億至 70 億美元。

I'd like to wrap up by thanking the PayPal team for their continued focus and dedication. We have a solid foundation to build on as we execute on the second year of PayPal's transformation.

最後，我要感謝 PayPal 團隊的持續關注與奉獻。在執行 PayPal 轉型的第二年，我們擁有堅實的基礎。

With that, back to you, Alex.

好了，回到你這裡，亞歷克斯。

Thanks, Jamie. To summarize, we had a great start to the year and our strategy is taking hold. We've built a solid foundation and have multiple ways to win. A huge thank you to the PayPal team for their focus on delivering for our customers and our business.

謝謝，傑米。總而言之，我們今年有一個良好的開端，我們的策略正在發揮作用。我們已經建立了堅實的基礎並擁有多種獲勝方法。非常感謝 PayPal 團隊致力於為我們的客戶和業務提供服務。

Steve, let's go to Q&A.

史蒂夫，我們進入問答環節。

(Operator Instructions) Paulie, please open the line.

（接線生指示）保利，請接通線路。

(Operator Instructions)

（操作員指示）

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Hi, thanks for the progress report here. Lots to talk about. Just wanted to maybe ask the obligatory macro question, if you don't mind. I'd love to hear a little bit more on how you characterize consumer and SMB health overall. And I know you touched upon it a little bit, but is the macro or the geopolitical stuff that's going on in the world, is that changing enough for you to reorder some of your priorities? It does sound like you're leaning harder into NPL and Venmo. But yeah, just a broader macro question. Thank you.

你好，謝謝你在這裡的進度報告。有很多話要說。如果您不介意的話，我只是想問一個必要的宏觀問題。我很想聽聽您如何描述消費者和中小企業的整體健康狀況。我知道您稍微提到了這一點，但是世界上正在發生的宏觀或地緣政治事件是否發生了足夠的變化，以至於您需要重新安排一些優先事項？聽起來你確實更傾向 NPL 和 Venmo。但是，是的，這只是一個更廣泛的宏觀問題。謝謝。

Hey Tianjin, thanks for the question. I wouldn't say we're reordering any priorities, and I don't think we -- we're obviously watching it very closely to see what plays out. But things have been pretty consistent so far. Obviously, we think there's an opportunity. You mentioned Buy Now, Pay Later.

嘿，天津，謝謝你的提問。我不會說我們正在重新安排任何優先事項，我也不認為我們——我們顯然正在密切關注事態發展。但到目前為止，情況一直相當一致。顯然，我們認為這是一個機會。您提到了「先買後付」。

We think with our strong position there and strong product, there's obviously an opportunity to continue to lean in. I think from a consumer standpoint, we've been building over the last few quarters to really be the most rewarding way for consumers to pay.

我們認為，憑藉我們在那裡的強勢地位和強大的產品，顯然有機會繼續向前邁進。我認為從消費者的角度來看，過去幾季我們一直在努力打造對消費者最有益的支付方式。

And we think that's an opportunity for us to continue to get our message out. Our rewards coming back on debit card, the rewards we just put out on crypto. These are things that put more money in the pockets of consumers, and that's a positive thing and an opportunity for us.

我們認為這是我們繼續傳播訊息的機會。我們的獎勵將透過借記卡返還，這些獎勵我們剛剛以加密貨幣形式發放。這些事情都會讓消費者的口袋裡有更多的錢，這對我們來說是件好事，也是一個機會。

On small business, again, we know that cash flow is the most critical part for small businesses. We haven't seen a big impact yet. But as they think about money in, money out and access to capital, we know that we have tremendous opportunity when it comes to providing capital to our small business customers, and we think we can be a place for them to come in times of need.

關於小型企業，我們再次知道現金流是小型企業最關鍵的部分。我們尚未看到大的影響。但是，當他們考慮資金流入、資金流出和獲取資金時，我們知道，在為小型企業客戶提供資金方面，我們擁有巨大的機會，我們認為我們可以成為他們在需要時可以求助的地方。

But I'd say we're still early and we haven't seen any big shifts yet, but we feel confident in our position if those things happen.

但我想說我們還處於早期階段，我們還沒有看到任何重大轉變，但如果這些事情發生，我們對自己的地位充滿信心。

Yeah. And Tien-Tsin, I would just add, that when you looked at the core credit portfolios as a monitor of some of your question around consumer health or merchant health, we monitor that very closely. Charge-off rates are [full] and, in some cases, improving. And in particular, with respect to the consumer portfolios, we've actually seen delinquencies over the last 30 days improve.

是的。Tien-Tsin，我只想補充一點，當您將核心信貸組合作為有關消費者健康或商家健康的一些問題的監測器時，我們會對此進行非常密切的監控。沖銷率已達到[最高]，並在某些情況下有所改善。特別是就消費者投資組合而言，我們實際上已經看到過去 30 天的拖欠情況有所改善。

And also as it relates to just broader consumer trend, the first part of April, we saw an uplift as well in terms of TP, and a lot of folks have referenced that as pulling. But when you look at just general consumer health coming into what could be a more uncertain time is looking pretty healthy and pretty good.

而且就更廣泛的消費趨勢而言，四月初，我們也看到了 TP 的上漲，許多人稱之為拉動。但是，當你觀察進入一個可能更不確定的時期的整體消費者健康狀況時，你會發現它們看起來相當健康、相當不錯。

And then with respect to SMB, good, continued, consistent performance there, too. And on the merchant lending side, as we monitor that, honestly, pretty consistent with what I'd say about consumer charge-offs also improving. And obviously, we're monitoring the whole thing very, very carefully, but it looks pretty steady right now.

就 SMB 而言，其表現也良好、持續、一致。在商業貸款方面，正如我們所監控的，老實說，這與我所說的消費者沖銷也在改善的情況非常一致。顯然，我們正在非常非常仔細地監視整個過程，但目前情況看起來相當穩定。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Hey guys, great results here. Really appreciate it. Can you give us like a sense of looks like the branded experience CPV strategy is doing really well. Can you give us maybe a sense of like how much traction you're getting there and what you're doing to get those nice results and thanks again.

嘿夥計們，這裡的結果很棒。真的很感激。您能否讓我們感覺一下品牌體驗 CPV 策略看起來確實做得很好。您能否讓我們了解一下您在那裡取得了多大的進展以及您為取得這些好成績所做的努力，再次感謝。

Yeah, Dan, let me start. So good to hear from you. We've got -- this is the strategy that we've laid out really coming to light. So first, we have a branded checkout strategy that is really about driving habituate everywhere that the customer wants to pay. We have such strong brands in both PayPal and Venmo, and our customers are asking to be able to leverage that trust, the safety, the brand, the rewards in every purchase that they make.

是的，丹，讓我開始吧。很高興收到你的來信。我們已經－這是我們所製定的真正正在顯現的策略。首先，我們有一個品牌結帳策略，真正目的是推動客戶在想要付款的任何地方養成習慣。我們在 PayPal 和 Venmo 上都擁有如此強大的品牌，我們的客戶要求能夠在每次購買中利用這種信任、安全性、品牌和獎勵。

And so we've been focused on not only improving that online experience that we've talked about, and I'm sure we'll talk about more, making it available for them exactly how they want to pay, whether that's immediately or with pay later scenario, Buy Now, Pay Later, but then also offline. And you mentioned branded experiences. This really is enabling our PayPal debit card, our Venmo debit card to be accessible to our consumers. We saw PayPal debit card TPV growth over 100% in Q1.

因此，我們不僅專注於改善我們談到的線上體驗，而且我相信我們還會談論更多，讓他們能夠以他們想要的方式付款，無論是立即付款還是稍後付款，先買後付，但也可以離線付款。您提到了品牌體驗。這確實使我們的 PayPal 借記卡和 Venmo 借記卡能夠供我們的消費者使用。我們看到 PayPal 金融卡 TPV 在第一季成長了 100% 以上。

And that really is driving habituation. This is driving our consumers to actually start to come back, move online and start to pay with PayPal wherever they see it. So the strategy is working, TPV, up 8% overall in branded experiences. And this really is the metric that we are focused on and we hope you're focused on as well, because, again, it is really all about the strategy that we've laid out.

這確實能推動習慣的形成。這實際上促使我們的消費者開始回歸、轉向線上並開始使用 PayPal 進行付款。因此，該策略是有效的，TPV 的品牌體驗總體增長了 8%。這確實是我們關注的指標，我們希望您也關注它，因為這實際上與我們制定的策略有關。

Ramsey El Assal, Barclays.

巴克萊銀行的拉姆齊·埃爾·阿薩勒 (Ramsey El Assal)。

Hi, thank you very much for taking my question this morning. I wanted to ask about the de minimis tariff exemption for China, I think that's scheduled to be eliminated on May 2. Do you expect an impact from that, I guess? And if so, if you could help us dimensionalize the impact, I would appreciate it.

您好，非常感謝您今天早上回答我的問題。我想問一下針對中國的最低限度關稅豁免，我認為該豁免將於 5 月 2 日取消。我猜你認為這會產生影響嗎？如果是這樣，如果您能幫助我們具體化其影響，我將不勝感激。

Yeah, good morning. So obviously, the whole situation around tariffs is really changing daily, and there's multiple scenarios that could unfold. And maybe I'd first start by saying I think we come into this from a position of strength. We are globally diversified. Our merchant base, our region based, it's just very, very global and diverse.

是的，早安。顯然，關稅的整個情況每天都在變化，並且可能出現多種情況。也許我首先要說的是，我認為我們處於有利地位。我們在全球範圍內實現多元化。我們的商人基礎、我們所在地區的範圍都非常全球化和多樣化。

And we're well positioned to capture shifts in spending as they happen. And the other thing I would just add is, in particular, in the US, we are about 50-50 between retail and services. So diversification there as well. But when you talk about de minimis, the way I'd size that for you, our Chinese merchants selling into the US is less than 2% of our branded checkout TPV.

我們已做好準備，隨時捕捉支出發生的變化。另外我想補充的是，特別是在美國，零售和服務業的份額大約是 50-50。因此那裡也存在多樣化。但當您談到最低限度時，我會為您估算一下，我們銷往美國的中國商家的銷售額不到我們品牌結帳 TPV 的 2%。

And this includes both direct China to US cross-border transactions and volume from Chinese merchants with US entities, but -- where they're shipping from China. So from that perspective, that's probably how I'd size it there.

這包括中國與美國的直接跨境交易以及中國商家與美國實體的交易量，但他們是從中國發貨的。所以從這個角度來看，這可能是我對它的尺寸的估計。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Hey guys, thanks. Maybe just go a little further, if you don't mind, into what's embedded in your outlook around KPIs and modeling assumptions. Totally understand not changing guidance like the beat. But if you could help us with assumptions on the macro front and what you're embedding in your outlook, especially on cross-border in China and just what we should think about being included.

嘿，大家，謝謝。如果您不介意的話，也許可以進一步了解您對 KPI 和建模假設的看法。完全理解不會像節拍那樣改變指導。但是，如果您能幫助我們從宏觀角度做出假設，以及您在展望中嵌入的內容，特別是關於中國的跨境問題，以及我們應該考慮納入哪些內容。

As well as even just give us a little more color on branded growth expectations. What are you seeing specifically in April right now from a branded growth rate point? And then branded versus unbranded growth as the year progresses would be really helpful. Thanks guys.

甚至可以提供我們更多關於品牌成長預期的資訊。從品牌成長率來看，目前在四月看到的具體情況是什麼？隨著時間的推移，品牌和非品牌的成長將會非常有幫助。謝謝大家。

Sorry, Darrin. I'm just writing down all your questions here. Let me start with the macro question. I think Alex was alluding to this before. But I would start by saying, as we look at this year, we are laser-focused on what we can control, staying focused on delivering for customers and really executing around our core initiatives and our investments.

對不起，達林。我只是在這裡寫下你們所有的問題。我先從宏觀問題開始。我認為亞歷克斯之前曾暗示過這一點。但首先我想說，回顧今年，我們將全神貫注於我們能夠控制的事情，專注於為客戶提供服務，並真正圍繞我們的核心計劃和投資進行執行。

And when we look at the macro and forecasting, it's really difficult to predict kind of which way all these scenarios could land. I would just say maybe that we're prudently guiding.

當我們從宏觀角度進行預測時，我們很難預測所有這些情況最終會如何發生。我只是想說也許我們正在謹慎地引導。

So despite a strong first quarter and second quarter guide, we're maintaining our full year guide, just the macro uncertainty. And it builds in room for a range of consumer activity softening in the second half. Overall, I'd say it covers about 2 points to 3 points of deceleration in overall e-com trends in the second half, which is not what we see in rate. Current performance is really trending well.

因此，儘管第一季和第二季的指引強勁，但我們仍維持全年指引不變，因為存在宏觀不確定性。這也為下半年一系列消費活動的疲軟留下了空間。總體而言，我認為下半年電子商務整體趨勢將出現約 2 到 3 個百分點的減速，而這並不是我們所看到的速度。目前的表現確實趨勢良好。

But when you think about 2 points to 3 points of e-com, I think about that as 2 points to 3 points of TPV, plus some level of lower credit originations and maybe a little bit of credit losses, maybe some FBO impact or interest rate impact from some shifting. But -- so that's roughly how I package it from that perspective.

但是當您考慮 2 點到 3 點的電子商務時，我認為這就是 2 點到 3 點的 TPV，加上一定程度的較低信貸發放和可能一點點的信貸損失，也許是一些 FBO 影響或一些轉變帶來的利率影響。但是——從這個角度來看，這大致就是我的包裝方式。

When you asked about April and branded trends, branded has had pretty consistent trending as what we saw in the fourth quarter. And April, in particular, we saw some US consumer activity accelerating. I mentioned before, it's likely a pull forward. We're not assuming that continues. But all in, we're on track for a mid-single-digit branded checkout TPV guide, what we gave earlier this year.

當您詢問四月份的品牌趨勢時，品牌趨勢與我們在第四季度看到的趨勢非常一致。尤其是在四月份，我們看到美國消費活動加速。我之前提到過，這很可能是向前拉。我們並不認為這種情況會持續下去。但總的來說，我們有望實現中個位數品牌結帳 TPV 指南，正如我們今年早些時候給出的那樣。

And then you also asked about branded and unbranded and how to think about, I think, the revenue side of that. And maybe to just anchor there around the unbranded side of that, you saw that pull back this quarter that was expected. That deceleration really began in the second half of last year. The one thing I would say about unbranded, PSP and OVAS is that it's been a very strong and growing contributor to transaction margin dollars.

然後您還詢問了品牌和非品牌的問題，以及我認為如何看待它的收入方面。也許只是為了圍繞無品牌方面進行錨定，你會看到本季出現了預期的回落。這種減速其實始於去年下半年。關於無品牌、PSP 和 OVAS，我想說的一件事是，它們對交易利潤的貢獻非常強勁，而且還在持續成長中。

So while revenue is shifting down, we're seeing a nice contribution to TM and really just sort of shift that margin profile of the business over time. Second quarter revenue, we expect a pretty similar profile to the first quarter and then a second half ramp. Overall, continuing to contribute to that transaction margin growth for '25.

因此，雖然收入正在下降，但我們看到 TM 做出了不錯的貢獻，隨著時間的推移，業務的利潤率狀況確實發生了變化。我們預計第二季的收入將與第一季非常相似，然後下半年將上升。總體而言，繼續為 25 年的交易利潤成長做出貢獻。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

Good morning guys. Thank you. So, it looks like online branded, you were stable on an underlying basis here in Q1 at up 6%. But now we've got almost half the US on the new checkout experience, it sounds like Europe is untapped pretty soon. So could we start to see some initial acceleration in online branded volume growth by the end of this year if the macro stays stable? And can you just give us a word on what the US. first International branded split looked like in terms of Q1 growth rates? Thank you.

大家早安。謝謝。因此，看起來在線品牌在第一季基本保持穩定，成長了 6%。但現在幾乎有一半的美國人都體驗到了新的結帳體驗，聽起來歐洲很快就要被開發了。那麼，如果宏觀經濟保持穩定，我們是否能在今年年底開始看到線上品牌銷售成長的初步加速？能否簡單介紹一下美國的情況？就第一季的成長率而言，第一國際品牌的拆分情況如何？謝謝。

Hey, Jason, thanks. So again, just to unpack our branded strategy, I'd really think about it as three parts. One is the improved branded checkout experience. And as you mentioned, we're -- we've moved very quickly up now over 45% in the US. Again, that still is -- think of that as sort of double digits of our global transactions. And so we're really excited. We think we've got a really strong playbook now. And we think, as we start to roll this out into Europe, we'll actually accelerate even faster.

嘿，傑森，謝謝。因此，再次闡述我們的品牌策略，我實際上將其視為三個部分。一是改善品牌結帳體驗。正如您所說，我們在美國的成長速度非常快，目前已超過 45%。再說一次，這仍然是——可以將其視為我們全球交易的兩位數。因此我們非常興奮。我們認為我們現在已經有了一本非常強大的劇本。我們認為，當我們開始將其推廣到歐洲時，我們的發展速度實際上會更快。

But our PSP redesign is holding, the improvement is holding and now this is just about scaling. Second lever is really accelerating Pay with Venmo, and you've seen the results there. So very, very fast flywheel starting to happen from a Pay with Venmo perspective. TPV up over 50%, and MAAs up over 30%. And then the third lever is by now Buy Now, Pay Later and our pay later products.

但我們的 PSP 重新設計仍在進行中，改進仍在進行中，現在這只是關於擴展。第二個槓桿是真正加速使用 Venmo 支付，您已經看到了結果。因此，從 Venmo 支付的角度來看，飛輪開始非常非常快速地運轉。TPV 上漲超過 50%，MAA 上漲超過 30%。現在第三個槓桿是先買後付和我們的後付產品。

And again, TPV up over 20%. So you add all three of those together, and as we continue to see leaning into those three levers, I don't know the exact timing of when we'll start to see branded checkout, but we put pretty strong growth numbers of 8% to 10% by 2027. And I think those three levers are -- continue to give us confidence that we're executing well and heading in that direction.

TPV 再次上漲超過 20%。因此，將這三者加在一起，隨著我們繼續看到傾向於這三個槓桿，我不知道我們何時會開始看到品牌結帳的確切時間，但我們預計到 2027 年的成長數字將相當強勁，達到 8% 至 10%。我認為這三個槓桿——繼續讓我們相信我們執行得很好，並朝著這個方向前進。

Good. And then, Jason, what I would just add to that. When you look at the patient redesign, I would say we think about that as ramping over time. I mean this is something that as things come on, transactions start flowing, it's not something that is an immediate translation. And we do see impact coming through the numbers, but it's very small so far.

好的。然後，傑森，我還要補充一點。當您查看患者的重新設計時，我想說我們認為這會隨著時間的推移而逐漸增加。我的意思是，隨著事情的發展，交易開始流動，這不是立即就能實現的事情。我們確實從數字上看到了影響，但到目前為止影響還很小。

So maybe that's how I would position that piece of it. When you look at the US and international, I guess I'd start with the US by saying performance was relatively consistent with the fourth quarter. And we are beginning to see good traction across US MAAs, across TPA, across shifting to power -- more upstream to more power users.

所以也許這就是我對這部分的定位。當你看美國和國際時，我想我會從美國開始說，其表現與第四季相對一致。我們開始看到美國 MAA、TPA 以及向電力轉移方面的良好勢頭——向更多上游電力用戶轉移。

And Alex mentioned Pay with Venmo, which is really had good traction there. It is early, but we talked in the fourth quarter about seeing some shifting in our US branded checkout levels. We saw that hold this quarter, watching it very closely but cautiously optimistic about that.

亞歷克斯提到了使用 Venmo 支付，這項服務在那裡確實很受歡迎。雖然現在還為時過早，但我們在第四季度談到了美國品牌結帳水準的一些變化。我們在本季度看到了這一點，並對此進行了密切關注，但對此持謹慎樂觀的態度。

And then on the outside the US side, relatively consistent as well, a little bit of macro volatility across the markets. But in Europe, we continue to take share in Continental Europe, including in Germany. Really strong brand presence, as you know, across merchants, across consumers. And I think what we're really excited about is that we're bringing our new product innovation to the market in Europe starting this quarter.

而在美國以外，市場也相對穩定，存在一些宏觀波動。但在歐洲，我們繼續佔據包括德國在內的歐洲大陸的份額。如您所知，品牌在商家和消費者中都具有非常強大的影響力。我認為我們真正興奮的是，我們將從本季開始將我們的新產品創新推向歐洲市場。

So we'll start with Germany and the UK. And this is the checkout redesign, it is Buy Now, Pay Later. It is omni and NFC launches. And brand marketing to accompany all of that, with a fast follow to other countries after that. So I think the overall look right now, we feel put about branded checkout and just laser-focused on our ambition.

因此，我們將從德國和英國開始。這是重新設計的結帳方式，先買後付。它是全方位的，並且 NFC 已推出。品牌行銷也隨之而來，並迅速推廣到其他國家。所以我認為從目前的整體情況來看，我們對品牌結帳感到很滿意，並且只專注於我們的目標。

Andrew Schmidt, Citi.

花旗銀行的安德魯·施密特。

Hi Alex. Hey Jamie, good morning. Thank you for taking the questions. Maybe just switch gears to the consumer side. I was wondering if you could just talk a little bit about the PayPal Everywhere program. Obviously, some rich rewards across categories there. But could you talk a little bit about table effect, if any, that you're seeing outside of those categories? I'm curious if -- just about adoption and spend trends in that program now that it's been in place for some time. Thank you so much.

你好，亞歷克斯。嘿，傑米，早安。感謝您回答這些問題。也許只是轉向消費者方面。我想知道您是否可以簡單談談 PayPal Everywhere 計劃。顯然，那裡有一些跨類別的豐厚獎勵。但是，您能否談談您在這些類別之外看到的表格效應（如果有的話）？我很好奇——該計劃已經實施了一段時間，其採用情況和支出趨勢如何。太感謝了。

Yeah, thank you, Andrew. And again, what you mentioned is exactly what we're starting to see. So just as a reminder, rolled out PayPal Everywhere, we're really -- launched sort of August, September of last year. Since then, 4 million new debit card active.

是的，謝謝你，安德魯。再說一次，您提到的正是我們開始看到的。所以提醒一下，我們推出的 PayPal Everywhere 其實是在去年八月、九月推出的。自那時起，已有400萬張新借記卡活躍。

So really starting to see strong demand from our consumer base that loves the brand and wants to be able to use PayPal Everywhere that they shop.

因此，我們真正開始看到來自消費者群體的強烈需求，他們熱愛這個品牌，並希望能夠在購物時使用 PayPal。

TPV growth, again, up over 100% in Q1, with active -- attractive economics in off-line as well. And so it's not just doing the habituation that we want for every purchase. But the off-line spend is actually quite attractive. What's exciting is though that halo effect. So we're starting to see that debit card users have a 5.5% to 6% lift in transaction activity and over 2 times increase in average revenue per active user versus just a checkout only.

TPV 第一季再次成長超過 100%，線下經濟效益也同樣活躍且具吸引力。因此，我們不只是想在每次購買時養成習慣。但線下消費其實相當有吸引力。令人興奮的是光環效應。因此，我們開始看到借記卡用戶的交易活動增加了 5.5% 到 6%，與僅結帳相比，每個活躍用戶的平均收入增加了 2 倍以上。

So this is the strategy starting to take hold. This is a consumer that's now becoming habituated with PayPal. They're enjoying the rewards in the category of their choice. And we're also starting to see the spend and the category demand actually extend to other categories out. So we started with things I mentioned in the past, gas, groceries, restaurants, things that consumers have never used PayPal for before.

因此，這項戰略正在開始發揮作用。如今，這些消費者已經習慣了使用 PayPal。他們正在享受自己選擇的類別中的獎勵。我們也開始看到支出和類別需求實際上延伸到了其他類別。因此，我們從我過去提到過的事情開始，汽油、雜貨、餐館，這些都是消費者以前從未使用過 PayPal 購買的東西。

Now we're starting to add new everyday spend categories, like ride share and transit. So demand is really strong from these consumers. We're starting to see the halo effect of not just offline, but now moving into online. And again, this is why this all comes back to this habituation and this branded experiences journey that we think is going to work. First in the US and, as Jamie just mentioned, really excited to see this roll out in Germany and in the UK.

現在我們開始添加新的日常消費類別，例如共乘和交通。因此這些消費者的需求確實很強勁。我們開始看到光環效應，它不僅存在於線下，現在也延伸到了線上。再次強調，這就是為什麼這一切都回歸到這種習慣化和我們認為會起作用的品牌體驗之旅。首先是在美國，正如 Jamie 剛才所提到的，非常高興看到它在德國和英國推出。

With Germany, as an example, coming this quarter, we've got some really exciting Buy Now, Pay Later opportunities, which are, I think, going to be very, very powerful in a market that has traditionally not been a credit market, but one that's been connected to bank that we think we can come in with our already connected bank and actually give consumers the ability to make the purchases they need on a Buy Now, Pay Later product. So again, lots of exciting innovation coming and the flywheel starting to spin.

以德國為例，本季我們將推出一些非常令人興奮的「先買後付」業務，我認為這些業務在傳統上不是信貸市場而是與銀行相連的市場中將非常非常強大，我們認為我們可以與已經連接的銀行合作，讓消費者能夠使用「先買後付」產品進行他們需要的購買。因此，大量令人興奮的創新即將到來，飛輪開始旋轉。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

Good morning, Jim, I have a clarification question about the conversion of (technical difficulty)

早安，吉姆，我有一個關於轉換的問題（技術難度）

You broke up a bit, Harshita. But I think -- Jamie.

你們分手了，哈爾希塔。但我認為——傑米。

I think so, yeah. So first, I think the first part of the question was talk about conversion uplift as we roll out the new checkout redesign. We talked about 100 bps of conversion uplift, is that holding. And I'd say, yes, that is what we're seeing continue to come through in the results that we have.

是的，我想是的。首先，我認為問題的第一部分是談論我們推出新的結帳方式時轉換率的提升。我們討論了 100 個基點的轉換提升，這是可以維持的。我想說，是的，這就是我們在所取得的成果中不斷看到的。

And then your second part of your question, how quickly can we roll this out in Europe. And what I would say is a really important point here is that a much higher proportion of our European merchants are already on our latest integration. So this makes a much faster and easier rollout process for them as we tackle Europe.

然後你問題的第二部分是，我們能多快在歐洲推出這項措施。我想說的非常重要的一點是，我們的歐洲商家中已經有相當大比例的人採用了我們最新的整合方案。因此，當我們進入歐洲市場時，這將使他們的推廣過程變得更快、更輕鬆。

If we didn't get that whole question, Harshita, we can follow up later.

Harshita，如果我們沒有完全理解這個問題，我們可以稍後再跟進。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you. Good morning. OVAS revenue growth was quite strong. I was wondering, Jamie, if you could just walk through sort of where the strength was and if it outperformed relative to your expectations, and if you expect that strength to continue over the course of the year? Thanks.

謝謝。早安.OVAS營收成長相當強勁。傑米，我想知道，您是否可以簡單介紹一下其優勢在哪裡，其表現是否超出了您的預期，以及您是否預計這種優勢會在今年持續下去？謝謝。

Yeah, good morning. So when we look at OVAS, there's one thing I would just call out before I talk about the actual quarter, which is that in the first quarter of '24, we did have lower credit revenue with a lower gain share with our consumer credit partner. As we had -- coming through COVID, we had some loss normalization happening there.

是的，早安。因此，當我們看 OVAS 時，在談論實際季度之前，我想指出一件事，那就是在 24 年第一季度，我們的信貸收入確實較低，與消費者信貸合作夥伴的收益份額也較低。正如我們經歷 COVID 一樣，我們在那裡發生了一些損失正常化。

Last year's first quarter was slightly lower in that regard. And if you remember, we had also pulled back on our merchant lending portfolio. So revenue was lower there as well. So as we come into this year, I mentioned on our fourth quarter call that we're really back in the market with a rebuilt credit team and just really good capability, and we saw that growth come through.

去年第一季在這方面略低。如果您還記得的話，我們也撤回了商業貸款組合。因此那裡的收入也較低。因此，當我們進入今年時，我在第四季度電話會議上提到，我們真的重返市場，重建了信貸團隊，擁有非常好的能力，我們看到了成長。

And again, OVAS growth this quarter was primarily credit driven, both consumer and merchant. Small contribution from interest. But I mentioned the portfolio is performing well. We feel really good about it. We're very actively managing it. And as we look at the year, we continue to expect mid-single-digit OVAS growth.

本季的 OVAS 成長主要由信貸驅動，包括消費者和商家的信貸。來自利息的少量貢獻。但我有提到投資組合表現良好。我們對此感覺非常好。我們正在非常積極地管理它。展望今年，我們預期 OVAS 仍將維持中位數個位數成長。

So credit will continue to be a primary driver this year. But you might remember that we also have baked into our forecast about $150 million of impact of interest rate headwinds, which also runs through OVAS as well.

因此，信貸仍將是今年的主要動力。但您可能還記得，我們​​的預測中還考慮了約 1.5 億美元的利率逆風影響，這也貫穿了 OVAS。

Timothy Chiodo, UBS.

瑞銀的提摩西·奇奧多。

Great, thank you for taking the question. I want to dig in a little bit more to Germany and the UK. I believe they're the two largest branded markets outside of the US, particularly from a gross profit standpoint. I believe they are two of the largest markets for branded. Two topics I was hoping we could touch on one a little bit about the competitive landscape in those two markets specifically.

太好了，謝謝你回答這個問題。我想更深入地了解德國和英國。我相信它們是美國以外最大的兩個品牌市場，尤其是從毛利的角度來看。我相信它們是兩個最大的品牌市場。我希望我們能夠就這兩個主題進行一些討論，特別是關於這兩個市場的競爭格局。

And then on UK, I know there were some efforts to roll out biometrics to help with two-factor authentication. And I was hoping you could talk a little bit about the progress and the phasing of that.

然後在英國，我知道他們正在努力推出生物辨識技術來幫助實現雙重認證。我希望您能稍微談談該工作的進展和分階段情況。

Let me get started, Tim. So as you said, two very important markets for us and strong markets outside of the US. Competitive dynamics is a little bit different, so let me unpack them. Germany, we are really the market leader there.

讓我開始吧，提姆。正如您所說，這兩個市場對我們來說非常重要，而且美國以外的市場也很強勁。競爭動態有點不同，所以讓我來解釋一下。在德國，我們確實是那裡的市場領導者。

We're -- I think we're the number one brand in Germany for the last three years. So very, very strong consumer presence. Very strong merchant presence.

我認為我們是過去三年來德國第一品牌。因此消費者的影響力非常非常大。商家影響力非常強大。

It's also a different type of market. As I just mentioned, it was not a -- it's not a credit-heavy market. So the way PayPal is used is we're connected to bank and then PayPal is used as really the way to make an online purchase. And so our transactions in e-commerce in Germany are extremely high.

這也是一個不同類型的市場。正如我剛才提到的，這不是一個信貸密集型市場。因此，PayPal 的使用方式是，我們將其連接到銀行，然後使用 PayPal 進行真正的線上購買。因此，我們在德國的電子商務交易量非常高。

That's what gives us a lot of confidence as we now move into off-line, is we're really going to be really one of the first at-scale, bank -- off-line wallets, that we think will be able to drive significant penetration into the market. So we're really excited about that, as well as bringing some new innovations to market with not only our rewards program, but the Buy Now, Pay Later connected element as well.

這給了我們很大的信心，因為我們現在正在進入線下市場，我們將真正成為第一個大規模的銀行線下錢包之一，我們認為這將能夠推動市場大幅滲透。因此，我們對此感到非常興奮，不僅透過我們的獎勵計劃，而且透過「先買後付」連接元素，為市場帶來了一些新的創新。

So with the brand presence we've got in Germany with the banks already connected and the onboarding experience that's just really delightful and literally one click from your bank to be able to set up your off-line wallet. And with the innovation rewards and Buy Now, Pay Later, we're really excited to get into the market there.

因此，憑藉我們在德國的品牌影響力，我們已經與銀行建立了聯繫，並且入職體驗非常令人愉快，您只需在銀行單擊即可設置您的離線錢包。憑藉創新獎勵和「先買後付」政策，我們非常高興能夠進入那裡的市場。

UK, much more competitive dynamic there. We've really suffered in the last few years with what I would consider to be one of our poorest app experiences for consumers. We're rolling out a new app experience in the UK shortly. But we've already started with, as you mentioned, the biometrics.

英國的競爭更加激烈。過去幾年我們確實遭受了損失，我認為這是我們為消費者提供的最糟糕的應用體驗之一。我們即將在英國推出新的應用程式體驗。但正如您所說，我們已經開始研究生物辨識技術了。

Actually got a favorable connection with the regulator there to enable us to -- enable our biometrics to be considered two-factor authentication. That's rolling out quickly and enabling a much better experience. Whereas before, it really was choppy and created a lot of friction and a lot of latency in the experience.

實際上，我們與那裡的監管機構建立了良好的聯繫，使我們能夠將生物識別技術視為雙重認證。這項服務正在快速推出，並能帶來更好的體驗。而之前，它確實很不穩定，並且在體驗中產生了許多摩擦和延遲。

Biometrics is now really creating a seamless experience. You add on top of that the new app that's going to be rolling out and then our rewards program and all the other innovation that we brought to bear. And we think we're going to be competing quite well in the UK. And you'll see us leaning in from a go-to-market perspective as well to really remind consumers that we now have the best product in the market.

生物辨識技術現在確實正在創造一種無縫體驗。除此之外，您還可以添加即將推出的新應用程式、獎勵計劃以及我們帶來的所有其他創新。我們認為我們在英國的競爭力將會相當強。而且您也會看到我們從市場進入的角度積極主動地提醒消費者，我們現在擁有市場上最好的產品。

The last thing I'd say is I was actually just there a few weeks ago, and I think there's a big opportunity for us in Buy Now, Pay Later. Actually, I sat down with a lot of merchants in the market, and they're really looking for PayPal to come in. There's a lot of different options that are available now.

最後我想說的是，我幾週前就去過那裡，我認為「先買後付」對我們來說是一個巨大的機會。事實上，我與市場上的許多商家進行了交談，他們確實希望 PayPal 能夠進入這個領域。現在有很多不同的選擇。

And I think we're hearing from merchants that PayPal is a beloved, trusted brand that they would love to be able to have their consumers have a single onetime checkout or Buy Now, Pay Later option from a single brand. And so we're going to lean in heavily and buy now pay later in the UK as well.

我認為我們從商家那裡聽說 PayPal 是一個深受喜愛和信賴的品牌，他們希望能夠讓消費者從單一品牌獲得一次性結帳或「先買後付」的選項。因此，在英國，我們也將大力推行「先買後付」服務。

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

Thanks, good morning. I just wanted to revisit cross-border for a moment, and kind of maybe the puts and takes in terms of dynamics that we need to be thinking about. But one of those is just kind of now that we have a situation where we have this weak dollar, how does the like purchasing power parity associated with a weaker dollar typically play out for you guys in terms of cross-border behavior?

謝謝，早安。我只是想重新討論一下跨境問題，也許還有我們需要考慮的動態方面的得失。但其中之一就是，現在我們面臨美元疲軟的情況，與美元疲軟相關的購買力平價通常會對跨國行為產生什麼影響？

And then if you could just also give any color, as a reminder, kind of discretionary versus nondiscretionary spending banks that tend to fall heavy in cross-border. Thank you.

然後，如果您能提供任何細節，作為提醒，可自由支配的支出和非可自由支配的支出銀行往往會在跨境方面遭受重創。謝謝。

Yeah, so good morning, Dan. How are you? I'll start with the discretionary side of it. So when you look at PayPal today, I would say discretionary spend, we are a lot more diversified today than we were a few years ago. Now we're about 50-50 split in our US TPV between goods and services.

是的，早安，丹。你好嗎？我先從自由裁量權方面談起。因此，當您今天看 PayPal 時，我會說，就可自由支配的支出而言，我們今天的多元化程度比幾年前高得多。現在，我們的美國 TPV 在商品和服務上的分配比例約為 50-50。

And even in those categories, we are diverse as well. I mean when you look at that -- just breaking down retail as an example, about 10% of that is fashion, but then it's really across a lot of different things between variety and discount, beauty, sports, pets, toys, like lots of different things.

即使在這些類別中，我們也同樣多樣化。我的意思是，當你看一下——僅以零售業為例，其中大約 10% 是時尚，但它實際上涉及很多不同的東西，包括品種和折扣、美容、運動、寵物、玩具等很多不同的東西。

And so when you look at those, I mentioned before, I think we're really positioned well to capture spend as it may shift amongst categories, and we're well positioned around that. When you look at the order side of it, what I would really say there, Dan, is it's really diversified. I talked before about the China to US direct, a large portion of our cross-border is intra-European corridors.

因此，當你看到這些時，正如我之前提到的，我認為我們確實處於有利地位，可以捕捉支出，因為它可能會在各個類別之間轉移，而我們在這方面處於有利地位。當你查看它的訂單方面時，丹，我真正想說的是，它確實是多樣化的。我之前談到中國到美國的直達運輸，我們的跨境運輸很大一部分是歐洲內部的運輸。

And so when you start to look at how this looks over the globe, it's just very well diversified. And it's really hard to say how a shifting dollar is going to impact that. And honestly, what will actually happen there. But I would just say, if we take a step back and think about our guidance here, our process, we're just planning prudently and preparing for some level of uncertainty.

因此，當你開始觀察全球的情況時，你會發現它非常多樣化。很難說美元的變動將對此產生怎樣的影響。老實說，那裡到底會發生什麼事。但我只想說，如果我們退一步思考我們的指導方針和流程，我們只是在謹慎規劃並為某種程度的不確定性做好準備。

Paulie, we'll make time for one more question.

保利，我們會抽出時間再回答一個問題。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Hey, I appreciate you taking the question. I just wanted -- you said several times on the merchant lending portfolio that you guys are actively managing standards in the current environment. I'm just wondering if you've made any changes to underwriting or how you would think about changes to underwriting in the face of merchant-facing kind of cash flow strains on the back of sort of supply chain dynamics, tariffs specifically?

嘿，感謝您回答這個問題。我只是想——你們在談到商業貸款組合時多次提到，你們正在當前環境下積極管理標準。我只是想知道您是否對承保做出了任何改變，或者面對商家面臨的現金流壓力（特別是供應鏈動態、關稅的影響），您會如何考慮對承保做出改變？

And if you guys have any way of sort of dimensionalizing, like what sort of cash flow strains your merchants may experience if tariffs do go into effect in terms of things like importing inventory and things of that nature? Thank you.

如果你們有任何方式來進行維度分析，例如如果關稅真的生效，你們的商家在進口庫存等方面可能會面臨什麼樣的現金流壓力？謝謝。

Yeah, I think it's difficult to answer the latter part of your question. But if we go back to the merchant lending part of it, this is a portfolio that is actively managed. And it's something that, a year ago when Michelle Gill came in and really reconstituted the team, they're very focused on how we can help our small businesses really navigate growth.

是的，我認為回答你的問題的後半部分很難。但如果我們回顧商業貸款部分，這是一個積極管理的投資組合。一年前，當米歇爾·吉爾 (Michelle Gill) 加入並重組團隊時，他們非常關注如何幫助我們的小型企業真正實現成長。

And so the portfolio has a couple of different things in it. One is just really helping small businesses with working capital and inventory buy. And we monitor that and underwrite it with an eye towards credit, towards cash flow. And when you look at this, these are things where we've got cash sweeps with sales as sales come in, it's just a very well-constructed portfolio from both an underwriting and from a risk management perspective.

因此，投資組合中包含幾種不同的東西。一是真正幫助小型企業獲得營運資金和購買庫存。我們對此進行監控，並根據信用和現金流進行承保。當您看到這些時，您會發現隨著銷售額的增加，我們的現金流量會隨著銷售額的增加而增加，從核保和風險管理的角度來看，這都是一個非常完善的投資組合。

And the other side of it is PayPal business loans, which are cash flow based. They're typically personally guaranteed. And again, these are things that we monitor all the different indicators of the portfolio. And we adjust as we go. I mean we did make some adjustments in March to tweak and fine-tune and make our underwriting slightly more conservative, but it's something the team is all over. And I think we can react very quickly in a changing environment.

另一方面是 PayPal 商業貸款，它是基於現金流。它們通常由個人擔保。再次強調，這些都是我們監控投資組合所有不同指標的內容。我們會隨時調整。我的意思是，我們確實在三月做了一些調整，進行微調，使我們的承保稍微保守一些，但這是整個團隊都關注的事情。我認為我們能夠在不斷變化的環境中迅速做出反應。

Thanks, Jamie. Alex, any final thoughts?

謝謝，傑米。亞歷克斯，還有什麼想說的嗎？

Thanks, Jamie. Alex, any final thoughts? Yeah, thanks, everyone, for the call this morning. I'm very proud of the quarter that the team delivered, not only great results, but also just the innovation and the pace that the teams are moving.

謝謝，傑米。亞歷克斯，還有什麼想說的嗎？是的，謝謝大家今天早上的電話。我為團隊在本季度取得的成績感到非常自豪，不僅因為出色的成績，還因為團隊的創新和進步。

We didn't get a chance to talk a lot about Venmo, but I know I mentioned it on the call, we've leaned in there and the innovation is really starting to take hold. We talked about moving into monetization and debit card. Just to give you another data point, 10% of the new cohort of users are now adopting the debit card, right? This is showing our innovation come to life.

我們沒有機會談論太多關於 Venmo 的事情，但我知道我在電話會議上提到過它，我們已經傾向於它並且創新確實開始發揮作用。我們討論了貨幣化和借記卡的問題。再給你一個數據點，現在有 10% 的新用戶正在使用金融卡，對嗎？這表明我們的創新已變為現實。

And from then, Venmo users that are using and keeping funds in. We're seeing funds beyond P2P up over 100%. And ad funds and auto reload, really, as we've innovated, they're starting to become the habituation consumers. So just goes to show that as we are executing and leading into our strategy, our innovation is really taking hold.

從那時起，Venmo 用戶就開始使用並保留資金。我們看到 P2P 以外的資金增加了 100% 以上。事實上，隨著我們的創新，廣告資金和自動儲值開始成為習慣消費者。這表明，當我們執行並引領我們的策略時，我們的創新確實正在紮根。

So we're focused. We'll continue to scale our innovation. And look forward to updating you along the way. Take care, everyone.

所以我們很專注。我們將繼續擴大我們的創新。並期待一路向您通報最新情況。大家保重。

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。