PayPal Holdings Inc (PYPL) 2025 Q3 法說會逐字稿

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

早安，歡迎參加PayPal 2025年第三季財報電話會議。我叫莎拉，今天我將擔任你們的會議接線生。提醒一下，本次會議正在錄製中。現在，我將把主持權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。請繼續。

Thanks, Sarah. Welcome to PayPal's third quarter earnings call. I'm joined by CEO, Alex Chriss; and Chief Financial and Operating Officer, Jamie Miller. Our remarks today include forward-looking statements that involve risks and uncertainties.

謝謝，莎拉。歡迎參加PayPal第三季財報電話會議。與我一同出席的還有執行長 Alex Chriss 和財務長 Jamie Miller。我們今天的言論包含涉及風險和不確定性的前瞻性陳述。

Actual results may differ materially from these statements. Our commentary is based on our best 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. Over to you, Alex.

實際結果可能與這些說法有重大差異。我們的評論是基於我們對當今世界和我們業務的最佳看法。正如我們在獲利新聞稿、提交給美國證券交易委員會的文件以及我們的網站上所描述的那樣，這些因素可能會隨著世界的變化而變化。交給你了，亞歷克斯。

Thank you, Steve. Good morning, everyone, and thanks for joining the call. PayPal is a fundamentally stronger company today than it was two years ago. Focus and execution have enabled us to drive a positive inflection across our business.

謝謝你，史蒂夫。各位早安，感謝各位參加電話會議。現今的PayPal公司實力比兩年前強得多。專注和執行力使我們的業務實現了積極的轉變。

Take transaction margin dollar growth excluding interest on customer balances. We are on pace for 6% to 7% growth in 2025 compared to negative growth just two years ago. Revenue growth has accelerated in the past two quarters as a result of our deliberate strategy to focus on profitable growth.

扣除客戶餘額利息後，計算交易利潤美元成長。與兩年前的負成長相比，我們預計到 2025 年將實現 6% 至 7% 的成長。由於我們採取了專注於獲利成長的策略，過去兩個季度的營收成長速度加快。

Operationally, we are winning new customers and deepening engagement across our existing base. We have reinvigorated unprofitable and underperforming parts of the business. We're leveraging our incredible brands to innovate and expand our addressable market beyond online payments.

在營運方面，我們正在贏得新客戶，並加深與現有客戶的互動。我們已經重振了公司中那些不盈利和業績不佳的業務部門。我們正在利用我們強大的品牌優勢進行創新，並將我們的目標市場拓展到線上支付以外的領域。

Thanks to our omnichannel initiatives, we've accelerated branded experiences TPV growth to be between 7% and 8% on a currency neutral basis over the past four quarters. Our BNPL business is sustaining 20% volume growth quarter after quarter. Venmo revenue growth has accelerated 10 points compared to two years ago, while we have also continued to grow our user base.

由於我們的全通路舉措，在過去的四個季度中，我們已將品牌體驗的總觀看次數 (TPV) 增長速度加快至 7% 至 8%（按匯率中性計算）。我們的先買後付業務每季都保持著 20% 的銷售成長。Venmo 的營收成長與兩年前相比加快了 10 個百分點，同時我們的用戶群也不斷擴大。

Our Enterprise Payments business has turned a corner, returning to volume growth and consistently contributing to company transaction margin dollar growth. We have delivered this acceleration in our business while remixing inefficient spend into growth investments and returning capital to shareholders. And in total, we are on pace to deliver at least 15% non-GAAP EPS growth this year.

我們的企業支付業務已經扭轉頹勢，恢復了交易量成長，並持續為公司交易利潤率的成長做出貢獻。我們在實現業務加速成長的同時，將低效率支出重新組合成成長投資，並將資本回饋給股東。總體而言，我們今年預計將實現至少 15% 的非 GAAP 每股收益成長。

All of this gives us confidence in the business's longer-term growth potential and ability to deliver high single-digit transaction margin dollar growth, and non-GAAP EPS growth in the teens or better over the longer-term.

所有這些都讓我們對公司的長期成長潛力充滿信心，相信公司能夠實現高個位數的交易利潤率成長，以及長期內非GAAP每股收益實現兩位數或更高的成長。

I'm also excited to announce that we are initiating a dividend. Our overall capital allocation priorities remain the same. We will continue investing first and foremost in our business' growth and transformation. We see this dividend as strengthening our overall capital return program, working in conjunction with our ongoing share buybacks.

我很高興地宣布，我們將開始派發股息。我們的整體資本配置優先事項保持不變。我們將繼續把投資重點放在業務成長和轉型上。我們認為，此次股利將加強我們的整體資本回報計劃，與我們正在進行的股票回購相結合。

Our free cash flow generation and balance sheet are strong and give us ample room to both deploy capital to drive growth and return capital in a disciplined way to shareholders. Put simply, this is the new PayPal, built for faster, more profitable growth.

我們的自由現金流產生能力和資產負債表都很強勁，這為我們提供了充足的空間，既可以部署資本來推動成長，也可以以嚴謹的方式向股東返還資本。簡而言之，這是新的 PayPal，旨在實現更快、更有利可圖的成長。

Our strong foundation, differentiated competitive advantages, and clear strategic direction position us to capture a massive and growing addressable market. With building execution momentum, we are driving innovation at a remarkable pace and scale. This makes us exceptionally well placed to win into the future.

我們強大的基礎、差異化的競爭優勢和清晰的策略方向，使我們能夠佔領一個龐大且不斷成長的潛在市場。隨著執行力的不斷增強，我們正以驚人的速度和規模推動創新。這使我們在未來的競爭中佔據了非常有利的地位。

Turning to our third quarter performance, we delivered at or above the high end of our guidance range for transaction margin dollars and EPS. Importantly, our TM dollar growth continues to come from multiple areas of the business, including branded experiences, PSP, and Venmo.

再來看我們第三季的業績，我們在交易利潤率和每股盈餘方面均達到或超過了預期範圍的上限。重要的是，我們的 TM 美元成長繼續來自業務的多個領域，包括品牌體驗、支付服務提供者 (PSP) 和 Venmo。

Non-GAAP earnings per share increased 12%, reflecting the flow through of our transaction margin performance. The strength of our two-sided platform is evident in how customers are choosing to deepen their relationship with us. Monthly active accounts grew 2%.

非GAAP每股收益成長12%，反映了我們交易利潤率表現的正面影響。我們雙邊平台的優勢體現在客戶選擇加深與我們關係的方式。月活躍帳戶數成長2%。

When you look at transactions per active account growing 5% excluding PSP, you see the real story. Customers aren't just signing up, they're incorporating PayPal and Venmo into their daily lives. This engagement depth makes us a valuable partner to merchants and will drive sustainable, profitable growth.

如果你只看活躍帳戶的交易量增加 5%（不包括支付服務提供者），你就會明白事情的真相。用戶不僅註冊了PayPal和Venmo，他們還將這些服務融入了日常生活中。這種深度合作使我們成為商家的寶貴合作夥伴，並將推動可持續的獲利成長。

Now I'd like to discuss the progress we are making in our four strategic growth drivers, Win Checkout, scaling Omni and growing Venmo, driving PSP profitability, and scaling our next gen growth factors.

現在我想討論我們在四個策略成長驅動因素方面取得的進展，即：贏得結帳、擴大 Omni 規模、發展 Venmo、提高 PSP 獲利能力以及擴大我們的下一代成長因素。

As you can see on slide 4, PayPal's TM dollar growth excluding interest has not only accelerated, it is coming from a far more balanced mix across our business. This is important to appreciate the strategy underpinning the value our teams are working to create.

正如您在投影片 4 中看到的那樣，PayPal 的 TM 美元成長（不包括利息）不僅加速了，而且來自我們業務中更均衡的組合。理解我們團隊努力創造的價值背後的策略至關重要。

Compared to last year, Win Checkout's contribution increased, and PSP, Omni, and Venmo's contributions are a multiple of what they were in the past. This is a direct result of the work we have done to build more holistic, healthier merchant relationships, to scale our omni-channel presence and to monetize Venmo.

與去年相比，Win Checkout 的貢獻增加，而 PSP、Omni 和 Venmo 的貢獻更是比過去成長了數倍。這是我們為建立更全面、更健康的商家關係、擴大全通路業務規模以及實現 Venmo 盈利而開展工作的直接成果。

The innovation and momentum across the company are increasingly visible as you have seen in our recent announcements and as you will hear today. I plan to move quickly so that we can go deep in a few key areas like BNPL and Venmo while also leaving ample time for Q&A.

正如您在我們最近的公告中所看到的，以及您今天將聽到的，公司各方面的創新和發展勢頭越來越明顯。我計劃快速推進，以便我們能夠深入探討一些關鍵領域，例如先買後付 (BNPL) 和 Venmo，同時留出充足的時間進行問答。

Let me start with branded experiences, which covers our first two growth drivers, online and in-store branded checkout. Our strategy is to meet our customers everywhere they shop, whether online, in store, or agentic.

首先，我想談談品牌體驗，它涵蓋了我們的前兩個成長驅動因素：線上和線下品牌結帳。我們的策略是無論顧客在哪裡購物，無論是線上、實體店或代理商，我們都能滿足他們的需求。

We are focused on delivering the best checkout experience, so consumers can pay how, where, and when they want. It means they can pay online with PayPal. Buy Now, Pay Later, Venmo, Crypto, or soon a partner wallet through PayPal World.

我們致力於提供最佳的結帳體驗，讓消費者能夠以他們喜歡的方式、地點和時間進行支付。這意味著他們可以使用PayPal在線支付。立即購買，稍後付款，支援 Venmo、加密貨幣，或即將透過 PayPal World 提供的合作夥伴錢包。

It means they can pay in store with a PayPal or Venmo debit card, BNPL, or Tap to Pay. And it means building for a future where consumers can pay through AI agents powered by Google, OpenAI, Perplexity, and others.

這意味著他們可以在店內使用 PayPal 或 Venmo 借記卡、先買後付 (BNPL) 或輕觸支付 (Tap to Pay) 進行支付。這意味著要為未來做好準備，讓消費者可以透過由Google、OpenAI、Perplexity 等公司提供的 AI 代理進行支付。

Last September, we launched PayPal Everywhere in the US to move beyond our legacy in online branded checkout into an omnichannel world. A year in, and the results show our strategy is working. Branded Experiences' TPV grew 8% on a currency neutral basis in the quarter.

去年九月，我們在美國推出了 PayPal Everywhere，以超越我們以往的線上品牌結帳模式，邁向全通路時代。一年過去了，結果顯示我們的策略是有效的。本季品牌體驗的TPV以固定匯率計算成長了8%。

This includes PayPal, Buy Now, Pay Later, Venmo, and our debit card programs, and is the single most important metric to track the progress on transformation from an online payments company to a commerce company.

這包括 PayPal、立即購買、稍後付款、Venmo 和我們的借記卡計劃，是衡量從線上支付公司轉型為電子商務公司進展的最重要指標。

We need to be available everywhere a consumer wants to make a purchase. But this is about more than being present across channels. It's fundamentally expanding what PayPal means to our customers and the total spending we can capture.

我們需要在消費者想要購物的任何地方都能找到我們。但這不僅僅是關於在各個管道上保持活躍。它從根本上擴展了 PayPal 對我們的客戶的意義，以及我們可以獲得的總消費。

Historically, PayPal was synonymous with online retail payments. Today, we're evolving the way consumers pay for all of their commerce needs, moving beyond retail into services, subscriptions, bills, everyday expenses, and more. We're now playing for a much bigger addressable market. Our confidence in the financial impact of this strategy comes from the flywheel effects we see across our ecosystem.

從歷史上看，PayPal 一直是網路零售支付的代名詞。如今，我們正在改變消費者支付所有商業需求的方式，從零售擴展到服務、訂閱、帳單、日常開支等等。我們現在面向的是更大的潛在市場。我們對這項策略的財務影響充滿信心，這源自於我們在整個生態系統中看到的飛輪效應。

When customers start using PayPal or Venmo offline with our debit card, their online activity increases as well. ARPA goes up, profitability improves. In Q3, our PayPal debit card actives transacted nearly 6 times more and generated nearly 3 times the ARPA of checkout only accounts.

當客戶開始使用我們的金融卡進行離線 PayPal 或 Venmo 付款時，他們的線上活動也會增加。平均每用戶收入上升，獲利能力提高。第三季度，我們的 PayPal 金融卡活躍用戶交易量幾乎是僅使用結帳帳戶用戶的 6 倍，平均每用戶收入 (ARPA) 也幾乎是後者的 3 倍。

We see a similar pattern with BNPL. Its use drives an uplift in overall activity and engagement. The data clearly validates our strategy and gives us confidence to increase our growth investments. Most of our product initiatives plus our marketing investments over the past year have started in the US.

我們在「先買後付」模式中也看到了類似的模式。它的使用能夠提升整體活躍度和參與度。數據清楚地驗證了我們的策略，並讓我們有信心增加成長投資。過去一年，我們大部分的產品計劃和行銷投資都始於美國。

It's worth examining our US proof points as they demonstrate the potential for our business as adoption scales internationally. For example, in the third quarter, we reached 10% Branded Experiences volume growth in the US, more than double our growth in the same quarter a year ago.

值得研究我們在美國的成功案例，因為它們證明了隨著業務在國際範圍內的推廣，我們的業務具有巨大的潛力。例如，第三季度，我們在美國實現了品牌體驗業務量成長 10%，是去年同期成長的兩倍多。

That acceleration comes from two things, growing omnichannel adoption and sustained improvement in the US online branded checkout trends supported by our improved experiences. We have the right set of drivers and initiatives in place. Now our focus is on adoption and investing to amplify our impact. As we move into 2026, we will be leaning more into these efforts and expanding across key international markets.

這種加速發展源自於兩方面：一是全通路的日益普及，二是我們在不斷改進的用戶體驗的支持下，美國線上品牌結帳趨勢持續改善。我們已經具備了合適的驅動因素和措施。現在，我們的重點是推廣應用和加大投資，以擴大我們的影響力。進入 2026 年，我們將更加重視這些努力，並擴展到重要的國際市場。

Let me address online branded checkout in more detail. TPV grew 5% in the third quarter on a currency neutral basis. That solid growth, especially with the choppy global macro trends we continue to see this quarter.

讓我更詳細地談談線上品牌結帳。以固定匯率計算，第三季TPV成長了5%。尤其是在本季我們持續看到的動盪的全球宏觀經濟趨勢下，這種穩健的成長顯得特別難能可貴。

Given the competitive intensity online, we know more work is needed to close the gap between our performance and overall e-commerce growth. Our strategy moving into next year centers on three priorities, continuing to scale our redesigned checkout experiences, improving how we are prioritized across merchants, and importantly, driving biometric adoption.

鑑於線上競爭的激烈程度，我們知道需要付出更多努力來縮小我們自身業績與整體電子商務成長之間的差距。明年我們的策略將圍繞三個優先事項：繼續擴大我們重新設計的結帳體驗，改善我們在商家中的優先級，以及至關重要的，推動生物識別技術的普及。

We are also leaning into new verticals and geographies that expand our addressable market and avenues for growth. All of this will be complemented by a consumer value prop with a highly competitive rewards program aimed at increasing frequency and selection rate. We also have a powerful growth lever with Buy Now, Pay Later and Venmo, which I'll discuss further shortly.

我們也積極開拓新的垂直領域和地理，以擴大我們的目標市場和成長途徑。所有這些都將透過極具競爭力的獎勵計劃來提升消費者價值主張，旨在提高購買頻率和選擇率。我們還擁有「先買後付」和 Venmo 等強大的成長槓桿，稍後我會進一步討論。

This year we've made significant progress deploying our redesigned paysheet experience which now covers close to 25% of our global checkout transactions. We're moving quickly, but untangling a decade or more of legacy integrations is complex and taking more time than planned.

今年，我們在部署重新設計的薪資體驗方面取得了重大進展，目前已覆蓋近 25% 的全球結帳交易。我們正在快速推進，但理清十多年來遺留的整合系統非常複雜，比計劃花費的時間要多。

In the cohorts where we are now optimized in the US, we continue to see close to 1 point conversion improvement. This gives us confidence, it's a win, not if we see more benefit from this modernization. At the same time, it's critical that we keep improving PayPal's prioritization across merchants and scaling biometric logging, both of which have been proven to increase conversion.

在美國，我們目前已對部分使用者群體進行了最佳化，轉換率持續提升近 1 個百分點。這給了我們信心，這是一場勝利，前提是我們能從這次現代化中獲得更多好處。同時，至關重要的是，我們要不斷改進 PayPal 對商家的優先排序，並擴大生物識別記錄的規模，這兩項措施都已被證明可以提高轉換率。

On the prioritization side, we are focused on scaling upstream messaging on product pages, driving adoption of our payment ready API that allows merchants to target high converting PayPal users when they land on their site and improving PayPal's placement at checkout.

在優先順序方面，我們專注於擴大產品頁面上的上游訊息傳遞，推動採用我們的支付就緒 API，使商家能夠在 PayPal 用戶訪問其網站時精準觸達高轉換率用戶，並提升 PayPal 在結帳時的排名。

Improved prioritization and presentment are powerful. In testing, when our Buy Now, Pay Later options are presented upstream on a product page, we see a nearly 10% lift in branded checkout volume on average. That improvement drives incremental sales for our merchants and customer loyalty with repeat use for PayPal.

改進優先排序和呈現方式至關重要。在測試中，當我們在產品頁面上提前展示「立即購買，稍後付款」選項時，我們發現品牌結帳量平均提升了近 10%。這項改進能夠為我們的商家帶來更多銷售額，並透過提高客戶對PayPal的重複使用率來增強客戶忠誠度。

Within biometrics, we are focused on scaling biometric login, including pass keys and driving mobile app adoption, which enables seamless authentication during checkout. In ongoing testing to date, these authentication efforts, when paired with the redesigned paysheet we've been scaling, have shown improved conversion between 2 to 5 percentage points.

在生物辨識領域，我們專注於擴大生物辨識登入的規模，包括通行金鑰，並推動行動應用程式的普及，從而在結帳過程中實現無縫身份驗證。在迄今為止的持續測試中，這些身份驗證措施與我們正在推廣的重新設計的工資表相結合，轉換率提高了 2 到 5 個百分點。

Consumers benefit from a mobile checkout experience that is second to none, while merchants see a higher customer satisfaction in sales. It's a win for both sides of our network. The bottom line, the initial results we have seen to date in the US make us confident we're on the right path and have the right initiatives in place, both to drive acceleration and increase growth investments as we move through next year.

消費者可以享受首屈一指的行動支付體驗，而商家則可以獲得更高的客戶滿意度和銷售額。這對我們網路的雙方來說都是雙贏。總而言之，我們目前在美國看到的初步成果讓我們確信，我們走在正確的道路上，並且已經採取了正確的舉措，這既能推動加速發展，又能增加明年的成長投資。

Now that I've covered some of the foundational work underway, let me dive deeper on two important growth levers that I mentioned, BNPL and Venmo. The shift towards Buy Now, Pay Later is a fundamental change in how consumers want to pay, and we are extremely well positioned to capture this shift.

既然我已經介紹了一些正在進行的基礎性工作，那麼讓我更深入地探討一下我提到的兩個重要的成長槓桿：先買後付 (BNPL) 和 Venmo。「先買後付」的趨勢是消費者支付方式的根本性轉變，而我們已做好充分準備來把握這一轉變。

In the markets where we offer BNPL, our solutions are available nearly everywhere PayPal is accepted. It's a reach and scale that's hard to replicate. This quarter, BNPL volume continued to grow more than 20%, with particular strength in the US. This puts us on track to process close to $40 billion in BNPL TPV in 2025.

在我們提供「先買後付」服務的市場中，幾乎所有接受 PayPal 的地方都可以使用我們的解決方案。這種覆蓋範圍和規模很難複製。本季度，先買後付交易量持續成長超過 20%，其中美國市場表現尤為強勁。這將使我們預計在 2025 年處理近 400 億美元的先買後付總交易額 (BNPL TPV)。

Monthly active accounts climbed 21%, and our Net Promoter Score globally is 80%. People love this product. We have everything we need to win this market. We are investing to transform our BNPL business from a payment option that consumers discover in the PayPal wallet after they've made a purchase decision into a customer acquisition channel.

月活躍帳戶數成長了 21%，全球淨推薦值達到 80%。人們喜歡這個產品。我們擁有贏得這個市場所需的一切。我們正在投資，將我們的「先買後付」業務從消費者在 PayPal 錢包中做出購買決定後發現的付款選項，轉變為客戶獲取管道。

This means moving to the beginning of the shopping journey through marketing and upstream presentment, so that consumers know they can increase their purchasing power with BNPL. This focus and investment will expand our right to win in BNPL and further accelerate growth.

這意味著要從購物旅程的開始階段入手，透過行銷和上游展示，讓消費者知道他們可以透過先買後付 (BNPL) 來提高購買力。這項重點和投資將擴大我們在先買後付領域的勝算，並進一步加速成長。

We are also expanding BNPL to new geographies and introducing new product offerings, both online and in store. We have successfully expanded BNPL into Canada and extended payment terms in Italy and Spain to up to 24 installments.

我們也將 BNPL 服務擴展到新的地區，並在線上和線下門市推出新的產品。我們已成功將「先買後付」模式擴展到加拿大，並將義大利和西班牙的付款期限延長至最多 24 期。

After proving the model in Germany, we brought BNPL in store to the US through the PayPal mobile app, seamlessly connecting online and offline shopping. We are building the future of flexible payments and we're doing it at scale.

在德國驗證了該模式後，我們透過 PayPal 行動應用程式將 BNPL 引入美國門市，無縫連接了線上和線下購物。我們正在建立靈活支付的未來，並且正在大規模地進行這項工作。

Moving to our Venmo business, Venmo isn't just another payment app, it's the money movement platform of choice for the next generation. One of the things that continues to set Venmo apart is its user base, young, affluent, digitally native consumers who are shaping the future of commerce.

再來談談我們的 Venmo 業務，Venmo 不僅僅是另一個支付應用程序，它是下一代首選的資金轉移平台。Venmo之所以能持續脫穎而出，其中一個原因在於其用戶群，他們是年輕、富裕、數位原生世代的消費者，正在塑造商業的未來。

With nearly 100 million total active accounts growing mid-single-digits, Venmo has tremendous scale in this attractive demographic. We have a deliberate sequence strategy that's changing how these users engage with Venmo. At the core is maintaining our leadership as the best P2P platform in the market, attracting more funds into the Venmo ecosystem, driving omnichannel spending, and seamlessly integrating commerce into the Venmo app.

Venmo 的活躍帳戶總數接近 1 億，並以中等個位數的速度成長，在這個極具吸引力的使用者群體中擁有巨大的規模。我們制定了一套精心設計的策略，旨在改變這些用戶與 Venmo 的互動方式。核心在於保持我們作為市場上最佳 P2P 平台的領先地位，吸引更多資金進入 Venmo 生態系統，推動全通路消費，並將商業無縫整合到 Venmo 應用程式中。

We are already seeing results. Venmo is at a clear inflection, with TPV growing 14% in the third quarter, continuing to accelerate from 12% in Q2 and 9% in 2024. Pay with Venmo just hit a milestone, $1 billion of TPV in September alone, and Pay with Venmo monthly active accounts grew by nearly 25% in the quarter.

我們已經看到成效了。Venmo 正處於一個明顯的轉折點，第三季總交易額成長了 14%，繼續加速成長，高於第二季的 12% 和 2024 年的 9%。使用 Venmo 付款剛剛達到一個里程碑，僅在 9 月的總交易額就達到了 10 億美元，並且該季度使用 Venmo 付款的每月活躍帳戶增長了近 25%。

We hit a new record with our Venmo debit card, which attracted 1 million first-time users in Q3, thanks in part to our college partnerships. Monthly Venmo debit actives grew by more than 40%. This has resulted in overall Venmo monthly active account growth accelerating to 7% year-over-year to nearly 66 million monthly active accounts.

我們的 Venmo 金融卡創下了新紀錄，第三季吸引了 100 萬新用戶，這在一定程度上要歸功於我們與大學的合作。Venmo每月金融卡活躍用戶成長超過40%。這使得 Venmo 的每月活躍帳戶總數年增 7%，達到近 6,600 萬月活躍帳戶。

From a financial perspective, Venmo is on pace to generate $1.7 billion in revenue this year, excluding interest income. That's up more than 20%, and a 10 point acceleration from two years ago. Under the surface, we are also changing our revenue mix and growing in high margin areas.

從財務角度來看，Venmo 今年的收入（不包括利息收入）預計將達到 17 億美元。這比前一年增長了20%以上，比兩年前增長了10個百分點。在表面之下，我們也在改變收入結構，並在高利潤領域中成長。

Over the past two years, we've doubled pay with Venmo and Venmo debit card revenue. Not only can Venmo become a more significant revenue driver as it scales, but it is also accretive to transaction margin. And here's what makes this so compelling. We're still in the early innings of monetization.

過去兩年，我們透過 Venmo 和 Venmo 金融卡支付的收入翻了一番。隨著規模的擴大，Venmo 不僅可能成為更重要的收入驅動因素，還能提高交易利潤率。這就是它如此引人入勝的原因。我們仍處於獲利的早期階段。

Today Venmo's average revenue per monthly active account sits at just over $25. While over 90% of Venmo's users engage with P2P, only 5% to 10% are using our debit card or pay with Venmo, and less than 5% have set up recurring funds in.

目前 Venmo 每個活躍帳戶的月平均收入略高於 25 美元。雖然超過 90% 的 Venmo 用戶參與 P2P 交易，但只有 5% 到 10% 的用戶使用我們的金融卡或透過 Venmo 付款，而設定定期付款的用戶不到 5%。

For the subset of accounts engaged across P2P, debit, and pay with Venmo, which is still small today, ARPA is about 4x higher. For accounts that are also bringing funds in through direct deposit or instant ad, ARPA is 6x higher. In other words, the upside on Venmo's revenue is a multiple of where we stand today.

對於目前仍規模較小的、同時使用 P2P、金融卡和 Venmo 付款的帳戶子集而言，ARPA 大約高出 4 倍。對於同時透過直接存款或即時廣告獲得資金的帳戶，ARPA 高達 6 倍。換句話說，Venmo 的營收成長空間是目前水準的數倍。

The good news is that adoption is accelerating. For example, new users today are adopting our debit card at nearly 4 times the rate they were two years ago, giving us massive runway as we continue driving attachment of these high value products.

好消息是，普及速度正在加快。例如，如今新用戶採用我們簽帳卡的速度幾乎是兩年前的 4 倍，這為我們繼續推動這些高價值產品的普及提供了巨大的空間。

This is one of the reasons why we are investing in our college partnerships and introducing unique personalized rewards that drive multi-product adoption and encourage balanced spending within the Venmo ecosystem.

這也是我們投資大學合作項目，推出獨特的個人化獎勵，推動多產品採用，並鼓勵在 Venmo 生態系統內實現均衡消費的原因之一。

We're also expanding pay with Venmo into new high value use cases like our built partnership for rent payments. At Investor Day, we discussed growing Venmo revenue to more than $2 billion by 2027, and it's clear that the team's execution will allow us to deliver well beyond this over time. Taken together, these businesses online and branded checkout, BNPL, Venmo, and Omni drove branded experiences TPV growth of 8% on a currency neutral basis.

我們也將 Venmo 的支付功能擴展到新的高價值用例，例如我們建立的租金支付合作夥伴關係。在投資者日上，我們討論了到 2027 年將 Venmo 的收入提高到 20 億美元以上，很明顯，隨著時間的推移，團隊的執行力將使我們能夠實現遠超這個目標的成就。綜合來看，這些線上和品牌結帳、先買後付、Venmo 和 Omni 等業務推動品牌體驗 TPV 成長了 8%（以貨幣不變計算）。

Moving to our PSP business, our PSP volume growth accelerated to 6% from 2% last quarter, demonstrating that we are accelerating growth after rebate lining. This growth is profitable and contributed to transaction margin dollar growth in the quarter.

再來看我們的 PSP 業務，我們的 PSP 銷售成長從上季度的 2% 加速到 6%，這表明在返利政策實施後，我們的成長速度正在加快。這一增長帶來了盈利，並促進了本季度交易利潤率的增長。

We are doing this by continuing to build holistic relationships with merchants. Value-added services like payouts, adaptive payment optimization, and FX as a service deliver real, measurable value, including improvements to authorization rates and cost reduction.

我們正在透過不斷與商家建立全面合作關係來實現這一目標。支付、自適應支付最佳化和外匯即服務等加值服務可帶來真正的、可衡量的價值，包括提高授權率和降低成本。

We're seeing merchants not only willing to pay for these capabilities but actively requesting more of our services as they begin to recognize the benefits for their business. As we continue to expand our unified enterprise payments platform globally, we are bringing these margin and creative services to new merchants from day one.

我們看到，商家不僅願意為這些功能付費，而且隨著他們開始意識到這些功能對他們業務的好處，他們也積極要求我們提供更多服務。隨著我們繼續在全球擴展我們的統一企業支付平台，我們將從第一天起就為新商家提供這些利潤和創新服務。

We expect accelerated growth in this business as we expand the adoption of value-added services across our existing customer base and launch with Verifone as our first omnichannel solution provider in Q4, strengthening our position in the PSP market.

我們預計隨著我們在現有客戶群中擴大增值服務的採用，以及在第四季度與 Verifone 合作推出我們的首個全通路解決方案提供商，該業務將加速成長，從而鞏固我們在支付服務提供商 (PSP) 市場的地位。

While we accelerate growth in branded experiences and PSP, we are also aggressively innovating in agentic, ads, stablecoins, and digital wallet interoperability through PayPal World to establish avenues for future growth. I'll highlight just a few of our recent developments.

在加速品牌體驗和支付服務供應商 (PSP) 成長的同時，我們也透過 PayPal World 在代理商、廣告、穩定幣和數位錢包互通性方面積極創新，為未來的成長開闢道路。我將重點介紹我們最近的一些進展。

We continue to partner with leaders across the agentic space, including Perplexity earlier this year, and in September, we announced our expansive multi-year partnership with Google to create new AI shopping experiences.

我們繼續與智能體領域的領導者合作，包括今年稍早與 Perplexity 的合作，並在 9 月宣布與 Google 建立廣泛的多年合作夥伴關係，以創造全新的 AI 購物體驗。

This morning, we announced a significant partnership with OpenAI to expand payments and commerce in ChatGPT, including adding PayPal branded checkout for shoppers and payment processing for merchants using instant checkout. This is a big win for PayPal and our customers.

今天上午，我們宣布與 OpenAI 建立重要的合作夥伴關係，以擴展 ChatGPT 中的支付和商業功能，包括為購物者添加 PayPal 品牌的結帳功能，以及為使用即時結帳的商家提供付款處理功能。這對PayPal和我們的客戶來說都是一場巨大的勝利。

Today we also announce our own agentic commerce services, which help merchants sell through multiple AI platforms including Google, OpenAI, and Perplexity. Merchants will have one integration to access consumers through multiple LLMs. Agentic commerce will take time, but we do believe consumer behavior will shift. PayPal is building for that future.

今天，我們也宣布推出我們自己的智慧商務服務，該服務可協助商家透過包括 Google、OpenAI 和 Perplexity 在內的多個 AI 平台進行銷售。商家只需一次整合即可透過多個LLM平台觸達消費者。代理型商業模式的出現需要時間，但我們相信消費者的行為將會轉變。PayPal正在為未來做好準備。

Finally, I'm very excited to share that PayPal World is officially in its pilot stage, and the first test transactions are happening this week. I'm proud of the progress that we've made this quarter, from partnerships to new product innovations to continuing to strengthen our profitability.

最後，我非常興奮地宣布，PayPal World 已正式進入試點階段，首批測試交易將於本週進行。我為我們本季的進展感到自豪，從建立合作夥伴關係到推出新產品，再到不斷提高獲利能力。

With that, let me turn it over to Jamie to go into the financials in more detail.

說完這些，讓我把話題交給 Jamie，讓他更詳細地介紹一下財務狀況。

Thanks, Alex. Moving to slide 10. PayPal delivered another quarter with good execution and real momentum across the underlying business. TPV and revenue growth both accelerated by 2 points from the second quarter. Transaction margin dollars excluding interest grew 7%, continuing the momentum we built through the first half.

謝謝，亞歷克斯。切換到第10張投影片。PayPal 又一個季度業績表現出色，基礎業務發展勢頭強勁。TPV 和營收成長均比第二季加快了 2 個百分點。不計利息的交易利潤成長了 7%，延續了上半年的成長動能。

The drivers of that growth have been broad-based, led by strong credit performance, branded checkout flow through, improvements in PSP profitability and Venmo monetization. Growth across these areas was partially offset by higher transaction losses in the quarter.

推動這一成長的因素有很多，包括強勁的信貸表現、品牌結帳流程的順暢、支付服務提供者盈利能力的提高以及 Venmo 的貨幣化。這些領域的成長被本季較高的交易損失部分抵銷。

The diversification and quality of this growth is a meaningful improvement from where we were at the start of the company's transformation. We have clear opportunities to build on this progress with investments that strengthen our competitive position and drive durable profitable growth.

與公司轉型之初相比，此次成長的多元化和品質都有了顯著提升。我們擁有明確的機會，可以透過投資來鞏固這一進展，從而增強我們的競爭地位，並推動持久的獲利成長。

Moving back to third quarter financials. Non-GAAP operating income grew 6%, strong operating income, share buyback and a favorable tax rate more than offset headwinds from lower interest rates, contributing to 12% growth in non-GAAP EPS. Adjusted free cash flow, which excludes the timing impact from the origination and sale of Pay Later receivables was $2.3 billion or $4.3 billion year-to-date.

回到第三季的財務狀況。非GAAP營業收入成長6%，強勁的營業收入、股票回購和有利的稅率抵消了利率下降的不利影響，使非GAAP每股盈餘成長了12%。經過調整的自由現金流（不包括「先付款後付款」應收帳款的產生和出售帶來的時間影響）為 23 億美元，或年初至今為 43 億美元。

Turning to slide 11. We are driving deeper, more active relationships with our customers. Monthly active account trends showed steady progress, up 2% year-over-year to $227 million. Transactions per active account, excluding PSP, which is a good proxy for engagement, accelerated to 5% growth.

翻到第11張幻燈片。我們正在與客戶建立更深入、更積極的關係。月活躍帳戶趨勢顯示穩定成長，年增 2% 至 2.27 億美元。除支付服務提供者 (PSP) 外，每個活躍帳戶的交易量（這是衡量用戶參與度的良好指標）加速成長至 5%。

Moving to slide 12. Total payment volume accelerated to 8% growth at spot and 7% on a currency-neutral basis to over $458 billion. We've moved Branded Experiences to the top of this slide to reflect the importance of this metric to our more expansive strategy and value creation. Looking across the product portfolio, we see encouraging signs that our initiatives are gaining traction and making an impact.

切換到第12張投影片。即期支付總額加速成長 8%，以固定匯率計算成長 7%，超過 4,580 億美元。我們將「品牌體驗」移至本投影片的頂部，以反映該指標對我們更廣泛的策略和價值創造的重要性。縱觀整個產品組合，我們看到了一些令人鼓舞的跡象，表明我們的各項措施正在取得進展並產生影響。

Branded Experiences TPV, which includes online checkout, PayPal and Venmo debit as well as Tap to Pay posted another quarter of 8% growth. As Alex mentioned, US branded experiences TPV growth accelerated to 10% in the quarter, benefiting from both omnichannel adoption and better trends in US online branded checkout.

品牌體驗 TPV（包括線上結帳、PayPal 和 Venmo 金融卡以及 Tap to Pay）再次實現了 8% 的成長。正如 Alex 所提到的，美國品牌體驗 TPV 成長率在本季加速至 10%，這得益於全通路採用和美國線上品牌結帳的更好趨勢。

While debit card and Tap to Pay spend represent a small portion of branded experiences volume today, they are growing rapidly, up 65% year-over-year, accelerating from last quarter. Venmo TPV growth accelerated 2 points to 14%, marking the fourth consecutive quarter of double-digit growth.

雖然借記卡和非接觸式支付目前在品牌體驗交易金額中所佔比例很小，但它們正在快速增長，同比增長 65%，比上一季增長速度更快。Venmo 總交易額成長加速 2 個百分點至 14%，連續第四個季度實現兩位數成長。

On an online-only branded checkout basis, volume grew 5% on a currency-neutral basis. Compared to last quarter, there was less pressure on volumes from Asia-based marketplaces selling into the US. At the same time, this improvement was offset by pockets of softer consumer discretionary spending in Europe and the US later in the quarter.

僅以線上品牌結帳方式計算，交易量以固定匯率計算成長了 5%。與上個季度相比，來自亞洲市場向美國銷售產品的銷售壓力已減輕。同時，本季後期歐洲和美國部分地區的非必需消費支出疲軟，抵消了上述改善。

Overall, we have seen relatively consistent growth in the number of checkout transactions, but basket sizes or average order value has decreased. While still early in a back-end loaded quarter, we've observed this trend continuing through October. We remain focused on the initiatives we can control. We're confident in our branded checkout strategy and the road map that our teams are advancing.

總體而言，我們看到結帳交易數量相對穩定成長，但購物車大小或平均訂單價值下降。雖然目前仍處於下半年密集型季度的初期，但我們觀察到這一趨勢將持續到 10 月。我們將繼續專注於我們能夠掌控的舉措。我們對我們的品牌結帳策略以及我們團隊正在推進的路線圖充滿信心。

The early results in the US demonstrate that we're on the right path with our initiatives, including our redesigned experiences; Buy Now, Pay Later and pay with Venmo. We're laser focused on execution across the three key areas Alex discussed: scaling our redesigned experiences, improving prioritization and driving biometric adoption.

美國的初步結果表明，我們的各項舉措，包括我們重新設計的體驗（先買後付和使用 Venmo 付款），都走在正確的道路上。我們正全力以赴地執行 Alex 所討論的三個關鍵領域：擴大我們重新設計的體驗、改進優先排序和推動生物辨識技術的採用。

All of this is increasingly complemented by a compelling consumer value prop that differentiates PayPal and Venmo is one of the best, most rewarding ways to pay. While this work is complex and takes time, we fully expect to see our efforts build as we move through the next year and scale these initiatives.

所有這些都與極具吸引力的消費者價值主張相輔相成，使 PayPal 和 Venmo 成為最佳、最划算的支付方式之一。雖然這項工作很複雜，需要時間，但我們完全有信心，隨著我們在未來一年裡不斷推進並擴大這些舉措的規模，我們的努力將會取得成效。

Pay with Venmo and Buy Now, Pay Later continue to outpace the market, taking share from other payment methods, growing 40% and 20%, respectively. These results give us the confidence to begin making targeted investments in the fourth quarter that amplify the impact of these and other initiatives throughout the portfolio.

使用 Venmo 付款和先買後付繼續領先市場，從其他付款方式手中奪取市場份額，分別增長了 40% 和 20%。這些結果讓我們有信心在第四季度開始進行有針對性的投資，以擴大這些舉措以及整個投資組合中其他舉措的影響。

Turning to PSP, which spans both enterprise and SMB processing as well as parts of our vast portfolio like payouts, invoicing, and point of sale solutions, volume growth accelerated to 6% from 2% in the first half of the year.

轉向支付服務提供者 (PSP)，該業務涵蓋企業和中小企業處理，以及我們龐大產品組合中的部分內容，如付款、發票和銷售點解決方案，其業務量增長從上半年的 2% 加速至 6%。

Our focus on prioritizing healthy, quality growth within our Enterprise Payments business is contributing to steady improvement in both revenue growth and TM dollars. We expect to see ongoing improvement in the quarters ahead, supported by profitable front book business, our existing merchant base, and the attachment of value-added services.

我們專注於企業支付業務的健康、高品質成長，這有助於收入成長和 TM 美元的穩定提升。我們預計在接下來的幾個季度裡，在盈利的前台業務、我們現有的商家基礎以及增值服務的支持下，業績將持續改善。

Moving to more financial detail on slide 13, transaction revenue accelerated to 6% growth on a spot basis to $7.5 billion. Other value-added services revenue grew 15% to $895 million, driven by another quarter of strong performance in consumer and merchant credit.

第 13 頁投影片詳細展示了財務數據，現貨交易收入加速成長 6%，達到 75 億美元。其他加值服務收入成長 15% 至 8.95 億美元，這主要得益於消費者和商家信貸業務連續第二季的強勁表現。

We've also been encouraged by growth in customer balances and the impact of our initiatives designed to encourage customers to bring more funds into the ecosystem. While lower interest rates are still a headwind, a portion of this impact has been offset by higher balances. We continue to be pleased with the quality, diversification and performance of our credit portfolio.

客戶餘額的成長以及我們旨在鼓勵客戶向生態系統投入更多資金的各項舉措所取得的成效也令我們倍感鼓舞。雖然低利率仍然是一個不利因素，但部分影響已被更高的貸款餘額所抵消。我們對信貸組合的品質、多元化和表現依然感到滿意。

In September, we took another step forward in line with our balance sheet light model for credit, externalizing a portion of our short-term US pay later receivables with Blue Owl Capital. We ended the quarter with $6.4 billion in net loan receivables, down 8% sequentially.

9 月，我們按照輕資產負債表信貸模式又向前邁進了一步，將一部分短期美國「以後付款」應收帳款外包給了 Blue Owl Capital。本季末，我們的淨貸款應收款額為 64 億美元，季減 8%。

Transaction take rate declined by 3 basis points to 1.64%, driven largely by product and merchant mix as well as the impact of foreign exchange hedges. This decline was an improvement relative to last quarter and included less impact from foreign exchange hedges and enterprise processing.

交易接受率下降 3 個基點至 1.64%，主要受產品和商家組合以及外匯對沖的影響。與上一季相比，這一降幅有所改善，其中外匯對沖和企業處理的影響有所減少。

Online branded checkout take rates continue to be relatively stable year-over-year, reflecting our transaction and merchant mix as well as our focus on profitable growth. As I mentioned earlier, TM dollars ex interest grew 7%.

線上品牌結帳成交率比去年同期保持相對穩定，這反映了我們的交易和商家組合以及我們對獲利成長的關注。正如我之前提到的，TM 美元（不含利息）增加了 7%。

TM dollar growth included a 1.5 point headwind from higher volume-based expenses, largely transaction loss provisions resulting from the temporary service disruption in August, which primarily impacted Germany. There was also a slight benefit less than 1 point from the Blue Owl Pay Later externalization I referenced earlier.

TM 美元成長受到 1.5 個百分點的不利影響，主要來自更高的交易量支出，主要是由於 8 月的臨時服務中斷導致的交易損失準備金，而這次中斷主要影響了德國。此外，我之前提到的 Blue Owl Pay Later 外部化服務也帶來了不到 1 分的輕微好處。

Setting aside the impact of loss provisions related to the August service disruption, we've seen an improvement in transaction loss rates relative to last quarter. Non-transaction-related OpEx increased 6% as we continue to actively manage our cost structure while reinvesting in key growth initiatives. Non-GAAP operating income grew 6% in the quarter to nearly $1.6 billion.

撇開 8 月服務中斷相關的損失準備金的影響不談，與上個季度相比，交易損失率有所改善。由於我們持續積極管理成本結構，同時對關鍵成長計畫進行再投資，非交易相關的營運支出成長了 6%。本季非GAAP營業收入成長6%，達到近16億美元。

Moving to capital allocation. As you saw in our materials and heard from Alex, I'm excited to share that we are initiating a dividend as part of a disciplined capital allocation strategy. Our strong free cash flow generation and balance sheet give us ample room to both deploy capital for growth and return capital to shareholders.

接下來討論資本配置。正如您在我們的資料中看到以及從 Alex 那裡聽到的那樣，我很高興地宣布，作為一項嚴謹的資本配置策略的一部分，我們將開始派發股息。我們強勁的自由現金流和穩健的資產負債表使我們有充足的空間將資本投入成長，並向股東返還資本。

In general, we continue to target about 70% to 80% of our free cash flow for capital return with the vast majority going to buyback. The dividend serves as a complement to our existing buyback plans and will be calculated based on a 10% payout ratio relative to net income.

總的來說，我們繼續將自由現金流的 70% 到 80% 用於資本回報，其中絕大部分用於股票回購。該股息是我們現有股票回購計畫的補充，將以淨收入的 10% 派息率計算。

This quarter, we completed $1.5 billion in share repurchases, bringing share repurchases over the past four quarters to $5.7 billion. Finally, we ended the quarter with $14.4 billion in cash, cash equivalents and investments and $11.4 billion in debt.

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 57 億美元。最後，本季末，我們擁有現金、現金等價物和投資共 144 億美元，負債共 114 億美元。

Moving to guidance on slide 14. Following another quarter of strong financial performance, we are raising our full year guidance for TM dollars and non-GAAP EPS. For the fourth quarter, we expect currency-neutral revenue growth in the mid-single digits.

轉到第 14 頁的指導說明。繼又一個季度強勁的財務業績之後，我們提高了全年營收預期和非GAAP每股收益預期。我們預計第四季以固定匯率計算的營收成長將達到中個位數。

We expect fourth quarter TM to be between $4.02 billion and $4.12 billion, which represents about 3.5% growth at the midpoint. Excluding interest on customer balances, we expect TM dollars to grow by about 5% at the midpoint compared to 7% year-to-date.

我們預計第四季TM將在40.2億美元至41.2億美元之間，中間值成長約3.5%。不計客戶餘額利息，我們預計 TM 美元將成長約 5%（取中間值），而今年迄今的成長率為 7%。

Setting interest rates aside, there are a few factors to highlight that impact our fourth quarter outlook. First, we have seen strong credit outperformance over the past year, driven by good execution from the team as well as a more benign loss environment. We expect to see year-over-year comparisons start to normalize more in the fourth quarter.

撇開利率不談，還有一些因素會影響我們第四季的展望，需要重點關注。首先，在過去一年中，我們看到信貸業務表現出色，這得益於團隊的良好執行以及較為溫和的損失環境。我們預計第四季將同比數據開始趨於正常化。

Second, given the performance of some of our key initiatives, we see an opportunity to lean into our competitive differentiation with additional investment to drive faster growth over time. In the fourth quarter, we will begin increasing investments designed to drive product attachment and habituation.

其次，鑑於我們一些關鍵措施的成效，我們看到了一個機會，可以透過追加投資來增強我們的競爭優勢，從而推動公司隨著時間的推移實現更快的成長。第四季度，我們將開始增加旨在提高產品依戀度和習慣性的投資。

Some of these investments are linked to volumes, and therefore, recorded as contra revenue impacting TM dollars and designed to drive additional growth over time. Other growth investments such as global brand awareness campaigns, typically sit within marketing and non-transaction OpEx.

這些投資中有些與銷量相關，因此被記錄為影響 TM 美元的抵減收入，旨在隨著時間的推移推動進一步增長。其他成長投資，例如全球品牌知名度推廣活動，通常屬於行銷和非交易營運支出範疇。

Lastly, on TM, our fourth quarter guide assumes some deceleration in branded checkout growth relative to our third quarter average. From a volume perspective, the most important weeks and months of the quarter still lay ahead. That said, we are planning prudently given the recent spending trends and the uncertain macro backdrop. We are also cognizant of lapping strong consumer spending in the fourth quarter of last year.

最後，關於TM，我們第四季的業績預期是品牌結帳成長速度相對於第三季平均值有所放緩。從成交量來看，本季最重要的幾週和幾個月還在後頭。儘管如此，鑑於近期的消費趨勢和不確定的宏觀經濟背景，我們正在謹慎地進行規劃。我們也意識到，今年的消費支出與去年第四季的強勁動能重疊。

Moving to OpEx, we are planning for low single-digit non-transaction OpEx in the quarter and expect about 3% growth for the full year. We expect to deliver fourth quarter non-GAAP earnings per share in the range of $1.27 to $1.31, up 7% to 10%.

就營運支出而言，我們計劃本季非交易營運支出保持在個位數低位，並預計全年增長約 3%。我們預計第四季非GAAP每股盈餘將在1.27美元至1.31美元之間，成長7%至10%。

For the full year, we are raising our TM dollar guidance by $100 million at the low end and $50 million at the high end to a range of $15.45 million to $15.55 billion, which represents 5% to 6% growth. Excluding interest, we expect TM dollars to grow between 6% to 7%. We are raising our full year non-GAAP earnings per share guidance to a range of $5.35 to $5.39, growing at 15% to 16%.

對於全年，我們將TM美元預期上調1億美元（下限）和5000萬美元（上限），至1545萬美元至155.5億美元之間，相當於5%至6%的增長。不計利息，我們預期TM美元將成長6%至7%。我們將全年非GAAP每股盈餘預期上調至5.35美元至5.39美元，年增15%至16%。

Our guidance continues to project approximately $6 billion in share buyback and full year adjusted free cash flow of approximately $6 billion to $7 billion, which excludes the timing impact of the origination and sale of pay later receivables.

我們預計全年股票回購額約為 60 億美元，全年調整後自由現金流約為 60 億至 70 億美元，不包括先付款後銷售應收帳款的時間影響。

I'd like to wrap up by thanking the PayPal team for their hard work and execution this quarter. We are making tangible progress across the business and the foundation we're building positions us well for continued growth ahead. With that, back to you, Alex.

最後，我要感謝PayPal團隊在本季付出的辛勤努力和出色執行。我們在各個業務領域都取得了實際進展，我們正在打下的基礎為我們未來的持續成長奠定了良好的基礎。好了，回到你這裡，亞歷克斯。

Thanks, Jamie. We are operating from a position of strength. The results you're seeing are proof that our strategy is working. We built a more balanced, profitable growth engine across branded experiences, PSP and Venmo, and that's exactly what we set out to do.

謝謝，傑米。我們處於優勢地位。你現在看到的結果證明我們的策略是有效的。我們在品牌體驗、支付服務提供者 (PSP) 和 Venmo 之間建立了一個更平衡、獲利能力更強的成長引擎，而這正是我們想要實現的目標。

We're investing in high-impact growth initiatives that will move the needle and future-proofing the business with critical partnership, while simultaneously returning value to shareholders through our buyback program and our newly launched dividend.

我們正在投資具有重大影響力的成長計劃，這些計劃將推動業務發展，並透過關鍵的合作夥伴關係確保業務的未來發展，同時透過我們的股票回購計劃和新推出的分紅計劃為股東創造價值。

We have moved this business from defense to offense, from stabilization to acceleration. We know exactly where the opportunities are, and we are laser-focused on executing our strategy. With that, Steve, let's go to Q&A.

我們已經將這項業務從防禦轉向進攻，從穩定轉向加速。我們清楚地知道機會在哪裡，並且我們全心全意地執行我們的策略。史蒂夫，我們進入問答環節。

Before we open the lines for Q&A, I'd like to ask everyone to limit themselves to one question, so we can get through as many of your fellow analysts as possible. Sarah, please open the line.

在正式開始問答環節之前，我想請大家盡量只提一個問題，這樣我們就可以盡可能地向各位分析師提問。莎拉，請接通電話。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

（操作員指令）Tien-Tsin Huang，摩根大通。

Hey, thanks a lot. Good morning here. I just want to ask about agentic commerce. It's a popular topic here at Money20/20 and I'm not sure how to ask it, Alex and team, but maybe I'll just rapid fire, if you don't mind. Has agentic commerce changed PayPal strategic priorities in any way, which you're right to win?

嘿，非常感謝。早安.我只是想問一下代理貿易的情況。這是 Money20/20 上的一個熱門話題，Alex 和團隊，我不知道該怎麼問，但如果你們不介意的話，我可能要快速問幾個問題。代理商務是否以任何方式改變了 PayPal 的策略重點？你的觀點是正確的。

Can you fully fund investments here without sacrificing your incremental margins? And of course, you've announced lot of key partnerships like OpenAI today, Perplexity, Google, et cetera. Do you have the coverage you need to drive ubiquity or is there more work to do on the partner front?

你能否在不犧牲增量利潤的情況下，為這裡的投資提供充足的資金？當然，你們今天也宣布了很多重要的合作關係，例如與 OpenAI、Perplexity、Google等等。您是否擁有實現普及所需的覆蓋範圍，還是在合作夥伴方面還有更多工作要做？

It seems like there's a lot of talk about collaboration and you guys are definitely listening to all that. So just love to hear your thoughts on all of that, if you don't mind. Thanks.

看來大家都在談論合作，你們一定都聽到了。如果你不介意的話，我很想聽聽你對這一切的看法。謝謝。

Love it. Thanks, Tien-tsin, and I hope you're enjoying Money20/20. We've got a good contingent there as well. To hit on a few of those, so first, from a prioritization, from a priority question, I'm not really, right? Our strategy we've laid out very clearly is that we want PayPal to be available anywhere and everywhere that consumers want to pay. And we want merchants to be able to sell to consumers anywhere and everywhere.

愛它。謝謝田進，希望你喜歡 Money20/20。我們在那裡也派出了一支不錯的隊伍。要談到其中的一些問題，首先，從優先順序的角度來看，從優先順序問題的角度來看，我真的不太清楚，對吧？我們已經非常明確地制定了我們的策略，那就是我們希望消費者無論在哪裡想要支付，都能使用 PayPal。我們希望商家能夠向任何地方的消費者銷售產品。

And we've talked about this even back at Investor Day where we laid out we wanted to be online. We want it to be in-person and we want it to be agentic. And so agentic is just an evolution of this strategy. In terms of our right to win, we actually think we're extremely well positioned to win here. Let me just lay out a couple of the different components.

早在投資者日上，我們就討論過這個問題，當時我們明確表示希望實現線上營運。我們希望它是面對面的，我們希望它是主動的。因此，主動性只是這種策略的演進。就我們獲勝的權利而言，我們實際上認為我們處於非常有利的位置，很有可能贏得這場比賽。讓我簡單介紹一下其中的幾個組成部分。

So first, on the merchant side, merchants are going to need to figure out how to integrate with each of these LLMs. And that's hard because there's multiple LLMs that are out there. And whether you're a large enterprise or a small business, you really don't have the bandwidth to go figure out how to integrate with each and every one of these LLMs, make your catalog available, understand the identity and fraud protection that comes with each of these different elements.

首先，在商家方面，商家需要弄清楚如何與每個LLM系統整合。這很難，因為市面上有很多法學碩士課程。無論你是大型企業還是小型企業，你真的沒有足夠的人力去弄清楚如何與每一個LLM系統集成，如何讓你的產品目錄可用，如何了解每個不同元素所帶來的身份和欺詐保護。

And so what we announced today was our PayPal agentic commerce services, which enables merchants to integrate once with PayPal, a partner that they've known and loved and integrated with for years and be able to orchestrate their services to every LLM that's out there so that they get full coverage of consumers. So that is a huge win for merchants.

因此，我們今天宣布的是 PayPal 代理商務服務，它使商家能夠與 PayPal（他們多年來一直了解和喜愛並與之合作的合作夥伴）進行一次集成，並能夠將其服務協調到所有 LLM（交易生命週期管理）平台，從而全面覆蓋消費者。這對商家來說是一個巨大的勝利。

We give them seller protection. We give them the ability to scale across all the different LLMs. From the consumer standpoint, we're, again, very well positioned. We've got the largest wallet ecosystems that are out there and our ability to give consumers the trust, the safety, the buyer protection and the ability to get access and make purchases on any of the LLMs they want to is a huge win.

我們為他們提供賣家保障。我們賦予他們跨所有不同LLM進行擴充的能力。從消費者的角度來看，我們再次處於非常有利的地位。我們擁有最大的錢包生態系統，我們能夠為消費者提供信任、安全、買家保護，並讓他們能夠存取和購買任何他們想要的LLM產品，這是一項巨大的勝利。

They get to use the wallet that they know and love and have a great end-to-end experience, which includes not only the purchase through the LLM, but also then all the things that happen afterwards, whether it's package tracking or customer service or returns. So that's again, a big win for consumers.

他們可以使用自己熟悉和喜愛的錢包，並獲得良好的端到端體驗，這不僅包括透過 LLM 進行的購買，還包括之後發生的一切，無論是包裹追蹤、客戶服務還是退貨。所以這對消費者來說又是一個巨大的勝利。

And then for the LLMs themselves, it would take over a decade if they wanted to go and try to build the same kind of merchant ecosystem of the head, the torso and tail of merchants that PayPal has established over the last couple of decades.

而對於 LLM 本身來說，如果他們想要建造像 PayPal 在過去二十年建立的那種涵蓋商家頭部、軀幹和尾部的商家生態系統，則需要十多年的時間。

And so instead, they get to partner once with us, and get access to tens of millions of merchants with identity, authentication, fraud protection and payment processing on a global scale. And so we really feel like we are connecting this ecosystem together.

因此，他們只需與我們合作一次，即可在全球範圍內獲得數千萬商家的識別、認證、詐欺保護和支付處理服務。因此，我們真切地感受到我們正在將這個生態系統連接起來。

It will take time for agentic to eat into overall purchasing. But if you think about we want to meet customers where they are, online, off-line, agentic and PayPal's in a very strong position there. As far as investments, Jamie, do you want to hit on that?

代理效應需要時間才能滲透到整體購買力中。但如果你仔細想想，我們希望在客戶所在的地方與他們互動，無論是在線上、線下還是透過代理商，而 PayPal 在這方面都處於非常強大的地位。至於投資，傑米，你想談談嗎？

Sure. So these partnerships do entail some level of investment, whether that's in product and tech or around co-marketing, things that really drive usage and habituation around the product. And I mentioned in my prepared remarks that we would be reinvesting -- begin reinvesting some of our margin dollars in the fourth quarter to really amplify some of our product initiatives.

當然。因此，這些合作確實需要一定程度的投資，無論是在產品和技術方面，還是在聯合行銷方面，這些都真正推動了產品的使用和習慣。我在事先準備好的演講稿中提到，我們將從第四季開始，把部分利潤再投資在一些產品計劃，以真正加強這些計劃。

And between the push into agentic and that -- some of those investments are likely to be a near-term headwind to how fast TM dollars or earnings grow next year. But we are really excited about understanding what's working, really putting our dollars behind that in the core business in addition to really advancing our initiatives across the business on things like agentic.

在進軍代理業務和其它業務之間——其中一些投資可能會在短期內對明年 TM 的美元或收益增長速度造成阻礙。但我們非常興奮地想要了解哪些方面行之有效，除了真正推進我們在代理等業務領域的各項舉措之外，我們還將把資金投入到核心業務中。

And the last part of your question was ubiquity. We obviously feel like we've got the largest breadth of merchants. We obviously have the largest breadth of consumers. And now with the partnerships, we've already announced OpenAI, Perplexity, Google and as we look to partner with any of the LLMs that are out there, we think we've got actually quite good scale and ubiquity across the ecosystem. So very well positioned to win as agentic commerce continues to evolve.

你問題的最後一部分是關於普遍性。我們顯然認為我們擁有最廣泛的商家群體。我們顯然擁有最廣泛的消費族群。現在，透過這些合作關係，我們已經宣布與 OpenAI、Perplexity 和 Google 合作，我們正在尋求與任何其他 LLM 合作，我們認為我們在整個生態系統中實際上已經擁有相當好的規模和普及性。因此，隨著代理型商業的不斷發展，公司已佔據非常有利的地位，並有望贏得勝利。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

Hi, good morning. So I want to ask about branded. I know you highlighted some headwinds in the 5% growth number. You kind of highlighted some kind of deceleration in the fourth quarter. But I'm also thinking you have some benefit from pay with Venmo, Buy Now, Pay Later promotion in the holiday season. So going back to the Investor Day, you kind of laid out the path to branded acceleration.

嗨，早安。所以我想問關於品牌的問題。我知道你指出了5%的成長數據中存在的一些不利因素。你似乎提到了第四節比賽中出現的某種減速現象。但我認為，在假期期間使用 Venmo 付款、先買後付的促銷活動也能為你帶來一些好處。回到投資者日，你們大致規劃了品牌加速發展的路徑。

I know it's not linear. So how should we think about just the overall path from here? Or should we focus more on the slide 4, right, like that you highlighted, which is very helpful, which kind of focuses on more diversified drivers of growth? Thank you.

我知道它並非線性發展。那麼，我們該如何看待從現在開始的整體發展路徑呢？或者我們應該更關注你重點指出的那張投影片 4，對吧？這張投影片很有幫助，它專注於更多元化的成長驅動因素？謝謝。

Yeah, Harshita, maybe I'll answer that in two parts. I'll talk about fourth quarter and then really talk about the broader investor framework. We've had consistent mid-single growth -- mid-single-digit growth in branded checkout for multiple quarters now. And for the quarter, we've seen really good momentum across our growth initiatives with Buy Now, Pay Later with pay with Venmo.

是的，Harshita，或許我會分成兩個部分來回答這個問題。我將先談談第四季的情況，然後再深入探討更廣泛的投資者框架。我們已經連續多個季度保持了中等個位數的成長——品牌結帳業務的中等個位數成長。本季度，我們在「先買後付」和「Venmo支付」等成長舉措方面都取得了非常好的勢頭。

And we've seen continued US growth at higher rates as well this quarter. When we got into September, we began to see macro-related deceleration. And that is both in the US and in Europe. And I talked about it in my prepared remarks, but really a relatively consistent number of transactions, but we're seeing basket sizes just trade down.

而且，本季我們也看到美國經濟持續以更高的速度成長。進入九月後，我們開始看到宏觀經濟成長放緩。美國和歐洲都是如此。我在事先準備好的發言稿中也談到了這一點，交易數量相對穩定，但我們看到訂單金額卻在下降。

Average order value being down, particularly in retail where consumers are just being more selective. And that behavior has continued into October. So obviously, it's really early in the fourth quarter. The holiday season is very back-end loaded.

平均訂單價值下降，尤其是在零售業，消費者在購物時更加挑剔。這種行為一直持續到十月。很明顯，現在才第四節比賽的初期。假日購物高峰期集中在後半段。

So it's something we're watching. But we did call out, and you're right, our guidance assumes a rate of growth lower than third quarter. And so when you look at that macro and I pivot now to talking about the broader framework, we've seen very good progress.

所以這是我們正在關注的事情。但我們確實指出了這一點，你說得對，我們的預期是基於低於第三季的成長率。因此，當我們從宏觀角度來看，現在我轉向談論更廣泛的框架時，我們看到了非常好的進展。

And I think what I'm most excited about is we know what's working, and we're really doubling down against that. And Alex has talked a lot about Buy Now, Pay Later. We've talked a lot about Pay with Venmo. And importantly, year-to-date in the US, our growth rates are higher than what we saw year-to-date last year in the US.

我覺得最讓我興奮的是，我們知道哪些方法有效，我們正在加倍投入這些方法。亞歷克斯多次談到「先買後付」。我們已經多次討論過使用 Venmo 付款。更重要的是，今年迄今為止，我們在美國的成長率高於去年同期在美國的成長率。

So we're really seeing nice progress. But that macro piece of it, whether it's tariffs or some of this deceleration is offsetting our progress. And we set those 2027 targets, assuming a strong -- or assuming a consistent consumer macro environment. And ultimately, that's how we'll measure progress against that.

所以我們看到進展非常順利。但宏觀層面的因素，無論是關稅或經濟放緩，都在抵銷我們所取得的進展。我們設定了 2027 年的目標，前提是消費者宏觀環境強勁——或者說，消費者宏觀環境保持穩定。最終，我們將以此來衡量進展。

What I am excited about is we have scaled our initiatives in the US first. And so where we see progress, we've got real confidence as we scale outside of the US and internationally. I think we've invested in the right products.

令我感到興奮的是，我們首先在美國擴大了我們的各項舉措的規模。因此，當我們在取得進展的地方，我們就有十足的信心將業務擴展到美國以外的國際市場。我認為我們投資的產品是正確的。

We're seeing customer adoption and engagement around the things we've talked about in addition to things like Omni in places where we get other halo effect. And the investments we're making are really predicated on our confidence in our ability to continue to build on our progress as we get through the next couple of years.

除了 Omni 等其他能產生光環效應的領域之外，我們還看到客戶對我們討論過的內容的接受度和參與度都在提高。我們所做的投資，實際上是基於我們對未來幾年繼續取得更大進步的能力的信心。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Hey guys, great results, as always. Just wanted to ask a quick question and a very, very short follow-up. So on Buy Now, Pay Later, huge momentum here, can you maybe give us sort of delay of the land, like how you view the industry? Where are you gaining share from most in what territories?

嘿，夥計們，一如既往，成績很棒。我只想問一個簡單的問題，以及一個非常非常簡短的後續問題。所以，現在「先買後付」模式發展勢頭強勁，您能否給我們談談您對這個行業的看法，或者說說您目前的進展？在哪些地區，你從哪些管道獲得了最多的市場份額？

And if I just have a super quick follow-up for you, Jamie, on the investments next year, if there's any way to quantify that, that would be great. But those are my questions. Thank you.

傑米，關於明年的投資，我還有一個非常簡短的後續問題想問你，如果可以量化的話，那就太好了。但這些都是我的問題。謝謝。

Great, thanks, Dan. And look, we're very excited about BNPL. We see this as one of those generational shifts that's happening now. We're seeing not only in the results, but also just as we talk to customers, particularly a younger generation is moving more and more towards debit and BNPLs, the way that they want to make purchases.

太好了，謝謝你，丹。而且，我們對先買後付模式感到非常興奮。我們認為這是目前正在發生的世代轉變之一。我們不僅從結果中看到這一點，而且在與客戶的交談中也看到，尤其是年輕一代，他們越來越傾向於使用借記卡和先買後付的方式進行購物。

And we think we're incredibly well positioned to win there. As you said, we're seeing good growth. We're actually seeing growth across the board. US MAs are up 21% in Q3. TPV continuing to grow pretty consistently over 20% and again, this is a product that people love.

我們認為我們非常有希望在那裡獲勝。正如您所說，我們看到了良好的成長。實際上，我們看到各個方面都在成長。美國移動平均線第三季上漲21%。TPV持續穩定成長，成長超過20%，再次證明這是一款深受人們喜愛的產品。

And NPS of 80 is quite incredible. And so from a strategy and a share perspective, we think we have something unique. We have a brand that people know and love. We have a global scale, so not only seeing good gains in the US, but we continue to expand our global footprint.

80分的NPS簡直令人難以置信。因此，從策略和市場份額的角度來看，我們認為我們擁有一些獨特的東西。我們擁有一個人們熟知和喜愛的品牌。我們擁有全球規模，因此不僅在美國取得了良好的業績，而且我們還在不斷擴大我們的全球影響力。

It just expanded to Canada within the last week or so and continuing to expand the offerings across the board and across Europe. We're also moving to where our customers want to pay as well. So not just online, but moving in-store. We started in Germany and now expanding that in the US. So we really see BNPL as one of those growth drivers for us.

就在最近一周左右，該公司將業務拓展到了加拿大，並繼續在全國和歐洲範圍內擴大服務範圍。我們也正在向客戶希望的支付方式轉型。所以不只是線上，實體店也在積極推廣。我們起步於德國，現在將業務拓展到美國。因此，我們確實將先買後付視為我們成長的驅動力之一。

The other big shift that I would want you to be aware of is most of our BNPL and again, we're on track to do $40 billion or so of TPV in '25, most of that has come almost after they've chosen the PayPal button choice. And for many customers, that's actually too late.

我想讓大家注意的另一個重大轉變是，我們的大部分「先買後付」（BNPL）業務，以及我們預計在 2025 年實現約 400 億美元的總支付額（TPV），其中大部分幾乎都是在他們選擇 PayPal 按鈕之後實現的。但對很多顧客來說，這其實已經太晚了。

They want to make a choice upfront. When they're making that purchase, they want to see what that payment could look like if it was split into a few payments. And so strategically, we're now meeting our customers where they are and think we have a really exciting expansion opportunity to be upstream and presentment.

他們希望提前做出選擇。當他們進行購買時，他們想看看如果分幾次付款，付款金額會是多少。因此，從策略上講，我們現在正在客戶所在的地方與他們互動，並認為我們有一個非常令人興奮的擴張機會，那就是向上游和展示領域拓展業務。

Again, with a brand that people know in love with a product that they're already familiar with and using, when we get upstream into some of these purchases, we think we have the opportunity to continue to accelerate. So very excited with BNPL and something that we're going to invest in to win over the next few years.

再次強調，對於一個人們熟知且喜愛的產品的品牌，當我們深入這些購買環節時，我們認為我們有機會繼續加速發展。我對先買後付模式感到非常興奮，我們將在未來幾年加大投入，力爭在該領域取得成功。

And Dan, with respect to the second part of your question, it's early. We are still working our 2026 plan, and we plan to take you through that on our February earnings call. When you look at the types of investments that we're talking about, these are targeted really around product attach and habituation.

丹，關於你問題的第二部分，現在還早。我們仍在製定 2026 年計劃，並計劃在 2 月的財報電話會議上向大家詳細介紹。當你審視我們所談論的投資類型時，你會發現它們實際上都是圍繞著產品依戀和習慣養成而展開的。

So things like merchant co-marketing, cash back offers and rewards and things around better placement and presentment. So things that drive right back into the business and around growth, but we'll have some more information for you on that in a couple of months.

例如商家聯合行銷、現金回饋優惠和獎勵，以及更好的展示位置和呈現方式等等。所以，這些事情都直接關係到業務和成長，但我們會在幾個月後向您提供更多相關資訊。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you. I want to dig into the really strong growth momentum at Venmo, where the revenues have been consistently growing 20%. And Alex, you mentioned sort of the multiplier of upside from here. Could you maybe map that out for us in terms of how we should think about the growth rate you've posted recently and what you could do next year and beyond, given all the different initiatives you have in place inside of Venmo?

謝謝。我想深入探討 Venmo 強勁的成長勢頭，其營收一直保持著 20% 的成長。亞歷克斯，你剛才提到了從現在開始上漲的倍數效應。您能否為我們梳理一下，根據您最近公佈的成長率，以及考慮到 Venmo 內部正在實施的各種舉措，您明年及以後可以做些什麼？

Yeah, thank you. We -- Sanjay, are equally excited about the trajectory that Venmo is on. So let me just pull back and talk a little bit about where Venmo was a couple of years ago and the contours of where we're moving.

是的，謝謝。我們——Sanjay——對 Venmo 的發展軌跡同樣感到興奮。那麼，讓我先回顧一下 Venmo 幾年前的發展狀況以及我們未來的發展方向。

So Venmo a couple of years ago was an incredible P2P product, a brand in the US that was a verb. It was the way a younger, very valuable demographic was moving money amongst themselves. So that was a very strong starting position.

所以幾年前的 Venmo 是一款非常棒的 P2P 產品，在美國，它甚至是一個動詞品牌。這是年輕一代（極具價值）人群之間轉移資金的一種方式。所以那是一個非常有利的開局。

The challenge was we really weren't meeting customers where they are. Money was moving from a P2P perspective. But then again, if you were splitting a meal, you couldn't actually pay for that meal in person, you had to use a different instrument.

問題在於我們並沒有真正滿足客戶的需求。資金流動是從點對點（P2P）的角度進行的。但話說回來，如果你要和別人合吃一頓飯，你就不能親自付款，而必須使用其他支付方式。

We've expanded what Venmo means to this demographic. We're now meeting them where they are and enabling them to make purchases in person, online, move money between each other as well as starting to think about different experiences that they're having together, and I'll touch on that in a minute.

我們已經拓展了 Venmo 對這群人的意義。我們現在正在滿足他們的需求，讓他們能夠親自、在線購物，彼此之間轉賬，並開始思考他們一起經歷的不同體驗，我稍後會談到這一點。

So if you look at what that means, it means that not only are we continuing to grow our active base. So MA is up 7% year-over-year at $66 million. That's very strong. But now we're starting to see real penetration into two of our monetization levers. So debit card MAs are up 43%. Pay with Venmo MAs are up 24%. And this is starting to drive ARPA up.

所以，如果你仔細分析這意味著什麼，那就意味著我們不僅在不斷擴大我們的活躍用戶群。因此，MA年增7%，達到6600萬美元。這非常強大。但現在我們開始看到我們的兩個獲利手段真正滲透進來。因此，借記卡行動應用成長了 43%。使用 Venmo 付款的 MA 數量增加了 24%。而這正開始推高ARPA值。

So ARPA is up mid-teens year-to-date. When you put all of that together, I still feel like we're just scratching the surface. If I look at us versus peers from an ARPA perspective, we are a third to a quarter of what I believe our potential is over time, and we're starting to now see really good adoption of the cards that we're putting in, the debit card and pay with Venmo.

所以ARPA今年迄今成長了十幾個百分點。把所有這些因素綜合起來，我仍然覺得我們只是觸及了皮毛。如果從 ARPA 的角度來看我們與同行相比，我們目前只達到了我認為我們未來潛力的三分之一到四分之一，而且我們現在開始看到我們正在推出的卡片（借記卡和 Venmo 支付）得到了非常好的採用。

So again, all of the trajectory is moving in the right direction. And then what you're going to start to see on top of that is new products and services coming in. So the way that we've talked about it is Venmo is a social product. It's the product that you're using oftentimes with other people.

所以，一切進展都朝著正確的方向發展。然後，在此基礎上，你也會看到新的產品和服務不斷湧現。所以我們一直以來都是這樣看待 Venmo 的：它是一款社群產品。這是你經常和別人一起使用的產品。

So you look at the announcement that we made yesterday with [Built] to be able to make rent and mortgage payments. Oftentimes, this is a demographic where they're making rent payments because they're living with others. And they were using Venmo after the fact to move money across.

所以，請看我們昨天與 [Built] 共同發布的公告，以便能夠支付租金和抵押貸款。通常情況下，這類人群需要支付房租，因為他們與他人同住。事後他們使用 Venmo 進行轉帳。

Now we're enabling them to make their rent payments and split their rent payments upfront with that kind of partnership. You're going to see more of those types of things from us over the coming months, as we start to think about all of those experiences that this incredible demographic is using to be able to move money across.

現在，透過這種合作方式，我們讓他們提前支付租金並分攤租金。在接下來的幾個月裡，你們將會看到我們推出更多這類產品，因為我們開始思考這個龐大的使用者群體正在利用哪些體驗來進行資金轉移。

And so again, -- we think we're just scratching the service of the ARPA that's available. We have good proof points of the monetization levers of debit card, pay with Venmo and now we're expanding into other experiences where folks can go.

所以，我們認為我們只是觸及了ARPA現有服務的冰山一角。我們已經充分證明了借記卡、Venmo 付款等獲利手段的有效性，現在我們正在拓展到人們可以體驗的其他領域。

And our go-to-market campaigns are working as well. You've seen the success of the college partnerships that we put out, that drove over 1 million FTUs of debit card in Q3 alone. So again, really, really excited about where this is going, and it's starting to bring in very, very valuable merchants as well.

我們的市場推廣活動也取得了成效。你們已經看到了我們推出的高校合作項目的成功，僅在第三季度就促成了超過 100 萬筆借記卡交易。所以，我真的非常非常興奮，對它的發展方向感到滿意，而且它也開始吸引非常非常有價值的商家。

So whether it's eBay or Ticketmaster, Sephora, Taco Bell, DoorDash, TikTok, these are all merchants that really want access to this demographic and Venmo is the best way to get access to them. So just getting started, excited about the growth trajectory, and we expect this to continue well into the future.

所以無論是 eBay、Ticketmaster、Sephora、Taco Bell、DoorDash 或 TikTok，這些商家都非常希望接觸到這個群體，而 Venmo 是接觸到他們的最佳方式。我們才剛起步，對未來的發展前景感到興奮，並期待這種勢頭能持續下去。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Hey guys, thanks, and congrats on the OpenAI and the dividend announcements. I just want to touch on the exit growth rate of the year for a minute. I know you're guiding 2% to 5% for transaction margin growth. So maybe the puts and takes of what that could compare when you think about trending into 2026 and how we should think about next year in the context of the exit rate?

嘿，各位，謝謝，也祝賀OpenAI宣布分紅。我只想簡單談談今年的退出成長率。我知道你們預期交易利潤率成長目標為 2% 至 5%。那麼，當我們考慮 2026 年的趨勢以及我們應該如何看待明年的退出率時，或許應該比較一下其中的利弊？

And then maybe just -- I know you talked about investments being made, obviously, for all these initiatives. So how does that impact our thought process on operating leverage and just overall investment EPS potentially for next year as well? Whatever you can comment, I know it's early. Thanks guys.

然後也許只是——我知道你談到了為所有這些舉措進行的投資，這顯然是必要的。那麼，這會對我們明年的經營槓桿和整體投資每股盈餘的思考產生怎樣的影響呢？無論你有什麼評論，我知道現在還為時過早。謝謝大家。

Yeah. Good morning, Darrin. I'll stay away from giving 2026 guidance, but I will give you some color on the fourth quarter transaction margin dollars and what we expect to see there. To some level, we've got some impact from interest rate cuts coming in the fourth quarter.

是的。早上好，達林。我不會給出 2026 年的業績指引，但我會向你們介紹一下第四季度的交易利潤率以及我們對此的預期。在某種程度上，第四季降息已經產生了一些影響。

But really, in the credit business, we've got tougher comps. You may remember that we really got that business back to growth in the fourth quarter of last year. And so we just have tougher comps coming into the fourth quarter this year.

但實際上，在信貸業務領域，我們面臨更嚴峻的競爭。您可能還記得，我們​​在去年第四季真正實現了該業務的成長。因此，我們今年第四季將面臨更嚴峻的競爭狀況。

And I mentioned some level of investments and growth initiatives as well. And with what we're seeing on macro, we want to be prudent in terms of how we guide there. And then across the portfolio, the product initiatives, I think what's probably important to call out is that some of this goes through transaction margin dollars, other parts go through OpEx.

我還提到了一些投資和成長計劃。鑑於我們目前在宏觀層面上看到的情況，我們希望在引導方面保持謹慎。然後，就整個產品組合和產品計劃而言，我認為需要重點指出的是，其中一些是透過交易利潤額實現的，而另一些則是透過營運支出實現的。

I mean things like investment in product and tech and brand marketing, things like that, go through OpEx. So as we work our plan, we work across all of that to really get to the right mix as we get into it. So we'll take you through more in a couple of months, but hopefully that's some color for you.

我的意思是，像是產品、科技和品牌行銷的投資等等，都屬於營運支出。因此，在執行計劃的過程中，我們會綜合考慮所有這些因素，以真正找到合適的組合。所以，我們會在幾個月後帶您了解更多，但希望這些內容能給您一些啟發。

Hey Darrin, I want to -- without going into the details for next year, I do want to set a mindset for us because this is what we're thinking about internally. I've mentioned and we talked about it so far on this call, a couple of big shifts that we see in the market, and I want to call that out.

嘿，達林，我想——雖然不打算深入討論明年的細節，但我確實想為我們建立一個心態，因為這是我們內部正在考慮的事情。我之前提到過，我們在這次電話會議中也討論過，我們看到市場出現了一些重大變化，我想重點強調一下。

We see three pretty significant generational shifts right now. One is a massive shift to digital wallets and this is globally. The second is a real shift to Buy Now, Pay Later. Again, a younger generation that's now moving the way they're spending.

我們目前看到了三個相當顯著的世代轉變。一是向數位錢包的大規模轉變，而且這是全球性的。第二點是真正轉向「先買後付」的。再次強調，年輕一代的消費方式正在改變。

And this we think can start to take share away from credit cards and be the way that this new generation is going to start to pay. And then the third shift we talked about is towards agentic commerce. These are all three massive ships that can read recast the entire commerce landscape, and we think we're extremely well positioned in all three of them.

我們認為這可能會逐漸蠶食信用卡的市場份額，並成為新一代的支付方式。然後，我們討論的第三個轉變是轉變為代理型商業模式。這三艘巨輪都能重塑整個商業格局，我們認為我們在這三艘巨輪上都佔據了極為有利的地位。

If you look at digital wallets, we have leading wallets such as PayPal and Venmo we just talked about. And we have our expansion into PayPal World, which continues to connect wallets around the world. In Buy Now, Pay Later, we just talked about upstream presentment.

如果你看看數位錢包，我們有像我們剛才提到的PayPal和Venmo這樣的領先錢包。此外，我們也拓展了 PayPal World 業務，繼續連結世界各地的錢包。在「先買後付」環節，我們剛才討論了上游展示。

We talked about the expansion and the trajectory we have there. And then we talked earlier about agentic commerce and the shift that's happening and our ability to lean in and win.

我們討論了擴張計劃以及我們在該領域的發展軌跡。然後我們之前談到了代理型商業、正在發生的轉變以及我們積極參與並取得成功的能力。

The mindset that we have from a company is these are generational shifts that we are well positioned, and we must win in. And so we are going to invest appropriately. Those investments may very well lead to some near-term headwinds in how fast TM and earnings grow in '26.

我們公司的理念是，這是世代更迭，我們已經佔據了有利位置，我們必須贏得這場變革。因此，我們將進行適當的投資。這些投資很可能會在 2026 年對 TM 和獲利的成長速度造成一些短期不利影響。

We'll come back with more details as we think through that. But again, our goal is to win these markets and set ourselves up for faster durable growth in the future across all of commerce. So I just wanted to set that tone.

我們會仔細考慮後再提供更多細節。但是，我們的目標是贏得這些市場，為未來在整個商業領域實現更快、更持久的成長做好準備。所以我只是想定下這個基調。

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

Good morning guys. Thanks for taking the question. So you obviously had a nice beat here on TM dollars in the quarter. It seems like the branded business came in right in line with your expectations. The OVAS revenues were quite strong.

大家早安。感謝您回答這個問題。顯然，你對本季TM美元的預測相當準確。看來這家品牌店的業績完全符合你的預期。OVAS的營收相當強勁。

So I wanted to just unpack the sources of TM upside in the quarter a bit, if you can give us a relative sense on how much of that upside came from the credit products versus some of the other drivers? And then just any quick comments on how you see cadence of additional penetration of the new checkout experience moving beyond the 25% level as we move into next year? Thanks.

所以我想稍微分析一下本季TM業績成長的來源，您能否提供我們一個相對的概念，說明這些成長中有多少來自信貸產品，又有多少來自其他驅動因素？然後，您能否簡單評論一下，隨著我們進入明年，您如何看待新結帳體驗的額外滲透節奏超越 25% 的水平？謝謝。

Thanks, Jason. Good morning. Really, when you look at third quarter transaction margin dollar performance, we had meaningful contribution across each of branded checkout, Venmo, PSP OVAS and credit. And I think what's important there, and we really tried to highlight this in our prepared remarks as well is that we've got nice diversification not only on the revenue side but on the margin sources. And I think that's demonstrated of that.

謝謝，傑森。早安.實際上，從第三季的交易利潤率來看，我們在品牌結帳、Venmo、PSP OVAS 和信用卡等各個方面都做出了顯著貢獻。我認為重要的是，我們在準備好的發言稿中也著重強調了這一點，那就是我們不僅在收入方面，而且在利潤來源方面都實現了良好的多元化。我認為這已經證明了這一點。

Yeah. And on the penetration, we talked a little bit about it. But again, just to set the tone, we really started in the US. We now are roughly 25% of global transactions. Even under that 25%, though, about half are actually optimized.

是的。關於滲透率，我們也稍微談了一下。但再次強調，為了奠定基調，我們其實是從美國起步的。我們現在約佔全球交易量的25%。即使在這 25% 的範圍內，實際上也有大約一半得到了優化。

And so we're really working through how do we nail the overall paysheet improvement, the biometrics that we're starting to put together. When all of that comes together, the paysheet and the biometrics, we're actually seeing conversion rates increase 2% to 5%. So we know we have a winning product. It just is taking time.

因此，我們正在努力解決如何全面改善薪資表的問題，以及我們正在著手整合的生物辨識技術。當所有這些因素結合起來，包括薪資表和生物識別技術，我們實際上看到轉換率提高了 2% 到 5%。所以我們知道我們擁有一款成功的產品。只是需要時間。

And look, I'm as impatient as anyone, I want to see this move as fast as we can. But we're talking about bending the curve on over $0.5 trillion of spend, and it's just taking time to get there. So we have confidence, as Jamie mentioned earlier, US branded checkout is growing faster year-to-date than it did in '24. So we know the experiences are working.

你看，我和大家一樣沒有耐心，我希望這件事能盡快進展。但我們談論的是扭轉超過 0.5 兆美元的支出趨勢，而這需要時間才能實現。因此我們有信心，正如 Jamie 之前提到的那樣，美國品牌結帳今年的成長速度比 2024 年更快。所以我們知道這些經驗是有效的。

We're now rolling it out in Europe. We expect that to continue through '26. And in the meantime, we're leaning into BNPL growing north of 20%, pay with Venmo growing north of 40%. And so we know that overall, in branded checkout, we're on the right path, it's just taking time.

我們現在正在歐洲推廣這項服務。我們預計這種情況會持續到2026年。同時，我們預計先買後付 (BNPL) 的成長率將超過 20%，使用 Venmo 付款的成長率將超過 40%。因此我們知道，整體而言，在品牌結帳方面，我們走在正確的道路上，只是需要時間。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Hey, I appreciate you taking the question. I mean, I wanted to dig in a little bit on the BNPL volumes. So just a couple of questions here. I guess, first, if you could just quantify some of the run rate financial impact you're expecting on the Blue Owl offloading. I guess just any help with the geography of those impacts on the P&L as we think about that going forward?

嘿，感謝你回答這個問題。我的意思是，我想稍微深入研究一下「先買後付」的交易量。這裡就問幾個問題。我想，首先，如果您可以量化您預期的 Blue Owl 卸載對運行率財務產生的影響。我想問的是，在考慮未來發展方向時，能否提供一些關於這些因素對損益表的影響的地理分佈方面的幫助？

And then just maybe a big picture question on the BNPL growth. Obviously very strong. I think you've said in the past that the branded numbers or the branded volumes are roughly 40% US, 60% international. Do the BNPL volumes skew meaningfully differently? And just any color on what you're seeing from a geographical perspective in terms of adoption and penetration of branded volumes in BNPL? Thank you.

然後，或許可以問一個關於「先買後付」成長的宏觀問題。顯然非常強。我想你以前說過，品牌產品銷售或品牌產品銷售額大約 40% 來自美國，60% 來自國際市場。先買後付的交易量是否有顯著不同的偏差？從地理角度來看，您觀察到的「先買後付」（BNPL）模式中品牌產品的採用率和滲透率的變化是什麼？謝謝。

Yeah. So let me take that second part and then Jamie can lean in. So BNPL, right now, we're looking at less than 30% of originations in the US. So this is still a very global business. But it's one where, as I mentioned earlier, what we're excited about is really an expansion of our strategy into upstream presentment.

是的。那我先來做第二部分，然後傑米就可以接手了。所以，目前在美國，先買後付（BNPL）貸款的佔比不到 30%。所以這仍然是一個全球化的業務。但正如我之前提到的，我們真正感到興奮的是，我們將策略擴展到了上游展示領域。

We think that's going to be a big, big shift and opportunity for us as well as a change as we start to expand into omnichannel. And so being able to move Buy Now, Pay Later into in-store. It's interesting, the dynamics of how we're seeing people shop is it's not just hard lines of in-store or e-commerce.

我們認為這將是一個巨大的轉變和機遇，也是我們開始向全通路擴張時需要面對的改變。因此，可以將「先買後付」模式引入實體店。有趣的是，我們看到人們購物的動態並不只是在店內或電子商務中進行。

There's a lot of people that are shopping on their phone and then wanting to pick up in store, and that's where they get the opportunity to do their Buy Now, Pay Later purchase. So all of this is coming together in a holistic product.

很多人在手機上購物，然後想到店裡取貨，這時他們就有機會進行「先買後付」的購物。所以所有這些元素最終融合在一個整體產品中。

And again, we're seeing the flywheel effect of BNPL as well. When somebody starts to leverage BNPL, there's a lift in engagement, their TPV is up 35%, and we start to see their ability to use us for all purchases. And so this is -- it's very interesting just to see the dynamics of purchase behavior.

我們再次看到了 BNPL 的飛輪效應。當用戶開始使用先買後付服務時，他們的參與度會提高，總交易額 (TPV) 會提高 35%，我們開始看到他們有能力使用我們的服務進行所有購買。所以，觀察購買行為的動態變化非常有趣。

I think in the past, as e-commerce and commerce in general was evolving, there were much harder lines. What we're seeing from customers now is they want to pay when they want to pay. Sometimes it's pay now, sometimes it's pay later.

我認為，在過去，隨著電子商務和整個商業的發展，界線變得更加嚴格。我們現在從客戶那裡看到的情況是，他們想在什麼時候付款就什麼時候付款。有時是現在付款，有時是以後付款。

Where they want to pay online, in-store or agentic and how they want to pay, whether it's with their friends, whether it's with crypto, whether it's the wallet from their home country. And we now have a strategy that enables to meet them everywhere they are. So exciting trajectory there. And again, you're going to see us lean in even more into BNPL over the coming years.

他們想在哪裡付款，是線上、線下還是代理商處付款，以及他們想如何付款，無論是透過朋友付款、使用加密貨幣付款，還是使用他們本國的錢包付款。我們現在有了一項策略，使我們能夠在他們所在的任何地方與他們見面。前景真是令人興奮。而且，在未來幾年，你們將會看到我們更重視先買後付模式。

Yeah. And with respect to the first part of your question on Blue Owl, we had a small impact in the quarter, but that was net neutral to operating income, which both raised margin a bit, but also was offset in OpEx. And with respect to '26, there's a small impact -- a small impact to '26 OpEx in terms of increasing the run rate.

是的。至於你關於 Blue Owl 的問題的第一部分，我們在本季度受到了一些影響，但這對營業收入來說是淨中性的，雖然這稍微提高了利潤率，但也被營運支出抵消了。至於 2026 年，影響很小——對 2026 年營運支出的影響很小，因為運行速度有所提高。

Hey Sarah, let's make some I know we're past the top of the hour with everybody, but let's make time for one last question, if we can.

嘿，莎拉，我知道現在對大家來說都已經過了整點，但如果可以的話，我們再抽出一點時間來問最後一個問題吧。

Timothy Chiodo, UBS.

瑞銀的提摩西·奇奧多。

Great, thank you. I think we've covered some great numbers on BNPL business today. I was hoping we could round it out with a few more, and this would help us in comparability to some of the competitors that are. I was hoping you could give a little bit on the mix of paying for versus some of your longer-term pay monthly loans.

太好了，謝謝。我認為我們今天討論了一些關於先買後付業務的重要數據。我希望我們能夠再完善一些，這將有助於我們與一些競爭對手進行比較。我希望您能談談償還短期貸款和按月償還長期貸款的組合情況。

Also maybe touch on the loss rates. And then I think investors really want to get down to is balancing those losses and potentially more favorable funding mix for the repayment. What really is the transaction margin dollar net take rate per unit of BNPL volume so that we could compare that to metrics like RLTC as a percentage of TMV for a firm? Thanks.

或許還可以談談損失率。然後我認為投資者真正想要解決的問題是平衡這些損失，並尋求更有利的融資組合來進行償還。實際的「先買後付」交易量淨利率是多少？這樣我們才能將其與公司交易總額的百分比等指標進行比較。謝謝。

Good morning, Tim. You've packed a lot into that. So I'm hoping I remember it all. Let me start with sort of thinking about unit economics on the core product. And first, with respect to what type of product is it, most of this is paying for pay monthly.

早安，提姆。您已將許多內容融入其中。所以，我希望我能全部記住。讓我先從思考核心產品的單位經濟效益著手。首先，就產品類型而言，大部分都是按月付費。

We've got about an average turn on the portfolio of Buy Now, Pay Later over about 40 days. So when you think about that compared to peers, it is -- the duration of the portfolio is a much higher turn than maybe some of the others you look at.

我們「先買後付」投資組合的平均週轉率約為 40 天。所以當你考慮到與同類產品相比時，你會發現——該投資組合的久期比你看到的其他一些投資組合要長得多。

Secondly, as we price it, our economics are on par or better than our peers. The thing I'd really point you to here is when we look at BNPL, we do run it at the business level, but we look at it much more holistically at the total branded checkout or PayPal level around how do we habituate and engage our consumers around the brand and across the brand and drive sustained lift or a halo across that with BNPL adoption.

其次，就我們的定價而言，我們的經濟效益與同業持平或更優。我想重點指出的是，當我們審視「先買後付」（BNPL）時，我們確實在業務層面上進行運營，但我們更全面地從品牌結帳或PayPal層面來看待它，思考如何讓我們的消費者習慣於品牌，並讓他們參與到品牌的各個環節中，從而通過“先買後付”的採用，推動持續的提升或光環效應。

It just drives stickiness. And we really see a 30% to 40% sort of incremental usage of branded checkout and that stays with us as the consumer continues to spend with BNPL. We're expanding through new geographies, as Alex mentioned, really focused on driving consumer experience and marketing dollars. But hopefully, that gives you a little bit of color as to how to compare.

它只會增加黏性。我們確實看到品牌結帳的使用率增加了 30% 到 40%，而且隨著消費者繼續使用 BNPL 服務消費，這種成長動能一直維持至今。正如 Alex 所提到的，我們正在透過拓展新的地域市場來提升消費者體驗並增加行銷投入。但希望這能讓你對如何進行比較有了一些了解。

Hey Alex, any final thoughts before we wrap.

嘿，Alex，在結束之前還有什麼要補充的嗎？

Yeah. So thank you, everyone, for your questions. As you can hear from us, it is an exciting time at PayPal. We mentioned some of these significant generational shifts. And that makes it exciting to be at the forefront and a leader in this space. So we've got the right plan. We're making great progress and delivering results along the way, and I look forward to updating you as we continue to make progress. Take care, everyone.

是的。謝謝大家的提問。正如您從我們這裡了解到的，PayPal 目前正處於一個令人興奮的發展時期。我們提到了一些重要的世代轉變。因此，能夠站在這個領域的前沿並成為領導者，令人興奮不已。所以我們的計劃是正確的。我們取得了巨大進展，並在過程中取得了成果，我期待著隨著我們繼續取得進展，向大家報告最新情況。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。