PayPal Holdings, Inc. (PYPL) 2026 Q1 法說會逐字稿

Good morning, and welcome to PayPal's first quarter 2026 earnings conference call. My name is Sarah, and I will be your conference operator today. As a reminder, this conference is being recorded.

早安，歡迎參加 PayPal 2026 會計年度第一季財報電話會議。我是 Sarah，今天將擔任會議接線員。提醒各位，本次會議將進行錄音。

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.

現在我想把會議交給今天的主持人——PayPal 投資人關係長 Steve Winoker。請開始。

Thanks, Sarah. Welcome to PayPal's first quarter 2026 earnings call. I'm joined by CEO, Enrique Lores and Chief Financial and Operating Officer, Jamie Miller. Our remarks today include forward-looking statements that involve risks and uncertainties. Aactual results may differ materially from these statements.

謝謝你，Sarah。歡迎參加 PayPal 2026 會計年度第一季財報電話會議。今天與我一同出席的有執行長 Enrique Lores，以及財務與營運長 Jamie Miller。我們今天的發言包含前瞻性陳述，涉及風險與不確定性。實際結果可能與這些陳述存在重大差異。

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.

我們的評論係基於我們目前對全球情勢與公司業務的最佳判斷。如同我們的財報新聞稿、向 SEC 提交的文件以及網站所述，相關因素可能會隨著世界變化而改變。

Over to you, Enrique.

交給你了，Enrique。

Thank you, Steve, and thank you to everybody for joining us this morning. I'm stepping into this role at an important moment for PayPal. I appreciate the opportunity to serve as CEO and I'm confident we will accelerate the growth of the company while improving profitability and cash flow. That is why I'm here.

謝謝你，Steve，也謝謝各位今天早上加入我們。我在 PayPal 的這個重要時刻接任此職務。我很感謝有機會擔任執行長，並且有信心我們將在提升獲利能力與現金流的同時，加速公司的成長。這也是我來到這裡的原因。

At the same time, I'm also realistic that we need to make significant changes to improve the strategic and operational issues the company has faced. Today, I will share what I have observed since joining the company. However, shaping our strategic direction and the actions we are taking to move forward with focus and discipline.

同時，我也務實地認知到，我們需要做出重大改變，才能改善公司所面臨的策略與營運問題。今天，我將分享我加入公司以來的觀察。以及我們如何塑造策略方向，並以聚焦與紀律推動前進的各項行動。

During my time on the Board, I developed a good understanding of PayPal's strengths, opportunities and areas for improvement. Over the past two months, I have listened to and learn from our customers, our team and our investors. This has helped to deepen my view of where we are, where we need to go and how we get there. I will begin with a few initial observations.

在我擔任董事會成員期間，我對 PayPal 的優勢、機會與需要改善之處有了良好的理解。過去兩個月，我傾聽並向我們的客戶、團隊與投資人學習。這幫助我更深入地理解我們目前的位置、需要前往的方向，以及如何到達那裡。我先從幾點初步觀察開始。

First, our foundation is strong. The company has valuable assets in our brands, our risk and underwriting capabilities, our technology and most importantly, our team. Our scale and global reach set us apart and are difficult to replicate. And the hard-earned trust our customers place in us every day is a critical advantage. Second, we operate in market defined by growth and traffic change. It is still in this period that leading companies trying ways to differentiate themselves by innovating, delivering new and superior solutions and driving to growth. These PayPal needs to focus.

第一，我們的基礎很穩固。公司在品牌、風險管理與授信能力、技術，以及最重要的——我們的團隊方面，擁有寶貴資產。我們的規模與全球觸及度使我們與眾不同，且難以被複製。客戶每天對我們所建立的、來之不易的信任，是一項關鍵優勢。第二，我們所處的市場以成長與流量變化為特徵。在這個階段，領先企業仍在透過創新、提供更新且更優的解決方案並推動成長，來尋求差異化。這些是 PayPal 需要聚焦的重點。

Third, One of our core strengths is our 2-sided network, serving both consumers and merchants. In recent years, PayPal has put more energy into the merchant side of the network. Strengthening. The value we offer to the hundreds of millions of consumers who choose PayPal and Venmo is a key priority. Doing that, we increased the value of our platform for merchants and create a stronger foundation for sustainable growth.

第三，我們的核心優勢之一是雙邊網路，同時服務消費者與商戶。近年來，PayPal 在網路的商戶端投入了更多精力。強化。我們為選擇 PayPal 與 Venmo 的數億消費者所提供的價值，是一項關鍵優先事項。做到這一點，我們就能提升平台對商戶的價值，並為可持續成長建立更強的基礎。

Fourth, due to years of underinvestment, we need to accelerate the modernization of our technology platform. Moving faster to become cloud native and aggressively adopting AI in our development processes will help us significantly increase developer productivity and short-term time to market. Fifth, we need to simplify how we operate, streamline decision-making and clearly define accountability to strengthen execution.

第四，由於多年投資不足，我們需要加速技術平台的現代化。更快地轉型為雲端原生，並在開發流程中積極採用 AI，將顯著提升開發者生產力並縮短短期上市時間。第五，我們需要簡化營運方式、精簡決策流程，並清楚界定責任歸屬，以強化執行力。

Finally, there is potential to significantly reduce the company cost structure, simplifying the organization and accelerating the adoption of AI across the company will generate significant savings that can be reinvested in growth and used to respond to business headwinds, improving our overall financial profile over time.

最後，我們有潛力大幅降低公司的成本結構；透過簡化組織並加速在全公司導入 AI，將產生可觀的節省，這些資源可再投資於成長，並用於因應業務逆風，隨時間推進改善我們整體的財務體質。

With this as context, we need to recommit to the fundamentals. That includes becoming a technology company again, sharpening our focus on consumers, aligning the company around three strong businesses and simply how we work with clear accountability and a stronger emphasis on execution. I expect that it will take a few months to completely define our new plan. But I think it is important to start sharing the direction we have taken and some of the actions we have underway.

在此背景下，我們需要重新承諾回歸基本面。這包括再次成為一家科技公司、更加聚焦消費者、讓公司圍繞三個強健的業務進行對齊，並以清楚的責任歸屬與更強的執行導向，簡化我們的工作方式。我預期要花幾個月才能完整定義我們的新計畫。但我認為，開始分享我們所採取的方向，以及我們正在推進的一些行動，是很重要的。

Let me start by sharing the framework we are using to define our strategy. We see three distinct attractive and in many ways, complementary market opportunities where focused investment and sharper execution can meaningfully improve our growth trajectory, checkout, consumer financial services and payment services. Each has clear near-term levers to improve the performance of our existing assets as well as conveys medium-term growth opportunities. And in every case, we have a strong right to win. I will take each in turn.

我先分享我們用來界定策略的框架。我們看到三個明確、具吸引力且在許多方面彼此互補的市場機會；透過聚焦投資與更銳利的執行，可實質改善我們的成長軌跡：結帳（checkout）、消費者金融服務，以及支付服務。每一項都具備清楚的短期槓桿，可提升現有資產的表現，同時也帶來中期成長機會。而在每一項領域，我們都有強而有力的勝出條件。我將逐一說明。

Let me start with checkout. This is a large and growing market where we deliver meaningful value to consumers and merchants. With in checkout, we also see strong consumer demand for flexible payment options, including by now pay later solutions. This is becoming an important driver of consumer acquisition we are also delivering clear benefits to merchants through higher basket sizes.

先從結帳（checkout）開始。這是一個規模龐大且持續成長的市場，我們為消費者與商戶提供了實質價值。在結帳領域，我們也看到消費者對彈性付款選項的強勁需求，包括「先買後付」解決方案。這正成為推動消費者獲取的重要動能；同時，我們也透過更高的客單價為商戶帶來明確效益。

The second opportunity is in consumer financial services. Consumers are increasingly turning to digital platforms to handle everyday financial activities. This is also our large market opportunity or more than $200 billion annually in just our top 6 markets, and it is growing low double digits. What is most attractive about this market is not only size and growth but also the customer lifetime value opportunity we can tap into.

第二個機會在消費者金融服務。消費者愈來愈多地轉向數位平台來處理日常金融活動。這也是我們龐大的市場機會——僅在我們前六大市場，每年就超過 2,000 億美元，且以低雙位數成長。這個市場最具吸引力之處不僅在於規模與成長性，也在於我們可切入的客戶終身價值（LTV）機會。

The third opportunity is in payment processing and value-added services. The PSP space represents significant untapped value for us, driven by the continued shift to digital channels and the increasing complexity of global payments. We're aligning the organization to unlock this growth opportunities. Previously, our teams were organized primarily around the customers we serve, consumers, small businesses and large enterprises. That structure resulted in organizational complexity with multiple dependencies and handoffs that slow decision-making and weakened execution.

第三個機會在支付處理與加值服務。PSP 領域對我們而言仍有大量尚未開發的價值，動能來自持續向數位通路轉移，以及全球支付日益增加的複雜性。我們正在調整組織，以釋放這些成長機會。過去，我們的團隊主要依據所服務的客群來組織：消費者、小型企業與大型企業。這種架構造成組織複雜度，存在多重相依與交接，拖慢決策並削弱執行。

Check out for example, test on customer groups and markets, creating a multidimensional matrix for road map prioritization. The changes we announced last week will organize the company into 3 times of business, each with a single leader. Checkout solutions and PayPal consumer financial services and Venmo and payment services and clip. And importantly, we are bringing together the two sides of the network to maximize our competitive advantage.

以結帳為例，測試跨客群與市場進行，形成一個多維矩陣來進行路線圖優先順序的排序。我們上週宣布的變革，將把公司組織為三個業務單元，每個單元由一位單一領導者負責。分別是：結帳解決方案與 PayPal、PayPal 消費者金融服務與 Venmo，以及支付服務與 Clip。更重要的是，我們正在把網路的兩端整合在一起，以最大化我們的競爭優勢。

Simplifying our operating model and clarifying accountability means that each leader will earn clear outcomes, and our teams will be able to focus on our most important growth priority. We're also using these changes to simplify and delayer our organization. And we have formed a new AI transformation and simplification team that will help us work more effectively and drive our enterprise-wide AI agent. Let me now outline how we are thinking about the path forward across each of our businesses.

簡化我們的營運模式並釐清責任歸屬，意味著每位領導者都將對明確成果負責，而我們的團隊也能聚焦於最重要的成長優先事項。我們也藉由這些變革來簡化並減少組織層級。此外，我們成立了一個新的 AI 轉型與簡化團隊，將協助我們更有效率地工作，並推動全企業的 AI 代理（agent）。接下來我將概述我們如何思考各項業務的前進路徑。

Checkout Solutions and PayPal is primarily a checkout focus business and is the highest priority for the company and me. It brings together our consumer and merchant ecosystems under one unified strategy. This structure will enable us to fully leverage our two-sided network and accelerate innovation across both sides of the platform.

結帳解決方案與 PayPal 主要是一項以結帳為核心的業務，也是公司與我個人的最高優先事項。它在一個統一的策略之下，整合了我們的消費者與商戶生態系。這個架構將使我們能充分發揮雙邊網路的優勢，並加速平台兩端的創新。

Our intent is not to change transitory share in any given quarter, but rather to focus on segments and verticals where we can deliver differentiated value to our customers. I have also emphasized that strengthening the consumer side of the network is key to increasing the value we deliver to merchants. Driving habituation through the adoption of our financial services offerings is an important step toward enhancing the consumer value proposition and reinforcing the power of our two-sided network. On our PayPal Plus loyalty program, which we introduced in the UK and will expand traditional market is another important step.

我們的意圖並非在任何單一季度改變短期市占，而是聚焦於我們能為客戶提供差異化價值的細分市場與垂直領域。我也一再強調，強化網路的消費者端是提升我們為商戶所交付價值的關鍵。透過採用我們的金融服務產品來推動使用習慣養成，是強化消費者價值主張並鞏固我們雙邊網路力量的重要一步。至於我們的 PayPal Plus 忠誠計畫，我們已在英國推出，並將擴展至傳統市場，這也是另一項重要舉措。

Over the medium to long term, we have a number of compelling innovative initiatives underway. We will take a disciplined approach to prioritization focusing resources scenarios with a greater potential to drive durable growth and shareholder value. Within this portfolio, we will be highly selective as we evaluate our growth set of initiatives, including digital wallet interoperability, biometric functionality and additional programs under consideration.

在中長期，我們正在推進多項具吸引力的創新計畫。我們將採取嚴謹的優先排序方式，把資源聚焦於更有潛力帶來可持續成長與股東價值的情境。在此投資組合中，我們在評估成長型計畫時將高度審慎，包括數位錢包互通性、生物辨識功能，以及其他正在考量中的方案。

Within Consumer Financial Services and Venmo, we have been making good progress in the last few years and have built a strong portfolio of related products. but awareness and adoption remained well below their full potential. Our focus is on becoming more central to our customers' financial lives. And our goal is to enable consumers to spend, save, invest and borrow seamlessly. Venmo will be a key component of our growth plans moving forward, supported by a strong brand and younger demographic. We are in a strong position to expand in this space, deeper engagement and increase customer lifetime value.

在消費者金融服務與 Venmo 方面，我們過去幾年取得了良好進展，並建立了強大的相關產品組合，但其知名度與採用率仍遠低於其全部潛力。我們的重點是讓自己在客戶的金融生活中扮演更核心的角色。我們的目標是讓消費者能無縫地消費、儲蓄、投資與借貸。在強勢品牌與較年輕族群的支持下，Venmo 將成為我們未來成長計畫的關鍵組成。我們在此領域具備強勢的擴張位置，可深化互動並提升客戶終身價值。

Payment Services and Quito unifies our processing and platform capability into a single scalable offering for merchants. We will bring together the company's unbranded processing capabilities, including Braintree, and value-added services, such as fraud management, authorization, optimization and global payment infrastructure.

Payment Services 和 Quito 將我們的處理能力與平台能力整合為單一、可擴展的商戶方案。我們將整合公司旗下的無品牌處理能力（包括 Braintree）以及加值服務，例如詐欺管理、授權、最佳化與全球支付基礎設施。

They are designed to support businesses of all sizes with flexible high-performance payment solutions. We are also well positioned to capture and monetize this growth. Stablecoin is also part of the enabling faster, lower cost transactions. We have made good progress with TY USD, which became the largest federally regulated stablecoin in December, and we recently expanded its availability to 70 markets globally.

這些方案旨在以彈性且高效能的支付解決方案，支援各種規模的企業。我們也具備良好條件來掌握並變現這股成長。穩定幣也是其中一環，可促成更快速、成本更低的交易。我們在 TY USD 方面已取得良好進展，該穩定幣於 12 月成為規模最大的聯邦監管穩定幣，且我們近期已將其可用性擴展至全球 70 個市場。

At the same time, we have much more opportunity to scale our offerings and accelerate growth in this space. Across the company, we need to modernize our technology platform to enable greater speed and interoperability across our offerings. As I said earlier, leveraging AI more extensively in our development processes will significantly help us with this effort.

同時，我們在此領域仍有更多機會擴大產品規模並加速成長。在全公司層面，我們需要現代化技術平台，以在各項產品之間實現更高速度與互通性。如我先前所說，在開發流程中更廣泛地運用 AI，將對這項工作帶來顯著助益。

Supporting our growth plans is the opportunity to realize cost savings. First, we will remove to application and layers from our organizational structure. Second, we will accelerate our AI adoption and automation across our operations. Combined, the savings will be significant. We expect to see at least $1.5 billion of gross translate savings over the next two to three years. Jamie will discuss more on this point later in the quarter.

支撐我們成長計畫的，還包括實現成本節省的機會。第一，我們將從組織架構中移除重複的應用與層級。第二，我們將加速在營運中導入 AI 與自動化。兩者合計，節省幅度將相當可觀。我們預期未來兩到三年，至少可實現 15 億美元的總額翻譯節省。Jamie 將在本季稍後就此重點進一步說明。

Let me touch briefly on some highlights from the quarter before Jamie takes you through our results in more detail. Our first quarter results show an improvement in branded checkout. Branded checkout TPV growth was 2% on a currency-neutral basis, up from 1% last quarter. We continue to see spend in key parts of the business. with Venmo and PSP delivering mid-teens TPV growth.

在 Jamie 更詳細帶大家檢視業績之前，我先簡要提及本季的一些重點。我們第一季的結果顯示，品牌結帳有所改善。品牌結帳 TPV 在固定匯率基礎下成長 2%，高於上季的 1%。我們持續看到業務關鍵部分的支出表現，其中 Venmo 與 PSP 的 TPV 成長達到十幾%的水準。

Transaction margin dollars, excluding interest on customer balances grew 3% with contributions from credit, Venmo and PFT. Non-GAAP earnings per share grew 1%. We also continue to generate robust free cash flow giving us ample room to invest and return capital to shareholders through buybacks and our dividend. On the operational side, our team accomplished a lot in the first quarter from securing apps in presentment on key merchants to enabling interoperability for peer-to-peer payments between PayPal and Venmo.

交易毛利美元（不含客戶餘額利息）成長 3%，主要來自信用業務、Venmo 與 PFT 的貢獻。非 GAAP 每股盈餘成長 1%。我們也持續產生強勁的自由現金流，使我們有充足空間進行投資，並透過庫藏股回購與股利向股東回饋資本。在營運面，我們團隊在第一季完成了許多工作，從在關鍵商戶端確保應用程式的呈現位置，到促成 PayPal 與 Venmo 之間點對點支付的互通性。

To close, I am confident in our ability to put this company on a more durable path to long-term growth and shareholder value creation. We have a strong foundation, and we are now organized to move with greater urgency. We have a well-defined framework. I will continue to define our strategy and prioritize our plan in line with it. I look forward to sharing more progress as we move ahead.

最後，我對我們讓公司走上更可持續的長期成長與股東價值創造之路的能力充滿信心。我們擁有堅實基礎，且現在的組織已能以更高的急迫感推進。我們有明確的框架。我將持續界定我們的策略，並依此優先排序我們的計畫。隨著我們持續推進，我期待分享更多進展。

And finally, I want to thank our teams for their continued focus and execution and our customers and shareholders for their trust. I will now turn it over to Jamie.

最後，我要感謝我們的團隊持續專注並落實執行，也感謝我們的客戶與股東對我們的信任。接下來我把時間交給 Jamie。

Thanks, Enrique. The team and I are energized by the focus, clarity and disciplined prioritization you are already bringing to PayPal. We have a strong market position and a solid foundation and I'm confident we're set up to move faster from here.

謝謝你，Enrique。你已為 PayPal 帶來的聚焦、清晰度與嚴謹的優先排序，讓我和團隊都備受鼓舞。我們擁有強勢的市場地位與穩固的基礎，我有信心我們已準備好從此加速前進。

Turning to the financials in more detail on slide 7. PayPal delivered a solid quarter with both transaction margin dollars and non-GAAP earnings per share coming in moderately better than our guide. Total payment volume accelerated to 11% at spot and 8% currency neutral in the first quarter reaching over $460 billion. Online branded checkout volume growth improved slightly from the fourth quarter, while enterprise payments and Venmo both accelerated into the mid-teens.

接著更詳細說明財務表現，請看投影片 7。PayPal 本季表現穩健，交易毛利美元與非 GAAP 每股盈餘均略優於我們的指引。第一季總支付交易量（TPV）在即期匯率下加速至 11%，在固定匯率基礎下為 8%，達到超過 4,600 億美元。線上品牌結帳量成長較第四季略有改善，而企業支付與 Venmo 皆加速至十幾%的成長。

First quarter revenue grew 7% on a spot and 5% on a currency-neutral basis. TM dollars, excluding interest on customer balance, grew 3% in the first quarter. The drivers of our TM dollar growth were broad-based, led by credit performance, Venmo monetization, PSP profitability and loss improvement across multiple products. Growth in these areas more than offset the headwind from investments we are making to strengthen our branded checkout position and drive higher engagement, habituation and incremental activity over time.

第一季營收在即期匯率下成長 7%，在固定匯率基礎下成長 5%。第一季交易毛利（TM）美元（不含客戶餘額利息）成長 3%。TM 美元成長的驅動因素相當廣泛，主要由信用表現、Venmo 變現、PSP 獲利能力，以及多項產品的損失改善所帶動。這些領域的成長，已足以抵銷我們為強化品牌結帳地位、並隨時間推動更高互動、使用習慣養成與增量活動所進行投資帶來的逆風。

First quarter non-GAAP earnings per share increased 1% to $1.34. And compared to our guidance, non-GAAP EPS benefited from stronger transaction margin dollar growth with some offset from higher nontransaction operating expense. We expect the second quarter to reflect more pressure on a year-over-year basis, driven by the nonrecurrence of certain prior year items and the timing of anticipated cost savings and investment, both of which I'll walk through in more detail shortly.

第一季非 GAAP 每股盈餘增加 1% 至 1.34 美元。相較於我們的指引，非 GAAP EPS 受惠於更強的交易毛利美元成長，但部分被較高的非交易營運費用所抵銷。我們預期第二季在年對年基礎上將反映較多壓力，主要由於前一年某些項目不再重複，以及預期成本節省與投資的時點差異；我稍後會更詳細說明。

Importantly, these are factors we anticipated, and we remain confident in our full year 2026 guidance. Adjusted free cash flow, which excludes the timing impact from the origination and sale of Paylater receivables was $1.7 billion or nearly $6.8 billion on a trailing 12-month basis.

重要的是，這些都是我們已預期的因素，我們仍對 2026 全年指引充滿信心。調整後自由現金流（排除 Paylater 應收款項承作與出售的時點影響）為 17 億美元，或以過去 12 個月計約 68 億美元。

Turning to slide 8. We continue to drive deeper, more active relationships with our customers. Monthly active accounts increased 1% to $225 million. Transactions per active account, excluding PSP, improved sequentially to 6% growth.

接著看投影片 8。我們持續推動與客戶建立更深、更活躍的關係。月活躍帳戶增加 1% 至 2.25 億。每個活躍帳戶的交易次數（不含 PSP）較前一季改善，成長至 6%。

Moving to slide 9. Total payment volume in the first quarter grew 11% at spot and 8% on a currency-neutral basis to $464 billion. Working our way down the page, branded experience is TPV, which includes online checkout, PayPal and Venmo debit as well as tap to pay grew 5% compared to 4% in the fourth quarter. While debit card and tap-to-pay spend represent a small portion of branded experience in volume today, they continue to grow rapidly, up 60% year-over-year.

接著看投影片 9。第一季總支付交易量在即期匯率下成長 11%，在固定匯率基礎下成長 8%，達到 4,640 億美元。往下看，品牌體驗的 TPV（包含線上結帳、PayPal 與 Venmo 簽帳金融卡，以及感應支付）成長 5%，高於第四季的 4%。雖然簽帳金融卡與感應支付的支出目前在品牌體驗總量中占比仍小，但仍持續快速成長，年增 60%。

Venmo TPV continues to reach new highs, accelerating sequentially to 14% growth year-over-year and marking the sixth consecutive quarter of double-digit growth. Online branded checkout volume growth improved slightly compared to last quarter, up 2% on a currency-neutral basis. Compared to the fourth quarter, we saw a slight improvement in the US with softer performance continuing in Europe. Pay with Venmo and buy now pay later continue to outpace the market, taking share from other payment methods and growing 34% and 23%, respectively.

Venmo 的 TPV 持續創新高，季對季加速至年增 14%，並連續第六個季度維持雙位數成長。線上品牌結帳交易量成長較上季略有改善，在中性匯率基礎上成長 2%。相較第四季，我們在美國看到些微改善，但歐洲的疲弱表現仍在延續。使用 Venmo 付款（Pay with Venmo）與先買後付（Buy Now Pay Later）持續跑贏市場，從其他支付方式手中取得市占，分別成長 34% 與 23%。

P2P and other consumer volume growth remains healthy, up 10% in the first quarter and reflecting the debit card and Venmo momentum I just mentioned. Turning to PSP. Volume growth accelerated to 11% from 7% in the second half of 2025. Within PSP, enterprise payments again showed notable strength with volume growth accelerating to the mid-teens from a combination of growth in profitable front book business, high retention and growth alongside our existing merchant base. Driving higher attachment of value-added services continues to be a key focus to improving yield and monetization as we move through 2026.

P2P 與其他消費者交易量成長仍然健康，第一季成長 10%，反映我剛提到的簽帳卡與 Venmo 動能。接著談 PSP。交易量成長自 2025 年下半年 7% 加速至 11%。在 PSP 之中，企業支付再次展現顯著強勁，交易量成長加速至約 15% 左右，來自於高獲利的前端存量業務（front book）成長、高留存率，以及與既有商戶基礎同步成長的綜合效應。隨著我們邁入 2026 年，持續提升加值服務的附加率仍是改善收益率與變現能力的關鍵重點。

Moving to more financial detail on slide 10. Transaction revenue grew 7% on a spot basis to $7.5 billion. Other value-added services revenue grew 10% to $852 million, driven by strong contribution from consumer and merchant credits, partially offset by lower interest rates. Transaction take rate declined by 6 basis points to 1.62%. Excluding the impact of foreign exchange hedges, transaction take rate declined about 4 basis points. This output was driven by a combination of factors, including branded co-marketing investments and rewards as well as higher growth in Venmo and enterprise payments.

接著看投影片 10 的更多財務細節。交易收入按即期匯率計成長 7%，達 75 億美元。其他加值服務收入成長 10%，至 8.52 億美元，主要由消費者與商戶信貸的強勁貢獻帶動，但部分被較低利率所抵銷。交易抽成率（take rate）下降 6 個基點至 1.62%。若排除外匯避險影響，交易抽成率約下降 4 個基點。此結果由多項因素共同造成，包括品牌聯合行銷投資與獎勵，以及 Venmo 與企業支付較高的成長。

TM dollars ex interest on customer balances grew 3%. Within volume-based expenses, transaction expense as a percentage of TPV was 90 basis points increasing slightly year-over-year from a mix shift to enterprise payments. Transaction loss as a percentage of TPV improved slightly year-over-year to 6 basis points, this reflects our team's ongoing work to continue to improve and strengthen onboarding, fraud prevention and risk management capabilities.

不含客戶餘額利息的 TM 美元（transaction margin dollars）成長 3%。在以交易量為基礎的費用中，交易費用占 TPV 比例為 90 個基點，因組合轉向企業支付而較去年同期略增。交易損失占 TPV 比例較去年同期略有改善至 6 個基點，反映我們團隊持續努力強化與改善導入流程（onboarding）、防詐與風險管理能力。

Nontransaction-related OpEx increased 8% and this higher increase relative to our guide was driven by our decision to pull forward a combination of technologies, marketing and product investments, which will continue into the second quarter making our OpEx profile more first half weighted this year. As a result of higher investments, non-GAAP operating income was down 5% in the quarter to $1.5 billion.

非交易相關營運費用（OpEx）增加 8%，此增幅高於我們的指引，主要因我們決定提前推進一系列技術、行銷與產品投資；這些投資將延續至第二季，使得今年的 OpEx 結構更偏向上半年。由於投資增加，本季非 GAAP 營業利益年減 5%，至 15 億美元。

Moving to capital allocation. In the first quarter, we completed $1.5 billion in share repurchases, bringing our trailing 12-month total to $6 billion. We ended the quarter with $13.5 billion in cash and cash equivalents and investments and $11.6 billion in debt.

接著談資本配置。第一季我們完成 15 億美元的庫藏股回購，使過去 12 個月累計回購總額達 60 億美元。季末我們持有 135 億美元的現金、約當現金與投資，以及 116 億美元的負債。

Moving to guidance on slide 11 for the second quarter and for the full year 2026. While first quarter was a solid start to the year, it's early. The macro and geopolitical environment remains complex and we operate in a dynamic, highly competitive industry. The company is also in the midst of a significant multiyear transformation during which we are taking steps including the business realignment discussed today to better organize around our key market opportunities and drive stronger execution.

接著看投影片 11 的指引，涵蓋第二季與 2026 全年。雖然第一季為今年帶來穩健開局，但現在仍言之過早。總體與地緣政治環境依然複雜，而我們所處產業動態多變且競爭激烈。公司也正處於一項重大的多年期轉型之中；在此期間，我們正採取包括今日討論的業務重整在內的措施，以更好地圍繞關鍵市場機會進行組織，並推動更強的執行力。

With that as a backdrop, we are reiterating our guidance for the full year. We see a significant opportunity to enhance customer lifetime value by driving consumer engagement through a combination of scaling new experiences, improving presentment and increasing consumer selection with rewards and loyalty. We continue to expect our targeted growth investments to represent approximately a 3 point headwind to transaction margin dollars growth in 2026, while driving durable long-term benefits in the years ahead.

在此背景下，我們重申全年指引不變。我們看到一個重大機會：透過擴大新體驗、改善呈現方式（presentment），並以獎勵與忠誠計畫提升消費者選擇，來推動消費者參與度，進而提升客戶終身價值。我們仍預期，2026 年的目標性成長投資將對交易毛利美元（transaction margin dollars）成長造成約 3 個百分點的逆風，但將在未來幾年帶來持久的長期效益。

We have conviction in the impact these initiatives can drive in the future, but it will take time to keep scaling our programs and experiences. For online branded checkout specifically, our guidance continues to reflect slightly positive to low single-digit branded checkout TPV growth for the full year. Quarter-to-date, we are seeing trends at the low end of our full year guidance, and these are reflected in our second quarter guide.

我們對這些計畫未來可帶來的影響有信心，但要持續擴大我們的方案與體驗仍需要時間。就線上品牌結帳而言，我們的指引仍反映全年品牌結帳 TPV 成長將介於小幅正成長至低個位數成長。截至目前的季度進度（quarter-to-date），我們看到的趨勢位於全年指引區間的低端，並已反映在我們的第二季指引中。

Compared to the first quarter, we have seen slower growth in the travel vertical as well as more muted growth in Europe. As Enrique discussed, we see significant opportunity to further improve productivity and reallocate resources to our highest returning initiatives. And while we've made real progress over the past few years, there is meaningfully more we can do. We are realigning the organization to sharpen strategic focus, eliminate duplication and remove layers, enabling faster decision-making and clearer accountability.

相較第一季，我們看到旅遊垂直領域成長放緩，歐洲成長也更為溫和。如 Enrique 所述，我們看到顯著機會可進一步提升生產力，並將資源重新配置至回報最高的計畫。雖然過去幾年我們已取得實質進展，但我們仍有更多可做之處。我們正在進行組織重整，以強化策略聚焦、消除重複並減少層級，從而加速決策並建立更清晰的責任歸屬。

In parallel, we will be accelerating efforts to deploy AI and automation across our operations and technology platform, which we expect will both improve the customer experience and drive meaningful internal efficiencies. These efficiencies will come from organizational realignment, process redesign through AI and automation, procurement and vendor rationalization and optimizing our local footprint.

同時，我們將加速在營運與技術平台全面部署 AI 與自動化；我們預期這將同時改善客戶體驗並帶來可觀的內部效率提升。這些效率將來自組織重整、透過 AI 與自動化進行流程再設計、採購與供應商精簡，以及最佳化我們的在地據點布局。

Together, these represent two distinct waves of savings, the first from structural realignment and the second from accelerating AI adoption and automation to comprise the vast majority of the more than $1.5 billion cost savings program we will execute over the next two to three years. A portion of this opportunity was already contemplated in the 2026 guidance we provided last quarter.

綜合而言，這代表兩波不同的節省：第一波來自結構性重整，第二波來自加速採用 AI 與自動化；兩者將構成我們未來兩到三年執行、超過 15 億美元成本節省計畫的絕大部分。其中一部分機會已納入我們上季提供的 2026 年指引之中。

Looking ahead, we expect to deploy these cost savings to reinvest in growth and respond to business headwinds and improving our overall financial profile over time. During 2026 and into 2027, we will be transitioning teams, establishing new ways of working and building systems and processes to run the business aligned with the structure we have announced. In the coming months, as we launch the full scope of this program, we plan to share more details on the expected cadence of savings and our reinvestment framework for the years ahead. We intend to follow that up with external reporting, including segments sometime next year.

展望未來，我們預期將運用這些成本節省來再投資成長、因應業務逆風，並隨時間推進改善整體財務體質。在 2026 年並延伸至 2027 年，我們將進行團隊轉換、建立新的工作方式，並建置系統與流程，使營運與我們已宣布的組織架構一致。未來幾個月，隨著我們啟動此計畫的完整範圍，我們計畫分享更多細節，包括預期節省的節奏，以及未來幾年的再投資框架。我們也打算後續提供對外揭露報告，包括分部資訊，時間點可能在明年某個時候。

Turning to more specifics for the second quarter. Let me start by noting that the second quarter has the most demanding year-over-year comparison this year. You may recall that last year second quarter had 1.5 point of transaction margin dollar benefit from the renewal and expansion of a relationship with a key payment partner as well as very strong credit performance. This year, our transaction margin dollar investments also ramped through the year, and pressure will be more pronounced in the second quarter compared to the first.

接著更具體談第二季。我先指出，第二季是今年年對年比較最具挑戰的一季。你可能記得，去年第二季因與一個關鍵支付合作夥伴的合作關係續約與擴大，以及非常強勁的信貸表現，使交易毛利美元受惠約 1.5 個百分點。今年，我們在交易毛利美元上的投資也在全年逐步加大，因此相較第一季，第二季的壓力將更為明顯。

In 2Q of last year, non-transaction OpEx also benefited from discrete items within general and administrative expense, including a nonrecurring decline in indirect tax expense. The 2Q tax rate was below the full year average. Pulling all this together, for the second quarter, we expect low single-digit revenue growth on a currency-neutral basis, a low single-digit or approximately 3% decline in transaction margin dollars. Transaction margin dollars excluding interest to decline low single digits or approximately 2% and mid-single-digit growth in non-transaction operating expenses and non-GAAP earnings per share to decline by high single digits or approximately 9%.

去年第二季，非交易 OpEx 也受惠於一般與行政費用中的一次性項目，包括間接稅費用的非經常性下降。第二季有效稅率低於全年平均。綜合以上因素，對第二季我們預期：在中性匯率基礎上營收為低個位數成長；交易毛利美元為低個位數下降或約下降 3%。不含利息的交易毛利美元預期低個位數下降或約下降 2%；非交易營運費用為中個位數成長；非 GAAP 每股盈餘預期高個位數下降或約下降 9%。

For the full year, we are reiterating our guidance, and we continue to expect transaction margin dollars to decline slightly or be roughly flat, excluding interest on customer balances, approximately 3% growth in non-transaction operating expenses and non-GAAP earnings per share ranging from down low single digits to slightly positive. Our guidance continues to assume approximately $6 billion in share repurchase and at least $6 billion of adjusted free cash flow.

就全年而言，我們重申指引不變；我們仍預期交易毛利美元將小幅下降或大致持平；若排除客戶餘額利息，非交易營運費用約成長 3%；非 GAAP 每股盈餘介於低個位數下降至小幅正成長。我們的指引仍假設約 60 億美元的庫藏股回購，以及至少 60 億美元的調整後自由現金流。

I'd like to wrap up by thanking the PayPal team for their continued focus and dedication. We have a solid foundation to keep building on as we drive value creation by executing on PayPal transformation.

最後，我想以感謝 PayPal 團隊持續的專注與投入作結。在推動 PayPal 轉型、透過落實執行來創造價值的過程中，我們已具備穩固的基礎，能夠持續在此之上建構。

With that, Steve, let's go to Q&A.

那麼，Steve，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 to as many of your fellow. Analysts as possible. Sarah, please open the line.

在我們開放問答之前，我想請大家每人限制一個問題，這樣我們才能盡可能讓更多各位的同業分析師提問。Sarah，請開線。

(Operator Instructions) Harshita Rawat, Bernstein

(接線員指示) Harshita Rawat，Bernstein

Hi, good morning. I want to ask about branded checkout, Enrique, Jamie, can you maybe talk about the market dynamics in Europe, and also over time, what can we expect to see as execution improves and kind of like the realistic growth versus e-commerce, we should expect?

嗨，早安。我想問關於品牌結帳（branded checkout）的問題。Enrique、Jamie，你們能否談談歐洲的市場動態？另外，隨著執行力隨時間改善，我們可以期待看到什麼？以及相對於電商整體而言，我們應該預期的較為務實的成長會是什麼樣子？

Good morning, Harshita. I'll talk a little bit about the market dynamics in Europe and then Enrique, perhaps you want to talk about over time, execution focus we have. When you look at branded checkout, I would say that we're operating in a dynamic environment. When you look at the consumer generally, while it's remained strong, we are seeing some skewing in the middle income, which, candidly in the US, that was one of our bigger improvement points in that cohort.

早安，Harshita。我先談一下歐洲的市場動態，接著 Enrique 也許你可以談談我們隨時間推進的執行重點。談到品牌結帳，我會說我們正處於一個充滿變動的環境。就消費者整體而言，雖然仍然強勁，但我們看到中等收入族群的消費出現一些偏移；坦白說，在美國，這個族群曾是我們改善幅度較大的部分之一。

When you look internationally, what we are really seeing is a little bit more pressure from high oil prices, certainly, gas prices, but more importantly, travel in Europe was something that we saw slightly at the end of the quarter, but really more this quarter.

從國際來看，我們真正看到的是高油價帶來的壓力更大，當然也包括汽油價格，但更重要的是，歐洲的旅遊在本季末我們略有看到一些跡象，但其實在本季更為明顯。

And when you look across Europe, I would say, generally speaking, we've got areas growing quite well, but we're still under pressure in places like the UK. With respect to Germany, I would say the quarter we continue to see moderation there like we had seen in the fourth quarter, still growing, but at a slower rate. And generally, pretty consistent combination of macro softness, competitive intensity, some natural normalization is a long-time market leader.

而放眼整個歐洲，我會說整體而言有些地區成長相當不錯，但在英國等地我們仍承受壓力。至於德國，我會說本季我們持續看到如同第四季那樣的趨緩，仍在成長，但速度較慢。整體上，是宏觀面疲弱、競爭強度，以及作為長期市場領導者所出現的一些自然常態化等因素的相當一致的組合。

But having said that, I think what's important, and this is where I'll maybe hand off to Enrique, we began investing, taking all of the things we were doing with respect to branded checkout over the past couple of years and really bringing those to Europe midyear last year and leaning into those investments. And as Enrique has come in, I think his country-to-country level focus has been really important, and I think will be a real acceleration for that.

不過話說回來，我認為重要的是——這裡我可能交棒給 Enrique——我們在過去幾年針對品牌結帳所做的各項投入，從去年年中開始真正帶到歐洲，並加大這些投資力道。而在 Enrique 加入之後，我認為他以各國為單位的聚焦非常重要，我也認為這將帶來真正的加速。

But Enrique, maybe you want to unpack that a little bit.

不過 Enrique，也許你可以再多拆解說明一下。

Yeah. I think in Europe, we have an opportunity to improve execution by improving our focus in the countries. During the last 8 weeks, I have been twice in the UK, once in Germany to understand that what is the situation and to work with the team to see what the improvements we need to make. And as Jamie was saying, there is a combination of macro effects but also local competition. But we have enough tools in our side to be able to compete and to be able to grow. And this is what we are going to be doing.

好的。我認為在歐洲，我們有機會透過提升各國層級的聚焦來改善執行。過去 8 週，我去過英國兩次、德國一次，去了解現況並與團隊合作，看看我們需要做哪些改善。如 Jamie 所說，這是宏觀因素與在地競爭的組合。但我們手上有足夠的工具可以競爭、也能成長。這就是我們接下來要做的。

Overall, answering your other question about branded checkout, we are taking a lot of actions to change the trajectory of the business. Of course, we need to continue with investments we did a quarter ago to -- we started a quarter ago to improve presentment to improve selection. And we have especially focused on the top 50 customers; we are starting to see progress there. We also need to continue to improve the experience of our customers, so they get a better experience when they check out with PayPal.

整體而言，回到你關於品牌結帳的另一個問題，我們正在採取許多行動來改變業務的走勢。當然，我們需要延續一季前所做、並在一季前開始的投資，以改善呈現方式（presentment）並提升選擇性（selection）。我們特別聚焦在前 50 大客戶；我們已開始看到進展。我們也需要持續改善客戶體驗，讓他們在使用 PayPal 結帳時能有更好的體驗。

And we have other opportunities that we started to mention in the prepared remarks that I think in the future are going to be very meaningful. We have been more focused on the merchant side of the network than on the consumer side. And we need to rebalance those that focus and rebalance that investment. For example, the loyalty program, which was launched in the UK is going to be an element of that. There are other things that we need to do in that space.

此外，我們在事先準備的發言中也開始提到一些我認為未來會非常有意義的其他機會。我們過去在網路中更偏重商戶端，而非消費者端。我們需要重新平衡這個聚焦點，也重新平衡投資。例如，在英國推出的忠誠度計畫（loyalty program）將會是其中一個要素。在這個領域我們還有其他事情需要做。

There are also specific verticals, high-value verticals where we can have a more differentiated value proposition, especially we combine with financial services. And this combined with an improvement in execution that by really understanding what our priorities are and simplifying how we make decisions, we think the combination of all that will have a significant impact in the business going forward.

另外也有一些特定的垂直領域、高價值垂直領域，我們可以提出更具差異化的價值主張，特別是當我們與金融服務結合時。再加上透過真正理解我們的優先事項、並簡化決策方式來提升執行力，我們認為這些因素的組合將在未來對業務產生顯著影響。

Timothy Chiodo, UBS.

Timothy Chiodo，UBS。

Great. Thank you. I want to see if we could talk a little bit more about $1.5 billion of gross run rate cost savings that you outlined today. And Jamie, I appreciate that you mentioned over the coming months, you'll be giving more detail around the cadence and reporting around the progress there. But one area of the expense base that often comes up in investor discussions is the customer support line item, it's roughly $1.7 billion or so, and I fully appreciate and I think investors do as well.

很好。謝謝。我想看看我們是否可以再多談一些你們今天概述的 15 億美元年度化毛節省（gross run rate cost savings）。Jamie，我也很感謝你提到在接下來幾個月，你們會提供更多關於節奏以及進度揭露的細節。不過，在投資人討論中經常被提到的一個費用項目是客戶支援（customer support）這一行，大約是 17 億美元左右；我完全理解，而且我想投資人也理解。

That there's many countries, there's lots of compliance, there's lot of support. There's people answering the phone and local language. There's a lot of complexity there. But I was hoping you could maybe bring to life a little bit more of some of the tasks or roles or some of the activities within that bucket that might be more applicable to this cost savings initiative. And in general, any other broader thoughts around kind of areas of low-hanging fruit that you see for the $1.5 billion. Thanks a lot.

因為涵蓋很多國家、有大量合規要求、也有很多支援需求。有人接聽電話並提供在地語言服務。這裡面有很多複雜性。但我希望你們能更具體地說明一下，在這個費用桶（bucket）裡，哪些任務、角色或活動可能更適用於這項節省成本的計畫。以及更廣泛來說，對於這 15 億美元，你們看到哪些比較容易摘取的果實（low-hanging fruit）的領域。非常感謝。

Yeah. Good morning, Tim. So maybe I'll talk a little bit about the cost, some of the components of how we're tackling it. and a little bit around the AI benefit. And then Enrique, you might want to chime in as well. When we look at the 1 -- the at least $1.5 billion in cost, we really see this coming in a couple of different phases.

好的。早安，Tim。那我先談一下成本，以及我們如何著手處理的一些組成面向，也談一點 AI 帶來的效益。然後 Enrique 你也可以補充。當我們看至少 15 億美元的成本時，我們確實認為這會分幾個不同階段實現。

The first is really around structural realignment. And you've heard us announce our organization last week, but this is about duplication. It is about layers, it is about org structure, but really focusing and aligning our teams for top to bottom execution and improving our execution speed, candidly. But with that also comes a lot of opportunity for cost and remixing there.

第一個階段主要是結構性重整。你們上週已聽到我們宣布新的組織架構，但這關乎重複、關乎層級、關乎組織結構；更重要的是，讓團隊對齊以便自上而下地執行，並坦白說提升我們的執行速度。

The second piece, which I think is really a little bit more along the lines of your question on CSO is aggressive deployment of AI. With respect to customer experience, how we touch customers and service and support and operations. And equally with respect to risk and the modernization of our risk platform and how we deploy AI as we do that. AI has really across-the-board opportunity, particularly in CSO, but candidly, across the company, I think we've made really good inroads. We're seeing good engineering productivity. We're seeing different elements of acceleration in different functions.

第二個部分，我認為更貼近你對 CSO 的提問，也就是積極部署 AI。就客戶體驗而言，我們如何接觸客戶，以及服務、支援與營運。同樣地，就風險而言，我們的風險平台現代化，以及在此過程中如何部署 AI。AI 在各方面都有機會，尤其是在 CSO，但坦白說，在全公司範圍內，我認為我們已取得相當不錯的進展。我們看到工程生產力表現良好。我們也在不同職能看到不同面向的加速。

But I think the full top to bottom acceleration is going to be really important. And to your point, as we really lay this out, I think there's two things to note. Number 1, we do plan to reinvest savings for growth. So a lot of what Enrique has talked about with respect to the company's strategy and not just branded checkout where we're leaning into the consumer value prop more but really building out financial services with Venmo, really leading into PSP and deeper ways to grow. That reinvestment piece is an important element of this. But as you said, we'll lay out more of this in the coming weeks.

但我認為，自上而下的全面加速將會非常重要。而且呼應你提到的觀點，當我們真正把這件事攤開來看時，我認為有兩點需要注意。第一，我們確實計畫把節省下來的成本再投資於成長。所以，Enrique 談到的許多內容，關於公司的策略——不僅是品牌結帳（branded checkout），我們更著力於強化消費者價值主張（value proposition），同時也會透過 Venmo 建構金融服務，並且更深入地投入 PSP，以及更深層的成長方式。這個再投資的部分是其中一個重要要素。但如你所說，我們會在接下來幾週提供更多細節。

And I think the changes that AI will enable us to do to drive are going to be very significant. And this is why we created a group last week reporting to me, that is going to be in charge of driving function by function, process by process, this AI transformation.

我也認為，AI 將使我們能夠推動的變革會非常顯著。這也是為什麼我們上週成立了一個向我匯報的團隊，將負責逐一職能、逐一流程地推動這場 AI 轉型。

And this is not about adopting AI as a technology we have done many pilots in the company, and we have seen what is possible. It's really about understanding how can we redesign the key processes. Once the redesign is done, adopt AI. And this is what we have seen that really will drive savings. But under early savings, it will help us to move faster, and it will help us to bring and to deliver a better customer experience.

而這並不是把 AI 當作一項技術來採用——我們在公司內已做過許多試點，也看到了可能性。真正的重點在於理解：我們如何重新設計關鍵流程。在完成重新設計之後，再導入 AI。而我們看到，這才是真正能帶來節省的方式。但除了早期的節省之外，它也會幫助我們更快推進，並協助我們提供更好的客戶體驗。

The two key areas where we see the biggest opportunity in the short term, one is technology development. And as I mentioned before, this is going to really help us to accelerate some of the improvements and modernization we need to do in our platform.

短期內我們看到最大機會的兩個關鍵領域：第一是技術開發。如我先前提到的，這將真正幫助我們加速平台所需的一些改進與現代化。

And the second is customer support as you were saying, Tim, this is a large cost for us today. And with AI, we believe we can both reduce cost but also improve the experience that we will provide to customers. And the fact that we have multiple language and that we need to support multiple languages, multiple businesses, just highlights the opportunity of really reducing the cost by automating and driving it and doing it in an even better way for our customers.

第二是客戶支援，正如你所說的，Tim，這在今天對我們而言是一項很大的成本。而透過 AI，我們相信不僅能降低成本，也能改善我們提供給客戶的體驗。此外，我們有多語言需求、需要支援多種語言與多種業務，這更凸顯了透過自動化來降低成本、推動效率，並以更好的方式服務客戶的機會。

James Faucette, Morgan Stanley.

James Faucette，摩根士丹利。

Thank you very much. I wanted to follow up on that question and not only how we should think about reinvestment and the other side of a capital return? And how you're going to decide how to apportion savings to one or the other -- and in particular, what are the proof points that you're going to be looking at whether it be ongoing engagement growth in customers?

非常感謝。我想延伸追問剛才那個問題：除了再投資之外，我們也該如何看待資本回饋（capital return）的另一面？以及你們將如何決定把節省下來的資金在兩者之間分配——特別是，你們會看哪些驗證指標（proof points），例如客戶的持續互動成長等？

Just help us think through the KPIs and how you're going to make sure that you allocate capital most efficiently. I know you have big ambitions for both, but nuance there is, I think, important this morning.

請幫助我們理解你們會關注哪些 KPI，以及你們將如何確保以最高效率配置資本。我知道你們對兩者都有很大的企圖心，但我認為今天早上把其中的細微差異說清楚很重要。

This is a great question, and you will see us doing much more work and been reviewing that with all of you in the coming quarters. What we have designed so far is what is the strategic framework that we see for the company. We have outlined that we see three big growth opportunities, where we think we can both grow revenue and operating profit, and we are aligning the company and the strategies of the company to make that happen.

這是一個很好的問題，而你們會在接下來幾個季度看到我們做更多工作，並與各位一起檢視。到目前為止，我們所設計的是我們對公司所看到的策略框架。我們已概述三個重大的成長機會，我們認為在這些領域可以同時提升營收與營業利益，而我們正讓公司與公司的策略對齊，以促成這件事。

As we do that, we will identify what are the best opportunities, opportunities that will drive the best return. And also, we are going to be very rigorous, I would even ruthless in the prioritization we are going to apply because the company has today multiple attractive initiatives. We have also several small businesses. And in the coming quarters, we need to decide in which ones we double down, and we increased investment to increase our ability to execute and our chances to be successful. And in which ones we are going to be investing, stopping or doing something different.

在推進的同時，我們會辨識哪些是最佳機會——也就是能帶來最佳報酬的機會。此外，我們將非常嚴謹——甚至可以說在排序優先順序上會很「果斷」——因為公司目前有多個具吸引力的計畫。我們也有幾個小型業務。在接下來幾個季度，我們需要決定哪些要加碼投入、提高投資，以提升執行能力與成功機率。以及哪些我們要減少投資、停止，或改採不同做法。

And this is the process that between now and the next quarter we will be doing. And we will be -- as we do that, we also will identify what are the key KPIs per business, so you can track the progress that we are making.

這就是我們從現在到下一季之間要進行的流程。而在此過程中，我們也會釐清各業務的關鍵 KPI，讓你們可以追蹤我們所取得的進展。

We are just starting the -- what we call the transformation process. This is going to take some time. So it's not something that immediately will happen. But the combination of the assets that we have the ability that we have to invest and the rigor we are going to apply make us confident that we will be able to really improve the performance of the company over time.

我們才剛開始——我們稱之為轉型流程。這會需要一些時間。因此，這不是會立刻發生的事情。但我們所擁有的資產、我們的投資能力，以及我們將採取的嚴謹作法，讓我們有信心能隨時間推進，真正改善公司的表現。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Hey, thanks, guys. Enrique, can you just walk through your thought process on your review of your assets in the company in a sense of which assets you actually absolutely feel like you must keep as part of the go-forward entity. If there are assets you do -- you've identified that you would consider selling where you stand on Venmo. Is that potentially something that we should consider that the company would consider wanting sell for the right price?

嗨，謝謝各位。Enrique，你能否說明一下你在檢視公司資產時的思考脈絡：哪些資產你認為在未來的公司主體中絕對必須保留？如果你已辨識出可能考慮出售的資產，你對 Venmo 的立場是什麼？這是否可能是我們應該納入考量的事情——也就是公司是否會在價格合適時考慮出售？

And then your thought process on synergies or dissynergies of keeping assets together, whether it's Venmo with the rest of the business or Braintree with the rest of the business? If you could just walk through your thought process on that, that would be great.

另外，你對於把資產放在一起所帶來的協同或非協同（synergies or dissynergies）的看法是什麼？例如 Venmo 與其他業務放在一起，或 Braintree 與其他業務放在一起。如果你能說明一下你的思考過程，那就太好了。

So let me start by saying that our number 1 priority -- my number 1 priority is to maximize shareholder value. And at this point, I believe that the best approach is to invest in our three core businesses, PayPal, Venmo and Braintree, to drive profitable growth. Because in each of them, we see the opportunity of making it happen.

我先說明：我們的第一優先事項——也是我的第一優先事項——是將股東價值最大化。而在目前這個時間點，我相信最佳做法是投資於我們的三大核心業務：PayPal、Venmo 與 Braintree，以推動具獲利性的成長。因為在每一個業務中，我們都看到了實現這一點的機會。

To do that, as we explained before, we are going to be simplifying the priorities for each of them, identifying what are the core areas where we need to invest. At the same time, we need to modernize the technology platform that will be helping the three of them. And we need to simplify how we work and drive cost reductions to drive these investments.

為了做到這點，如同我們先前所說，我們將簡化各業務的優先事項，辨識我們需要投資的核心領域。同時，我們需要讓技術平台現代化，以支援這三個業務。我們也需要簡化工作方式並推動成本降低，以支撐這些投資。

I think what is important is that we believe that there are significant synergies across the three businesses that make them stronger together. For example, we see customer synergies in driving cross-selling and helping each business to penetrate and to grow with different customers. We also see synergies in the technology and offering space. And as we develop some of the financial services options that we have been discussing before, they will be benefiting the, for example, PayPal and Venmo, and we also see strong synergies in key capabilities as risk management and identity.

我認為重要的是，我們相信這三個業務之間存在顯著的協同效應，使它們在一起時更強。例如，我們看到客戶層面的協同，可透過交叉銷售（cross-selling）推動，並幫助各業務在不同客群中滲透與成長。我們也看到技術與產品/方案（offering）層面的協同。而當我們開發先前討論過的一些金融服務選項時，將使例如 PayPal 與 Venmo 受益；此外，我們也在風險管理與身分識別等關鍵能力上看到強勁的協同。

So at this point, our plan is to grow profitably the three businesses because this is what we think will create the maximum value for shareholders. On top of these three businesses I just mentioned before, there are many other initiatives in the company, that we are going to be rigorously prioritizing to make sure that we leave those in the plan where we see we have the highest opportunities to success and that we use this to fund those activities that we will stay focused on.

因此，在目前，我們的計畫是讓這三個業務以具獲利性的方式成長，因為我們認為這將為股東創造最大價值。除了我剛提到的三個業務之外，公司還有許多其他計畫；我們將以嚴謹方式進行優先順序排序，確保把我們認為成功機會最高的項目納入計畫，並運用這些資源來支持我們將保持聚焦的活動。

Sanjay Sakhrani with KBW.

Sanjay Sakhrani，KBW。

Thank you. Good morning. Enrique, thank you for all your commentary. Obviously, you've had a very unique window as the new CEO, having been on the Board. I'm just wondering if you could just drill down specifically on how you intend to do things differently from sort of the previous administrations to affect the change.

謝謝。早安。Enrique，謝謝你所有的評論。顯然，作為新任 CEO，你因為曾在董事會任職而擁有非常獨特的視角。我想請問，你能否更具體地深入說明，你打算如何以不同於先前管理團隊的方式來推動改變、促成轉型？

And then, Jamie, just one question, because I'm getting a lot of these questions on the trend line that you saw, that you mentioned trending at the low end of the range and some of the choppiness. I guess if the higher fuel prices persist, do you feel like there's risk to the second half relative to what you've incorporated in the second quarter?

然後，Jamie，我再問一個問題，因為我在趨勢線方面收到很多類似的提問：你提到的那條趨勢線在區間低端走勢，以及一些波動不穩的情況。我想問的是，如果較高的燃料價格持續，你是否覺得相較於你們在第二季已納入的假設，下半年存在風險？

Sure. Let me start with the first part of your question, and then Jamie will take the second part. I think what we're going to do, start from the development and the analysis that we have done on where the company is today, what is working and what areas need to be changed. From a strength perspective, I would say that the company has very unique and high-quality assets.

當然。我先回答你問題的第一部分，然後Jamie會回答第二部分。我認為我們要做的是，從我們已完成的發展與分析出發：公司目前處於什麼狀態、哪些在奏效、以及哪些領域需要改變。從優勢面來看，我會說公司擁有非常獨特且高品質的資產。

The combination of the scale that we have, the technologies that we have, some of the key capabilities around risk management, underwriting, the value of the brands and the global presence are very unique assets that are difficult to replicate. At the same time, we operate in markets with high growth, and we have very relevant presence in these markets.

我們具備的規模、技術，以及在風險管理、核保等方面的一些關鍵能力，品牌價值與全球佈局，都是非常獨特且難以複製的資產。同時，我們在高成長市場中營運，並且在這些市場具有非常相關且重要的佈局。

But we also have seen that there are some areas where we need to make some changes. We need to accelerate the modernization of our technology stack, so we can continue to deliver compelling solutions to our customers. We need to rebalance the focus we have in the two-sided network between merchants and consumers.

但我們也看到有一些領域需要做出改變。我們需要加速現代化我們的技術堆疊，才能持續為客戶提供具吸引力的解決方案。我們需要在商家與消費者之間的雙邊網路上，重新平衡我們的重點。

During the last year, we have paid much more attention to merchants, and we need to rebalance that and increase our investment in consumers. We also need to simplify how the company works and reduce the complexities that the current model brings. And on top of that, we clearly have an opportunity to reduce our cost structure, and this is what we are doing.

過去一年，我們把更多注意力放在商家端，而我們需要重新平衡，並增加對消費者端的投資。我們也需要簡化公司的運作方式，降低現行模式帶來的複雜性。此外，我們顯然也有機會降低成本結構，而這正是我們正在做的事。

So based on that, we have built a transformation plan that we are going to be executing. And the plan starts by identifying what are the highest opportunities in the three markets where we operate and investing significantly -- investing behind them and aligning the priorities towards that.

基於此，我們制定了一個將要執行的轉型計畫。該計畫首先是辨識我們所營運的三個市場中最高的機會，並在其背後大幅投資——投入資源並將優先順序對齊到這些機會上。

Second is, as we identify these priorities, they are going to be different for each of the market opportunities. In the PayPal side, it is by continuing to grow and improve the performance of the checkout business. And I mentioned before, the combination of continuing some of the work that we have done until now by also rebalancing the focus on consumer, combining with some of the financial services that have shown us that we can improve the value proposition and identifying the vertical categories where we can offer a more differentiated solution, this will help us to grow.

第二，當我們辨識出這些優先事項後，它們會因各個市場機會而有所不同。在PayPal端，是持續成長並提升結帳業務的表現。我之前提到過，透過延續我們至今所做的一些工作，同時重新平衡對消費者端的重點，並結合那些已證明能提升價值主張的金融服務，再加上辨識我們能提供更差異化解決方案的垂直類別，這將有助於我們成長。

In the case of Venmo, it's about growing our attach rate to financial services and improving ARPU. And in the case of our processing business, it's all about maintaining the growth that we have and continuing to add value-added services.

就Venmo而言，重點在於提高我們對金融服務的附加率並提升ARPU（每用戶平均收入）。而就我們的處理（processing）業務而言，核心在於維持既有成長，並持續增加加值服務。

Third point is really the process to simplify the priorities and define in what areas we're going to focus, in what areas we're going to reduce our focus, which I mentioned before, we will be doing in the coming quarters.

第三點其實是簡化優先事項並界定我們要聚焦在哪些領域、在哪些領域要降低投入的流程；如我先前提到的，我們會在接下來幾個季度進行。

Fourth is about accelerating the process to modernize our technology stack module by module to make sure that in the coming quarters, we really address some of the gaps that we have identified from a technology perspective. Fifth is to complete the reorganization of the company that we have started, simplifying how we work and aligning the work and aligning the priorities to the segments that we have identified.

第四是加速以模組為單位現代化我們的技術堆疊，確保在接下來幾個季度，我們能真正補上從技術角度所辨識出的部分缺口。第五是完成我們已開始的公司重組，簡化工作方式，並將工作與優先事項對齊到我們所辨識的各個分部。

And finally is to complete the execution of the cost program that we have announced today. So it's a very aggressive transformation plan. We think that by executing that, we will be able to improve significantly the performance of the company, and we have started the process now as we have been mentioning in the call today.

最後是完成我們今天宣布的成本計畫的執行。因此這是一個非常積極的轉型計畫。我們認為，透過執行該計畫，我們將能顯著改善公司的表現；而正如我們今天在電話會議中提到的，我們現在已經開始推動這個流程。

Great. And then, Sanjay, with respect to your question on what we're seeing with consumer and some of the impact on growth. I guess, first, what I would say is, we are reiterating our full year guidance. And so we continue to expect slightly positive to low single-digit branded checkout TPV growth. And that's what we've seen so far this year.

很好。接著，Sanjay，關於你問到我們在消費者端看到的情況以及對成長的一些影響。我想首先要說的是，我們重申全年指引。因此，我們仍預期品牌結帳（branded checkout）TPV將呈現小幅正成長到低個位數成長。而這也是我們今年迄今所看到的情況。

Compared to first quarter, as I mentioned, we are seeing some impacts on the travel vertical, but we are very focused on execution. As we get deeper into the second quarter, comps get easier and candidly, in the second half as well. But also, we're laser-focused on our initiatives and really driving improvement there. And we've been prudent, I think, in how we've set our branded checkout guide and our expectation for lower growth this year than last year, and we're confident with where we are today.

相較於第一季，如我提到的，我們在旅遊垂直領域看到一些影響，但我們非常專注於執行。隨著我們更深入第二季，可比基期會變得更容易，坦白說，下半年也是如此。同時，我們也高度聚焦在各項計畫上，真正推動改善。我認為我們在設定品牌結帳指引時相當審慎，並預期今年成長會低於去年；而我們對目前的狀況有信心。

Jason Kupferberg, Wells Fargo.

Jason Kupferberg，富國銀行。

Thank you, guys. Enrique, I wanted to talk about just current product strategy in checkout. I mean you guys have the fully optimized button now. Wondering if you are planning on any big changes there? Do you just feel like there's room to improve the execution of the rollout of the current product? And if we can get an update on the progress of the rollout, that would be great.

謝謝各位。Enrique，我想談談目前在結帳方面的產品策略。我的意思是，你們現在已經有完全優化的按鈕了。想請問你們是否計畫在那方面做任何重大改變？還是你們覺得仍有空間去改善目前產品上線推廣（rollout）的執行？如果可以更新一下推廣進度，那就太好了。

And I would just love your take on how long it might take to actually fully roll out that fully optimized version of the new checkout button, because it seems like that's key to ultimately getting some structural reacceleration in branded volume.

另外我也很想聽聽你對於要花多久才能把新版結帳按鈕的完全優化版本全面推廣的看法，因為看起來那是最終讓品牌交易量出現結構性再加速的關鍵。

Thank you. In the short term, it's all about continued execution of the plans that we had until now. And we have continued to make progress using the same metric we reported in the last couple of quarters. Today, we have the customers, 45% of the non-vaulted customers are already experiencing the simplified pay version. So we have continued to make progress quarter-over-quarter, and the plan is to continue to that in the coming quarters.

謝謝。短期內，重點就是持續把我們到目前為止的計畫執行到位。而我們也持續用過去幾個季度所報告的同一項指標來衡量進展。目前，在未綁定（non-vaulted）的客戶中，已有45%正在體驗簡化付款版本。因此我們持續在每一季都有進展，而計畫是在接下來幾個季度繼續推進。

But it's not only about that. It's also what we have learned is this is one element of the many that we need to do. When we combine our new checkout process with financial services and BNPL, we see also significant improvement and significant acceleration of growth. When we see better marketing and the customers are more attracted to use our button, we see also improvement.

但不僅僅是這樣。我們也學到，這只是我們需要做的眾多事項之一。當我們把新的結帳流程與金融服務及BNPL（先買後付）結合時，我們也看到顯著的改善，以及成長的明顯加速。當我們看到更好的行銷、客戶更願意使用我們的按鈕時，我們也看到改善。

So we need to continue to build end-to-end plans to make sure that we improve across the board, and this is what you're going to see us doing. And this is why execution is going to be so critical for us. It's not only about what we bring to market, it's about how do we maximize the value from it by having all the different functions and groups of the company focused on it.

因此我們需要持續建立端到端的計畫，確保我們在各方面全面提升，而這就是你們將看到我們去做的事。也因此，執行對我們會非常關鍵。不只是我們把什麼帶到市場上，更是我們如何透過讓公司內各種不同職能與團隊聚焦其上，來最大化其價值。

Tien-Tsin Huang, JPMorgan.

Tien-Tsin Huang，摩根大通。

Good morning. Thank you. I want to ask about modernizing the tech platform and becoming a tech company again. Does this include platform consolidation specifically? I'm asking because modernizing the tech stack brings with it, obviously, a lot of risks. And I know you appreciate that, Enrique, given where you're coming from. So what's your assessment on the risk of modernizing?

早安。謝謝。我想問關於現代化技術平台、以及再次成為一家科技公司的部分。這是否特別包含平台整併（platform consolidation）？我之所以這樣問，是因為現代化技術堆疊顯然會伴隨很多風險。而我知道你會理解這點，Enrique，考量到你的背景。所以你對現代化的風險評估是什麼？

Why it hasn't been done already? And how integrated or distinct are the technology stacks across the three businesses? If you can detail that as well, that would be great.

為什麼到現在還沒有做？另外，這三個業務的技術堆疊之間整合程度如何，或是彼此有多麼區隔？如果你也能詳細說明，那就太好了。

Thank you. So the process we have started to go and modernize the tech platform module by module. And as we do that, drive integration or complete integration in some cases across the three businesses. As you said, all these changes have some risk.

謝謝。所以我們已經開始逐個模組推進技術平台的現代化。並且在這個過程中，推動三個業務之間的整合——在某些情況下是完全整合。如你所說，這些變更都伴隨一定風險。

But on the other side, we have a very competent team, and this is a process that has already started. I think one of the key differences will be that we are going to be investing in making that happen. And this is why the cost structural savings that we have announced today are going to be so critical. They will be helping us to make these investments possible, because we think it's critical for us to do that, for the company to continue to succeed and for the company to continue to grow.

但另一方面，我們有一支非常有能力的團隊，而且這個流程已經啟動。我認為其中一個關鍵差異在於，我們將投入資金來促成這件事。這也是為什麼我們今天宣布的成本結構性節省將會如此關鍵。它們將幫助我們讓這些投資成為可能，因為我們認為這對我們至關重要，能讓公司持續成功並持續成長。

Dan Perlin, RBC Capital Markets.

Dan Perlin，RBC Capital Markets。

Thanks. Enrique, I wanted to just kind of turn back a minute to the commentary around the consumer side kind of in multiple parts of the prepared remarks and even through kind of answering some questions, it sounds like there was a deficiency relative to the merchant side of the network to being focused on this consumer side.

謝謝。Enrique，我想稍微回到你在事先準備的發言中多次提到、以及在回答一些問題時也提到的消費者端相關評論。聽起來相較於網路的商戶端，對消費者端的關注似乎有所不足。

And what I'm wondering is, as you were on your listening tour, really talking with merchants, do you feel like they were telling you that they didn't have the conviction, that maybe you had that level of engagement with the consumer, and therefore, you feel like you need to make bigger investments there? Or is there another angle to that?

我想問的是，當你在進行傾聽之旅、真正與商戶交流時，你是否覺得他們在告訴你：他們缺乏信心，認為你們在消費者端的互動程度不夠，因此你覺得需要在那裡做更大的投資？還是有其他角度？

I think it's a combination of what I heard from merchants, but also what I saw happening in the countries and what I saw happening in the front line. And I think it's not so much that we will focus less on merchants. It's about how do we improve the value proposition we offer to consumers and how we improve, how we communicate that, and how do we make it more visible.

我認為這是我從商戶那裡聽到的內容、以及我在各國看到的情況和我在第一線看到的情況的綜合。而且我認為並不是說我們會減少對商戶的關注。而是我們要如何提升我們提供給消費者的價值主張，以及如何改善我們的溝通方式，並讓它更可見。

And I saw that as we -- because if I think about what has happened during the last few quarters, we have launched a lot of great innovation to market, but we haven't had enough effort, enough investment in the countries to make it real. And we have moved to launch the next version before really maximizing the value that we got from what we were launching.

我看到的是——如果我回想過去幾個季度發生的事，我們推出了很多很棒的創新到市場上，但我們在各國投入的努力與投資不足，沒有把它真正落地。而且在尚未充分最大化我們所推出產品的價值之前，我們就轉而推出下一個版本。

And let me use an example. In Germany, a few months ago, we launched a fantastic solution leveraging NFC. We launched the solution. It had great initial reception. And then we didn't invest enough for it to be adopted broadly by consumers.

我舉個例子。在德國，幾個月前我們推出了一個運用 NFC 的極佳解決方案。我們推出了這個方案。初期反應非常好。但之後我們沒有投入足夠資源，讓它能被消費者廣泛採用。

And by consumers adopting us, the impact on merchants would have been very positive, but we just didn't have the effort, the focus, the team, the investment to make it happen. So this is an example of the type of things you will see us doing. And this is what we mean by rebalancing the focus we put on the two-sided network, because if consumers perceive a stronger value proposition, they will transact with PayPal when they buy something from merchants.

如果消費者採用我們，對商戶的影響會非常正面，但我們就是缺乏足夠的努力、聚焦、團隊與投資去促成這件事。所以這就是你們會看到我們去做的那類事情的例子。這也就是我們所說的重新平衡我們在雙邊網路上的關注重點：因為如果消費者感受到更強的價值主張，他們在向商戶購買商品時就會使用 PayPal 進行交易。

Sarah, we have time for one last question.

Sarah，我們還有時間再問最後一個問題。

Bryan Keane, Citi.

Bryan Keane，花旗。

Good morning, guys, and thanks for fitting it in. Enrique, when you think about the merchant specifically in your conversations, do you think -- how aggressive will you guys be in sunsetting platforms and forcing them on to the new technology in order to help reduce friction? Kind of that's question one.

各位早安，謝謝讓我插入提問。Enrique，當你在對話中專門談到商戶時，你認為——你們在淘汰舊平台、並推動他們轉到新技術以降低摩擦方面，會有多積極？這是第一個問題。

And then the second part of that is, what about -- a lot of investors are asking about the price. Is the price too high? Can you lower price for PayPal in order to drive faster branded volumes?

第二部分是，很多投資人都在問價格。價格是不是太高？你們能否降低 PayPal 的價格，以推動品牌交易量更快成長？

Yes. So in the last two months, I have had many, many conversations with merchants. And one of the key things I have learned is, with all of them, we have opportunities to improve our solution and to complete our solution addressing specific needs.

是的。在過去兩個月，我與商戶進行了非常非常多的對話。我學到的一個關鍵點是：對所有商戶而言，我們都有機會改進我們的解決方案，並補齊我們的方案以滿足特定需求。

And whether this is a merchant in the travel space that needs help in cross-border selling and cross-border activities, or a merchant in the retail side that needs help with customers that buy and return and that we can help to reduce the returns because of the data that we have, we have a lot of opportunities to improve the value of our products and do it in a way that we can replicate it across multiple merchants. So the opportunity is clearly there. And again, in every conversation, I have seen it.

不論是旅遊領域的商戶需要我們在跨境銷售與跨境活動方面提供協助，或是零售端的商戶需要我們協助處理「購買與退貨」的客戶情境，而我們也能利用我們掌握的數據來幫助降低退貨率——我們都有很多機會提升產品價值，並以可在多個商戶間複製的方式來做到。所以機會顯然存在。而且再次強調，在每一次對話中我都看到了這一點。

To do that, we need to complete the modernization of our technology platform, as we have been saying. And to do that, merchants will have to move to the new platforms, and we will do that in a way that we minimize the work and the effort that it will take from them whenever it will be possible. But to continue to improve the solution, we will have to drive and move to the new platforms.

要做到這些，我們需要完成技術平台的現代化，正如我們一直在說的。而要做到這點，商戶將必須遷移到新平台；我們會以盡可能減少他們所需工作量與投入的方式來推進，只要可行就會這麼做。但若要持續改進解決方案，我們就必須推動並遷移到新平台。

But I think the key message is really the opportunity that we see, the opportunity that merchants are telling us we have, and the fact that by doing that, we will have an opportunity to also offering additional services that will help us from a margin perspective and to compensate potential price pressure that we will have in the more commoditized business. The answer is about adding the incremental value-added services, which is what we are going to be doing during the coming quarters.

但我認為關鍵訊息其實是：我們所看到的機會、商戶告訴我們我們擁有的機會，以及透過這麼做，我們也將有機會提供額外服務，從毛利角度幫助我們，並抵消在更商品化業務中可能面臨的價格壓力。答案在於增加額外的加值服務，而這正是我們在接下來幾個季度要做的事。

Enrique, any final thoughts?

Enrique，最後還有什麼想法嗎？

Well, first of all, thank you, everybody, for your questions. And as we have discussed today, we have both strong assets, a clear opportunity and a path forward that is grounded in improving our execution. Our focus now is to deliver. And I really look forward to continue to update all of you in the coming quarters, especially as we report our second quarter results in late July. Thank you.

首先，謝謝各位的提問。正如我們今天討論的，我們同時擁有強大的資產、明確的機會，以及一條以提升執行力為基礎的前進路徑。我們現在的重點是交付成果。我也非常期待在接下來幾個季度持續向各位更新，特別是在我們於七月下旬公布第二季業績時。謝謝。

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

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。