ペイパルは2024年第3四半期の業績を報告しました
ペイパルは強力な第3四半期の業績とフルイヤーのガイダンスを発表しました
2024年10月29日、カリフォルニア州サンノゼ - PayPal Holdings, Inc.（ナスダック：PYPL）は、2024年9月30日に終了した第三四半期の業績を発表しました。
「ペイパルは非常に生産性の高い第3四半期に強力な財務・運営成績を達成しました。市場に新しいイノベーションを提供し、主要な商業企業と重要なパートナーシップを結び、新しいマーケティングキャンペーンを通じて認知と参加を促進する中で、私たちは変革において着実な進展を遂げています。」
私たちは当社のフルイヤーの非GAAPガイダンスを引き上げ、ビジネス全体で見ている強さに満足しています。この過去の1年間にしっかりとした基盤を築き、これからの年に役立つでしょう。
アレックス・クリス
社長兼CEO
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3Q'24年の財務結果
•総収益は78億ドルで6%増加し、ニュートラルで6%増加しました（FXN）です。
•取引収益は8%増の37億ドルに上昇しました。
•GAAPの営業利益は19%増の14億ドルに増加しました；非GAAP1 営業利益は18%増の15億ドルに増加しました。
•GAAP営業利益率は198ベーシスポイント拡大して17.7％に増加しました；非GAAP営業利益率は194ベーシスポイント拡大して18.8％に増加しました。
•GAAP eps は6％増の0.99ドルとなりました2; 非GAAP eps は22％増の1.20ドルとなりました。
3Q'24の業績結果
•総支払い出来高は4226億ドルに増加し、9%増のFXNです。
•支払い取引は６％増の６６億円に増加しました。
•口座ごとの過去12か月間の支払取引が9%増の61.4に増加しました。
•アクティブアカウントは0.9％増の43200万に増加しました。シーケンシャルベースで、アクティブアカウントは0.6％増加し、260万人増加しました。
キャッシュフロー
•運用キャッシュフローは$16億であり、フリーキャッシュフローは$14億です。
•調整後のフリーキャッシュフローは15億ドルで、これには発生したヨーロッパの買い物は今買って、後で支払う（BNPL）債権とこれらの債権の売却との間の正味のタイミング影響が除外されています。
貸借対照表と流動性
•2024年9月30日時点で、現金、現金同等物、および投資は総額162億ドルでした。
•2024年9月30日時点で負債総額は124億ドルとなりました。
•約28ドルを買い戻して、18億ドルを株主に還元しました 百万株の普通株式。
・過去12か月の追跡ベースで、約8700万株の普通株式を買い戻すことにより、株主に54億ドルを還元しました。
 | 「財務パフォーマンスの非GAAP指標」と、このプレスリリースの最後の表は、非GAAP財務指標を最も直接的に比較可能なGAAP財務指標に調整する情報を提供しています。 3Q'24 GAAP EPSには、PayPalの戦略的投資ポートフォリオからの約$0.14のマイナスの影響が含まれており、これは3Q'23の約$0.02のプラスの影響と比較されます。 | 3Q 2024の結果 | 1 | ||||||||
3Q'24年の財務結果
| 百万単位で表示され、1株当たりのデータやパーセンテージを除く | 3Q'24 | 3Q'23 | 前年比 成長 | FXN 年間比成長率 | ||||||||||
合計支払いボリューム | $422,641 | $387,701 | 9% | 9% | ||||||||||
| 米国会計原則 | ||||||||||||||
| 純売上高 | $7,847 | $7,418 | 6% | |||||||||||
| Transaction margin dollars | $3,654 | $3,369 | 8% | |||||||||||
| 営業利益 | $1,391 | $1,168 | 19% | |||||||||||
| 営業利益率 | 17.7% | 15.7% | 198bps | |||||||||||
| 有効税率 | 23.0% | 17.8% | 5.2pts | |||||||||||
| 当期純利益 | $1,010 | $1,020 | (1%) | |||||||||||
希薄化後の1株当たりの利益 | $0.99 | $0.93 | 6% | |||||||||||
営業活動によるキャッシュフロー | $1,614 | $1,259 | 28% | |||||||||||
| 非GAAP | ||||||||||||||
| 純売上高 | $7,847 | $7,418 | 6% | 6% | ||||||||||
| 取引利益ドル | $3,654 | $3,369 | 8% | |||||||||||
| 営業利益 | $1,477 | $1,252 | 18% | |||||||||||
| 営業利益率 | 18.8% | 16.9% | 194ベーシスポイント | |||||||||||
| 有効税率 | 21.7% | 17.2% | 4.5pts | |||||||||||
| 当期純利益 | $1,228 | $1,077 | 14% | |||||||||||
希薄化後の1株当たりの利益 | $1.20 | $0.98 | 22% | |||||||||||
フリーキャッシュフロー | $1,445 | $1,101 | 31% | |||||||||||
調整後フリーキャッシュフロー | $1,540 | $1,911 | (19%) | |||||||||||
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財務指針
| 百万単位で表示されており、1株当たりのデータや割合を除きます | 2024年10月 ガイダンス | 2024年7月 ガイダンス | 前年 期間 | |||||||||||
4Q'24 | ||||||||||||||
| 売上高 | 低い単桁成長 価値戦略と収益成長の優先順位の影響を反映 | 該当なし | $8,026 | |||||||||||
| GAAP EPS | $1.03 - $1.07 | 見込み: 約$1.052 | $1.29 | |||||||||||
GAAPと非GAAPの財務指標の詳細な調整表は、このプレスリリースの最後に掲載されています。1 | 低いから中への単桁減少 主要な取り組みと新製品をサポートするための高額なマーケティング支出を反映 | 暗示: 中一桁の減少2 | $1.14 | |||||||||||
売上高'24 | ||||||||||||||
GAAP EPS3 | $3.92 - $3.96 | $3.88 - $3.98 | $3.84 | |||||||||||
| GAAPと非GAAPの財務指標の詳細な調整表は、このプレスリリースの最後に掲載されています。 | 高ティーン成長 | 低から中ティーン成長 | $3.83 | |||||||||||
「Non-GAAP Financial Measures」と「Non-GAAP Measures of Financial Performance」をご覧ください。これには、非 GAAP 金融指標を最も直接の GAAP 金融指標に調整するための調整および重要な追加情報が含まれます。
| 2024年12月31日までの3か月間の非GAAP金額の見積もりは、およそ5000万ドルの調整を反映しています。 2024年7月30日に提供された第3四半期のガイダンスの中間点と2024年度のガイダンスに基づいた前向きなイマイド4Q'24事前ガイダンス。 2023年、GAAP EPSにはHappy Returnsの売却益から約0.24ドルとペイパルの戦略投資ポートフォリオから約0.14ドルの肯定的な影響が含まれています。 | 3Q 2024の結果 | 2 | ||||||||
カンファレンスコール＆ウェブキャスト
PayPal Holdings, Inc.は、本日午前8:00に東部時間で2024年第3四半期の結果についての会議用のコールを開催します。会社の投資家向けウェブサイトhttps://investor.pypl.comから、一緒にサプリメンタルな財務情報や一部の非GAAP指標をGAAP指標に直接比較する調整についてのスライドプレゼンテーション付きの会議のライブウェブキャストを視聴することができます。また、ウェブキャストのアーカイブは、同じリンクを通じて90日間アクセス可能です。
開示チャンネル
PayPal Holdings, Inc.は、会社に関する情報を開示し、Regulation FDに基づく開示義務を遵守する手段として、以下のチャネルを使用しています。
•投資家向けのウェブサイト（https://investor.pypl.com）
•ペイパルニュースルーム（https://newsroom.paypal-corp.com/）
•ペイパル 社のウェブサイト（https://about.pypl.com）
•LinkedInページ（https://www.linkedin.com/company/paypal）
•Facebookページ（https://www.facebook.com/PayPalUSA/）
•YouTubeチャンネル（https://www.youtube.com/ペイパル）
•Alex ChrissのLinkedInプロフィール（https://www.linkedin.com/in/alexchriss/）
•アレックス・クリスのXプロフィール（https://x.com/acce）
•ジェイミー・ミラーのLinkedInプロフィール（https://www.linkedin.com/in/jamiesmiller/）
•Steven Winoker氏のLinkedInプロフィール（https://www.linkedin.com/in/steven-winoker-0764548/）
これらのチャンネルを通じて投稿された情報は重要と見なされる可能性があります。そのため、投資家は、ペイパルのプレスリリース、証券取引委員会（"SEC"）、公開会議の電話会議、およびウェブキャストに加えて、これらのチャンネルを監視すべきです。
ペイパルについて
ペイパルは25年以上にわたって商取引をグローバルに革新してきました。同社は、お金の移動、売買、買い物をシンプルで個人に合わせた安全な体験にしています。ペイパルは約200の市場で消費者やビジネスに力を与え、グローバル経済に参加し成長できるよう支援しています。
プレゼント
全セクターの成長率は、それ以外に注釈がある場合を除き、前年比で表されます。FXNの結果は、現在の期間の地域通貨の結果を前期の為替レートで換算して計算されます。FXNの成長率は、現在の期間のFXNの結果を前期の結果と比較して計算されますが、避けられないヘッジ取引の影響を除きます。表の金額は、特記がない限り、最も近い百万ドルに丸められた米ドルで表示されます。その結果、一部の金額や率は提供される丸められたドル金額を使用して合計や再計算されない場合があります。
非GAAP財務指標
このプレスリリースには、SECによって「非GAAP財務指標」と定義される財務指標が含まれています。これには次のものが含まれます：非GAAP当期純利益、希薄化後eps、非GAAP営業利益、非GAAP営業利益率、非GAAP法人税率、フリーキャッシュフロー、および調整後フリーキャッシュフロー。上記の非GAAP指標の説明については、このプレスリリースに含まれる「財務パフォーマンスの非GAAP指標」を参照してください。これらの指標は他社が使用する非GAAP財務指標と異なる場合があります。広範な会計規則や原則に基づいて準備されていないこの財務情報の提示は、一般的に受け入れられている会計原則（GAAP）に従って準備および提示された財務情報を単独で考慮したり、代用として考慮されることを意図していません。これらの非GAAP財務指標を最も直接比較可能なGAAP指標に調整するには、「財務パフォーマンスの非GAAP指標」、「GAAP営業利益を非GAAP営業利益への調整およびGAAP営業利益率を非GAAP営業利益率への調整」、「GAAP当期純利益（損失）を非GAAP当期純利益に、GAAP希薄化後epsを非GAAP希薄化後epsに、GAAP法人税率を非GAAP法人税率に調整する」、「営業キャッシュフローをフリーキャッシュフローおよび調整後フリーキャッシュフローへの調整」を参照してください。
| 3Q 2024の結果 | 3 | |||||||||
前向きな声明
このプレスリリースには、ペイパルホールディングス株式会社およびその連結子会社（以下、「ペイパル」という）の今後の業績、財務状況、期待および計画に関する前向きな見通しに関する記述が含まれており、これらはペイパルの現在の予測と予想を反映しています。前向きな見通しには、「may」「will」「would」「should」「could」「expect」「anticipate」「believe」「estimate」「intend」「continue」「strategy」「future」「opportunity」「plan」「project」「forecast」といった言葉によって特定されることがあります。前向きな見通しには、第4四半期および2024年通期のガイダンスと予測される財務結果、資本還元プログラム、製品のローンチや買収のタイミングおよび影響、およびペイパルの事業の将来の成長などに関する記述が含まれる場合があります。前向きな見通しは、本プレスリリースの日付に知られている情報およびペイパルが行ったさまざまな推定および仮定に基づいており、数多くのリスクおよび不確実性に本質的にさらされています。実際の結果は、前向きな見通しによって推定されたり暗示されたりする結果とは大きく異なる可能性があります。これに影響を与える要因としては、高度に競争が激しく急速な技術変化がある市場で競争し、製品やサービスを適時に開発・提供する能力、サイバーアタックやセキュリティ上の脆弱性、およびそれに関連する影響、軍事紛争を含めた地域政治、経済、市場および取引条件、サプライチェーンの問題などが支払いや商取引活動に影響を及ぼす出来事、インフレーションや金利を含む影響、グローバルおよび地域の政治、経済、市場、取引条件、軍事紛争、サプライチェーンの問題およびこれに関連する事象の影響、グローバルなパンデミックなどの災害的な出来事の影響などが挙げられます。詳細については、リリース日以降に発表または検討されるかもしれない買収や売却の潜在的な影響は含まれていません。ペイパルの業績、財務状況および見通しに悪影響を及ぼす可能性のある要因、または前向きな見通しで示された内容と異なる可能性のある実際の結果の詳細については、ペイパルの最新の年次報告書（Form 10-K）およびその後の四半期報告書（Form 10-Q）で、「リスク要因」「訴訟」「財務状態および業績に関する経営陣による議論」の見出して見出して見出で見出ル部分をご覧いただくか、ペイパルの投資家向けウェブサイト（https://investor.pypl.com）またはSECのウェブサイト（www.sec.gov）をご覧ください。本リリースの情報は、2024年10月29日時点でのものです。上述の理由により、このプレスリリースでの前向きな見通しに過度な依存を置くべきではありません。ペイパルは、このような前向きな見通しを更新する義務を負いません。
Contacts Investor Relations Media Relations
investorrelations@paypal.com mediarelations@paypal.com
© 2024 PayPal Holdings, Inc. All rights reserved.
| 3Q 2024 Results | 4 | |||||||||
PayPal Holdings, Inc.
Unaudited Condensed Consolidated Balance Sheets
| September 30, 2024 | December 31, 2023 | ||||||||||
| (In millions, except par value) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 7,272 | $ | 9,081 | |||||||
| Short-term investments | 4,647 | 4,979 | |||||||||
| Accounts receivable, net | 1,038 | 1,069 | |||||||||
| Loans and interest receivable, held for sale | 471 | 563 | |||||||||
| Loans and interest receivable, net | 6,003 | 5,433 | |||||||||
| Funds receivable and customer accounts | 39,182 | 38,935 | |||||||||
| Prepaid expenses and other current assets | 4,060 | 2,509 | |||||||||
| Total current assets | 62,673 | 62,569 | |||||||||
| Long-term investments | 4,282 | 3,273 | |||||||||
| Property and equipment, net | 1,496 | 1,488 | |||||||||
| Goodwill | 10,996 | 11,026 | |||||||||
| Intangible assets, net | 393 | 537 | |||||||||
| Other assets | 3,671 | 3,273 | |||||||||
| Total assets | $ | 83,511 | $ | 82,166 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 165 | $ | 139 | |||||||
| Funds payable and amounts due to customers | 41,182 | 41,935 | |||||||||
| Accrued expenses and other current liabilities | 8,921 | 6,392 | |||||||||
| Total current liabilities | 50,268 | 48,466 | |||||||||
| Other long-term liabilities | 3,093 | 2,973 | |||||||||
| Long-term debt | 9,976 | 9,676 | |||||||||
| Total liabilities | 63,337 | 61,115 | |||||||||
| Equity: | |||||||||||
Common stock, $0.0001 par value; 4,000 shares authorized; 1,006 and 1,072 shares outstanding as of September 30, 2024 and December 31, 2023, respectively | — | — | |||||||||
Preferred stock, $0.0001 par value; 100 shares authorized, unissued | — | — | |||||||||
Treasury stock at cost, 322 and 245 shares as of September 30, 2024 and December 31, 2023, respectively | (25,851) | (21,045) | |||||||||
| Additional paid-in-capital | 20,426 | 19,642 | |||||||||
| Retained earnings | 26,226 | 23,200 | |||||||||
| Accumulated other comprehensive income (loss) | (627) | (746) | |||||||||
| Total equity | 20,174 | 21,051 | |||||||||
| Total liabilities and equity | $ | 83,511 | $ | 82,166 | |||||||
| 3Q 2024 Results | 5 | |||||||||
PayPal Holdings, Inc.
Unaudited Condensed Consolidated Statements of Income (Loss)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||||||||
| Net revenues | $ | 7,847 | $ | 7,418 | $ | 23,431 | $ | 21,745 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Transaction expense | 3,841 | 3,603 | 11,700 | 10,427 | |||||||||||||||||||
| Transaction and credit losses | 352 | 446 | 1,008 | 1,286 | |||||||||||||||||||
Customer support and operations (1) | 427 | 474 | 1,317 | 1,454 | |||||||||||||||||||
Sales and marketing (1) | 508 | 442 | 1,375 | 1,343 | |||||||||||||||||||
Technology and development (1) | 746 | 739 | 2,206 | 2,203 | |||||||||||||||||||
General and administrative (1) | 519 | 507 | 1,553 | 1,505 | |||||||||||||||||||
Restructuring and other(1) | 63 | 39 | 388 | 227 | |||||||||||||||||||
| Total operating expenses | 6,456 | 6,250 | 19,547 | 18,445 | |||||||||||||||||||
| Operating income | 1,391 | 1,168 | 3,884 | 3,300 | |||||||||||||||||||
| Other income (expense), net | (80) | 73 | 35 | 318 | |||||||||||||||||||
| Income before income taxes | 1,311 | 1,241 | 3,919 | 3,618 | |||||||||||||||||||
| Income tax expense | 301 | 221 | 893 | 774 | |||||||||||||||||||
| Net income (loss) | $ | 1,010 | $ | 1,020 | $ | 3,026 | $ | 2,844 | |||||||||||||||
| Net income (loss) per share: | |||||||||||||||||||||||
| Basic | $ | 1.00 | $ | 0.93 | $ | 2.91 | $ | 2.56 | |||||||||||||||
| Diluted | $ | 0.99 | $ | 0.93 | $ | 2.89 | $ | 2.55 | |||||||||||||||
| Weighted average shares: | |||||||||||||||||||||||
| Basic | 1,015 | 1,094 | 1,040 | 1,111 | |||||||||||||||||||
| Diluted | 1,024 | 1,098 | 1,048 | 1,115 | |||||||||||||||||||
(1) Includes stock-based compensation as follows: | |||||||||||||||||||||||
| Customer support and operations | $ | 50 | $ | 79 | $ | 173 | $ | 227 | |||||||||||||||
| Sales and marketing | 30 | 44 | 108 | 132 | |||||||||||||||||||
| Technology and development | 111 | 156 | 366 | 453 | |||||||||||||||||||
| General and administrative | 81 | 115 | 257 | 315 | |||||||||||||||||||
| Restructuring and other | 28 | — | 88 | — | |||||||||||||||||||
| $ | 300 | $ | 394 | $ | 992 | $ | 1,127 | ||||||||||||||||
| 3Q 2024 Results | 6 | |||||||||
PayPal Holdings, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||||||
| Net income (loss) | $ | 1,010 | $ | 1,020 | $ | 3,026 | $ | 2,844 | |||||||||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||
| Transaction and credit losses | 352 | 446 | 1,008 | 1,286 | |||||||||||||||||||
| Depreciation and amortization | 255 | 270 | 783 | 809 | |||||||||||||||||||
| Stock-based compensation | 284 | 379 | 947 | 1,087 | |||||||||||||||||||
| Deferred income taxes | (21) | (293) | 8 | (439) | |||||||||||||||||||
| Net (gains) losses on strategic investments | 171 | (24) | 226 | (205) | |||||||||||||||||||
| Accretion of discounts on investments, net of amortization of premiums | (93) | (103) | (290) | (265) | |||||||||||||||||||
| Adjustments to loans and interest receivable, held for sale | 28 | 15 | 92 | 49 | |||||||||||||||||||
| Other | (96) | 112 | (138) | (2) | |||||||||||||||||||
| Originations of loans receivable, held for sale | (6,108) | (4,184) | (17,173) | (5,705) | |||||||||||||||||||
| Proceeds from repayments and sales of loans receivable, originally classified as held for sale | 5,984 | 3,374 | 17,159 | 3,676 | |||||||||||||||||||
| Changes in assets and liabilities: | |||||||||||||||||||||||
| Accounts receivable | (51) | (71) | 31 | (35) | |||||||||||||||||||
| Accounts payable | 35 | 6 | 24 | (6) | |||||||||||||||||||
| Other assets and liabilities | (136) | 312 | (647) | (865) | |||||||||||||||||||
| Net cash provided by operating activities | 1,614 | 1,259 | 5,056 | 2,229 | |||||||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||||||
| Purchases of reverse repurchase agreements | (148) | — | (299) | — | |||||||||||||||||||
| Maturities of reverse repurchase agreements | 75 | — | 226 | — | |||||||||||||||||||
| Purchases of property and equipment | (169) | (158) | (480) | (478) | |||||||||||||||||||
| Proceeds from sales of property and equipment | — | 4 | — | 44 | |||||||||||||||||||
| Purchases and originations of loans receivable | (5,413) | (4,635) | (15,374) | (19,802) | |||||||||||||||||||
| Proceeds from repayments and sales of loans receivable, originally classified as held for investment | 4,945 | 5,329 | 14,705 | 21,319 | |||||||||||||||||||
| Purchases of investments | (4,815) | (4,452) | (20,819) | (14,975) | |||||||||||||||||||
| Maturities and sales of investments | 6,938 | 5,368 | 21,179 | 16,110 | |||||||||||||||||||
| Funds receivable | 1,519 | (1,775) | 152 | (1,016) | |||||||||||||||||||
| Collateral posted related to derivative instruments, net | (133) | 19 | (58) | 8 | |||||||||||||||||||
| Other | — | (7) | (100) | 76 | |||||||||||||||||||
| Net cash provided by (used in) investing activities | 2,799 | (307) | (868) | 1,286 | |||||||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||||||||
| Borrowings from repurchase agreements | 466 | — | 656 | — | |||||||||||||||||||
| Repayments of repurchase agreements | (466) | — | (656) | — | |||||||||||||||||||
| Proceeds from issuance of common stock | — | — | 55 | 82 | |||||||||||||||||||
| Purchases of treasury stock | (1,776) | (1,434) | (4,778) | (4,395) | |||||||||||||||||||
| Tax withholdings related to net share settlements of equity awards | (41) | (25) | (271) | (225) | |||||||||||||||||||
| Borrowings under financing arrangements | 132 | 109 | 1,546 | 829 | |||||||||||||||||||
| Repayments under financing arrangements | — | — | (411) | (942) | |||||||||||||||||||
| Funds payable and amounts due to customers | (733) | 1,301 | (771) | (1,277) | |||||||||||||||||||
| Collateral received related to derivative instruments and reverse purchase agreements, net | (71) | 110 | (1) | (65) | |||||||||||||||||||
| Other | (40) | — | (60) | — | |||||||||||||||||||
| Net cash (used in) provided by financing activities | (2,529) | 61 | (4,691) | (5,993) | |||||||||||||||||||
| 3Q 2024 Results | 7 | |||||||||
PayPal Holdings, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows—(continued)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 192 | (45) | 103 | (95) | |||||||||||||||||||
| Net change in cash, cash equivalents, and restricted cash | 2,076 | 968 | (400) | (2,573) | |||||||||||||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 19,358 | 15,615 | 21,834 | 19,156 | |||||||||||||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 21,434 | $ | 16,583 | $ | 21,434 | $ | 16,583 | |||||||||||||||
| Supplemental cash flow disclosures: | |||||||||||||||||||||||
| Cash paid for interest | $ | 2 | $ | — | $ | 168 | $ | 167 | |||||||||||||||
| Cash paid for income taxes, net | $ | 153 | $ | 152 | $ | 975 | $ | 1,058 | |||||||||||||||
| 3Q 2024 Results | 8 | |||||||||
PayPal Holdings, Inc.
Unaudited Summary of Consolidated Net Revenues
Our revenues are classified into the following two categories:
•Transaction revenues: Net transaction fees charged to merchants and consumers on a transaction basis based on the Total Payment Volume (“TPV”) completed on our payments platform. Growth in TPV is directly impacted by the number of payment transactions that we enable on our payments platform. We generate additional revenue from merchants and consumers: on transactions where we perform currency conversion, when we enable cross-border transactions (i.e., transactions where the merchant and consumer are in different countries), to facilitate the instant transfer of funds for our customers from their PayPal or Venmo account to their bank account or debit card, to facilitate the purchase and sale of cryptocurrencies, as contractual compensation from sellers that violate our contractual terms (for example, through fraud or counterfeiting), and other miscellaneous fees.
•Revenues from other value added services: Net revenues derived primarily from revenue earned through partnerships, referral fees, subscription fees, gateway fees, and other services we provide to our merchants and consumers. We also earn revenues from interest and fees earned on our portfolio of loans receivable, and interest earned on certain assets underlying customer balances.
| Net Revenues by Type | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| (In millions, except percentages) | |||||||||||||||||||||||||||||
| Transaction revenues | $ | 7,067 | $ | 7,153 | $ | 7,034 | $ | 7,283 | $ | 6,654 | |||||||||||||||||||
| Current quarter vs prior quarter | (1) | % | 2 | % | (3) | % | 9 | % | 1 | % | |||||||||||||||||||
| Current quarter vs prior year quarter | 6 | % | 9 | % | 11 | % | 9 | % | 7 | % | |||||||||||||||||||
| Percentage of total | 90 | % | 91 | % | 91 | % | 91 | % | 90 | % | |||||||||||||||||||
| Revenues from other value added services | $ | 780 | $ | 732 | $ | 665 | $ | 743 | $ | 764 | |||||||||||||||||||
| Current quarter vs prior quarter | 7 | % | 10 | % | (10) | % | (3) | % | 5 | % | |||||||||||||||||||
| Current quarter vs prior year quarter | 2 | % | — | % | (2) | % | 9 | % | 25 | % | |||||||||||||||||||
| Percentage of total | 10 | % | 9 | % | 9 | % | 9 | % | 10 | % | |||||||||||||||||||
| Total net revenues | $ | 7,847 | $ | 7,885 | $ | 7,699 | $ | 8,026 | $ | 7,418 | |||||||||||||||||||
| Current quarter vs prior quarter | — | % | 2 | % | (4) | % | 8 | % | 2 | % | |||||||||||||||||||
| Current quarter vs prior year quarter | 6 | % | 8 | % | 9 | % | 9 | % | 8 | % | |||||||||||||||||||
| Net Revenues by Geography | Three Months Ended | ||||||||||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| (In millions, except percentages) | |||||||||||||||||||||||||||||
| U.S. net revenues | $ | 4,518 | $ | 4,550 | $ | 4,467 | $ | 4,639 | $ | 4,257 | |||||||||||||||||||
| Current quarter vs prior quarter | (1) | % | 2 | % | (4) | % | 9 | % | 1 | % | |||||||||||||||||||
| Current quarter vs prior year quarter | 6 | % | 8 | % | 8 | % | 8 | % | 7 | % | |||||||||||||||||||
| Percentage of total | 58 | % | 58 | % | 58 | % | 58 | % | 57 | % | |||||||||||||||||||
| International net revenues | $ | 3,329 | $ | 3,335 | $ | 3,232 | $ | 3,387 | $ | 3,161 | |||||||||||||||||||
| Current quarter vs prior quarter | — | % | 3 | % | (5) | % | 7 | % | 3 | % | |||||||||||||||||||
| Current quarter vs prior year quarter | 5 | % | 8 | % | 12 | % | 10 | % | 10 | % | |||||||||||||||||||
| (FXN) Current quarter vs prior year quarter | 6 | % | 10 | % | 14 | % | 12 | % | 11 | % | |||||||||||||||||||
| Percentage of total | 42 | % | 42 | % | 42 | % | 42 | % | 43 | % | |||||||||||||||||||
| Total net revenues | $ | 7,847 | $ | 7,885 | $ | 7,699 | $ | 8,026 | $ | 7,418 | |||||||||||||||||||
| Current quarter vs prior quarter | — | % | 2 | % | (4) | % | 8 | % | 2 | % | |||||||||||||||||||
| Current quarter vs prior year quarter | 6 | % | 8 | % | 9 | % | 9 | % | 8 | % | |||||||||||||||||||
| (FXN) Current quarter vs prior year quarter | 6 | % | 9 | % | 10 | % | 9 | % | 9 | % | |||||||||||||||||||
| 3Q 2024 Results | 9 | |||||||||
PayPal Holdings, Inc.
Unaudited Supplemental Operating Data
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||||||||||||||||||||||
| (In millions, except percentages) | |||||||||||||||||||||||||||||
Active accounts(1) | 432 | 429 | 427 | 426 | 428 | ||||||||||||||||||||||||
| Current quarter vs prior quarter | 1 | % | — | % | — | % | (1) | % | (1) | % | |||||||||||||||||||
| Current quarter vs prior year quarter | 1 | % | — | % | (1) | % | (2) | % | (1) | % | |||||||||||||||||||
Number of payment transactions(2) | 6,631 | 6,580 | 6,505 | 6,798 | 6,275 | ||||||||||||||||||||||||
| Current quarter vs prior quarter | 1 | % | 1 | % | (4) | % | 8 | % | 3 | % | |||||||||||||||||||
| Current quarter vs prior year quarter | 6 | % | 8 | % | 11 | % | 13 | % | 11 | % | |||||||||||||||||||
Payment transactions per active account(3) | 61.4 | 60.9 | 60.0 | 58.7 | 56.6 | ||||||||||||||||||||||||
| Current quarter vs prior quarter | 1 | % | 2 | % | 2 | % | 4 | % | 3 | % | |||||||||||||||||||
| Current quarter vs prior year quarter | 9 | % | 11 | % | 13 | % | 14 | % | 13 | % | |||||||||||||||||||
TPV(4) | $ | 422,641 | $ | 416,814 | $ | 403,860 | $ | 409,832 | $ | 387,701 | |||||||||||||||||||
| Current quarter vs prior quarter | 1 | % | 3 | % | (1) | % | 6 | % | 3 | % | |||||||||||||||||||
| Current quarter vs prior year quarter | 9 | % | 11 | % | 14 | % | 15 | % | 15 | % | |||||||||||||||||||
| (FXN) Current quarter vs prior year quarter | 9 | % | 11 | % | 14 | % | 13 | % | 13 | % | |||||||||||||||||||
Transaction Expense Rate(5) | 0.91 | % | 0.95 | % | 0.97 | % | 0.97 | % | 0.93 | % | |||||||||||||||||||
Transaction and Credit Loss Rate(6) | 0.08 | % | 0.08 | % | 0.08 | % | 0.10 | % | 0.12 | % | |||||||||||||||||||
Transaction Margin(7) | 46.6 | % | 45.8 | % | 45.0 | % | 45.8 | % | 45.4 | % | |||||||||||||||||||
Amounts in the table are rounded to the nearest million, except as otherwise noted. As a result, certain amounts may not recalculate using the rounded amounts provided.
(1) An active account is an account registered directly with PayPal or a platform access partner that has completed a transaction on our platform, not including gateway-exclusive transactions, within the past 12 months. A platform access partner is a third party whose customers are provided access to PayPal’s platform or services through such third party’s login credentials, including individuals and entities that utilize Hyperwallet’s payout capabilities. A user may register on our platform to access different products and may register more than one account to access a product. Accordingly, a user may have more than one active account. The number of active accounts provides management with additional perspective on the overall scale of our platform, but may not have a direct relationship to our operating results.
(2) Number of payment transactions is the total number of payments, net of payment reversals, successfully completed on our payments platform or enabled by PayPal via a partner payment solution, not including gateway-exclusive transactions.
(3) Number of payment transactions per active account reflects the total number of payment transactions within the previous 12-month period, divided by active accounts at the end of the period. The number of payment transactions per active account provides management with insight into the average number of times an account engages in payments activity on our payments platform in a given period. The number of times a consumer account or a merchant account transacts on our platform may vary significantly from the average number of payment transactions per active account.
(4) TPV is the value of payments, net of payment reversals, successfully completed on our payments platform or enabled by PayPal via a partner payment solution, not including gateway-exclusive transactions.
(5) Transaction expense rate is transaction expense divided by TPV.
(6) Transaction and credit loss rate is transaction and credit losses divided by TPV.
(7) Transaction margin is net revenues less transaction expense and transaction and credit losses, divided by net revenues.
| 3Q 2024 Results | 10 | |||||||||
PayPal Holdings, Inc.
Non-GAAP Measures of Financial Performance
To supplement the company’s condensed consolidated financial statements presented in accordance with generally accepted accounting principles, or GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating income, non-GAAP operating margin, non-GAAP effective tax rate, free cash flow, and adjusted free cash flow.
These non-GAAP measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the company’s results of operations as determined in accordance with GAAP. These measures should be used to evaluate the company’s results of operations only in conjunction with the corresponding GAAP measures.
Reconciliation of all non-GAAP measures to the most directly comparable GAAP measures can be found in the subsequent tables included in this press release.
These non-GAAP measures are provided to enhance investors’ overall understanding of the company’s current financial performance and its prospects for the future. Specifically, the company believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses, as the case may be, that may not be indicative of its core operating results and business outlook. In addition, because the company has historically reported certain non-GAAP results to investors, the company believes that the inclusion of non-GAAP measures provides consistency in the company’s financial reporting.
For its internal budgeting process, and as discussed further below, the company’s management uses financial measures that do not include amortization or impairment of acquired intangible assets, impairment of goodwill, restructuring-related charges, certain other gains, losses, benefits, or charges that are not indicative of the company’s core operating results, and the income taxes associated with the foregoing. In addition to the corresponding GAAP measures, the company’s management also uses the foregoing non-GAAP measures in reviewing the financial results of the company.
The company excludes the following items from non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating income, non-GAAP operating margin, and non-GAAP effective tax rate:
Amortization or impairment of acquired intangible assets, impairment of goodwill, and transaction expenses from the acquisition or disposal of a business. We incur amortization or impairment of acquired intangible assets and goodwill in connection with acquisitions and may incur significant gains or losses or transactional expenses from the acquisition or disposal of a business and therefore exclude these amounts from our non-GAAP measures. We exclude these items because management does not believe they are reflective of our ongoing operating results.
Restructuring. These consist of expenses related to workforce reduction and include employee severance and benefits costs, real estate and facilities charges, stock-based compensation expense, and other exit and disposal costs. The company excludes significant restructuring charges primarily because management does not believe they are reflective of ongoing operating results.
Gains and losses on strategic investments. The gains and losses we record on our strategic investments are tied to the performance of the companies that we invest in. We exclude such gains and losses in full because the operations of the investee and the related gains and losses are not indicative of our ongoing operating results.
Certain other significant gains, losses, benefits, or charges that are not indicative of the company’s core operating results. These are significant gains, losses, benefits, or charges during a period that are the result of isolated events or transactions that have not occurred frequently in the past and are not expected to occur regularly in the future. The company excludes these amounts from its non-GAAP results because management does not believe they are indicative of our current or ongoing operating results.
Tax effect of non-GAAP adjustments. This adjustment is made to present the amounts described above on an after-tax basis consistent with the presentation of non-GAAP net income.
Free cash flow represents operating cash flows less purchases of property and equipment. The company uses free cash flow as a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases of property, buildings, and equipment, which can then be used to, among other things, invest in the company’s business, make strategic acquisitions and investments, and repurchase stock. A limitation of the utility of free cash flow as a measure of financial performance is that it does not represent the total increase or decrease in the company’s cash balance for the period.
In addition to the non-GAAP measures discussed above, the company also analyzes certain measures, including net revenues and operating expenses, on an FX-neutral basis to better measure the comparability of operating results between periods. The company believes that changes in foreign currency exchange rates are not indicative of the company’s operations and evaluating growth in net revenues and operating expenses on an FX-neutral basis provides an additional meaningful and comparable assessment of these measures to both management and investors. FX-neutral results are calculated by translating the current period’s local currency results with the prior period’s exchange rate. FX-neutral growth rates are calculated by comparing the current period’s FX-neutral results by the prior period’s results, excluding the impact from hedging activities.
| 3Q 2024 Results | 11 | |||||||||
PayPal Holdings, Inc.
Reconciliation of GAAP Operating Income to Non-GAAP Operating Income and
GAAP Operating Margin to Non-GAAP Operating Margin
| Three Months Ended September 30, | |||||||||||
| 2024 | 2023(1) | ||||||||||
| (In millions, except percentages) | |||||||||||
| (unaudited) | |||||||||||
| GAAP net revenues | $ | 7,847 | $ | 7,418 | |||||||
| GAAP operating income | 1,391 | 1,168 | |||||||||
| Amortization of acquired intangible assets | 51 | 58 | |||||||||
Restructuring(2) | 36 | 3 | |||||||||
Other(3) | (1) | 23 | |||||||||
| Total non-GAAP operating income adjustments | 86 | 84 | |||||||||
| Non-GAAP operating income | $ | 1,477 | $ | 1,252 | |||||||
| GAAP operating margin | 18 | % | 16 | % | |||||||
| Non-GAAP operating margin | 19 | % | 17 | % | |||||||
(1) As announced on February 7, 2024, the Company’s non-GAAP results now include the impact of stock-based compensation expense and related employer payroll taxes. Prior period non-GAAP results have been recast to reflect this change.
(2) Beginning in 2024, restructuring includes any stock-based compensation associated with the restructuring activities. The three months ended September 30, 2024 include $28 million of stock-based compensation expense.
(3) The three months ended September 30, 2023 primarily includes $18 million in asset impairment charges for right-of-use lease assets and related leasehold improvements in conjunction with exiting certain leased properties and $4 million in fees related to credit externalization.
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income, GAAP Diluted EPS to Non-GAAP Diluted EPS, and
GAAP Effective Tax Rate to Non-GAAP Effective Tax Rate
| Three Months Ended September 30, | |||||||||||
| 2024 | 2023(1) | ||||||||||
| (In millions, except per share data and percentages) | |||||||||||
| (unaudited) | |||||||||||
| GAAP income before income taxes | $ | 1,311 | $ | 1,241 | |||||||
| GAAP income tax expense | 301 | 221 | |||||||||
| GAAP net income (loss) | 1,010 | 1,020 | |||||||||
| Non-GAAP adjustments to net income (loss): | |||||||||||
| Non-GAAP operating income adjustments (see table above) | 86 | 84 | |||||||||
| Net (gains) losses on strategic investments | 171 | (24) | |||||||||
| Tax effect of non-GAAP adjustments | (39) | (3) | |||||||||
| Non-GAAP net income | $ | 1,228 | $ | 1,077 | |||||||
| Diluted net income (loss) per share: | |||||||||||
| GAAP | $ | 0.99 | $ | 0.93 | |||||||
| Non-GAAP | $ | 1.20 | $ | 0.98 | |||||||
| Shares used in GAAP diluted share calculation | 1,024 | 1,098 | |||||||||
| Shares used in non-GAAP diluted share calculation | 1,024 | 1,098 | |||||||||
| GAAP effective tax rate | 23 | % | 18 | % | |||||||
| Tax effect of non-GAAP adjustments to net income (loss) | (1) | % | (1) | % | |||||||
| Non-GAAP effective tax rate | 22 | % | 17 | % | |||||||
(1) As announced on February 7, 2024, the Company’s non-GAAP results now include the impact of stock-based compensation expense and related employer payroll taxes. Prior period non-GAAP results have been recast to reflect this change.
| 3Q 2024 Results | 12 | |||||||||
PayPal Holdings, Inc.
Reconciliation of Operating Cash Flow to Free Cash Flow and Adjusted Free Cash Flow
| Three Months Ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| (In millions/unaudited) | |||||||||||
| Net cash provided by operating activities | $ | 1,614 | $ | 1,259 | |||||||
| Less: Purchases of property and equipment | (169) | (158) | |||||||||
| Free cash flow | 1,445 | 1,101 | |||||||||
| Net timing impact between originating European BNPL receivables as held for sale and the subsequent sale of receivables | 95 | 810 | |||||||||
| Adjusted free cash flow | $ | 1,540 | $ | 1,911 | |||||||
| 3Q 2024 Results | 13 | |||||||||