0001633917false00016339172024-10-292024-10-29
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2024
PayPal Holdings, Inc.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
| Delaware | 001-36859 | 47-2989869 |
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer |
| of incorporation) | | Identification No.) |
2211 North First Street
San Jose, CA 95131
(Address of principal executive offices)
(408) 967-7000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, $0.0001 par value per share | PYPL | NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition
The information in Item 2.02 of this Current Report, including the accompanying Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of Section 18. The information in Item 2.02 of this Current Report shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language contained in such filing.
Financial Results for the Quarter Ended September 30, 2024
On October 29, 2024, PayPal Holdings, Inc. (“PayPal,” the “Company,” “we,” “us,” or “our”) issued a press release announcing its financial results for the quarter ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
| | | | | |
| Press release dated October 29, 2024 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | |
| | PayPal Holdings, Inc. |
| | (Registrant) |
| | |
Date: | October 29, 2024 | /s/ Brian Y. Yamasaki |
| | Name: Brian Y. Yamasaki |
| | Title: Vice President, Corporate Legal and Secretary |
PayPal Reports Third Quarter 2024 Results
PayPal delivers strong third quarter results and full year guidance
SAN JOSE, Calif., (October 29, 2024) – PayPal Holdings, Inc. (NASDAQ: PYPL) today reported results for the third quarter ending September 30, 2024.
“PayPal delivered strong financial and operating results during a highly productive third quarter. We are making solid progress in our transformation as we bring new innovations to market, forge important partnerships with leading commerce players, and drive awareness and engagement through new marketing campaigns.
We are raising our full year non-GAAP guidance and are pleased with the strength we are seeing across the business. We’ve built a solid foundation in this last year that will serve us in the years to come.”
Alex Chriss
President and CEO
—————————————————————————————————————————————
3Q'24 Financial Results
•Net revenues increased 6% to $7.8 billion; 6% currency-neutral (FXN).
•Transaction margin dollars increased 8% to $3.7 billion.
•GAAP operating income increased 19% to $1.4 billion; non-GAAP1 operating income increased 18% to $1.5 billion.
•GAAP operating margin expanded 198 basis points to 17.7%; non-GAAP operating margin expanded 194 basis points to 18.8%.
•GAAP EPS increased 6% to $0.992; non-GAAP EPS increased 22% to $1.20.
3Q'24 Operating Results
•Total payment volume increased 9% to $422.6 billion; 9% FXN.
•Payment transactions increased 6% to 6.6 billion.
•Payment transactions per active account on a trailing 12-month basis increased 9% to 61.4.
•Active accounts increased 0.9% to 432 million. On a sequential basis, active accounts increased 0.6%, or by 2.6 million.
Cash Flow
•Cash flow from operations of $1.6 billion and free cash flow of $1.4 billion.
•Adjusted free cash flow of $1.5 billion, which excludes the net timing impact between originating European buy now, pay later (BNPL) receivables as held for sale and the subsequent sale of these receivables.
Balance Sheet and Liquidity
•Cash, cash equivalents, and investments totaled $16.2 billion as of September 30, 2024.
•Debt totaled $12.4 billion as of September 30, 2024.
•Returned $1.8 billion to stockholders by repurchasing approximately 28 million shares of common stock.
◦On a trailing 12-month basis, returned $5.4 billion to stockholders by repurchasing approximately 87 million shares of common stock.
| | | | | | | | | | | |
| 1. “Non-GAAP Measures of Financial Performance” and subsequent tables at the end of this press release provide reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures. 2. 3Q'24 GAAP EPS includes a negative impact of ~$0.14 from PayPal’s strategic investment portfolio, compared to a positive impact of ~$0.02 in 3Q'23. | 3Q 2024 Results | 1 |
3Q'24 Financial Results
| | | | | | | | | | | | | | |
| Presented in millions, except per share data and percentages | 3Q'24 | 3Q'23 | YoY
Growth | FXN YoY Growth |
Total payment volume | $422,641 | $387,701 | 9% | 9% |
| GAAP | | | | |
| Net revenues | $7,847 | $7,418 | 6% | |
| Transaction margin dollars | $3,654 | $3,369 | 8% | |
| Operating income | $1,391 | $1,168 | 19% | |
| Operating margin | 17.7% | 15.7% | 198bps | |
| Effective tax rate | 23.0% | 17.8% | 5.2pts | |
| Net income (loss) | $1,010 | $1,020 | (1%) | |
Earnings per diluted share | $0.99 | $0.93 | 6% | |
Net cash provided by operating activities | $1,614 | $1,259 | 28% | |
| Non-GAAP | | | | |
| Net revenues | $7,847 | $7,418 | 6% | 6% |
| Transaction margin dollars | $3,654 | $3,369 | 8% | |
| Operating income | $1,477 | $1,252 | 18% | |
| Operating margin | 18.8% | 16.9% | 194bps | |
| Effective tax rate | 21.7% | 17.2% | 4.5pts | |
| Net income | $1,228 | $1,077 | 14% | |
Earnings per diluted share | $1.20 | $0.98 | 22% | |
Free cash flow | $1,445 | $1,101 | 31% | |
| | | | |
Adjusted free cash flow | $1,540 | $1,911 | (19%) | |
—————————————————————————————————————————————
Financial Guidance
| | | | | | | | | | | | | | |
| Presented in millions, except per share data and percentages | October 2024
Guidance | July 2024
Guidance | | Prior year
period |
4Q'24 | | | | |
| Revenue | Low single-digit growth Reflects impact of price-to-value strategy and prioritization of profitable growth | N/A | | $8,026 |
| GAAP EPS | $1.03 - $1.07 | Implied: ~$1.052 | | $1.29 |
Non-GAAP EPS1 | Low to mid-single-digit decrease Reflects elevated marketing spend to support key initiatives and new products | Implied: Mid-single-digit decrease2 | | $1.14 |
FY'24 | | | | |
GAAP EPS3 | $3.92 - $3.96 | $3.88 - $3.98 | | $3.84 |
| Non-GAAP EPS | High teens growth | Low to mid-teens growth | | $3.83 |
Please see "Non-GAAP Financial Measures" and "Non-GAAP Measures of Financial Performance" for reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures and important additional information.
| | | | | | | | | | | |
| 1. Estimated non-GAAP amounts for the three months ending December 31, 2024 reflect adjustments of approximately $50 million. 2. Implied 4Q'24 prior guidance based on the midpoints of 3Q'24 guidance and FY'24 guidance provided on July 30, 2024. 3. In 2023, GAAP EPS included positive impacts of approximately $0.24 from the gain on sale of Happy Returns and approximately $0.14 from PayPal’s strategic investment portfolio. | 3Q 2024 Results | 2 |
Conference Call & Webcast
PayPal Holdings, Inc. will host a conference call to discuss third quarter 2024 results at 8:00 a.m. Eastern Time today. A live webcast of the conference call, together with a slide presentation that includes supplemental financial information and reconciliations of certain non-GAAP measures to their most directly comparable GAAP measures, can be accessed through the company’s Investor Relations website at https://investor.pypl.com. In addition, an archive of the webcast will be accessible for 90 days through the same link.
Disclosure Channels
PayPal Holdings, Inc. uses the following channels as means of disclosing information about the company and for complying with its disclosure obligations under Regulation FD:
•Investor Relations website (https://investor.pypl.com)
•PayPal Newsroom (https://newsroom.paypal-corp.com/)
•PayPal Corporate website (https://about.pypl.com)
•LinkedIn page (https://www.linkedin.com/company/paypal)
•Facebook page (https://www.facebook.com/PayPalUSA/)
•YouTube channel (https://www.youtube.com/paypal)
•Alex Chriss' LinkedIn profile (https://www.linkedin.com/in/alexchriss/)
•Alex Chriss' X profile (https://x.com/acce)
•Jamie Miller’s LinkedIn profile (https://www.linkedin.com/in/jamiesmiller/)
•Steven Winoker’s LinkedIn profile (https://www.linkedin.com/in/steven-winoker-0764548/)
The information that is posted through these channels may be deemed material. Accordingly, investors should monitor these channels in addition to PayPal’s press releases, filings with the Securities and Exchange Commission ("SEC"), public conference calls, and webcasts.
About PayPal
PayPal has been revolutionizing commerce globally for more than 25 years. The company creates innovative experiences that make moving money, selling, and shopping simple, personalized, and secure. PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy.
Presentation
All growth rates represent year-over-year comparisons, except as otherwise noted. FXN results are calculated by translating the current period local currency results by the prior period exchange rate. FXN growth rates are calculated by comparing the current period FXN results with the prior period results, excluding the impact from hedging activities. All amounts in tables are presented in U.S. dollars, rounded to the nearest million, except as otherwise noted. As a result, certain amounts and rates may not sum or recalculate using the rounded dollar amounts provided.
Non-GAAP Financial Measures
This press release includes financial measures defined as “non-GAAP financial measures” by the SEC including: 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. For an explanation of the foregoing non-GAAP measures, please see “Non-GAAP Measures of Financial Performance” included in this press release. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with generally accepted accounting principles (GAAP). For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, see “Non-GAAP Measures of Financial Performance,” “Reconciliation of GAAP Operating Income to Non-GAAP Operating Income and GAAP Operating Margin to Non-GAAP Operating Margin,” “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,” and “Reconciliation of Operating Cash Flow to Free Cash Flow and Adjusted Free Cash Flow.”
Forward-looking statements
This press release contains forward-looking statements relating to, among other things, the future results of operations, financial condition, expectations, and plans of PayPal Holdings, Inc. and its consolidated subsidiaries ("PayPal") that reflect PayPal’s current projections and forecasts. Forward-looking statements can be identified by words such as “may,” “will,” “would,” “should,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” "continue," “strategy,” “future,” “opportunity,” “plan,” “project,” “forecast,” and other similar expressions. Forward-looking statements may include, but are not limited to, statements regarding our guidance and projected financial results for the fourth quarter and full year 2024; our capital return program; the timing and impact of product launches and acquisitions; and the projected future growth of PayPal’s businesses. Forward-looking statements are based upon various estimates and assumptions, as well as information known to PayPal as of the date of this press release, and are inherently subject to numerous risks and uncertainties. Our actual results could differ materially from those estimated or implied by forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to compete in markets that are highly competitive and subject to rapid technological change, and to develop and deliver new or enhanced products and services on a timely basis; cyberattacks and security vulnerabilities, and associated impacts; the effect of global and regional political, economic, market and trade conditions, including military conflicts, supply chain issues and related events that affect payments or commerce activity, including inflation and interest rates; the impact of catastrophic events, such as global pandemics, that may disrupt our business, as well as our customers, suppliers, vendors and other business partners; the stability, security and performance of our payments platform; the effect of extensive government regulation and oversight related to our business, products and services in a variety of areas, including, but not limited to, laws covering payments, lending and consumer protection; the impact of complex and changing laws and regulations worldwide, including, but not limited to, laws covering privacy, data protection, and cybersecurity; the impact of payment card, bank, or other network rules or practices; risks related to our credit products, including our ability to realize benefits from our agreements with third parties such as our agreement to sell our European BNPL loan receivables; changes in how consumers fund transactions; our ability to effectively detect and prevent the use of our services for fraud, abusive behaviors, illegal activities, or improper purposes; our ability to manage regulatory and litigation risks, and the outcome of legal and regulatory proceedings; our reliance on third parties in many aspects of our business; damage to our reputation or brands; fluctuations in foreign currency exchange rates; changes in tax rates and exposure to additional tax liabilities; changes to our capital allocation, management of operating cash or incurrence of indebtedness; our ability to timely develop and upgrade our technology systems, infrastructure and customer service capabilities; the impact of proposed or completed acquisitions, divestitures, strategic investments, or entries into new businesses or markets; and our ability to attract, hire, and retain highly talented employees. The forward-looking statements in this release do not include the potential impact of any acquisitions or divestitures that may be announced and/ or contemplated after the date hereof. More information about factors that could adversely affect PayPal’s results of operations, financial condition and prospects, or that could cause actual results to differ from those expressed or implied in forward-looking statements is included under the captions “Risk Factors,” “Legal Proceedings” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in PayPal’s most recent annual report on Form 10-K and its subsequent quarterly reports on Form 10-Q, copies of which may be obtained by visiting PayPal’s Investor Relations website at https://investor.pypl.com or the SEC’s website at www.sec.gov. All information in this release speaks as of October 29, 2024. For the reasons discussed above, you should not place undue reliance on the forward-looking statements in this press release. PayPal assumes no obligation to update such forward-looking statements.
Contacts Investor Relations Media Relations
investorrelations@paypal.com mediarelations@paypal.com
© 2024 PayPal Holdings, Inc. All rights reserved.
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 | |
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 | |
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) | |
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 | |
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 | % |
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.
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.
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.
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 | | | | | |
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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-Name Securities Act
-Number 230
-Section 425
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