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PayPal Reports Fourth Quarter and Full Year 2022 Results

SAN JOSE, Calif. , Feb. 9, 2023 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) today announced its fourth quarter and full year 2022 results for the period ended December 31, 2022 . The earnings release and related materials discussing these results can be found on its investor relations website at https://investor.pypl.com/financials/quarterly-results/default.aspx .

PayPal Holdings, Inc. will host a conference call to discuss these results at 2:00 p.m. Pacific time ( 5:00 p.m. Eastern time ) today. A live webcast of the conference call will be available at https://investor.pypl.com . In addition, an archive of the webcast will be accessible for 90 days through the same link.

About PayPal

PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering 435 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com .

Investor Relations Contact

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Media Relations Contact

[email protected]

SOURCE PayPal Holdings, Inc.

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Paypal holdings, inc. (nasdaq:pypl) q4 2022 earnings call transcript.

PayPal Holdings, Inc. (NASDAQ: PYPL ) Q4 2022 Earnings Call Transcript February 9, 2023

Operator: Good afternoon. My name is Julianne and I will be your conference operator today. At this time, I would like to welcome everyone to PayPal Holdings' Earnings Conference Call for the Fourth Quarter 2022. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. . I would now like to introduce your host for today's call. Ms. Gabrielle Rabinovitch, Senior Vice President and acting CFO. Please go ahead.

Gabrielle Rabinovitch: Thank you, Julianne. Good afternoon. And thank you for joining us. Welcome to PayPal's earnings conference call for the fourth quarter and full year 2022. Joining me today on the call is Dan Schulman our president and CEO. We're providing a slide presentation to accompany our commentary. This conference call is also being webcast, and both the presentation and call are available on our Investor Relations website. In discussing our company's performance, will refer to some non-GAAP measures. You could find the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures in the presentation accompanying this conference call. We will make forward-looking statements that are based on our current expectations, forecasts and assumptions and involve risks and uncertainties.

These statements include our guidance for the first quarter and full year 2023, our planning assumptions for 2023 and our comments related to anticipated foreign exchange rate, cost savings, operating margin and share repurchase activity. Our actual results may differ materially from these statements. You can find more information about our about risks, uncertainties and other factors that could affect our results in our most recent annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC and available on our Investor Relations website. You should not place undue reliance on any forward-looking statements. All information in this presentation is as of today's date, February 9, 2023. We expressly disclaim any obligation to update this information.

With that, let me turn the call over to Dan.

Daniel Schulman: Thanks, Gabs. Hi, everyone. Thanks for joining us on today's call. Well we obviously have a lot to cover in the next hour and I want to be sure we have plenty of time for your questions. So let me jump right into my remarks. In a difficult macroeconomic environment with the overall growth of e-commerce continuing to slow, we still managed to grow our 2022 revenues by 10% FXN to $27.5 billion. We grew our TPV by 13% FXN, with our branded checkout volumes growing in-line with global e-commerce growth. And we processed over $1.35 trillion of volume on our platform. Our non-transaction-related OpEx grew by 2.7% for the year, down from 20% growth last year as we operationalized the reduction of over $900 million in costs in both our transaction expense and non-transaction OpEx. And throughout the year, we drove 3,900 basis points of improvement in our non-GAAP EPS growth rate from negative 28% in Q1 to positive 11% in Q4.

We returned $4.2 billion of capital to shareholders in the form of share repurchases, representing more than 80% of our free cash flow, which totaled $5.1 billion in 2022. In the quarter, we set several new milestones, and we returned to operating margin expansion and positive earnings growth. For the first time in our history, we exceeded $7 billion of revenue in the quarter, meeting our guidance of 9% FXN growth with the revenues of $7.4 billion. In addition, for the first time ever, we exceeded 6 billion transactions in a quarter, resulting in 51.4 transactions per active account growing 13% year-over-year. We delivered $1.24 in non-GAAP EPS, $0.05 above the midpoint of our guidance, as I mentioned, growing at 11%. The quarter was clearly a positive inflection point and is a direct result of our intense focus and cost discipline and the pursuit of profitable growth.

I'm particularly pleased with the team's progress to rightsize our cost structure. For the quarter, our non-transaction-related OpEx declined year-over-year by 6%, and we are exiting the year with a run rate ahead of our planned $1.3 billion of savings in 2023. We grew our non-GAAP operating margin to 22.9%, up 115 basis points from a year ago and up sequentially for the second quarter in a row. As we look towards 2023, I want to lay out our thinking about the year ahead. First, we have identified an incremental $600 million of cost savings on top of the $1.3 billion of cost savings previously identified. This includes the very difficult decision to reduce our headcount by 7% as we continue to improve our processes and sharpen our focus. We will also continue to reduce our external vendor spend and real estate footprint.

We now expect that non-transaction related OpEx for the full year will decline in the high single digits year-over-year, driving approximately 125 basis points of margin expansion and 18% non-GAAP EPS growth. The second point I want to make is that we have designed our cost structure and EPS growth targets based on what we believe to be a very conservative planning assumption of mid-single-digit FXN revenue growth rate in order to give high confidence in our ability to deliver our EPS. And the third and final point is that our actual revenue expectations are well higher than that planning assumption. As you can see from our Q1 guide of 9% FXN growth with Q1 non-GAAP EPS anticipated to grow by 23% to 25% to $1.08 to $1.10. I want to emphasize another point, and that is we are confident that our 2023 cost structure enables us to continue to fully invest in our high conviction growth initiatives.

We are putting significant resources behind the modernization of our checkout experience in order to defend and grow our market share in our branded checkout business. This includes a drive towards passwordless, one click native in-app experiences as well as deploying the next generation of advanced checkout using our data and AI capabilities. Although this will be a multiyear initiative and will take time given the scale of our base and our legacy integrations, I am extremely pleased with the progress we made last year. We will continue to deliver scaled growth for Braintree. And last year, we made significant progress in modernizing our architecture and capabilities. These improvements resulted in a substantial number of new sales and incremental volume from existing accounts.

In addition, we have an impressive pipeline of opportunity for 2023. In the first half of this year, we intend to fully ramp our unbranded offering to small and midsized businesses, either directly or through channel partners. The launch of PPCP, or PayPal Complete Payments, will meaningfully expand our unbranded total addressable market by as much as $750 billion, and enables us to drive incremental share with higher margins than our Braintree Enterprise service. On the consumer side, we'll continue to enhance our digital wallet value proposition. We are focused on the end-to-end customer experience, from onboarding to the entirety of the consumer life cycle, utilizing more advanced forms of AI to drive optimal consumer choices. In the past two years, we have introduced a significant number of products and services.

For instance, our Buy Now Pay Later service is driving significant lifts in checkout and incremental TPV, and it's now one of the most popular Buy Now Pay Later services in the world. With almost 200 million loans to over 30 million consumers since launching in 2020 and with approximately 300,000 merchants putting our Buy Now Pay Later upstream on their product pages. We have introduced savings, bill pay, new forms of giving, more ways to send international remittances, new debit and credit cards, rewards and customized deals and offers, all within a single app, and we are now integrating these disparate services into what we hope will be a seamless user experience that is customized across both Venmo and PayPal with the ultimate goal of driving daily usage.

We need to reestablish P2P as a core anchor for PayPal and Venmo. It is a key driver of usage and often establishes the amount of balance an individual consumer holds in their wallet. The more people store in their balance, the more they use checkout and the better our overall economics. We plan to meaningfully enhance the overall P2P experience, including revamping the onboarding experience, reducing declines and introducing more value-added capabilities. I'm proud of all the team has done to responsibly innovate. We've made significant strides in upgrading our legacy infrastructure and retiring our technical debt. Eight years ago, we were primarily a monolithic C++ stack. By the end of Q1, we will have completed a full payment stack replatforming, leveraging a modern architecture and the latest software engineering methods.

We had record platform availability in 2022, and we put out approximately 80,000 software releases. Our increased productivity and focused efforts are enabling us to make significant progress every quarter in upgrading our merchant base to our most advanced checkout flows. In 2021, approximately 20% of our top 100 merchants were on our latest checkout experiences. At the end of 2022, one third of our top 100 were in our latest checkout integration. And in 2023, we are targeting to be approximately 50%. And despite an increasingly competitive environment, we are confident that in total, we continue to hold share across our core markets. As we look ahead to 2023, we've built our plan to assure proper staffing of our key initiatives. But we also know that we must have a mindset of continuous productivity, not just last year, not just this year, but in the years ahead.

Still difficult to accurately assess how the year ahead will play out in terms of e-commerce growth. If you ask 20 experts, you get 20 different opinions. Our baseline assumption is that discretionary spend will remain under pressure, and global e-commerce growth will be slightly positive year-over-year. That said, we are seeing signs that inflation is beginning to cool, and it's logical to expect that discretionary spend versus non-discretionary spend will begin to increase. To be clear, we have not built any recent positive economic news into our forecasts. But as I mentioned, our Q1 is off to a much stronger start than we anticipated with branded checkout volumes accelerating nicely from Q4. Longer term, the secular tailwinds that have benefited our business have not changed.

Photo by Mika Baumeister on Unsplash

And we are confident that when e-commerce growth starts to turn and grow at more historical double-digit rates, we will be extremely well positioned to capitalize on that shift and drive even higher revenue growth with increased margins. Finally, I'd like to address my plans around CEO succession. As some of you have noted, I turned 65 last month, albeit I will say, a very young 65. The board and I discussed CEO succession multiple times a year. And that informed the board that I plan to retire from serving as the President and CEO of PayPal at the end of this year. I felt there were two important considerations in terms of timing. First, I wanted to be sure that PayPal had positive momentum and was in a position to deliver a solid year of performance.

So I can be sure I wasn't leaving the company in a difficult position. And second, it was important to me that the Board have enough time to conduct a thorough search and have a reasonable transition period. In a global business as complex as PayPal, there are important relationships with government officials and regulators across the world, with the CEOs of our partners and with the CEOs of our customers, that will need to be thoughtfully transitioned. I feel that a year gives the board enough runway to find the next leader of PayPal and time for an orderly transition. Of course, I will be flexible in my time frame in order to assure we seamlessly onboard the ideal next leader of PayPal, and I look forward to continuing to serve on the PayPal board.

I'm eager to see the next CEO build on all we have accomplished in the last eight and half years and seize the immense potential ahead of us. In the meantime, I will remain fully focused on maintaining our momentum and executing on our plan. Since our IPO, PayPal's stock price has outpaced the S&P 500. And as you can see in our investor deck, our revenues, TPV, earnings and free cash flow have all tripled in size during that same time period. However, I feel confident that now is a time where our business has hit multiple positive inflection points. By the end of this year, we will have the appropriate cost structure to ensure that we deliver profitable growth with consistent and healthy non-GAAP EPS growth. And more importantly, we are confident we have the right road map in place to drive continued improvements in our customer experiences so that we remain a global leader in digital payments.

In this current environment with so many of our competitors struggling to make money, we see a path to emerge from this economic downturn in a position of increased strength. We are quite encouraged as we look out at 2023 and beyond. I want to thank all of our employees for the outstanding work and passion they display every day. We still have a lot to accomplish, but we are finally at the point where 2023 can be a transformational year for our customers and our shareholders. Thank you. And with that, I'll turn the call over to Gab.

Gabrielle Rabinovitch: Thanks, Dan. I'd like to start off by thanking our customers, partners and global team for helping us to deliver a solid quarter. The results we're reporting today demonstrate the strength, resilience and diversification of our business. We accelerated earnings growth on both a year-over-year and sequential basis despite ongoing pressure on e-commerce throughout our core markets. We continue to navigate this dynamic operating environment with strong discipline and a renewed focus on our key priorities. While the macroeconomic backdrop remains challenging, we're energized by the significant opportunity we have to advance our leadership in payments and better serve our customers. We believe this is an environment where the strong will get stronger and where our scale, profitability and stability make us a partner of choice and a formidable competitor in the payments ecosystem.

Our results reflect our efforts to manage our business with greater discipline and deliver operating margin expansion. Our ongoing savings efforts are resulting in sustainable efficiencies for our business. In addition, we're investing in our high-conviction growth initiatives to ensure that we emerge stronger from this period of economic uncertainty. We're proud of the quarter we delivered. Relative to the fourth quarter targets we shared with you in November, our non-GAAP EPS outperformed, and our revenue was in line. Importantly, the sequential improvement in our earnings growth continued. The fourth quarter was an inflection point as our non-GAAP operating margin expanded for the first time since the first quarter of 2021, marking a return to profitable growth.

We have now established a solid foundation to build on these results. And in 2023, we plan to deliver meaningful non-GAAP operating margin expansion and a significantly stronger non-GAAP earnings profile. Before discussing our 2023 outlook, I'd like to highlight our fourth quarter performance. As Dan mentioned, revenue increased 9% on a currency-neutral basis and 7% at spot to $7.38 billion. This represents a three-year revenue CAGR of 14% and 19%, excluding eBay. Transaction revenue grew 5% to $6.7 billion, driven primarily by Braintree and Venmo. Other value-added services revenue grew 26% to $681 million. Relative to last year, this performance resulted from higher interest income on customer store balances and positive contributions from both our merchant and consumer credit products.

In the fourth quarter, U.S. revenue grew 10% and international revenue grew 2% at spot. On a currency neutral basis, international revenue grew 6%. We had solid take rate performance. Transaction take rate was 1.88%, flat to last year, and total take rate improved 3 basis points to 2.07%. eBay Marketplaces revenue declined 31%, and the take rate on these volumes decreased to 1.95% from 2.29% in Q4 2021. This was offset by a 4-basis point increase on the rest of our volume. Transaction expense came in at 93 basis points as a rate of TPV, relative to 87 basis points of the rate last year. The increase in transaction expense as a rate was primarily driven by higher growth in unbranded processing volumes relative to other contributors to our payment volume mix.

Transaction loss as a rate of TPV improved to 6 basis points versus 9 basis points last year. Our loss rate in the quarter benefited from the release of a portion of reserves related to recoveries from a merchant insolvency proceeding. This reserve was originally taken in the second quarter of 2022 and was a drag on that quarter's transaction loss performance. In addition, Venmo loss performance improved relative to the fourth quarter last year. Credit losses were $174 million, or 5 basis points as a rate of TPV. We ended Q4 with $7.4 billion in net receivables, reflecting 24% sequential growth. The growth in Buy Now, Pay Later receivables was the largest driver of loan origination. In 2023, we plan to externalize a meaningful portion of our Pay Later receivables portfolio, reducing our balance sheet exposure and securing a sustainable long-term funding partner for this part of our business.

The mix of shorter duration originations from our Pay Later products and solid performance of our overall portfolio resulted in a reserve coverage ratio of 7.4%, flat sequentially and 180 basis points lower than the fourth quarter last year. In the aggregate, volume-based expenses increased 12%. This increase was more than offset by a 6% decline in our non-transaction-related expenses. Cost savings initiatives and efficiency gains contributed to this performance across all major expense categories. As a result of this discipline, non-GAAP operating income grew 12% to $1.69 billion, and non-GAAP operating margin reached 22.9%, expanding 115 basis points from the fourth quarter of 2021. In addition, for the fourth quarter, non-GAAP EPS was $1.24, growing 11% from Q4 '21 and marking the first quarter in 2022 that earnings per share grew on a year-over-year basis.

We ended the quarter with cash, cash equivalents and investments of $15.9 billion. During the quarter, we generated $1.4 billion in free cash flow, which resulted in $5.1 million of free cash flow generation in 2022. In the fourth quarter, we completed an additional $1 billion in share repurchase, which brings our capital return in 2022 to $4.2 billion, representing 82% of the free cash flow we generated. As noted last summer, we've taken a more aggressive approach to our capital return program over the past several quarters. We continue to believe that share repurchase remains an excellent use of capital for our shareholders. I would now like to discuss our outlook for 2023. For the first quarter, as Dan mentioned, we expect revenue to grow approximately 9% on a currency neutral basis and approximately 7.5% at spot to $6.97 billion.

We also expect non-GAAP EPS to be in the range of $1.08 to $1.10, representing growth of approximately 24%. The first quarter is off to a great start and sets us up well for the year ahead. We are encouraged by what we're seeing, but remain vigilant as there continues to be potential for variability as we move through 2023. Since the beginning of the pandemic, forecasting four quarters ahead has been especially challenging. And while the direct impact from COVID is now largely behind us, the macroeconomic and geopolitical environment remains uncertain. The rate of e-commerce growth in our core markets has decelerated. Inflationary pressures have affected discretionary consumer spending and post-COVID spending patterns are still evolving. As a result, we're not providing guidance for full year revenue growth at this time.

We will guide the quarter ahead and believe this is a responsible approach. As Dan indicated, for the full year, we now expect non-GAAP EPS to grow 18%. This is an increase from the outlook of 15% growth we discussed when we reported third quarter results. Relative to our prior expectations for the year, our forecasted tax rate increased, and we now expect the externalization of part of our Pay Later receivables portfolio to result in several cents of dilution. Offsetting these headwinds are benefits from additional cost savings, higher interest income, and from a shift from cash compensation to stock for a portion of our annual incentive plan, increasing share-based compensation. In putting together our financial architecture for the year and guiding 18% non-GAAP EPS growth, we have been prudent about our planning assumptions for our revenue performance and in establishing an efficient cost structure that enables us to deliver on this commitment.

We believe we can deliver 18% earnings growth even with revenue growth in the mid-single digits on a currency-neutral basis. That said, our objective is to grow revenue ahead of this baseline. Our revenue growth is highly correlated to discretionary e-commerce spending in our core markets. We are optimistic that when e-commerce growth reaccelerates, we will fare better than most. In addition, our framework contemplates as much as a high single-digit decline in non-transaction-related expenses on a year-over-year basis. Over the past year, we significantly increased the operational rigor with which we run our business. We've sharpened our focus on strategic priorities, strengthened our planning process and increased our discipline with respect to capital allocation.

We've also begun to realize benefits from cost savings initiatives. We are continuing our work removing complexity within our organization. We believe we are on track with streamlining and resetting our cost base and essentially putting ourselves back on a pre-pandemic trajectory with respect to our non-transaction-related expense profile relative to our growth. Accordingly, we believe we're well positioned to scale more profitably and sustainably going forward. I'd also like to share more on our expectations for foreign exchange. Our revenue guidance for the first quarter contemplates an approximate 150 basis point headwind from FX. Foreign exchange rates, we expect an approximate 1-point headwind to full year revenue growth. In addition, as we have discussed, we're prioritizing engagement.

We have approximately 190 million monthly active unique users on our platform today. Increasing the activity and engagement level of these users, converting new ones and driving more daily use is one of our greatest opportunities. While we will continue to track and report on our active accounts each quarter, we will no longer guide net new active accounts. Given our strategic focus, we do not expect total active accounts to grow in 2023. That said, we have confidence that our monthly active unique user base will be stable to growing. Finally, in 2023, we expect to generate approximately $5 billion in free cash flow. We plan to continue our aggressive posture towards capital return and allocate approximately 75% of our free cash flow to share repurchase in 2023.

In closing, we're pleased with the progress we're making across many fronts and with our momentum. Our team is working tirelessly to serve our customers, advance our strategic priorities and improve our cost structure. The cash flow generating power of our business is a competitive differentiator and gives us a high degree of flexibility as we allocate capital with discipline. Whatever macroeconomic conditions we face, we will continue to deepen our focus, invest in innovation in our people for the long term and strengthen our competitive advantages. We look forward to sustainably delivering long-term profitable growth and creating value for our shareholders. Before I pass it back to the operator to begin the Q&A portion of the call, I'd like to give an update on our plans for the year.

Later this year, we will host a meeting for the investment community to provide an update on our strategic road map and introduce you to more of our leadership team. We're targeting the latter part of Q2, and we'll share more as we get closer. With that, I will turn the call back to the operator. Julianne, please go ahead.

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PayPal Holdings, Inc.

Us70450y1038, business support services.

• PayPal Reports First Quarter 2022 Results

SAN JOSE, Calif. , April 27, 2022 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) today announced its first quarter 2022 results for the period ended March 31, 2022 . The earnings release and related materials discussing these results can be found on its investor relations website at https://investor.pypl.com/financials/quarterly-results/default.aspx .

PayPal Holdings, Inc. will host a conference call to discuss these results at 2:00 p.m. Pacific time ( 5:00 p.m. Eastern time ) today. A live webcast of the conference call will be available at https://investor.pypl.com . In addition, an archive of the webcast will be accessible for 90 days through the same link.

PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering 429 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com .

Investor Relations Contacts

Gabrielle Rabinovitch [email protected]

Ryan Wallace [email protected]

Media Relations Contacts

Amanda Miller [email protected]

Josh Criscoe  [email protected]

SOURCE PayPal Holdings, Inc.

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