SAN JOSE, Calif., Jan. 29, 2020 /PRNewswire/ -- Global
technology platform and digital payments leader PayPal Holdings,
Inc. (NASDAQ: PYPL) today announced fourth quarter and full year
results for the period ended December 31, 2019.
"PayPal delivered strong
results in 2019, achieving many records including revenue, net
income and operating margin performance. We added 37.3
million net new active accounts, bringing total active accounts to
305 million, up 14% year over year. In Q4 alone, we processed
nearly $200 billion of TPV and
engagement grew 10% to 40.6 transactions per active account. We
strengthened our value proposition for consumers and merchants,
expanded our international scope and scale, and announced
transformative strategic acquisitions, investments and commercial
partnerships," said Dan Schulman,
President and CEO of PayPal.
Financial highlights for fourth quarter 2019
- Revenue of $4.96 billion; growing
17% on a spot basis and 18% on a foreign currency-neutral
(FX-neutral or FXN) basis.
- GAAP operating income of $0.8
billion, increasing 34%; non-GAAP operating income of
$1.2 billion, increasing 28%.
- GAAP operating margin of 16.1% with non-GAAP operating margin
of 23.6%.
- GAAP EPS of $0.43, decreasing
13%; non-GAAP EPS of $0.86,
increasing 24%.
-
- GAAP and non-GAAP EPS include a net unrealized gain of
$0.02 on strategic investments,
driven primarily by MercadoLibre (NASDAQ: MELI).
- GAAP EPS also includes an approximate $0.19 of negative impact from taxes related to
the acquisition of iZettle.
- Cash flow from operations of $1.3
billion with free cash flow of $1.1
billion.
- Repurchased approximately 2.9 million shares of common stock,
returning $305 million to
stockholders.
Operating highlights for fourth quarter 2019
- 9.3 million net new active accounts, bringing total active
accounts to 305 million accounts, up 14%.
- 3.5 billion payment transactions, up 21%.
- $199 billion in total payment
volume (TPV), up 22% on a spot and FX-neutral basis.
-
- Merchant Services volume grew 25% on a spot basis and 26% on an
FX-neutral basis.
- Venmo processed more than $29
billion of TPV, growing 56%.
Financial highlights for full year 2019
- Revenue of $17.77 billion;
growing 15% on a spot and FX-neutral basis.
-
- The completed sale of the U.S. consumer credit receivables
portfolio to Synchrony in July 2018
negatively affected revenue growth by approximately three and
one-half percentage points.
- GAAP operating income of $2.7
billion, increasing 24%; non-GAAP operating income of
$4.1 billion, increasing 23%.
- GAAP operating margin of 15.3% with non-GAAP operating margin
of 23.2%.
- GAAP EPS of $2.07, increasing
21%; non-GAAP EPS of $3.10,
increasing 28%.
-
- GAAP and non-GAAP EPS include a net unrealized gain of
$0.14 on strategic investments,
driven primarily by MercadoLibre.
- GAAP EPS also includes an approximate $0.19 of negative impact from taxes related to
the acquisition of iZettle.
- Cash flow from operations of $4.6
billion with free cash flow of $3.9
billion.
- Repurchased approximately 14 million shares of common stock,
returning $1.4 billion to
stockholders.
Operating highlights for full year 2019
- 37.3 million net new active accounts, bringing total active
accounts to 305 million accounts, up 14%.
- 12.4 billion payment transactions, up 25%.
- $712 billion in total payment
volume (TPV), up 23%, or 25% on an FX-neutral basis.
-
- Merchant Services volume grew 27% on a spot basis and 29% on an
FX-neutral basis.
- Venmo processed more than $102
billion, up 65%.
- 40.6 payment transactions per active account on a trailing
twelve months basis, up 10%.
PayPal's key business initiatives
In November, PayPal announced its agreement to acquire Honey
Science Corporation, a rapidly-growing technology platform for
shopping and rewards, for approximately $4 billion. This
transaction, which closed in January
2020, is expected to transform the shopping experience
for PayPal's consumers while increasing sales and
customer engagement for merchants.
Following a strategic investment in March
2019, PayPal executed a commercial agreement with
MercadoLibre in December. This agreement will allow PayPal
and MercadoLibre to jointly leverage their scale and capabilities
to strengthen both companies' networks.
In December, PayPal completed its acquisition of a 70% equity
interest in Guofubao Information Technology Co.,
Ltd. (GoPay), following approval of the transaction by
the People's Bank of China in September 2019. With the completion of this
deal, PayPal became the first foreign
payments platform licensed to provide online payment services
in China.
In January 2020, PayPal announced
a strategic partnership with UnionPay International (UPI) whereby
both companies will work together to better serve joint consumers
and merchants. As part of this partnership, UPI will support
PayPal's merchant and consumer initiatives in China and PayPal will support UPI acceptance
globally where PayPal is accepted, providing UPI consumers more
choice when shopping.
Fourth Quarter 2019 Financial and Operating
Highlights
|
Fourth
Quarter
|
(presented in
millions, except per share data and percentages)
|
2019
|
2018
|
YoY
Growth
|
FX-Neutral
YoY Growth
|
Total Payment Volume
(TPV)
|
$
|
199,404
|
|
$
|
163,648
|
|
$
|
35,756
|
|
22
|
%
|
22
|
%
|
GAAP
|
|
|
|
|
|
Net
revenues
|
$
|
4,961
|
|
$
|
4,226
|
|
$
|
735
|
|
17
|
%
|
18
|
%
|
Operating
margin
|
16.1
|
%
|
14.2
|
%
|
**
|
196
|
bps
|
N/A
|
|
Effective tax
rate
|
40.6
|
%
|
14.9
|
%
|
**
|
25.7
|
pts
|
N/A
|
|
Net income
|
$
|
507
|
|
$
|
584
|
|
$
|
(77)
|
|
(13)
|
%
|
N/A
|
|
Earnings per diluted
share
|
$
|
0.43
|
|
$
|
0.49
|
|
$
|
(0.06)
|
|
(13)
|
%
|
N/A
|
|
Net cash provided by
operating activities
|
$
|
1,264
|
|
$
|
1,134
|
|
$
|
130
|
|
11
|
%
|
N/A
|
|
Non-GAAP
|
|
|
|
|
|
Net
revenues
|
$
|
4,961
|
|
$
|
4,226
|
|
$
|
735
|
|
17
|
%
|
18
|
%
|
Operating
margin
|
23.6
|
%
|
21.6
|
%
|
**
|
204
|
bps
|
N/A
|
|
Effective tax
rate
|
17.2
|
%
|
17.7
|
%
|
**
|
(0.5
|
pts)
|
N/A
|
|
Net income
|
$
|
1,017
|
|
$
|
824
|
|
$
|
193
|
|
23
|
%
|
N/A
|
|
Earnings per diluted
share
|
$
|
0.86
|
|
$
|
0.69
|
|
$
|
0.17
|
|
24
|
%
|
N/A
|
|
Free cash
flow
|
$
|
1,090
|
|
$
|
910
|
|
$
|
180
|
|
20
|
%
|
N/A
|
|
Cash, Cash Equivalents, and Investments - PayPal's
cash, cash equivalents, and investments totaled $13.6 billion as of December 31, 2019.
Long-Term Debt - PayPal's long-term debt totaled
$5.0 billion as of December 31,
2019.
2020 Financial Guidance
Full year 2020 revenue and earnings guidance
- PayPal expects revenue to grow approximately 17 - 18% at
current spot rates and approximately 18 - 19% on an FX-neutral
basis, to a range of $20.8 -
$21.0 billion.
- PayPal expects GAAP earnings per diluted share in the range of
$1.84 - $1.95 and non-GAAP earnings per diluted share in
the range of $3.39 - $3.46.
-
- GAAP earnings per diluted share guidance includes an estimated
$0.02 of unrealized gains from
PayPal's strategic investment portfolio in 2020.
- In 2020, non-GAAP earnings per diluted share will exclude the
impact of realized and unrealized gains and losses on PayPal's
strategic investment portfolio.
- In 2019, GAAP and non-GAAP earnings per diluted share included
approximately $0.14 of net unrealized
gains from PayPal's strategic investment portfolio.
- Estimated non-GAAP amounts for the twelve months ending
December 31, 2020, reflect
adjustments of approximately $1.82 -
$1.94 billion, including estimated
stock-based compensation expense and related payroll taxes in the
range of $1.31 - $1.38 billion.
- The dilutive impact of acquisitions is estimated to be in the
range of $0.68 - $0.70 on GAAP earnings per diluted share,
including an estimated $0.30 of
negative impact related to taxes associated with the acquisition of
Honey, and $0.08 - $0.10 on non-GAAP earnings per diluted
share.
First quarter 2020 revenue and earnings guidance
- PayPal expects revenue to grow 16 - 17% at current spot rates
and 17 - 18% on an FX-neutral basis, to a range of $4.78 - $4.84
billion.
- PayPal expects GAAP earnings per diluted share in the range of
$0.16 - $0.21 and non-GAAP earnings per diluted share in
the range of $0.76 - $0.78.
-
- GAAP earnings per diluted share guidance includes an estimated
$0.02 of unrealized gains from
PayPal's strategic investment portfolio in the first quarter of
2020.
- In 2020, non-GAAP earnings per diluted share will exclude the
impact of realized and unrealized gains and losses on PayPal's
strategic investment portfolio.
- In the first quarter of 2019, GAAP and non-GAAP earnings per
diluted share included approximately $0.12 of net unrealized gains from PayPal's
strategic investment portfolio.
- Estimated non-GAAP amounts for the three months ending
March 31, 2020, reflect adjustments
of approximately $480 - $520 million, including estimated stock-based
compensation expense and related payroll taxes in the range of
$350 - $370
million.
- The dilutive impact of acquisitions is estimated to be in the
range of $0.41 - $0.43 on GAAP earnings per diluted share,
including an estimated $0.30 of
negative impact related to taxes associated with the acquisition of
Honey, and $0.02 - $0.03 on non-GAAP earnings per diluted
share.
Please see "Non-GAAP Financial Measures" and "Non-GAAP Measures
of Financial Performance" for important additional information.
Quarterly conference call and webcast
PayPal Holdings, Inc. will host a conference call to discuss
fourth quarter and full year 2019 results at 2:00 p.m. Pacific
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.paypal-corp.com. In addition, an archive of the
webcast will be accessible for 90 days through the same link.
PayPal Holdings, Inc. uses its Investor Relations website
(https://investor.paypal-corp.com), its PayPal Stories Blog
(https://www.paypal.com/stories/us), Twitter handles (@PayPal and
@PayPalNews), LinkedIn page
(https://www.linkedin.com/company/paypal), Facebook page
(https://www.facebook.com/PayPalUSA/), YouTube channel
(https://www.youtube.com/paypal), Dan
Schulman's LinkedIn profile
(https://www.linkedin.com/in/dan-schulman/), John Rainey's LinkedIn profile
(www.linkedin.com/in/john-rainey-pypl) and Dan Schulman's Facebook page
(https://www.facebook.com/DanSchulmanPayPal/) as a means of
disclosing information about the company and for complying with its
disclosure obligations under Regulation FD. 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 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 more than 300 million
consumers and merchants in more than 200 markets to join and thrive
in the global economy. For more information,
visit paypal.com.
Presentation
All growth rates represent year-over-year comparisons, except as
otherwise noted. FX-neutral results are calculated by translating
the current period local currency results by the prior period
exchange rate. FX-neutral growth rates are calculated by comparing
the current period FX-neutral 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
millions, 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 Margin to Non-GAAP Operating Margin,"
"Reconciliation of GAAP Net Income 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 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," "strategy," "future,"
"opportunity," "plan," "project," "forecast," and other similar
expressions. Forward-looking statements include, but are not
limited to, statements regarding projected financial results for
the first quarter and full year 2020, impact and timing of
acquisitions, and 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. Accordingly, actual results could differ
materially from those predicted or implied by forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to: the effect of
political, business, economic, market, and trade conditions,
including any regional or general economic downturn or crisis and
any conditions that affect payments or e-commerce growth;
fluctuations in foreign currency exchange rates; the competitive,
regulatory, payment card association-related and other risks
specific to PayPal's payment platform, including the PayPal, PayPal
Credit, Braintree, Venmo, Xoom, iZettle, and other products,
especially as PayPal continues to expand geographically, introduce
new products and support across technologies and payment methods
and as new laws and regulations related to payments and financial
services come into effect; the impact of PayPal's customer choice
initiatives, including on its funding mix and transaction expense;
PayPal's ability to successfully compete in an increasingly
competitive environment for its businesses, products, and services,
including competition for consumers and merchants and the
increasing importance of digital and mobile payments and mobile
commerce; the outcome of legal and regulatory proceedings and
PayPal's need and ability to manage regulatory, tax and litigation
risks as its products and services are offered in more
jurisdictions and applicable laws become more restrictive; changes
to PayPal's capital allocation or management of operating cash;
uncertainty surrounding the implementation and impact of the
United Kingdom's formal
notification of its intent to withdraw from the European Union;
cyberattacks and security vulnerabilities in PayPal products and
services that could disrupt business, reduce revenue, increase
costs, harm our competitive position or our reputation, or lead to
liability; the effect of management changes and business
initiatives; any changes PayPal may make to its product and service
offerings; the effect of any natural disasters or other business
interruptions on PayPal or PayPal's customers; PayPal's ability to
timely upgrade and develop its technology systems, infrastructure,
and customer service capabilities at reasonable cost; PayPal's
ability to maintain the stability, security, and performance of its
Payments Platform while adding new products and features in a
timely fashion; risks that planned acquisitions will not be
completed on contemplated terms, or at all, and that any businesses
PayPal may acquire may not perform in accordance with its
expectations; and PayPal's ability to profitably integrate, manage,
and grow businesses that have been acquired or may be acquired in
the future. The forward-looking statements in this release do not
include the potential impact of any acquisitions or divestitures
that may be announced and/or completed 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" 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.paypal-corp.com or the SEC's website at
www.sec.gov. All information in this release speaks as of
January 29, 2020. 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.
PayPal Holdings,
Inc.
|
|
|
|
Investor Relations
Contacts
|
|
Gabrielle
Rabinovitch
|
Akila
Moorthy
|
grabinovitch@paypal.com
|
amoorthy@paypal.com
|
|
|
|
|
Media Relations
Contact
|
|
Amanda
Miller
|
|
amandacmiller@paypal.com
|
|
408.219.0563
|
|
Copyright © 1999-2020 PayPal. All rights reserved. Other company
and product names may be trademarks of their respective owners.
PayPal Holdings,
Inc.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
December 31,
2019
|
|
December 31,
2018
|
|
(In millions,
except par value)
|
ASSETS
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
7,349
|
|
$
|
7,575
|
Short-term
investments
|
3,412
|
|
1,534
|
Accounts receivable,
net
|
435
|
|
313
|
Loans and interest
receivable, net
|
3,972
|
|
2,532
|
Funds receivable and
customer accounts
|
22,527
|
|
20,062
|
Prepaid expenses and
other current assets
|
800
|
|
947
|
Total current
assets
|
38,495
|
|
32,963
|
Long-term
investments
|
2,863
|
|
971
|
Property and
equipment, net
|
1,693
|
|
1,724
|
Goodwill
|
6,212
|
|
6,284
|
Intangible assets,
net
|
778
|
|
825
|
Other
assets
|
1,292
|
|
565
|
Total
assets
|
$
|
51,333
|
|
$
|
43,332
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
232
|
|
$
|
281
|
Short-term
debt
|
—
|
|
1,998
|
Funds payable and
amounts due to customers
|
24,527
|
|
21,562
|
Accrued expenses and
other current liabilities
|
2,087
|
|
2,002
|
Income taxes
payable
|
73
|
|
61
|
Total current
liabilities
|
26,919
|
|
25,904
|
Deferred tax
liability and other long-term liabilities
|
2,520
|
|
2,042
|
Long-term
debt
|
4,965
|
|
—
|
Total
liabilities
|
34,404
|
|
27,946
|
Equity:
|
|
|
|
Common stock, $0.0001
par value; 4,000 shares authorized; 1,173 and 1,174 shares
outstanding as of December 31, 2019 and 2018,
respectively
|
—
|
|
—
|
Preferred stock,
$0.0001 par value; 100 shares authorized, unissued
|
—
|
|
—
|
Treasury stock at
cost, 105 and 91 shares as of December 31, 2019 and 2018,
respectively
|
(6,872)
|
|
(5,511)
|
Additional
paid-in-capital
|
15,588
|
|
14,939
|
Retained
earnings
|
8,342
|
|
5,880
|
Accumulated other
comprehensive income (loss)
|
(173)
|
|
78
|
Total PayPal
Stockholders' equity
|
16,885
|
|
15,386
|
Noncontrolling
interest
|
44
|
|
—
|
Total
equity
|
16,929
|
|
15,386
|
Total liabilities and
equity
|
$
|
51,333
|
|
$
|
43,332
|
|
|
|
|
|
|
PayPal Holdings,
Inc.
|
Unaudited
Condensed Consolidated Statements of Income
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
(In millions,
except per share amounts)
|
|
|
|
|
|
|
|
|
Net
revenues
|
$
|
4,961
|
|
|
$
|
4,226
|
|
|
$
|
17,772
|
|
|
$
|
15,451
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Transaction
expense
|
1,913
|
|
|
1,578
|
|
|
6,790
|
|
|
5,581
|
|
Transaction and loan
losses
|
381
|
|
|
340
|
|
|
1,380
|
|
|
1,274
|
|
Customer support and
operations(1)(2)
|
438
|
|
|
377
|
|
|
1,615
|
|
|
1,407
|
|
Sales and marketing
(1)(2)
|
400
|
|
|
401
|
|
|
1,401
|
|
|
1,314
|
|
Technology and
development (1)(2)
|
558
|
|
|
490
|
|
|
2,085
|
|
|
1,831
|
|
General and
administrative (1)(2)
|
472
|
|
|
430
|
|
|
1,711
|
|
|
1,541
|
|
Restructuring and
other charges
|
—
|
|
|
12
|
|
|
71
|
|
|
309
|
|
Total operating
expenses
|
4,162
|
|
|
3,628
|
|
|
15,053
|
|
|
13,257
|
|
Operating
income
|
799
|
|
|
598
|
|
|
2,719
|
|
|
2,194
|
|
Other income
(expense), net
|
55
|
|
|
88
|
|
|
279
|
|
|
182
|
|
Income before income
taxes
|
854
|
|
|
686
|
|
|
2,998
|
|
|
2,376
|
|
Income tax
expense
|
347
|
|
|
102
|
|
|
539
|
|
|
319
|
|
Net income
|
$
|
507
|
|
|
$
|
584
|
|
|
$
|
2,459
|
|
|
$
|
2,057
|
|
Net income per
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.43
|
|
|
$
|
0.50
|
|
|
$
|
2.09
|
|
|
$
|
1.74
|
|
Diluted
|
$
|
0.43
|
|
|
$
|
0.49
|
|
|
$
|
2.07
|
|
|
$
|
1.71
|
|
Weighted average
shares:
|
|
|
|
|
|
|
|
Basic
|
1,174
|
|
|
1,177
|
|
|
1,174
|
|
|
1,184
|
|
Diluted
|
1,187
|
|
|
1,196
|
|
|
1,188
|
|
|
1,203
|
|
|
|
|
|
|
|
|
|
(1)
Includes stock-based compensation as follows:
|
|
|
|
|
|
|
|
Customer support and
operations(2)
|
54
|
|
|
45
|
|
|
198
|
|
|
174
|
|
Sales and
marketing(2)
|
32
|
|
|
32
|
|
|
127
|
|
|
125
|
|
Technology and
development(2)
|
128
|
|
|
81
|
|
|
420
|
|
|
303
|
|
General and
administrative(2)
|
79
|
|
|
77
|
|
|
305
|
|
|
269
|
|
|
$
|
293
|
|
|
$
|
235
|
|
|
$
|
1,050
|
|
|
$
|
871
|
|
|
|
(2) Prior period amounts have
been updated to reflect the classification changes described in the
Form 8-K filed on April 9, 2019.
|
|
PayPal Holdings,
Inc.
|
Unaudited
Condensed Consolidated Statements of Cash Flows
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
(In
millions)
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
$
|
507
|
|
|
$
|
584
|
|
|
$
|
2,459
|
|
|
$
|
2,057
|
|
Adjustments:
|
|
|
|
|
|
|
|
Transaction and loan
losses
|
381
|
|
|
340
|
|
|
1,380
|
|
|
1,274
|
|
Depreciation and
amortization
|
227
|
|
|
223
|
|
|
912
|
|
|
776
|
|
Stock-based
compensation
|
285
|
|
|
230
|
|
|
1,021
|
|
|
853
|
|
Deferred income
taxes
|
(147)
|
|
|
(137)
|
|
|
(269)
|
|
|
(171)
|
|
Cost basis
adjustments to loans and interest receivable held for
sale
|
—
|
|
|
—
|
|
|
—
|
|
|
244
|
|
Unrealized (gains)
losses on strategic investments
|
(37)
|
|
|
(55)
|
|
|
(207)
|
|
|
(86)
|
|
Other
|
(20)
|
|
|
(38)
|
|
|
(150)
|
|
|
(86)
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(17)
|
|
|
74
|
|
|
(120)
|
|
|
(59)
|
|
Changes in loans and
interest receivable held for sale, net
|
—
|
|
|
—
|
|
|
4
|
|
|
1,407
|
|
Accounts
payable
|
55
|
|
|
21
|
|
|
4
|
|
|
26
|
|
Income taxes
payable
|
(7)
|
|
|
(23)
|
|
|
(40)
|
|
|
(44)
|
|
Other assets and
liabilities
|
37
|
|
|
(85)
|
|
|
(433)
|
|
|
(708)
|
|
Net cash provided by
operating activities
|
1,264
|
|
|
1,134
|
|
|
4,561
|
|
|
5,483
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
(174)
|
|
|
(224)
|
|
|
(704)
|
|
|
(823)
|
|
Proceeds from sales
of property and equipment
|
—
|
|
|
3
|
|
|
17
|
|
|
3
|
|
Changes in principal
loans receivable, net
|
(520)
|
|
|
(452)
|
|
|
(1,631)
|
|
|
3,121
|
|
Purchases of
investments
|
(8,073)
|
|
|
(6,740)
|
|
|
(27,881)
|
|
|
(22,381)
|
|
Maturities and sales
of investments
|
7,488
|
|
|
5,951
|
|
|
24,878
|
|
|
21,898
|
|
Acquisitions, net of
cash and restricted cash acquired
|
(70)
|
|
|
12
|
|
|
(70)
|
|
|
(2,124)
|
|
Funds
receivable
|
950
|
|
|
1,573
|
|
|
(342)
|
|
|
1,146
|
|
Net cash (used in)
provided by investing activities
|
(399)
|
|
|
123
|
|
|
(5,733)
|
|
|
840
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from
issuance of common stock
|
60
|
|
|
61
|
|
|
138
|
|
|
144
|
|
Purchases of treasury
stock
|
(305)
|
|
|
(595)
|
|
|
(1,411)
|
|
|
(3,520)
|
|
Tax withholdings
related to net share settlements of equity awards
|
(31)
|
|
|
(27)
|
|
|
(504)
|
|
|
(419)
|
|
Borrowings under
financing arrangements
|
—
|
|
|
—
|
|
|
5,471
|
|
|
2,075
|
|
Repayments under
financing arrangements
|
(7)
|
|
|
(14)
|
|
|
(2,516)
|
|
|
(1,115)
|
|
Funds payable and
amounts due to customers
|
134
|
|
|
(1,194)
|
|
|
2,510
|
|
|
1,573
|
|
Net cash (used in)
provided by financing activities
|
(149)
|
|
|
(1,769)
|
|
|
3,688
|
|
|
(1,262)
|
|
Effect of exchange
rate changes on cash, cash equivalents, and restricted
cash
|
43
|
|
|
(24)
|
|
|
(6)
|
|
|
(113)
|
|
Net change in cash,
cash equivalents, and restricted cash
|
759
|
|
|
(536)
|
|
|
2,510
|
|
|
4,948
|
|
Cash, cash
equivalents, and restricted cash at beginning of period
|
14,984
|
|
|
13,769
|
|
|
13,233
|
|
|
8,285
|
|
Cash, cash
equivalents, and restricted cash at end of period
|
$
|
15,743
|
|
|
$
|
13,233
|
|
|
$
|
15,743
|
|
|
$
|
13,233
|
|
Supplemental cash
flow disclosures:
|
|
|
|
|
|
|
|
Cash paid for
interest
|
$
|
2
|
|
|
$
|
22
|
|
|
$
|
78
|
|
|
$
|
69
|
|
Cash paid for income
taxes, net
|
$
|
445
|
|
|
$
|
100
|
|
|
$
|
665
|
|
|
$
|
328
|
|
PayPal Holdings,
Inc.
|
Unaudited Summary
of Consolidated Net Revenues
|
|
We earn revenue from
the following types of transactions:
|
|
•
|
Transaction
revenues: Net transaction fees charged to merchants and
consumers on a transaction basis primarily based on the volume of
activity, or Total Payment Volume ("TPV"), completed on our
Payments Platform, including our PayPal, PayPal Credit, Venmo,
Braintree, Xoom, and iZettle products. We earn additional fees 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 debit card or bank account, and other
miscellaneous fees.
|
|
•
|
Other value added
services: Net revenues derived primarily from revenue earned
through partnerships, subscription fees, gateway fees, and other
services we provide to our merchants and customers. We also earn
revenues from interest and fees earned primarily on our portfolio
of merchant and consumer loans receivable, and interest earned on
certain PayPal customer account balances.
|
|
|
|
Net Revenues by
Type
|
Three Months
Ended
|
|
December 31,
2019
|
|
September 30,
2019
|
|
June 30,
2019
|
|
March 31,
2019
|
|
December 31,
2018
|
|
(In millions,
except percentages)
|
Transaction
revenues
|
$
|
4,535
|
|
|
$
|
3,955
|
|
|
$
|
3,878
|
|
|
$
|
3,731
|
|
|
$
|
3,851
|
|
Current quarter vs
prior quarter
|
15
|
%
|
|
2
|
%
|
|
4
|
%
|
|
(3)
|
%
|
|
15
|
%
|
Current quarter vs
prior year quarter
|
18
|
%
|
|
18
|
%
|
|
17
|
%
|
|
17
|
%
|
|
19
|
%
|
Percentage of
total
|
91
|
%
|
|
90
|
%
|
|
90
|
%
|
|
90
|
%
|
|
91
|
%
|
|
|
|
|
|
|
|
|
|
|
Other value added
services
|
426
|
|
|
423
|
|
|
427
|
|
|
397
|
|
|
375
|
|
Current quarter vs
prior quarter
|
1
|
%
|
|
(1)
|
%
|
|
8
|
%
|
|
6
|
%
|
|
10
|
%
|
Current quarter vs
prior year quarter
|
14
|
%
|
|
24
|
%
|
|
(21)
|
%
|
|
(19)
|
%
|
|
(25)
|
%
|
Percentage of
total
|
9
|
%
|
|
10
|
%
|
|
10
|
%
|
|
10
|
%
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
Total net
revenues
|
$
|
4,961
|
|
|
$
|
4,378
|
|
|
$
|
4,305
|
|
|
$
|
4,128
|
|
|
$
|
4,226
|
|
Current quarter vs
prior quarter
|
13
|
%
|
|
2
|
%
|
|
4
|
%
|
|
(2)
|
%
|
|
15
|
%
|
Current quarter vs
prior year quarter
|
17
|
%
|
|
19
|
%
|
|
12
|
%
|
|
12
|
%
|
|
13
|
%
|
|
|
|
|
Net Revenues by
Geography
|
Three Months
Ended
|
|
December 31,
2019
|
|
September 30,
2019
|
|
June 30,
2019
|
|
March 31,
2019
|
|
December 31,
2018
|
|
(In millions,
except percentages)
|
U.S. net
revenues
|
$
|
2,606
|
|
|
$
|
2,327
|
|
|
$
|
2,297
|
|
|
$
|
2,187
|
|
|
$
|
2,189
|
|
Current quarter vs
prior quarter
|
12
|
%
|
|
1
|
%
|
|
5
|
%
|
|
—
|
%
|
|
12
|
%
|
Current quarter vs
prior year quarter
|
19
|
%
|
|
19
|
%
|
|
7
|
%
|
|
8
|
%
|
|
7
|
%
|
Percent of
total
|
53
|
%
|
|
53
|
%
|
|
53
|
%
|
|
53
|
%
|
|
52
|
%
|
|
|
|
|
|
|
|
|
|
|
International net
revenues
|
2,355
|
|
|
2,051
|
|
|
2,008
|
|
|
1,941
|
|
|
2,037
|
|
Current quarter vs
prior quarter
|
15
|
%
|
|
2
|
%
|
|
3
|
%
|
|
(5)
|
%
|
|
18
|
%
|
Current quarter vs
prior year quarter
|
16
|
%
|
|
19
|
%
|
|
18
|
%
|
|
17
|
%
|
|
20
|
%
|
(FXN) Current
quarter vs prior year quarter
|
17
|
%
|
|
20
|
%
|
|
18
|
%
|
|
17
|
%
|
|
19
|
%
|
Percent of
total
|
47
|
%
|
|
47
|
%
|
|
47
|
%
|
|
47
|
%
|
|
48
|
%
|
|
|
|
|
|
|
|
|
|
|
Total net
revenues
|
$
|
4,961
|
|
|
$
|
4,378
|
|
|
$
|
4,305
|
|
|
$
|
4,128
|
|
|
$
|
4,226
|
|
Current quarter vs
prior quarter
|
13
|
%
|
|
2
|
%
|
|
4
|
%
|
|
(2)
|
%
|
|
15
|
%
|
Current quarter vs
prior year quarter
|
17
|
%
|
|
19
|
%
|
|
12
|
%
|
|
12
|
%
|
|
13
|
%
|
(FXN) Current
quarter vs prior year quarter
|
18
|
%
|
|
19
|
%
|
|
12
|
%
|
|
12
|
%
|
|
13
|
%
|
PayPal Holdings,
Inc.
|
Unaudited
Supplemental Operating Data
|
|
|
Three Months
Ended,
|
|
December 31,
2019
|
|
September 30,
2019
|
|
June 30,
2019
|
|
March 31,
2019
|
|
December 31,
2018
|
|
(In millions,
except percentages)
|
Active
accounts(1)
|
305
|
|
|
295
|
|
|
286
|
|
|
277
|
|
|
267
|
|
Current quarter vs
prior quarter
|
3
|
%
|
|
3
|
%
|
|
3
|
%
|
|
3
|
%
|
|
5
|
%
|
Current quarter vs
prior year quarter
|
14
|
%
|
|
16
|
%
|
|
17
|
%
|
|
17
|
%
|
|
17
|
%
|
|
|
|
|
|
|
|
|
|
|
Number of payment
transactions(2)
|
3,461
|
|
|
3,090
|
|
|
2,973
|
|
|
2,838
|
|
|
2,867
|
|
Current quarter vs
prior quarter
|
12
|
%
|
|
4
|
%
|
|
5
|
%
|
|
(1)
|
%
|
|
16
|
%
|
Current quarter vs
prior year quarter
|
21
|
%
|
|
25
|
%
|
|
28
|
%
|
|
28
|
%
|
|
28
|
%
|
|
|
|
|
|
|
|
|
|
|
Payment
transactions per active account(3)
|
40.6
|
|
|
39.8
|
|
|
39.0
|
|
|
37.9
|
|
|
36.9
|
|
Current quarter vs
prior quarter
|
2
|
%
|
|
2
|
%
|
|
3
|
%
|
|
3
|
%
|
|
1
|
%
|
Current quarter vs
prior year quarter
|
10
|
%
|
|
9
|
%
|
|
9
|
%
|
|
9
|
%
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
Total Payment
Volume(4)
|
$
|
199,404
|
|
|
$
|
178,670
|
|
|
$
|
172,359
|
|
|
$
|
161,492
|
|
|
$
|
163,648
|
|
Current quarter vs
prior quarter
|
12
|
%
|
|
4
|
%
|
|
7
|
%
|
|
(1)
|
%
|
|
14
|
%
|
Current quarter vs
prior year quarter
|
22
|
%
|
|
25
|
%
|
|
24
|
%
|
|
22
|
%
|
|
23
|
%
|
(FXN) Current
quarter vs prior year quarter
|
22
|
%
|
|
27
|
%
|
|
26
|
%
|
|
25
|
%
|
|
25
|
%
|
|
|
|
|
|
|
|
|
|
|
Transaction Expense
Rate(5)
|
0.96
|
%
|
|
0.95
|
%
|
|
0.94
|
%
|
|
0.96
|
%
|
|
0.96
|
%
|
Transaction and Loan
Loss Rate(6)
|
0.19
|
%
|
|
0.19
|
%
|
|
0.18
|
%
|
|
0.21
|
%
|
|
0.21
|
%
|
Transaction
Margin(7)
|
53.8
|
%
|
|
53.4
|
%
|
|
54.8
|
%
|
|
54.2
|
%
|
|
54.6
|
%
|
|
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 Payments Platform,
not including gateway-exclusive transactions, within the past 12
months.
|
(2)
|
Payment transactions
are 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.
|
(4)
|
TPV is the value of
payments, net of 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 calculated by dividing transaction expense by
TPV.
|
(6)
|
Transaction and loan
loss rate is calculated by dividing transaction and loan loss by
TPV.
|
(7)
|
Transaction margin is
total revenue less transaction expense and transaction and loan
loss, divided by total revenue.
|
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 diluted earnings per
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 only be
used to evaluate the company's results of operations in conjunction
with the corresponding GAAP measures.
Reconciliation to the most directly comparable GAAP measure of
all non-GAAP measures included in this press release can be found
in the 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 stock-based compensation expense, employer payroll taxes on
stock-based compensation, 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 diluted earnings per share, non-GAAP operating
income, non-GAAP operating margin, and non-GAAP effective tax
rate:
Stock-based compensation
expense and related employer payroll taxes. This consists
of expenses for equity awards under our equity incentive plans. We
exclude stock-based compensation expense from our non-GAAP measures
primarily because they are non-cash expenses. The related employer
payroll taxes are dependent on our stock price and the timing and
size of exercises and vesting of equity awards, over which
management has limited to no control, and as such management does
not believe it correlates to the operation of our business.
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 for employee severance 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.
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 which 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
stock-based compensation and the other amounts described above on
an after-tax basis consistent with the presentation of non-GAAP net
income.
The company also uses free cash flow, a non-GAAP measure. Free
cash flow represents operating cash flows less purchases of
property and equipment. The company considers free cash flow to be
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 Margin to Non-GAAP Operating Margin
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
(In millions,
except percentages)
|
|
(unaudited)
|
GAAP operating
income
|
$
|
799
|
|
|
$
|
598
|
|
|
$
|
2,719
|
|
|
$
|
2,194
|
|
Stock-based
compensation expense and related employer payroll taxes
|
297
|
|
|
237
|
|
|
1,104
|
|
|
920
|
|
Amortization of
acquired intangible assets
|
51
|
|
|
59
|
|
|
211
|
|
|
146
|
|
Restructuring
|
—
|
|
|
—
|
|
|
78
|
|
|
25
|
|
Other(1)
|
23
|
|
|
12
|
|
|
16
|
|
|
40
|
|
Acquisition related
transaction expense
|
3
|
|
|
7
|
|
|
3
|
|
|
24
|
|
Total non-GAAP
operating income adjustments
|
374
|
|
|
315
|
|
|
1,412
|
|
|
1,155
|
|
Non-GAAP operating
income
|
$
|
1,173
|
|
|
$
|
913
|
|
|
$
|
4,131
|
|
|
$
|
3,349
|
|
Non-GAAP operating
margin
|
24
|
%
|
|
22
|
%
|
|
23
|
%
|
|
22
|
%
|
|
(1)Includes an award for a legal
proceeding for the three months and year ended December 31, 2019.
Additionally, the year end December 31, 2019 includes a gain
related to the sale of our U.S. consumer credit receivables
portfolio executed during the year ended December 31, 2018.
Includes net loss related to the sale of our U.S.consumer credit
receivables portfolio for the three months and year ended December
31, 2018.
|
Reconciliation of
GAAP Net Income 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
December 31,
|
|
Year Ended
December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
(In millions,
except per share data and percentages)
|
|
(unaudited)
|
GAAP income before
income taxes
|
$
|
854
|
|
|
$
|
686
|
|
|
$
|
2,998
|
|
|
$
|
2,376
|
|
GAAP income tax
expense
|
347
|
|
|
102
|
|
|
539
|
|
|
319
|
|
GAAP net
income
|
507
|
|
|
584
|
|
|
2,459
|
|
|
2,057
|
|
Non-GAAP adjustments
to net income:
|
|
|
|
|
|
|
|
Non-GAAP operating
income adjustments (see table above)
|
374
|
|
|
315
|
|
|
1,412
|
|
|
1,155
|
|
Other(1)
|
230
|
|
|
(6)
|
|
|
230
|
|
|
43
|
|
Tax effect of
non-GAAP adjustments
|
(94)
|
|
|
(69)
|
|
|
(417)
|
|
|
(342)
|
|
Non-GAAP net
income
|
$
|
1,017
|
|
|
$
|
824
|
|
|
$
|
3,684
|
|
|
$
|
2,913
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share:
|
|
|
|
|
|
|
|
GAAP
|
$
|
0.43
|
|
|
$
|
0.49
|
|
|
$
|
2.07
|
|
|
$
|
1.71
|
|
Non-GAAP
|
$
|
0.86
|
|
|
$
|
0.69
|
|
|
$
|
3.10
|
|
|
$
|
2.42
|
|
Shares used in GAAP
diluted share calculation
|
1,187
|
|
|
1,196
|
|
|
1,188
|
|
|
1,203
|
|
Shares used in
non-GAAP diluted share calculation
|
1,187
|
|
|
1,196
|
|
|
1,188
|
|
|
1,203
|
|
|
|
|
|
|
|
|
|
GAAP effective tax
rate
|
41
|
%
|
|
15
|
%
|
|
18
|
%
|
|
13
|
%
|
Tax effect of
non-GAAP adjustments to net income
|
(24)
|
%
|
|
3
|
%
|
|
(2)
|
%
|
|
5
|
%
|
Non-GAAP effective
tax rate
|
17
|
%
|
|
18
|
%
|
|
16
|
%
|
|
18
|
%
|
|
(1) Three
months and year ended December 31, 2019 include tax expense related
to intra-group transfer of intellectual property; three months
ended December 31, 2018 include tax benefit related to Tax Cuts and
Jobs Act of $15 million and tax expense related to intra-group
transfer of intellectual property of $9 million. Year ended
December 31, 2018 includes tax expense related to intra-group
transfer of intellectual property of $23 million and Tax Cuts and
Jobs Act of $20 million.
|
PayPal Holdings,
Inc.
|
Reconciliation of
Operating Cash Flow to Free Cash Flow and Adjusted Free Cash
Flow
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
(In
millions/unaudited)
|
Net cash provided by
operating activities
|
$
|
1,264
|
|
|
$
|
1,134
|
|
|
$
|
4,561
|
|
|
$
|
5,483
|
|
Less: Purchases of
property and equipment
|
(174)
|
|
|
(224)
|
|
|
(704)
|
|
|
(823)
|
|
Free cash
flow
|
$
|
1,090
|
|
|
$
|
910
|
|
|
$
|
3,857
|
|
|
$
|
4,660
|
|
Impact of held for
sale accounting presentation related to our U.S. consumer credit
receivables portfolio on cash flow from operating
activities
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,508)
|
|
Adjusted free cash
flow
|
$
|
1,090
|
|
|
$
|
910
|
|
|
$
|
3,857
|
|
|
$
|
3,152
|
|
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SOURCE PayPal Holdings, Inc.