Expanded Form 13 13 Seven Unbelievable Facts About Expanded Form 13 13

GAAP EPS of $0.69, accretion 58%; non-GAAP EPS of $0.86, accretion 47%



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Cash breeze from operations of $1.2 billion; Chargeless banknote breeze of $1.0 billion

9.0 actor net new alive accounts added, bringing absolute alive accounts to 286 million, up 17%



SAN JOSE, Calif., July 24, 2019 /PRNewswire/ — All-around technology belvedere and agenda payments baton PayPal Holdings, Inc. (PYPL) today appear added division after-effects for the aeon concluded June 30, 2019.

PayPal Letters Added Division 2019 Results



“PayPal delivered accession solid quarter, and appropriately we are adopting EPS advice for the year. Net new alive accounts added by a almanac 41 actor over the aftermost 12 months, and assurance per alive anniversary already afresh added by 9% to 39 times a year. Venmo’s drive continues, with 70% advance in absolute acquittal aggregate to $24 billion. Earlier this month, Xoom broadcast to 32 new accelerate markets throughout Europe,” said Dan Schulman, President and CEO of PayPal.

Financial highlights for added division 2019

Operating highlights for added division 2019

PayPal’s key business drivers

PayPal’s belvedere and cardinal investments

In the added quarter, PayPal appear the PayPal Commerce Platform, a new band-aid advised to accommodated the specific needs of marketplaces, e-commerce band-aid providers, and crowdfunding platforms by bringing calm a absolute set of technologies, tools, services, and costs solutions for businesses.

In addition, PayPal continued its all-around affiliation with Uber in the added division and appear affairs to analyze approaching bartering acquittal collaborations. PayPal additionally fabricated a $500 actor cardinal advance in Uber.

In July, PayPal’s Xoom artefact launched its all-embracing money alteration casework in the UK and 31 added European markets. Barter beyond Europe can now use Xoom to accelerate money, pay bills or reload phones to added than 130 markets internationally.

Second Division 2019 Banking and Operating Highlights

Second Quarter

(presented in millions, except per allotment abstracts and percentages)

2019

2018

YoY Growth

FX-Neutral YoY Growth

Total Acquittal Aggregate (TPV)

$

172,359

$

139,403

$

32,956

24

%

26

%

GAAP

Net revenues

$

4,305

$

3,857

$

448

12

%

12

%

Operating margin

16.4

%

14.8

%

**

155

bps

N/A

Effective tax rate

12.7

%

13.6

%

**

(90)

bps

N/A

Net income

$

823

$

526

$

297

56

%

N/A

Earnings per adulterated share

$

0.69

$

0.44

$

0.25

58

%

N/A

Net banknote provided by operating activities

$

1,174

$

28

**

**

N/A

Non-GAAP

Net revenues

$

4,305

$

3,857

$

448

12

%

12

%

Operating margin

23.2

%

21.3

%

**

192

bps

N/A

Effective tax rate

17.6

%

18.0

%

**

(33)

bps

N/A

Net income

$

1,018

$

703

$

315

45

%

N/A

Earnings per adulterated share

$

0.86

$

0.58

$

0.28

47

%

N/A

Free banknote flow

$

1,035

$

(170)

 **

**

N/A

Cash, Banknote Equivalents, and Investments – PayPal’s cash, banknote equivalents, and investments totaled $10.7 billion as of June 30, 2019.

Short-Term Borrowings – PayPal’s addendum payable totaled $2.5 billion as of June 30, 2019.

2019 Banking Guidance

Full year 2019 acquirement and antithesis guidance

Third division 2019 acquirement and antithesis guidance

Please see “Non-GAAP Banking Measures” and “Non-GAAP Measures of Banking Performance” for important added information.

Quarterly appointment alarm and webcast

PayPal Holdings, Inc. will host a appointment alarm to altercate added division 2019 after-effects at 2:00 p.m. Pacific Time today. A alive webcast of the appointment call, calm with a accelerate presentation that includes added banking advice and reconciliations of assertive non-GAAP measures to their best anon commensurable GAAP measures, can be accessed through the company’s Investor Relations website at https://investor.paypal-corp.com. In addition, an annal of the webcast will be attainable for 90 canicule through the aforementioned 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 folio (https://www.linkedin.com/company/paypal), Facebook folio (https://www.facebook.com/PayPalUSA/), YouTube approach (https://www.youtube.com/paypal), Dan Schulman’s LinkedIn contour (https://www.linkedin.com/in/dan-schulman/), John Rainey’s LinkedIn contour (www.linkedin.com/in/john-rainey-pypl) and Dan Schulman’s Facebook folio (https://www.facebook.com/DanSchulmanPayPal/) as a agency of advice advice about the aggregation and for acknowledging with its acknowledgment obligations beneath Regulation FD. The advice that is acquaint through these channels may be accounted material. Accordingly, investors should adviser these channels in accession to PayPal’s columnist releases, SEC filings, accessible appointment calls, and webcasts.

Story continues

About PayPal

Fueled by a axiological acceptance that accepting admission to banking casework creates opportunity, PayPal Holdings, Inc. (PYPL) is committed to democratizing banking casework and allotment bodies and businesses to accompany and advance in the all-around economy. Our accessible agenda payments belvedere gives PayPal’s 286 actor alive anniversary holders the aplomb to affix and transact in new and able ways, whether they are online, on a adaptable device, in an app, or in person. Through a aggregate of abstruse accession and cardinal partnerships, PayPal creates bigger means to manage and move money, and offers best and adaptability back sending payments, advantageous or accepting paid. Available in added than 200 markets about the world, the PayPal platform, including Braintree, Venmo, Xoom and iZettle, enables consumers and merchants to accept money in added than 100 currencies, abjure funds in 56 currencies and authority balances in their PayPal accounts in 25 currencies. For added advice on PayPal, visit https://www.paypal.com/about. For PayPal Holdings, Inc. banking information, visit https://investor.paypal-corp.com.

Presentation

All advance ante represent year-over-year comparisons, except as contrarily noted. FX-neutral after-effects are affected by advice the accustomed aeon bounded bill after-effects by the above-mentioned aeon barter rate. FX-neutral advance ante are affected by comparing the accustomed aeon FX-neutral after-effects with the above-mentioned aeon results, excluding the appulse from ambiguity activities. All amounts in tables are presented in U.S. dollars, angled to the abutting millions, except as contrarily noted. As a result, assertive amounts and ante may not sum or recalculate application the angled dollar amounts provided.

Non-GAAP financial measures

This columnist absolution includes banking measures authentic as “non-GAAP banking measures” by the Securities and Barter Commission (SEC) including: non-GAAP net income, non-GAAP antithesis per adulterated share, non-GAAP operating income, non-GAAP operating margin, non-GAAP able tax rate, chargeless banknote flow, and adapted chargeless banknote flow. For an annual of the aloft non-GAAP measures, amuse see “Non-GAAP Measures of Banking Performance” included in this columnist release. These measures may be altered from non-GAAP banking measures acclimated by added companies. The presentation of this banking information, which is not able beneath any absolute set of accounting rules or principles, is not advised to be advised in abreast of, or as a acting for, the banking advice able and presented in accordance with about accustomed accounting attempt (GAAP). For a adaptation of these non-GAAP banking measures to the best anon commensurable GAAP measures, see “Non-GAAP Measures of Banking Performance,” “Reconciliation of GAAP Operating Allowance to Non-GAAP Operating Margin,” “Reconciliation of GAAP Net Assets to Non-GAAP Net Income, GAAP Adulterated EPS to Non-GAAP Adulterated EPS and GAAP Able Tax Bulk to Non-GAAP Effective Tax Rate,” and “Reconciliation of Operating Banknote Breeze to Chargeless Banknote Breeze and Adapted Chargeless Banknote Flow.”

Forward-looking statements

This columnist absolution contains advanced statements apropos to, amid added things, the approaching after-effects of operations, banking condition, expectations and affairs of PayPal Holdings, Inc. and its circumscribed subsidiaries that reflect PayPal’s accustomed projections and forecasts. Advanced statements can be articular by words such as “may,” “will,” “would,” “should,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “project,” “forecast,” and added agnate expressions. Advanced statements include, but are not bound to, statements apropos projected banking after-effects for the third division and abounding year 2019, appulse and timing of acquisitions, and projected approaching advance of PayPal’s businesses. Advanced statements are based aloft assorted estimates and assumptions, as able-bodied as advice accustomed to PayPal as of the date of this columnist release, and are inherently accountable to abundant risks and uncertainties. Accordingly, absolute after-effects could alter materially from those predicted or adumbrated by advanced statements. Factors that could annual or accord to such differences include, but are not bound to: the aftereffect of political, business, economic, bazaar and barter conditions, including any bounded or accustomed bread-and-butter abatement or crisis and any altitude that affect payments or e-commerce growth; fluctuations in adopted bill barter rates; the competitive, regulatory, acquittal agenda association-related and added risks specific to the PayPal, PayPal Credit, Braintree, Venmo, Xoom, iZettle, and added products, abnormally as PayPal continues to aggrandize geographically and acquaint new articles and as new laws and regulations accompanying to payments and banking casework appear into effect; the appulse of PayPal’s chump best initiatives, including on its allotment mix and transaction expense; PayPal’s adeptness to auspiciously attempt in an added aggressive ambiance for its businesses, articles and services, including antagonism for consumers and merchants and the accretion accent of adaptable payments and adaptable commerce; the aftereffect of acknowledged and authoritative affairs and PayPal’s charge and adeptness to administer regulatory, tax and action risks as its articles and casework are offered in added jurisdictions and applicative laws become added restrictive; changes to PayPal’s basic allocation or administration of operating cash; ambiguity surrounding the accomplishing and appulse of the United Kingdom’s academic notification of its absorbed to abjure from the European Union; cyberattacks and aegis vulnerabilities in PayPal articles and casework that could agitate business, abate revenue, admission costs, abuse us competitively, or advance to liability; the aftereffect of administration changes and business initiatives; any changes PayPal may accomplish to its artefact offerings; the aftereffect of any accustomed disasters or added business interruptions on PayPal or PayPal’s customers; PayPal’s adeptness to appropriate advancement and advance its technology systems, basement and chump annual capabilities at reasonable cost; PayPal’s adeptness to advance the stability, security, and achievement of its Acquittal Belvedere while abacus new articles and appearance in a appropriate fashion; the accident that PayPal may not apprehend the accustomed allowances of the auction of U.S. chump acclaim receivables to Synchrony Financial; risks that planned acquisitions will not be completed on advised terms, or at all, and that any businesses PayPal may admission may not accomplish in accordance with its expectations; and PayPal’s adeptness to profitably integrate, manage, and abound businesses that accept been acquired or may be acquired in the future. The advanced statements in this absolution do not accommodate the abeyant appulse of any acquisitions or divestitures that may be appear and/or completed afterwards the date hereof.

More advice about factors that could abnormally affect PayPal’s after-effects of operations, banking action and affairs or that could annual absolute after-effects to alter from those bidding or adumbrated in advanced statements is included beneath the captions “Risk Factors” and “Management’s Discussion and Analysis of Banking Action and After-effects of Operations” in PayPal’s best contempo anniversary address on Form 10-K and its consecutive anniversary letters on Form 10-Q, copies of which may be acquired by visiting PayPal’s Investor Relations website at https://investor.paypal-corp.com or the SEC’s website at www.sec.gov. All advice in this absolution speaks as of July 24, 2019. For the affidavit discussed above, you should not abode disproportionate assurance on the advanced statements in this columnist release. PayPal assumes no obligation to amend such advanced statements.

Copyright © 1999-2019 PayPal. All rights reserved. Added aggregation and artefact names may be trademarks of their agnate owners.

PayPal Holdings, Inc.

Unaudited Abridged Circumscribed Antithesis Sheets

June 30,

December 31,

2019

2018

(In millions, except par value)

ASSETS

Current assets:

Cash and banknote equivalents

$

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4,909

$

7,575

Short-term investments

3,506

1,534

Accounts receivable, net

379

313

Loans and absorption receivable, net

3,166

2,532

Funds receivable and chump accounts

23,573

20,062

Prepaid costs and added accustomed assets

902

947

Total accustomed assets

36,435

32,963

Long-term investments

2,278

971

Property and equipment, net

1,720

1,724

Goodwill

6,236

6,284

Intangible assets, net

699

825

Other assets

1,023

565

Total assets

$

48,391

$

43,332

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

199

$

281

Notes payable

2,499

1,998

Funds payable and amounts due to customers

25,073

21,562

Accrued costs and added accustomed liabilities

2,022

2,002

Income taxes payable

54

61

Total accustomed liabilities

29,847

25,904

Deferred tax accountability and added abiding liabilities

2,405

2,042

Total liabilities

32,252

27,946

Equity:

Common stock, $0.0001 par value; 4,000 shares authorized; 1,177 and 1,174 shares outstanding as of June 30, 2019 and December 31, 2018, respectively

Preferred stock, $0.0001 par value; 100 shares authorized, unissued

Treasury banal at cost, 99 and 91 shares as of June 30, 2019 and December 31, 2018, respectively

(6,216)

(5,511)

Additional paid-in-capital

15,010

14,939

Retained earnings

7,373

5,880

Accumulated added absolute assets (loss)

(28)

78

Total equity

16,139

15,386

Total liabilities and equity

$

48,391

$

43,332

 

PayPal Holdings, Inc.

Unaudited Abridged Circumscribed Statements of Income

Three Months Concluded June 30,

Six Months Concluded June 30,

2019

2018

2019

2018

(In millions, except per allotment amounts)

Net revenues

$

4,305

$

3,857

$

8,433

$

7,542

Operating expenses:

Transaction expense

1,627

1,362

3,176

2,637

Transaction and accommodation losses

318

334

659

639

Customer abutment and operations(1)(2)

399

338

787

680

Sales and marketing(1)(2)

356

307

685

588

Technology and development (1)(2)

483

441

994

889

General and administrative(1)(2)

419

387

838

734

Restructuring and added charges

(2)

116

71

269

Total operating expenses

3,600

3,285

7,210

6,436

Operating income

705

572

1,223

1,106

Other assets (expense), net

238

37

437

51

Income afore assets taxes

943

609

1,660

1,157

Income tax expense

120

83

170

120

Net income

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$

823

$

526

$

1,490

$

1,037

Net assets per share:

Basic

$

0.70

$

0.44

$

1.27

$

0.87

Diluted

$

0.69

$

0.44

$

1.25

$

0.86

Weighted boilerplate shares:

Basic

1,175

1,187

1,173

1,190

Diluted

1,187

1,202

1,188

1,209

(1)Includes stock-based advantage as follows:

Customer abutment and operations(2)

45

41

93

83

Sales and marketing(2)

32

29

64

63

Technology and development(2)

80

74

173

146

General and administrative(2)

73

66

154

127

$

230

$

210

$

484

$

419

(2) Above-mentioned aeon amounts accept been adapted to reflect the allocation changes declared in the Form 8-K filed on April 9, 2019.

 

PayPal Holdings, Inc.

Unaudited Abridged Circumscribed Statements of Banknote Flows

Three Months Concluded June 30,

Six Months Concluded June 30,

2019

2018

2019

2018

(In millions)

Cash flows from operating activities:

Net income

$

823

$

526

$

1,490

$

1,037

Adjustments:

Transaction and accommodation losses

318

334

659

639

Depreciation and amortization

228

180

458

365

Stock-based compensation

223

205

470

410

Deferred assets taxes

(39)

(2)

35

89

Cost base adjustments to loans and absorption receivable captivated for sale

116

244

Unrealized assets on cardinal investments

(218)

(31)

(398)

(31)

Other

(48)

(5)

(92)

(10)

Changes in assets and liabilities:

Accounts receivable

30

(24)

(66)

1

Changes in loans and absorption receivable captivated for sale, net

(977)

4

(2,268)

Accounts payable

(46)

18

(49)

(17)

Income taxes payable

(21)

(14)

(7)

(14)

Other assets and liabilities

(76)

(298)

(303)

(766)

Net banknote provided by (used in) operating activities

1,174

28

2,201

(321)

Cash flows from advance activities:

Purchases of acreage and equipment

(139)

(198)

(357)

(376)

Changes in arch loans receivable, net

(375)

262

(732)

1,000

Purchases of investments

(5,053)

(5,341)

(13,191)

(10,616)

Maturities and sales of investments

4,509

5,378

10,537

9,669

Acquisitions, net of banknote and belted banknote acquired

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What is Expanded Form in Math? – Definition & Examples – expanded form 680 705 | expanded form 680 705

(16)

(16)

Funds receivable

(39)

473

(2,214)

902

Net banknote (used in) provided by advance activities

(1,097)

558

(5,957)

563

Cash flows from costs activities:

Proceeds from arising of accustomed stock

67

65

74

78

Purchases of treasury stock

(500)

(756)

(2,325)

Tax withholdings accompanying to net allotment settlements of disinterestedness awards

(140)

(37)

(449)

(372)

Borrowings beneath costs arrangements

500

500

2,075

Repayments beneath costs arrangements

(1,076)

(1,076)

Funds payable and amounts due to customers

569

213

3,129

1,078

Net banknote provided by (used in) costs activities

996

(1,335)

2,498

(542)

Effect of barter bulk changes on cash, banknote equivalents, and belted cash

(2)

(56)

(1)

(63)

Net change in cash, banknote equivalents, and belted cash

1,071

(805)

(1,259)

(363)

Cash, banknote equivalents, and belted banknote at alpha of period

10,903

8,727

13,233

8,285

Cash, banknote equivalents, and belted banknote at end of period

$

11,974

$

7,922

$

11,974

$

7,922

Supplemental banknote breeze disclosures:

Cash paid for interest

$

25

$

18

$

45

$

26

Cash paid for assets taxes, net

$

154

$

186

$

176

$

180

 

PayPal Holdings, Inc. Unaudited Summary of Circumscribed Net Revenues

We acquire acquirement from the afterward types of transactions:

 

Net Revenues by Type

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2019

2019

2018

2018

2018

(In millions, except percentages)

Transaction revenues

$

3,878

$

3,731

$

3,851

$

3,343

$

3,318

Current division vs above-mentioned quarter

4

%

(3)

%

15

%

1

%

4

%

Current division vs above-mentioned year quarter

17

%

17

%

19

%

17

%

20

%

Percentage of total

90

%

90

%

91

%

91

%

86

%

Other bulk added services

427

397

375

340

539

Current division vs above-mentioned quarter

8

%

6

%

10

%

(37)

%

10

%

Current division vs above-mentioned year quarter

(21)

%

(19)

%

(25)

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%

(11)

%

49

%

Percentage of total

10

%

10

%

9

%

9

%

14

%

Total net revenues

$

4,305

$

4,128

$

4,226

$

3,683

$

3,857

Current division vs above-mentioned quarter

4

%

(2)

%

15

%

(5)

%

5

%

Current division vs above-mentioned year quarter

12

%

12

%

13

%

14

%

23

%

Net Revenues by Geography

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2019

2019

2018

2018

2018

(In millions, except percentages)

U.S. net revenues

$

2,297

$

2,187

$

2,189

$

1,962

$

2,150

Current division vs above-mentioned quarter

5

%

%

12

%

(9)

%

6

%

Current division vs above-mentioned year quarter

7

%

8

%

7

%

13

%

27

%

Percent of total

53

%

53

%

52

%

53

%

56

%

International net revenues

2,008

1,941

2,037

1,721

1,707

Current division vs above-mentioned quarter

3

%

(5)

%

18

%

1

%

3

%

Current division vs above-mentioned year quarter

18

%

17

%

20

%

15

%

18

%

(FXN) Accustomed division vs above-mentioned year quarter

18

%

17

%

19

%

15

%

16

%

Percent of total

47

%

47

%

48

%

47

%

44

%

Total net revenues

$

4,305

$

4,128

$

4,226

$

3,683

$

3,857

Current division vs above-mentioned quarter

4

%

(2)

%

15

%

(5)

%

5

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%

Current division vs above-mentioned year quarter

12

%

12

%

13

%

14

%

23

%

(FXN) Accustomed division vs above-mentioned year quarter

12

%

12

%

13

%

14

%

22

%

 

 

PayPal Holdings, Inc.

Unaudited Added Operating Data

Three Months Ended,

June 30,

March 31,

December 31,

September 30,

June 30,

2019

2019

2018

2018

2018

(In millions, except percentages)

Active accounts(1)

286

277

267

254

244

Current division vs above-mentioned quarter

3

%

3

%

5

%

4

%

3

%

Current division vs above-mentioned year quarter

17

%

17

%

17

%

15

%

15

%

Number of acquittal transactions(2)

2,973

2,838

2,867

2,463

2,327

Current division vs above-mentioned quarter

5

%

(1)

%

16

%

6

%

5

%

Current division vs above-mentioned year quarter

28

%

28

%

28

%

27

%

28

%

Payment affairs per alive account(3)

39.0

37.9

36.9

36.5

35.7

Current division vs above-mentioned quarter

3

%

3

%

1

%

2

%

3

%

Current division vs above-mentioned year quarter

9

%

9

%

9

%

9

%

9

%

Total Acquittal Volume(4)

$

172,359

$

161,492

$

163,648

$

143,004

$

139,403

Current division vs above-mentioned quarter

7

%

(1)

%

14

%

3

%

5

%

Current division vs above-mentioned year quarter

24

%

22

%

23

%

24

%

29

%

(FXN) Accustomed division vs above-mentioned year quarter

26

%

25

%

25

%

25

%

27

%

Transaction Bulk Rate(5)

0.94

%

0.96

%

0.96

%

0.96

%

0.98

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%

Transaction and Accommodation Accident Rate(6)

0.18

%

0.21

%

0.21

%

0.21

%

0.24

%

Transaction Margin(7)

54.8

%

54.2

%

54.6

%

54.9

%

56.0

%

Amounts in the table are angled to the abutting million, except as contrarily noted. As a result, assertive amounts may not recalculate application the angled amounts provided.

(1) An alive anniversary is an anniversary registered anon with PayPal or a belvedere admission accomplice that has completed a transaction on our Payments Platform, not including gateway-exclusive transactions, aural the accomplished 12 months.

(2) Acquittal affairs are the absolute cardinal of payments, net of acquittal reversals, auspiciously completed on our Payments Belvedere or enabled by PayPal via a accomplice acquittal solution, not including gateway-exclusive transactions.

(3) Cardinal of acquittal affairs per alive anniversary reflects the absolute cardinal of acquittal affairs aural the antecedent 12 ages period, disconnected by alive accounts at the end of the period.

(4) TPV is the bulk of payments, net of reversals, auspiciously completed on our Payments Belvedere or enabled by PayPal via a accomplice acquittal solution, not including gateway-exclusive transactions.

(5) Transaction bulk bulk is affected by adding transaction bulk by TPV.

(6) Transaction and accommodation accident bulk is affected by adding transaction and accommodation accident by TPV.

(7) Transaction allowance is absolute acquirement beneath transaction bulk and transaction and accommodation loss, disconnected by absolute revenue.

PayPal Holdings, Inc. Non-GAAP Measures of Banking Performance

To supplement the company’s abridged circumscribed banking statements presented in accordance with about accustomed accounting principles, or GAAP, the aggregation uses non-GAAP measures of assertive apparatus of banking performance. These non-GAAP measures accommodate non-GAAP net income, non-GAAP net assets per adulterated share, non-GAAP operating income, non-GAAP operating margin, non-GAAP able tax rate, chargeless banknote breeze and adapted chargeless banknote flow.

These non-GAAP measures are not in accordance with, or an another to, measures able in accordance with GAAP and may be altered from non-GAAP measures acclimated by added companies. In addition, these non-GAAP measures are not based on any absolute set of accounting rules or principles. Non-GAAP measures accept limitations in that they do not reflect all of the amounts associated with the company’s after-effects of operations as bent in accordance with GAAP. These measures should alone be acclimated to appraise the company’s after-effects of operations in affiliation with the agnate GAAP measures.

Reconciliation to the best anon commensurable GAAP admeasurement of all non-GAAP measures included in this columnist absolution can be begin in the tables included in this columnist release.

These non-GAAP measures are provided to enhance investors’ all-embracing compassionate of the company’s accustomed banking achievement and its affairs for the future. Specifically, the aggregation believes the non-GAAP measures accommodate advantageous advice to both administration and investors by excluding assertive expenses, assets and losses, as the case may be, that may not be apocalyptic of its bulk operating after-effects and business outlook. In addition, because the aggregation has historically appear assertive non-GAAP after-effects to investors, the aggregation believes that the admittance of non-GAAP measures provides bendability in the company’s banking reporting.

For its centralized allotment process, and as discussed added below, the company’s administration uses banking measures that do not accommodate stock-based advantage expense, employer bulk taxes on stock-based compensation, acquittal or crime of acquired abstract assets, crime of goodwill, restructuring-related charges, assertive added gains, losses, allowances or accuse that are not apocalyptic of the company’s bulk operating after-effects and the assets taxes associated with the foregoing. In accession to the agnate GAAP measures, the company’s administration additionally uses the aloft non-GAAP measures in reviewing the banking after-effects of the company.

The aggregation excludes the afterward items from non-GAAP net income, non-GAAP net assets per adulterated share, non-GAAP operating income, non-GAAP operating allowance and non-GAAP able tax rate:

Stock-based advantage bulk and accompanying employer bulk taxes. This consists of costs for disinterestedness awards beneath our disinterestedness allurement plans.  We exclude stock-based advantage bulk from our non-GAAP measures primarily because they are non-cash expenses. The accompanying employer bulk taxes are abased on our banal bulk and the timing and admeasurement of contest and vesting of disinterestedness awards, over which administration has bound to no control, and as such administration does not accept it correlates to the operation of our business.

Amortization or crime of acquired abstract assets, crime of goodwill, and transaction costs from the accretion or auctioning of a business.  We acquire acquittal or crime of acquired abstract assets and amicableness in affiliation with acquisitions and may acquire cogent assets or losses or transactional costs from the accretion or auctioning of a business and accordingly exclude these amounts from our non-GAAP measures. We exclude these items because administration does not accept they are cogitating of our advancing operating results.

Restructuring. These abide of costs for agent severance and added avenue and auctioning costs. The aggregation excludes cogent restructuring accuse primarily because administration does not accept they are cogitating of advancing operating results.

Certain added cogent gains, losses, benefits, or accuse that are not apocalyptic of the company’s bulk operating results.  These are cogent gains, losses, benefits, or accuse during a aeon that are the aftereffect of abandoned contest or affairs which accept not occurred frequently in the accomplished and are not accustomed to action consistently in the future.  The aggregation excludes these amounts from its non-GAAP after-effects because administration does not accept they are apocalyptic of its accustomed or advancing operating results.

Tax aftereffect of non-GAAP adjustments. This acclimation is fabricated to present stock-based advantage and the added amounts declared aloft on an after-tax base constant with the presentation of non-GAAP net income.

The aggregation additionally uses chargeless banknote flow, a non-GAAP measure. Chargeless banknote breeze represents operating banknote flows beneath purchases of acreage and equipment. The aggregation considers chargeless banknote breeze to be a clamminess admeasurement that provides advantageous advice to administration and investors about the bulk of banknote generated by the business afterwards the purchases of property, buildings, and equipment, which can again be acclimated to, amid added things, advance in the company’s business, accomplish cardinal acquisitions, and repurchase stock. A limitation of the account of chargeless banknote breeze as a admeasurement of banking achievement is that it does not represent the absolute admission or abatement in the company’s banknote antithesis for the period.

In accession to the non-GAAP measures discussed above, the aggregation additionally analyzes assertive measures, including net revenues and operating expenses, on an FX-neutral base to bigger admeasurement the allegory of operating after-effects amid periods. The aggregation believes that changes in adopted bill barter ante are not apocalyptic of the company’s operations and evaluating advance in net revenues and operating costs on an FX-neutral base provides an added allusive and commensurable appraisal of these measures to both administration and investors.  FX-neutral after-effects are affected by advice the accustomed period’s bounded bill after-effects with the above-mentioned period’s barter rate. FX-neutral advance ante are affected by comparing the accustomed period’s FX-neutral after-effects by the above-mentioned period’s results, excluding the appulse from ambiguity activities.

PayPal Holdings, Inc.

Reconciliation of GAAP Operating Allowance to Non-GAAP Operating Margin

Three Months Concluded June 30,

2019

2018

(In millions, except percentages)

(unaudited)

GAAP operating income

$

705

$

572

Stock-based advantage bulk and accompanying employer bulk taxes

244

223

Amortization of acquired abstract assets

51

25

Other(1)

(2)

Total non-GAAP operating assets adjustments

293

248

Non-GAAP operating income

$

998

$

820

Non-GAAP operating margin

23

%

21

%

(1) Accretion of $2 actor accompanying to the auction of our U.S. chump acclaim receivables portfolio accomplished during the year concluded December 31, 2018.

 

Reconciliation of GAAP Net Assets to Non-GAAP Net Income,

GAAP Adulterated EPS to Non-GAAP Adulterated EPS,

and GAAP Able Tax Bulk to Non-GAAP Able Tax Rate

Three Months Concluded June 30,

2019

2018

(In millions, except per allotment abstracts and percentages)

(unaudited)

GAAP assets afore assets taxes

$

943

$

609

GAAP assets tax expense

120

83

GAAP net income

823

526

Non-GAAP adjustments to net income:

Non-GAAP operating assets adjustments (see table above)

293

248

Other(1)

32

Tax aftereffect of non-GAAP adjustments

(98)

(103)

Non-GAAP net income

$

1,018

$

703

Diluted net assets per share:

GAAP

$

0.69

$

0.44

Non-GAAP

$

0.86

$

0.58

Shares acclimated in GAAP adulterated allotment calculation

1,187

1,202

Shares acclimated in non-GAAP adulterated allotment calculation

1,187

1,202

GAAP able tax rate

13

%

14

%

Tax aftereffect of non-GAAP adjustments to net income

5

%

4

%

Non-GAAP able tax rate

18

%

18

%

(1) Tax bulk accompanying to the Tax Cuts and Jobs Act.

 

PayPal Holdings, Inc.

Reconciliation of Operating Banknote Breeze to Chargeless Banknote Breeze and Adapted Chargeless Banknote Flow

Three Months Concluded June 30,

2019

2018

(In millions/unaudited)

Net banknote provided by operating activities

$

1,174

$

28

Less: Purchases of acreage and equipment

(139)

(198)

Free banknote flow

$

1,035

$

(170)

Impact of captivated for auction accounting presentation accompanying to our U.S. chump acclaim receivables portfolio on banknote breeze from operating activities

907

Adjusted chargeless banknote flow

$

1,035

$

737

 

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PayPal Logo (PRNewsfoto/PayPal)

View aboriginal agreeable to download multimedia:http://www.prnewswire.com/news-releases/paypal-reports-second-quarter-2019-results-300890502.html

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