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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022.
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from             to             .
Commission file number 001-36859
   
pypl-20220630_g1.jpg

PayPal Holdings, Inc.
(Exact Name of Registrant as Specified in Its Charter)
 
Delaware47-2989869
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
2211 North First StreetSan Jose,California95131
(Address of Principal Executive Offices)(Zip Code)
(408) 967-1000
(Registrant’s telephone number, including area code)
  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.0001 par value per sharePYPLNASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   
Yes No  
As of July 27, 2022, there were 1,156,475,874 shares of the registrant’s common stock, $0.0001 par value, outstanding, which is the only class of common or voting stock of the registrant issued.



PayPal Holdings, Inc.
TABLE OF CONTENTS
Page Number



PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

PayPal Holdings, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
 June 30,
2022
December 31,
2021
 (In millions, except par value)
(Unaudited)
ASSETS
Current assets:  
Cash and cash equivalents$4,583 $5,197 
Short-term investments4,723 4,303 
Accounts receivable, net867 800 
Loans and interest receivable, net of allowances of $455 and $491 as of June 30, 2022 and December 31, 2021, respectively
5,749 4,846 
Funds receivable and customer accounts37,221 36,141 
Prepaid expenses and other current assets2,109 1,287 
Total current assets55,252 52,574 
Long-term investments6,270 6,797 
Property and equipment, net1,832 1,909 
Goodwill11,146 11,454 
Intangible assets, net1,001 1,332 
Other assets2,309 1,737 
Total assets$77,810 $75,803 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$156 $197 
Funds payable and amounts due to customers40,221 38,841 
Accrued expenses and other current liabilities4,122 3,755 
Income taxes payable596 236 
Total current liabilities45,095 43,029 
Deferred tax liability and other long-term liabilities2,750 2,998 
Long-term debt10,198 8,049 
Total liabilities58,043 54,076 
Commitments and contingencies (Note 13)
Equity:
Common stock, $0.0001 par value; 4,000 shares authorized; 1,156 and 1,168 shares outstanding as of June 30, 2022 and December 31, 2021, respectively
  
Preferred stock, $0.0001 par value; 100 shares authorized, unissued
  
Treasury stock at cost, 151 and 132 shares as of June 30, 2022 and December 31, 2021, respectively
(14,130)(11,880)
Additional paid-in-capital17,758 17,208 
Retained earnings16,703 16,535 
Accumulated other comprehensive income (loss)(564)(136)
Total equity19,767 21,727 
Total liabilities and equity$77,810 $75,803 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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4

PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
 (In millions, except per share data)
(Unaudited)
Net revenues$6,806 $6,238 $13,289 $12,271 
Operating expenses:
Transaction expense 3,044 2,524 5,861 4,799 
Transaction and credit losses448 169 817 442 
Customer support and operations536 521 1,070 1,039 
Sales and marketing595 628 1,189 1,230 
Technology and development815 746 1,630 1,487 
General and administrative514 522 1,121 1,046 
Restructuring and other charges90 1 126 59 
Total operating expenses6,042 5,111 11,814 10,102 
Operating income764 1,127 1,475 2,169 
Other income (expense), net(715)229 (797)59 
Income before income taxes49 1,356 678 2,228 
Income tax expense (benefit)390 172 510 (53)
Net income (loss)$(341)$1,184 $168 $2,281 
Net income (loss) per share:
Basic$(0.29)$1.01 $0.14 $1.94 
Diluted$(0.29)$1.00 $0.14 $1.92 
Weighted average shares:
Basic1,158 1,174 1,161 1,174 
Diluted1,158 1,186 1,166 1,188 

The accompanying notes are an integral part of these condensed consolidated financial statements.


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5

PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
 (In millions)
(Unaudited)
Net income (loss)$(341)$1,184 $168 $2,281 
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments (“CTA”)(300)31 (395)(22)
Net investment hedges CTA gains, net135  156  
Tax expense on net investment hedges CTA gains, net(31) (36) 
Unrealized gains on cash flow hedges, net213 32 210 230 
Tax expense on unrealized gains on cash flow hedges, net(11) (11)(3)
Unrealized losses on investments, net(164)(2)(457)(17)
Tax benefit on unrealized losses on investments, net38  105 4 
Other comprehensive income (loss), net of tax(120)61 (428)192 
Comprehensive income (loss)$(461)$1,245 $(260)$2,473 

The accompanying notes are an integral part of these condensed consolidated financial statements.


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6

PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Common Stock
Shares
Treasury StockAdditional Paid-In CapitalAccumulated Other
Comprehensive Income (Loss)
Retained EarningsTotal 
Equity
 (In millions)
(Unaudited)
Balances at December 31, 20211,168 $(11,880)$17,208 $(136)$16,535 $21,727 
Net income— — — — 509 509 
Foreign CTA— — — (95)— (95)
Net investment hedges CTA gains, net— — — 21 — 21 
Tax expense on net investment hedges CTA gains, net— — — (5)— (5)
Unrealized losses on cash flow hedges, net— — — (3)— (3)
Unrealized losses on investments, net— — — (293)— (293)
Tax benefit on unrealized losses on investments, net— — — 67 — 67 
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes4 — (273)— — (273)
Common stock repurchased(11)(1,500)— — — (1,500)
Stock-based compensation— — 447 — — 447 
Other— — 1 — — 1 
Balances at March 31, 20221,161 $(13,380)$17,383 $(444)$17,044 $20,603 
Net loss— — — — (341)(341)
Foreign CTA— — — (300)— (300)
Net investment hedge CTA gains, net— — — 135 — 135 
Tax expense on net investment hedges CTA gains, net— — — (31)— (31)
Unrealized gains on cash flow hedges, net— — — 213 — 213 
Tax expense on unrealized gains on cash flow hedges, net— — — (11)— (11)
Unrealized losses on investments, net— — — (164)— (164)
Tax benefit on unrealized losses on investments, net— — — 38 — 38 
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes3 — 51 — — 51 
Common stock repurchased(8)(750)— — — (750)
Stock-based compensation— — 324 — — 324 
Balances at June 30, 20221,156 $(14,130)$17,758 $(564)$16,703 $19,767 

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7

PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
Common Stock SharesTreasury StockAdditional Paid-In CapitalAccumulated Other
Comprehensive Income (Loss)
Retained EarningsNoncontrolling InterestTotal 
Equity
 (In millions)
(Unaudited)
Balances at December 31, 20201,172 $(8,507)$16,644 $(484)$12,366 $44 $20,063 
Net income— — — — 1,097 — 1,097 
Foreign CTA— — — (53)— — (53)
Unrealized gains on cash flow hedges, net— — — 198 — — 198 
Tax expense on unrealized gains on cash flow hedges, net— — — (3)— — (3)
Unrealized losses on investments, net— — — (15)— — (15)
Tax benefit on unrealized losses on investments, net— — — 4 — — 4 
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes7 — (870)— — — (870)
Common stock repurchased(5)(1,323)— — — — (1,323)
Stock-based compensation— — 387 — — — 387 
Change in noncontrolling interest— — — — — (44)(44)
Balances at March 31, 20211,174 $(9,830)$16,161 $(353)$13,463 $ $19,441 
Net income— — — — 1,184 — 1,184 
Foreign CTA— — — 31 — — 31 
Unrealized losses on cash flow hedges, net— — — 32 — — 32 
Unrealized gains on investments, net— — — (2)— — (2)
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes2 — 12 — — — 12 
Common stock repurchased(1)(200)— — — — (200)
Stock-based compensation— — 407 — — — 407 
Balances at June 30, 20211,175 $(10,030)$16,580 $(292)$14,647 $ $20,905 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 Six Months Ended June 30,
 20222021
 (In millions)
(Unaudited)
Cash flows from operating activities:
Net income$168 $2,281 
Adjustments to reconcile net income to net cash provided by operating activities:
Transaction and credit losses817 442 
Depreciation and amortization661 616 
Stock-based compensation741 758 
Deferred income taxes(457)(103)
Net (gains) losses on strategic investments658 (163)
Other 322 77 
Changes in assets and liabilities:
Accounts receivable(67)(112)
Accounts payable(27)41 
Income taxes payable86 20 
Other assets and liabilities (194)(793)
Net cash provided by operating activities2,708 3,064 
Cash flows from investing activities:
Purchases of property and equipment(366)(468)
Proceeds from sales of property and equipment5 1 
Purchases and originations of loans receivable(12,300)(4,937)
Principal repayment of loans receivable10,910 4,621 
Purchases of investments(13,151)(20,240)
Maturities and sales of investments11,087 18,683 
Acquisitions, net of cash and restricted cash acquired (469)
Funds receivable(882)127 
Other investing activities30  
Net cash used in investing activities(4,667)(2,682)
Cash flows from financing activities:
Proceeds from issuance of common stock86 89 
Purchases of treasury stock(2,250)(1,523)
Tax withholdings related to net share settlements of equity awards(275)(940)
Borrowings under financing arrangements3,288  
Repayments under financing arrangements(1,686) 
Funds payable and amounts due to customers1,586 3,004 
Other financing activities1  
Net cash provided by financing activities750 630 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (136)(34)
Net change in cash, cash equivalents, and restricted cash (1,345)978 
Cash, cash equivalents, and restricted cash at beginning of period 18,029 18,040 
Cash, cash equivalents, and restricted cash at end of period$16,684 $19,018 

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PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)

 Six Months Ended June 30,
 20222021
 (In millions)
(Unaudited)
Supplemental cash flow disclosures:
Cash paid for interest$112 $109 
Cash paid for income taxes, net$444 $380 
The table below reconciles cash, cash equivalents, and restricted cash as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:
Cash and cash equivalents$4,583 $5,745 
Short-term investments22 18 
Funds receivable and customer accounts12,079 13,255 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows$16,684 $19,018 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1—OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

OVERVIEW AND ORGANIZATION

PayPal Holdings, Inc. (“PayPal,” the “Company,” “we,” “us,” or “our”) was incorporated in Delaware in January 2015 and is a leading technology platform that enables digital payments and simplifies commerce experiences on behalf of merchants and consumers worldwide. PayPal is committed to democratizing financial services to help improve the financial health of individuals and to increase economic opportunity for entrepreneurs and businesses of all sizes around the world. Our goal is to enable our merchants and consumers to manage and move their money anywhere in the world in the markets we serve, anytime, on any platform, and using any device when sending payments or getting paid, including person-to-person payments.

We operate globally and in a rapidly evolving regulatory environment characterized by a heightened focus by regulators globally on all aspects of the payments industry, including countering terrorist financing, anti-money laundering, privacy, cybersecurity, and consumer protection. The laws and regulations applicable to us, including those enacted prior to the advent of digital payments, are continuing to evolve through legislative and regulatory action and judicial interpretation. New or changing laws and regulations, including the changes to their interpretation and implementation, as well as increased penalties and enforcement actions related to non-compliance, could have a material adverse impact on our business, results of operations, and financial condition. We monitor these areas closely and are focused on designing compliant solutions for our customers.

SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and principles of consolidation
The accompanying condensed consolidated financial statements include the financial statements of PayPal and our wholly- and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Investments in entities where we have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. For such investments, our share of the investee’s results of operations is included in other income (expense), net on our condensed consolidated statements of income (loss). Investments in entities where we do not have the ability to exercise significant influence over the investee are accounted for at fair value or cost minus impairment, if any, adjusted for changes resulting from observable price changes, which are included in other income (expense), net on our condensed consolidated statements of income (loss). Our investment balance is included in long-term investments on our condensed consolidated balance sheets.
We determine at the inception of each investment, and re-evaluate if certain events occur, whether an entity in which we have made an investment is considered a variable interest entity (“VIE”). If we determine an investment is in a VIE, we then assess if we are the primary beneficiary, which would require consolidation.
As of December 31, 2021, we had consolidated two VIEs that provided financing for and held loans receivable of Paidy, Inc. (“Paidy”). We were the primary beneficiary of the VIEs as we performed the servicing and collection for the loans receivable, which were the activities that most significantly impacted the VIE’s economic performance, and we had the obligation to absorb the losses and/or the right to receive the benefits of the VIE that could potentially be significant to these entities. The financial results of our consolidated VIEs were included in our condensed consolidated financial statements. As of December 31, 2021, the carrying value of the assets and liabilities of our consolidated VIEs was included as short-term investments of $87 million, loans and interest receivable, net of $21 million, and long-term debt of $98 million. Cash of $87 million, included in short-term investments, was restricted to settle the debt obligations. In the first quarter of 2022, we terminated Paidy’s legacy debt structure and replaced it with a new credit agreement executed in February 2022. As a result, we no longer have any consolidated VIEs as of June 30, 2022. See “Note 12—Debt” for additional information.
As of June 30, 2022 and December 31, 2021, the carrying value of our investments that are in nonconsolidated VIEs was $98 million and $74 million, respectively, and is included as non-marketable equity securities applying the equity method of accounting in long-term investments on our condensed consolidated balance sheets. Our maximum exposure to loss related to our nonconsolidated VIEs, which represents funded commitments and any future funding commitments, was $231 million and $205 million as of June 30, 2022 and December 31, 2021, respectively.


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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”) filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 3, 2022.
In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the condensed consolidated financial statements for all interim periods presented. Certain amounts for prior periods have been reclassified to conform to the financial statement presentation as of and for the three and six months ended June 30, 2022.

Use of estimates

The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction and credit losses, income taxes, loss contingencies, revenue recognition, and the valuation of goodwill and intangible assets. We base our estimates on historical experience and various other assumptions which we believe to be reasonable under the circumstances. These estimates may change as new events occur, and as additional information surrounding the continued impact of the novel coronavirus (“COVID-19”) pandemic becomes available. Actual results could differ from these estimates and any such differences may be material to our financial statements.

Recent accounting guidance

In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Troubled Debt Restructurings (“TDRs”) and Vintage Disclosures (Topic 326): Financial Instruments – Credit Losses. This amended guidance will eliminate the accounting designation of a loan modification as a TDR, including eliminating the measurement guidance for TDRs. The amendments also enhance existing disclosure requirements and introduce new requirements related to modifications of receivables due from borrowers experiencing financial difficulty. Additionally, this guidance requires entities to disclose gross write-offs by year of origination for financing receivables, such as loans and interest receivable. The amended guidance is effective for fiscal years beginning after December 15, 2022 and is required to be applied prospectively, except for the recognition and measurement of TDRs, which can be applied on a modified retrospective basis. We are evaluating the approach to, and impact of, adopting this new accounting guidance on our condensed consolidated financial statements.

In 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This amended guidance provides transition relief for the accounting impact of reference rate reform. For a limited period, this guidance provides optional expedients and exceptions for applying GAAP to certain contract modifications, hedging relationships, and other transactions affected by a reference rate expected to be discontinued due to reference rate reform. The amended guidance is effective through December 31, 2022. Our exposure to London Interbank Offered Rate is primarily limited to an insignificant portion of our available-for-sale debt securities. Accordingly, we do not expect reference rate reform to have a material impact on our condensed consolidated financial statements.


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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Recently adopted accounting guidance

In March 2022, the SEC released Staff Accounting Bulletin No. 121 (“SAB 121”), which provides guidance for an entity to consider when it has obligations to safeguard customers’ crypto assets, whether directly or through an agent or another third party acting on its behalf. The interpretive guidance requires a reporting entity to record a liability to reflect its obligation to safeguard the crypto assets held for its platform users with a corresponding safeguarding asset, regardless of its assessment as to who controls the crypto asset. The crypto asset safeguarding liability and the corresponding safeguarding asset will be measured at the fair value of the crypto assets held for the platform users with the measurement of the safeguarding asset taking into account any potential loss events. SAB 121 also requires disclosures related to the entity’s safeguarding obligations for crypto assets held for its platform users. SAB 121 is effective in the first interim or annual financial statements ending after June 15, 2022 with retrospective application as of the beginning of the fiscal year. We adopted this guidance for the quarter ended June 30, 2022 with retrospective application as of January 1, 2022. As of June 30, 2022, we recorded $596 million for both the crypto asset safeguarding liability and corresponding safeguarding asset, which are classified as accrued expenses and other current liabilities and prepaid expenses and other current assets, respectively, on our condensed consolidated balance sheet. For additional information, see “Note 7—Other Financial Statement Details.”

There are other new accounting pronouncements issued by the FASB that we have adopted or will adopt, as applicable. We do not believe any of these accounting pronouncements have had, or will have, a material impact on our condensed consolidated financial statements or disclosures.

NOTE 2—REVENUE

We enable our customers to send and receive payments. We earn revenue primarily by completing payment transactions for our customers on our payments platform and from other value added services. Our revenues are classified into two categories: transaction revenues and revenues from other value added services.

DISAGGREGATION OF REVENUE

We determine operating segments based on how our chief operating decision maker (“CODM”) manages the business, makes operating decisions around the allocation of resources, and evaluates operating performance. Our CODM is our Chief Executive Officer, who reviews our operating results on a consolidated basis. We operate as one segment and have one reportable segment. Based on the information provided to and reviewed by our CODM, we believe that the nature, amount, timing, and uncertainty of our revenue and cash flows and how they are affected by economic factors are most appropriately depicted through our primary geographical markets and types of revenue categories (transaction revenues and revenues from other value added services). Revenues recorded within these categories are earned from similar products and services for which the nature of associated fees and the related revenue recognition models are substantially the same.


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13

PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
The following table presents our revenue disaggregated by primary geographical market and category:
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
(In millions)
Primary geographical markets
U.S.$3,863 $3,272 $7,534 $6,335 
United Kingdom (“U.K.”)536 587 1,062 1,212 
Other countries(1)
2,407 2,379 4,693 4,724 
Total net revenues(2)
$6,806 $6,238 $13,289 $12,271 
Revenue category
Transaction revenues$6,272 $5,797 $12,270 $11,418 
Revenues from other value added services534 441 1,019 853 
Total net revenues(2)
$