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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 September 30, 2024.
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
   
PayPal_Monogram_Full_Color_RGB.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) 967-7000
(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 filer☒Accelerated filer☐
Non-accelerated filer☐Smaller 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 October 23, 2024, there were 1,002,538,828 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
 September 30,
2024		December 31,
2023
 (In millions, except par value)
(Unaudited)
ASSETS
Current assets:  
Cash and cash equivalents$7,272 $9,081 
Short-term investments4,647 4,979 
Accounts receivable, net1,038 1,069 
Loans and interest receivable, held for sale471 563 
Loans and interest receivable, net of allowances of $461 and $540 as of September 30, 2024 and December 31, 2023, respectively
6,003 5,433 
Funds receivable and customer accounts39,182 38,935 
Prepaid expenses and other current assets4,060 2,509 
Total current assets62,673 62,569 
Long-term investments4,282 3,273 
Property and equipment, net1,496 1,488 
Goodwill10,996 11,026 
Intangible assets, net393 537 
Other assets3,671 3,273 
Total assets$83,511 $82,166 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$165 $139 
Funds payable and amounts due to customers41,182 41,935 
Accrued expenses and other current liabilities8,921 6,392 
Total current liabilities50,268 48,466 
Other long-term liabilities3,093 2,973 
Long-term debt9,976 9,676 
Total liabilities63,337 61,115 
Commitments and contingencies (Note 13)
Equity:
Common stock, $0.0001 par value; 4,000 shares authorized; 1,006 and 1,072 shares outstanding as of September 30, 2024 and December 31, 2023, respectively
— — 
Preferred stock, $0.0001 par value; 100 shares authorized, unissued
— — 
Treasury stock at cost, 322 and 245 shares as of September 30, 2024 and December 31, 2023, respectively
(25,851)(21,045)
Additional paid-in-capital20,426 19,642 
Retained earnings26,226 23,200 
Accumulated other comprehensive income (loss)(627)(746)
Total equity20,174 21,051 
Total liabilities and equity$83,511 $82,166 

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

PayPal_Logo_Horizontal_Full_Color_RGB.jpg
4

PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
 (In millions, except per share data)
(Unaudited)
Net revenues$7,847 $7,418 $23,431 $21,745 
Operating expenses:
Transaction expense 3,841 3,603 11,700 10,427 
Transaction and credit losses352 446 1,008 1,286 
Customer support and operations427 474 1,317 1,454 
Sales and marketing508 442 1,375 1,343 
Technology and development746 739 2,206 2,203 
General and administrative519 507 1,553 1,505 
Restructuring and other63 39 388 227 
Total operating expenses6,456 6,250 19,547 18,445 
Operating income1,391 1,168 3,884 3,300 
Other income (expense), net(80)73 35 318 
Income before income taxes1,311 1,241 3,919 3,618 
Income tax expense301 221 893 774 
Net income (loss)$1,010 $1,020 $3,026 $2,844 
Net income (loss) per share:
Basic$1.00 $0.93 $2.91 $2.56 
Diluted$0.99 $0.93 $2.89 $2.55 
Weighted average shares:
Basic1,015 1,094 1,040 1,111 
Diluted1,024 1,098 1,048 1,115 

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


PayPal_Logo_Horizontal_Full_Color_RGB.jpg
5
PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
 (In millions)
(Unaudited)
Net income (loss)$1,010 $1,020 $3,026 $2,844 
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments (“CTA”)275 (70)7 (306)
Net investment hedges CTA (losses) gains, net
(149)35 50 231 
Tax benefit (expense) on net investment hedges CTA (losses) gains, net
35 (8)(12)(53)
Unrealized (losses) gains on cash flow hedges, net
(148)109 (49)(25)
Tax benefit (expense) on unrealized (losses) gains on cash flow hedges, net
7 (6)2 1 
Unrealized gains on available-for-sale debt securities, net60 110 158 298 
Tax expense on unrealized gains on available-for-sale debt securities, net(14)(26)(37)(70)
Other comprehensive income (loss), net of tax66 144 119 76 
Comprehensive income (loss)$1,076 $1,164 $3,145 $2,920 

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


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PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Common Stock
Shares		Treasury StockAdditional Paid-In CapitalAccumulated Other
Comprehensive Income (Loss)		Retained Earnings
Total Equity
 (In millions)
(Unaudited)
Balances at December 31, 20231,072 $(21,045)$19,642 $(746)$23,200 $21,051 
Net income— — — — 888 888 
Foreign CTA— — — (143)— (143)
Net investment hedges CTA gains, net— — — 99 — 99 
Tax expense on net investment hedges CTA gains, net— — — (23)— (23)
Unrealized gains on cash flow hedges, net— — — 96 — 96 
Tax expense on unrealized gains on cash flow hedges, net— — — (5)— (5)
Unrealized gains on available-for-sale debt securities, net— — — 83 — 83 
Tax expense on unrealized gains on available-for-sale debt securities, net— — — (20)— (20)
Common stock and stock-based awards issued, net of shares withheld for employee taxes6 — (193)— — (193)
Common stock repurchased(25)(1,511)— — — (1,511)
Treasury stock reissuance— 4 — — — 4 
Stock-based compensation— — 376 — — 376 
Balances at March 31, 20241,053 $(22,552)$19,825 $(659)$24,088 $20,702 
Net income— — — — 1,128 1,128 
Foreign CTA— — — (125)— (125)
Net investment hedges CTA gains, net— — — 100 — 100 
Tax expense on net investment hedges CTA gains, net— — — (24)— (24)
Unrealized gains on cash flow hedges, net
— — — 3 — 3 
Unrealized gains on available-for-sale debt securities, net
— — — 15 — 15 
Tax expense on unrealized gains on available-for-sale-debt securities, net
— — — (3)— (3)
Common stock and stock-based awards issued, net of shares withheld for employee taxes
3 — 13 — — 13 
Common stock repurchased(24)(1,516)— — — (1,516)
Treasury stock reissuance— 4 — — — 4 
Stock-based compensation— — 325 — — 325 
Balances at June 30, 20241,032 $(24,064)$20,163 $(693)$25,216 $20,622 
Net income— — — — 1,010 1,010 
Foreign CTA— — — 275 — 275 
Net investment hedge CTA losses, net
— — — (149)— (149)
Tax benefit on net investment hedges CTA losses, net
— — — 35 — 35 
Unrealized losses on cash flow hedges, net
— — — (148)— (148)
Tax benefit on unrealized losses on cash flow hedges, net
— — — 7 — 7 
Unrealized gains on available-for-sale debt securities, net
— — — 60 — 60 
Tax expense on unrealized gains on available-for-sale-debt securities, net
— — — (14)— (14)
Common stock and stock-based awards issued, net of shares withheld for employee taxes
2 — (47)— — (47)
Common stock repurchased(28)(1,791)— — — (1,791)
Treasury stock reissuance— 4 — — — 4 
Stock-based compensation— — 310 — — 310 
Balances at September 30, 20241,006 $(25,851)$20,426 $(627)$26,226 $20,174 


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PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY—(continued)
Common Stock SharesTreasury StockAdditional Paid-In CapitalAccumulated Other
Comprehensive Income (Loss)		Retained Earnings
Total Equity
 (In millions)
(Unaudited)
Balances at December 31, 20221,136 $(16,079)$18,327 $(928)$18,954 $20,274 
Net income— — — — 795 795 
Foreign CTA— — — (20)— (20)
Net investment hedges CTA gains, net— — — 27 — 27 
Tax expense on net investment hedges CTA gains, net— — — (6)— (6)
Unrealized losses on cash flow hedges, net— — — (111)— (111)
Tax benefit on unrealized losses on cash flow hedges, net— — — 6 — 6 
Unrealized gains on available-for-sale debt securities, net— — — 175 — 175 
Tax expense on unrealized gains on available-for-sale debt securities, net— — — (41)— (41)
Common stock and stock-based awards issued, net of shares withheld for employee taxes
5 — (157)— — (157)
Common stock repurchased(19)(1,443)— — — (1,443)
Stock-based compensation— — 359 — — 359 
Balances at March 31, 20231,122 $(17,522)$18,529 $(898)$19,749 $19,858 
Net income
— — — — 1,029 1,029 
Foreign CTA— — — (216)— (216)
Net investment hedges CTA gains, net— — — 169 — 169 
Tax expense on net investment hedges CTA gains, net— — — (39)— (39)
Unrealized losses on cash flow hedges, net
— — — (23)— (23)
Tax benefit on unrealized losses on cash flow hedges, net
— — — 1 — 1 
Unrealized gains on available-for-sale-debt securities, net
— — — 13 — 13 
Tax expense on unrealized gains on available-for-sale-debt securities, net
— — — (3)— (3)
Common stock and stock-based awards issued, net of shares withheld for employee taxes
2 — 39 — — 39 
Common stock repurchased(22)(1,542)— — — (1,542)
Stock-based compensation— — 375 — — 375 
Balances at June 30, 20231,102 $(19,064)$18,943 $(996)$20,778 $19,661 
Net income— — — — 1,020 1,020 
Foreign CTA— — — (70)— (70)
Net investment hedges CTA gains, net— — — 35 — 35 
Tax expense on net investment hedges CTA gains, net— — — (8)— (8)
Unrealized gains on cash flow hedges, net— — — 109 — 109 
Tax expense on unrealized gains on cash flow hedges, net— — — (6)— (6)
Unrealized gains on available-for-sale-debt securities, net
— — — 110 — 110 
Tax expense on unrealized gains on available-for-sale-debt securities, net
— — — (26)— (26)
Common stock and stock-based awards issued, net of shares withheld for employee taxes
1 — (28)— — (28)
Common stock repurchased(23)(1,449)— — — (1,449)
Stock-based compensation— — 392 — — 392 
Balances at September 30, 20231,080 $(20,513)$19,307 $(852)$21,798 $19,740 

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
 Nine Months Ended September 30,
 20242023
 (In millions)
(Unaudited)
Cash flows from operating activities:
Net income (loss)$3,026 $2,844 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Transaction and credit losses1,008 1,286 
Depreciation and amortization783 809 
Stock-based compensation947 1,087 
Deferred income taxes8 (439)
Net (gains) losses on strategic investments226 (205)
Accretion of discounts on investments, net of amortization of premiums(290)(265)
Adjustments to loans and interest receivable, held for sale92 49 
Other (138)(2)
Originations of loans receivable, held for sale(17,173)(5,705)
Proceeds from repayments and sales of loans receivable, originally classified as held for sale17,159 3,676 
Changes in assets and liabilities:
Accounts receivable31 (35)
Accounts payable24 (6)
Other assets and liabilities (647)(865)
Net cash provided by operating activities5,056 2,229 
Cash flows from investing activities:
Purchases of reverse repurchase agreements(299)— 
Maturities of reverse repurchase agreements226 — 
Purchases of property and equipment(480)(478)
Proceeds from sales of property and equipment— 44 
Purchases and originations of loans receivable(15,374)(19,802)
Proceeds from repayments and sales of loans receivable, originally classified as held for investment14,705 21,319 
Purchases of investments(20,819)(14,975)
Maturities and sales of investments21,179 16,110 
Funds receivable152 (1,016)
Collateral posted related to derivative instruments, net(58)8 
Other(100)76 
Net cash (used in) provided by investing activities
(868)1,286 
Cash flows from financing activities:
Borrowings from repurchase agreements656 — 
Repayments of repurchase agreements(656)— 
Proceeds from issuance of common stock55 82 
Purchases of treasury stock(4,778)(4,395)
Tax withholdings related to net share settlements of equity awards(271)(225)
Borrowings under financing arrangements1,546 829 
Repayments under financing arrangements(411)(942)
Funds payable and amounts due to customers(771)(1,277)
Collateral received related to derivative instruments and reverse repurchase agreements, net(1)(65)
Other(60)— 
Net cash used in financing activities(4,691)(5,993)

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

 Nine Months Ended September 30,
 20242023
 (In millions)
(Unaudited)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 103 (95)
Net change in cash, cash equivalents, and restricted cash (400)(2,573)
Cash, cash equivalents, and restricted cash at beginning of period 21,834 19,156 
Cash, cash equivalents, and restricted cash at end of period$21,434 $16,583 
Supplemental cash flow disclosures:
Cash paid for interest$168 $167 
Cash paid for income taxes, net$975 $1,058 
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$7,272 $6,816 
Short-term investments1 6 
Funds receivable and customer accounts14,161 9,761 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows$21,434 $16,583 

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 personalizes commerce experiences on behalf of merchants and consumers worldwide. PayPal’s mission is to revolutionize commerce globally by creating innovative experiences that are designed to make moving money, selling, and shopping simple, personalized, and secure.

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, continue to evolve through legislative and regulatory action and judicial interpretation. New or changing laws and regulations, including 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 balances are included as short-term and 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 September 30, 2024 and December 31, 2023, no VIEs qualified for consolidation as the structures of these entities do not provide us with the ability to direct activities that would significantly impact their economic performance. As of September 30, 2024 and December 31, 2023, the carrying value of our investments in nonconsolidated VIEs was $195 million and $175 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. The investments in nonconsolidated VIEs are primarily investments in funds that are limited partnerships or similar structures which are focused on increasing access to capital for underserved communities. Our maximum exposure to loss related to our nonconsolidated VIEs, which represents funded commitments and any future funding commitments, was $246 million as of September 30, 2024 and December 31, 2023.

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, 2023 (the “2023 Form 10-K”) filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 8, 2024.

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 nine months ended September 30, 2024.

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

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 evaluation of strategic investments for impairment. We base our estimates on historical experience and various other assumptions which we believe to be reasonable under the circumstances. Actual results could materially differ from these estimates.

Recent accounting guidance

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amended guidance requires incremental reportable segment disclosures, primarily about significant segment expenses. The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, as well as all existing segment disclosures. The amendments will be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. We will adopt this guidance in the fourth quarter of 2024 and provide additional disclosures as required.

In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This amended guidance requires fair value measurement of certain crypto assets each reporting period with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost basis for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. We are required to apply these amendments as a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year in which the guidance is adopted. Based on our current crypto asset holdings and fair value, the adoption of this guidance is not expected to have a material impact on our condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amended guidance enhances income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid information. This guidance requires disclosure of specific categories in the effective tax rate reconciliation and additional information on reconciling items meeting a quantitative threshold. In addition, the amended guidance requires disaggregating income taxes paid (net of refunds received) by federal, state, and foreign taxes. It also requires disaggregating individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amended guidance is effective for fiscal years beginning after December 15, 2024. The guidance can be applied either prospectively or retrospectively. We are evaluating the impact this amended guidance may have on the footnotes to our condensed consolidated financial statements.

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 new 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.

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

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 regularly 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 similar.

The following table presents our revenue disaggregated by primary geographical market and category:
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
(In millions)
Primary geographical markets
U.S.$4,518 $4,257 $13,535 $12,614 
Other countries(1)
3,329 3,161 9,896 9,131 
Total net revenues(2)
$7,847 $7,418 $23,431 $21,745 
Revenue category
Transaction revenues$7,067 $6,654 $21,254 $19,574 
Revenues from other value added services780 764 2,177 2,171 
Total net revenues(2)
$7,847 $7,418 $23,431 $21,745 
(1) No single country included in the other countries category generated more than 10% of total net revenues.
(2) Total net revenues include $515 million and $433 million for the three months ended September 30, 2024 and 2023, respectively, and $1.5 billion and $1.3 billion for the nine months ended September 30, 2024 and 2023, respectively, which do not represent revenues recognized in the scope of Accounting Standards Codification Topic 606, Revenue from contracts with customers. Such revenues relate to interest and fees earned on loans and interest receivable, including loans and interest receivable, held for sale, as well as hedging gains or losses, and interest earned on certain assets underlying customer balances.

Net revenues are attributed to the country in which the party paying our fee is located.

NOTE 3—NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding for the period. The dilutive effect of outstanding equity incentive awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) per share excludes all anti-dilutive common shares. During periods when we report net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items would decrease the net loss per share.

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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated:
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
(In millions, except per share amounts)
Numerator:
Net income (loss)$1,010 $1,020 $3,026 $2,844 
Denominator:
Weighted average shares of common stock - basic1,015 1,094 1,040 1,111 
Dilutive effect of equity incentive awards9 4 8 4 
Weighted average shares of common stock - diluted1,024 1,098 1,048 1,115 
Net income (loss) per share:
Basic$1.00 $0.93 $2.91 $2.56 
Diluted$0.99 $0.93 $2.89 $2.55 
Common stock equivalents excluded from net income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive
8 22 12 20 

NOTE 4—BUSINESS COMBINATIONS AND DIVESTITURES

There were no acquisitions accounted for as business combinations or divestitures completed in the three and nine months ended September 30, 2024 and 2023.

NOTE 5—GOODWILL AND INTANGIBLE ASSETS

GOODWILL

The following table presents goodwill balances and adjustments to those balances during the nine months ended September 30, 2024:
December 31,
2023		Goodwill Acquired Adjustments September 30,
2024
 (In millions)
Total goodwill$11,026 $— $(30)$10,996 

The adjustments to goodwill during the nine months ended September 30, 2024 pertained to foreign currency translation adjustments.

INTANGIBLE ASSETS

The components of identifiable intangible assets were as follows:
 September 30, 2024December 31, 2023
 Gross Carrying Amount
Accumulated Amortization 
Net Carrying AmountWeighted Average Useful Life (Years)
Gross Carrying Amount
Accumulated Amortization 
Net Carrying AmountWeighted Average Useful Life (Years)
 (In millions, except years)
Intangible assets:        
Customer lists and user base$1,538 $(1,232)$306 7$1,546 $(1,140)$406 7
Marketing related386 (359)27 5387 (350)37 5
Developed technology1,012 (1,012)— 31,013 (999)14 3
All other435 (375)60 7433 (353)80 7
Intangible assets, net$3,371 $(2,978)$393 $3,379 $(2,842)$537  


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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Amortization expense for intangible assets was $51 million and $57 million for the three months ended September 30, 2024 and 2023, respectively. Amortization expense for intangible assets was $159 million and $172 million for the nine months ended September 30, 2024 and 2023, respectively.

Expected future intangible asset amortization as of September 30, 2024 was as follows (in millions):

Fiscal years:
Remaining 2024$42 
2025152 
202695 
202758 
202846 
Total$393 

NOTE 6—LEASES

PayPal enters into various leases, which are primarily real estate operating leases. We use these properties for executive and administrative offices, data centers, product development offices, and customer services and operations centers. PayPal also enters into computer equipment finance leases.

While a majority of our lease agreements do not contain an explicit interest rate, certain of our lease agreements are subject to changes based on the Consumer Price Index or another referenced index. In the event of changes to the relevant index, lease liabilities are not remeasured and instead are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred.

The short-term lease exemption has been adopted for all leases with a duration of less than 12 months.

PayPal’s lease portfolio includes a small number of subleases. A sublease situation can arise when currently leased real estate space is available and is surplus to operational requirements.

The components of lease expense were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions)
Operating lease expense$41 $39 $117 $119 
Sublease income(3)(2)(9)(6)
Total lease expense, net(1)
$38