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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 March 31, 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) 967-1000
(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 April 24, 2024, there were 1,046,046,041 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



Table of Contents

PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

PayPal Holdings, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
 March 31,
2024
December 31,
2023
 (In millions, except par value)
(Unaudited)
ASSETS
Current assets:  
Cash and cash equivalents$9,693 $9,081 
Short-term investments4,625 4,979 
Accounts receivable, net1,108 1,069 
Loans and interest receivable, held for sale307 563 
Loans and interest receivable, net of allowances of $465 and $540 as of March 31, 2024 and December 31, 2023, respectively
5,202 5,433 
Funds receivable and customer accounts38,353 38,935 
Prepaid expenses and other current assets4,418 2,509 
Total current assets63,706 62,569 
Long-term investments3,409 3,273 
Property and equipment, net1,426 1,488 
Goodwill10,916 11,026 
Intangible assets, net465 537 
Other assets3,425 3,273 
Total assets$83,347 $82,166 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$108 $139 
Funds payable and amounts due to customers41,353 41,935 
Accrued expenses and other current liabilities8,385 6,392 
Total current liabilities49,846 48,466 
Other long-term liabilities3,116 2,973 
Long-term debt9,683 9,676 
Total liabilities62,645 61,115 
Commitments and contingencies (Note 13)
Equity:
Common stock, $0.0001 par value; 4,000 shares authorized; 1,053 and 1,072 shares outstanding as of March 31, 2024 and December 31, 2023, respectively
  
Preferred stock, $0.0001 par value; 100 shares authorized, unissued
  
Treasury stock at cost, 270 and 245 shares as of March 31, 2024 and December 31, 2023, respectively
(22,552)(21,045)
Additional paid-in-capital19,825 19,642 
Retained earnings24,088 23,200 
Accumulated other comprehensive income (loss)(659)(746)
Total equity20,702 21,051 
Total liabilities and equity$83,347 $82,166 

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

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PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Three Months Ended March 31,
20242023
 (In millions, except per share data)
(Unaudited)
Net revenues$7,699 $7,040 
Operating expenses:
Transaction expense 3,917 3,283 
Transaction and credit losses321 442 
Customer support and operations454 488 
Sales and marketing421 436 
Technology and development742 721 
General and administrative464 507 
Restructuring and other212 164 
Total operating expenses6,531 6,041 
Operating income1,168 999 
Other income (expense), net41 75 
Income before income taxes1,209 1,074 
Income tax expense321 279 
Net income (loss)$888 $795 
Net income (loss) per share:
Basic$0.83 $0.70 
Diluted$0.83 $0.70 
Weighted average shares:
Basic1,064 1,129 
Diluted1,072 1,134 

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


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PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended March 31,
 20242023
 (In millions)
(Unaudited)
Net income (loss)$888 $795 
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments (“CTA”)(143)(20)
Net investment hedges CTA gains, net99 27 
Tax expense on net investment hedges CTA gains, net(23)(6)
Unrealized gains (losses) on cash flow hedges, net96 (111)
Tax (expense) benefit on unrealized gains (losses) on cash flow hedges, net(5)6 
Unrealized gains on available-for-sale debt securities, net83 175 
Tax expense on unrealized gains on available-for-sale debt securities, net(20)(41)
Other comprehensive income (loss), net of tax87 30 
Comprehensive income (loss)$975 $825 

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 EarningsTotal 
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 

Common Stock SharesTreasury StockAdditional Paid-In CapitalAccumulated Other
Comprehensive Income (Loss)
Retained EarningsTotal 
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 and assumed, net of shares withheld for employee taxes5 — (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 

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
 Three Months Ended March 31,
 20242023
 (In millions)
(Unaudited)
Cash flows from operating activities:
Net income (loss)$888 $795 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Transaction and credit losses321 442 
Depreciation and amortization265 270 
Stock-based compensation365 345 
Deferred income taxes52 (67)
Net (gains) losses on strategic investments49 (48)
Accretion of discounts on investments, net of amortization of premiums(75)(69)
Adjustments to loans and interest receivable, held for sale37  
Other 13 (23)
Originations of loans receivable, held for sale(5,345) 
Proceeds from repayments and sales of loans receivable, originally classified as held for sale5,232  
Changes in assets and liabilities:
Accounts receivable(39)(3)
Accounts payable(22)3 
Other assets and liabilities 176 (475)
Net cash provided by operating activities1,917 1,170 
Cash flows from investing activities:
Purchases of property and equipment(154)(170)
Proceeds from sales of property and equipment 1 
Purchases and originations of loans receivable(4,779)(8,267)
Proceeds from repayments and sales of loans receivable, originally classified as held for investment4,827 8,063 
Purchases of investments(7,081)(6,100)
Maturities and sales of investments9,242 5,445 
Funds receivable(1,169)1,195 
Collateral posted related to derivative instruments, net74 (22)
Other investing activities20 8 
Net cash provided by investing activities980 153 
Cash flows from financing activities:
Proceeds from issuance of common stock 1 
Purchases of treasury stock(1,501)(1,432)
Tax withholdings related to net share settlements of equity awards(167)(149)
Borrowings under financing arrangements115 72 
Repayments under financing arrangements(359)(5)
Funds payable and amounts due to customers(483)(1,139)
Collateral received related to derivative instruments, net33 (129)
Net cash used in financing activities(2,362)(2,781)

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

 Three Months Ended March 31,
 20242023
 (In millions)
(Unaudited)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (94)(4)
Net change in cash, cash equivalents, and restricted cash 441 (1,462)
Cash, cash equivalents, and restricted cash at beginning of period 21,834 19,156 
Cash, cash equivalents, and restricted cash at end of period$22,275 $17,694 
Supplemental cash flow disclosures:
Cash paid for interest$2 $2 
Cash paid for income taxes, net$83 $495 
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$9,693 $7,101 
Short-term investments3 13 
Funds receivable and customer accounts12,579 10,580 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows$22,275 $17,694 

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 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 March 31, 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 March 31, 2024 and December 31, 2023, the carrying value of our investments in nonconsolidated VIEs was $178 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 March 31, 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 months ended March 31, 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, and 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 are evaluating the impact this amended guidance may have on the footnotes to our condensed consolidated financial statements.

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 bases 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. The adoption of this guidance is not expected to have a material impact on our condensed consolidated financial statements based on our current crypto asset holdings and fair value.

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 further 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 March 31,
 20242023
(In millions)
Primary geographical markets
U.S.$4,467 $4,147 
Other countries(1)
3,232 2,893 
Total net revenues(2)
$7,699 $7,040 
Revenue category
Transaction revenues$7,034 $6,364 
Revenues from other value added services665 676 
Total net revenues(2)
$7,699 $7,040 
(1) No single country included in the other countries category generated more than 10% of total net revenues.
(2) Total net revenues include $468 million and $451 million for the three months ended March 31, 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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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 March 31,
 20242023
(In millions, except per share amounts)
Numerator:
Net income (loss)$888 $795 
Denominator:
Weighted average shares of common stock - basic1,064 1,129 
Dilutive effect of equity incentive awards8 5 
Weighted average shares of common stock - diluted1,072 1,134 
Net income (loss) per share:
Basic$0.83 $0.70 
Diluted$0.83 $0.70 
Common stock equivalents excluded from net income (loss) per diluted share because their effect would have been anti-dilutive or potentially dilutive
17 14 

NOTE 4—BUSINESS COMBINATIONS AND DIVESTITURES

There were no acquisitions accounted for as business combinations or divestitures completed in the three months ended March 31, 2024 and 2023.

NOTE 5—GOODWILL AND INTANGIBLE ASSETS

GOODWILL

The following table presents goodwill balances and adjustments to those balances during the three months ended March 31, 2024:
December 31,
2023
Goodwill Acquired Adjustments March 31,
2024
 (In millions)
Total goodwill$11,026 $ $(110)$10,916 

The adjustments to goodwill during the three months ended March 31, 2024 pertained to foreign currency translation adjustments.

INTANGIBLE ASSETS

The components of identifiable intangible assets were as follows:
 March 31, 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$1,517 $(1,162)$355 7$1,546 $(1,140)$406 7
Marketing related382 (351)31 5387 (350)37 5
Developed technology1,010 (1,003)7 31,013 (999)14 3
All other430 (358)72 7433 (353)80 7
Intangible assets, net$3,339 $(2,874)$465 $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 $56 million and $57 million for the three months ended March 31, 2024 and 2023, respectively. Additionally, in the three months ended March 31, 2023, we retired approximately $84 million of fully amortized intangible assets, of which $65 million and $19 million were included in customer lists and user base and developed technology, respectively.

Expected future intangible asset amortization as of March 31, 2024 was as follows (in millions):

Fiscal years:
Remaining 2024$130 
2025147 
202690 
202755 
202843 
Total$465 

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 March 31,
20242023
(In millions)
Operating lease expense$37 $41 
Sublease income(3)(2)
Total lease expense, net(1)
$34 $39 
(1) During the three months ended March 31, 2024, finance lease expense was de minimis.

Supplemental cash flow information related to leases during the three months ended March 31, 2024 and 2023 were as follows:
Three Months Ended March 31, 2024
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$43 
Right-of-use (“ROU”) lease assets obtained in exchange for new operating lease liabilities
$143 
ROU lease assets obtained in exchange for new finance lease liabilities$16 



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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Three Months Ended March 31, 2023
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$43 
ROU lease assets obtained in exchange for new operating lease liabilities$(1)
Other non-cash ROU lease asset activity(1)
$(21)
(1) ROU lease asset impairment. Refer to “Note 17—Restructuring and Other” for further details.

Supplemental balance sheet information related to leases was as follows:
March 31, 2024December 31, 2023
(In millions, except weighted-average figures)
Operating leases(1)
Finance leases(2)
Operating leases(1)
Finance leases(2)
ROU lease assets$505 $16 $390 $ 
Current lease liabilities144 9 144  
Long-term lease liabilities524 7 416  
Total lease liabilities$668 $16 $560 $ 
Weighted-average remaining lease term5.8 years4.9 years5.0 years— 
Weighted-average discount rate4 %2 %4 % %
(1) ROU assets for operating leases are included in “other assets” and lease liabilities for operating leases are included in “accrued expenses and other current liabilities” and “other long-term liabilities” on our condensed consolidated balance sheets.
(2) ROU assets for finance leases are included in “property and equipment, net” and lease liabilities for finance leases are included in “accrued expenses and other current liabilities” and “other long-term liabilities” on our condensed consolidated balance sheets.

Future minimum lease payments for our leases as of March 31, 2024 were as follows:
Operating leasesFinance leases
Fiscal years:(In millions)
Remaining 2024$127 $8 
2025139 2 
2026128 2 
2027104 2 
202873 2 
Thereafter181  
Total$752 $16 
Less: present value discount(84) 
Lease liability$668 $16 

Operating lease amounts include minimum lease payments under our non-cancelable operating leases primarily for office and data center facilities. Finance lease amounts include minimum lease payments under our non-cancelable finance leases primarily for computer equipment. The amounts presented are consistent with contractual terms and are not expected to differ significantly from actual results under our existing leases.

As of March 31, 2024, we have additional operating leases, primarily for data centers, which will commence in the second quarter of 2024 or later with minimum lease payments aggregating to $102 million and lease terms ranging from four to eight years. As of March 31, 2024, we have additional finance leases for computer equipment, which will commence in the second quarter of 2024 or later with minimum lease payments aggregating to $62 million and lease terms of five years.


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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
NOTE 7—OTHER FINANCIAL STATEMENT DETAILS

CRYPTO ASSET SAFEGUARDING LIABILITY AND CORRESPONDING SAFEGUARDING ASSET

We allow our customers in certain markets to buy, hold, sell, convert, receive, and send certain cryptocurrencies as well as use the proceeds from sales of cryptocurrencies to pay for purchases at checkout. These cryptocurrencies consist of Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and PayPal USD stablecoin (collectively, “our customers’ crypto assets”). We engage third parties, which are licensed trust companies, to provide certain custodial services, including holding our customers’ cryptographic key information, securing our customers’ crypto assets, and protecting them from loss or theft, including indemnification against certain types of losses such as theft. Our third-party custodians hold the crypto assets in a custodial account in PayPal’s name for the benefit of PayPal’s customers. We maintain the internal recordkeeping of our customers’ crypto assets, including the amount and type of crypto asset owned by each of our customers in that custodial account. As of March 31, 2024, we utilize two third-party custodians; as such, there is concentration risk in the event these custodians are not able to perform in accordance with our agreement.

Due to the unique risks associated with cryptocurrencies, including technological, legal, and regulatory risks, we recognize a crypto asset safeguarding liability to reflect our obligation to safeguard the crypto assets held for the benefit of our customers, which is recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets. We also recognize a corresponding safeguarding asset, which is recorded in prepaid expenses and other current assets on our condensed consolidated balance sheets. The crypto asset safeguarding liability and corresponding safeguarding asset are measured and recorded at fair value on a recurring basis using quoted prices for the underlying crypto assets on the active exchange that we have identified as the principal market at the balance sheet date. The corresponding safeguarding asset may be adjusted for loss events, as applicable. As of March 31, 2024 and December 31, 2023, the Company had not incurred any safeguarding loss events, and therefore, the crypto asset safeguarding liability and corresponding safeguarding asset were recorded at the same value.

The following table summarizes the significant crypto assets we hold for the benefit of our customers and the crypto asset safeguarding liability and corresponding safeguarding asset as of March 31, 2024 and December 31, 2023:
March 31,
2024
December 31, 2023
(In millions)
Bitcoin$1,709 $741 
Ethereum985 412 
Other 152 88 
Crypto asset safeguarding liability$2,846 $1,241 
Crypto asset safeguarding asset$2,846 $1,241 

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

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended March 31, 2024:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign Currency
Translation Adjustment (“CTA”)
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $(56)$(134)$(731)$191 $(16)$(746)
Other comprehensive income (loss) before reclassifications96 41 (143)99 (48)45 
Less: Amount of loss reclassified from accumulated other comprehensive income (loss) (“AOCI”) (42)   (42)
Net current period other comprehensive income (loss) 96 83 (143)99 (48)87 
Ending balance $40 $(51)$(874)$290 $(64)$(659)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended March 31, 2023:
Unrealized Gains (Losses) on Cash Flow Hedges
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Foreign CTA
Net Investment Hedges CTA Gains (Losses)
Estimated Tax (Expense) BenefitTotal
(In millions)
Beginning balance $111 $(591)$(575)$(1)$128 $(928)
Other comprehensive income (loss) before reclassifications(35)150 (20)27 (41)81 
Less: Amount of gain (loss) reclassified from AOCI76 (25)   51 
Net current period other comprehensive income (loss) (111)175 (20)27 (41)30 
Ending balance $ $(416)$(595)$26 $87 $(898)

The following table provides details about reclassifications out of AOCI for the periods presented below:
Details about AOCI Components 
Amount of Gains (Losses) Reclassified from AOCI
Affected Line Item in the Statements of Income (Loss)
Three Months Ended March 31,
20242023
(In millions)
Gains on cash flow hedgesforeign currency exchange contracts
$ $76 Net revenues
Losses on investments(42)(23)Net revenues
Losses on investments (2)Other income (expense), net
(42)51 Income before income taxes
  Income tax expense
Total reclassifications for the period$(42)$51 Net income (loss)


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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
OTHER INCOME (EXPENSE), NET

The following table reconciles the components of other income (expense), net for the periods presented below:
 Three Months Ended March 31,
 20242023
(In millions)
Interest income$166 $108 
Interest expense(86)(87)
Net gains (losses) on strategic investments(49)48 
Other10 6 
Other income (expense), net$41 $75 

NOTE 8—CASH AND CASH EQUIVALENTS, FUNDS RECEIVABLE AND CUSTOMER ACCOUNTS, AND INVESTMENTS
The following table summarizes the assets underlying our cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments as of March 31, 2024 and December 31, 2023:
 March 31,
2024
December 31,
2023
(In millions)
Cash and cash equivalents(1)
$9,693 $9,081 
Funds receivable and customer accounts:
Cash and cash equivalents(2)
$12,579 $12,750 
Time deposits80 82 
Available-for-sale debt securities14,166 15,708 
Funds receivable11,528 10,395 
Total funds receivable and customer accounts$38,353 $38,935 
Short-term investments:
Time deposits$100 $128 
Available-for-sale debt securities4,522 4,848 
Restricted cash3 3 
Total short-term investments$4,625 $4,979 
Long-term investments:
Time deposits$40 $45 
Available-for-sale debt securities1,539 1,391 
Strategic investments1,830 1,837 
Total long-term investments$3,409 $3,273 
(1) Includes $1.5 billion and $777 million of available-for-sale debt securities with original maturities of three months or less as of March 31, 2024 and December 31, 2023, respectively.
(2) Includes $931 million and $399 million of available-for-sale debt securities with original maturities of three months or less as of March 31, 2024 and December 31, 2023, respectively.



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PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
As of March 31, 2024 and December 31, 2023, the estimated fair value of our available-for-sale debt securities included within cash and cash equivalents, funds receivable and customer accounts, short-term investments, and long-term investments was as follows:
 
March 31, 2024(1)
 Gross
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
(In millions)
Cash and cash equivalents:
U.S. government and agency securities$1,296 $ $ $1,296 
Commercial paper200   200 
Funds receivable and customer accounts:
U.S. government and agency securities8,038 2 (26)8,014 
Foreign government and agency securities195   195 
Corporate debt securities477  (1)476 
Asset-backed securities1,860 4 (1)1,863 
Municipal securities710  (3)707 
Commercial paper3,193 1 (2)3,192 
Short-term investments:
U.S. government and agency securities572  (12)560 
Foreign government and agency securities195  (3)192 
Corporate debt securities1,443 1 (9)1,435 
Asset-backed securities751 4 (3)752 
Commercial paper1,584  (1)1,583 
Long-term investments:
U.S. government and agency securities51  (2)49 
Foreign government and agency securities112  (2)110 
Corporate debt securities692 2 (3)691 
Asset-backed securities686 3  689 
Total available-for-sale debt securities(2)
$22,055 $17 $(68)$22,004 
(1) “—” Denotes gross unrealized gain or unrealized loss of less than $1 million in a given position.
(2) Excludes foreign currency denominated available-for-sale debt securities accounted for under the fair value option. Refer to “Note 9Fair Value Measurement of Assets and Liabilities.”

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Table of Contents
PayPal Holdings, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
 
December 31, 2023(1)
 Gross
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
(In millions)
Cash and cash equivalents:
U.S. government and agency securities$428 $ $ $428 
Commercial paper349   349 
Funds receivable and customer accounts:
U.S. government and agency securities8,549 8 (79)8,478 
Foreign government and agency securities620  (8)612 
Corporate debt securities1,507