#1Q1-23 Investor Update May 8, 2023 P PayPal#2Non-GAAP Financial Measures; Forward-Looking Statements This presentation contains non-GAAP measures relating to our performance. These measures may exclude certain expenses, gains and losses that may not be indicative of our core operating results and business outlook, and, in each case, may be different from the non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with generally accepted accounting principles. You can find the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures in the Supplemental Information at the end of this presentation. As previously disclosed, beginning with the first quarter of 2020, we modified the presentation of our non-GAAP results to exclude the impact of all gains and losses on our strategic investments. In addition, beginning with the fourth quarter of 2020, certain cash flows related to customer balances were reclassified from cash flows from operating activities to cash flows from investing activities or financing activities within the consolidated statements of cash flows, and beginning with the fourth quarter of 2022, certain cash flows related to collateral security arrangements for derivative instruments were reclassified from cash flows from operating activities to cash flows from investing activities or financing activities within the consolidated statements of cash flows. Prior period amounts have been reclassified to conform to the current period presentation. All growth rates represent year-over-year comparisons, except as otherwise noted. FX-Neutral (which we also refer to as FXN or currency-neutral) results are calculated by translating the current period's local currency results by the prior period's exchange rate. FX-Neutral growth rates are calculated by comparing the current period's FX-Neutral results with the prior period's results, excluding the impact from currency hedging activities. This presentation contains forward-looking statements relating to, among other things, the future results of operations, financial condition, expectations and plans of PayPal Holdings, Inc. and its consolidated subsidiaries that reflect PayPal's current projections and forecasts. Forward-looking statements can be identified by words such as "may," "will," "would," "should," "could," "expect," "anticipate," "believe," "estimate," "intend," "continue," "strategy," "future," "opportunity," "plan," "project," "forecast" and other similar expressions. Forward-looking statements may include, but are not limited to, statements regarding our guidance and projected financial results for second quarter and full year 2023; our capital return program; the impact and timing of product launches and acquisitions; and the projected future growth of PayPal's businesses. Forward-looking statements are based upon various estimates and assumptions, as well as information known to PayPal as of the date of this presentation and are inherently subject to numerous risks and uncertainties. Our actual results could differ materially from those estimated or implied by forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to compete in markets that are highly competitive and subject to rapid technological change, and to develop and deliver new or enhanced products and services on a timely basis; cyberattacks and security vulnerabilities, and associated impacts; the effect of global and regional political, economic, market and trade conditions, supply chain issues and related events that affect payments or commerce activity, including inflation and rising interest rates; the impact of catastrophic events, such as the COVID-19 pandemic, that may disrupt our business, as well as our customers, suppliers, vendors and other business partners; the stability, security and performance of our payments platform; the effect of extensive government regulation and oversight related to our business, products and services in a variety of areas, including, but not limited to, laws covering payments, lending and consumer protection; the impact of complex and changing laws and regulations worldwide, including, but not limited to, laws covering privacy, data protection, and cybersecurity, which expose us to potential liabilities, increased costs, and other adverse effects on our business; the impact of payment card, bank, or other network rules or practices; changes in how consumers fund transactions; our ability to effectively detect and prevent the use of our services for fraud, abusive behaviors, illegal activities, or improper purposes; our ability to manage regulatory and litigation risks, and the outcome of legal and regulatory proceedings; our reliance on third parties in many aspects of our business; damage to our reputation or brands; fluctuations in foreign currency exchange rates; changes in tax rates and exposure to additional tax liabilities; changes to our capital allocation, management of operating cash or incurrence of indebtedness; our ability to timely develop and upgrade our technology systems, infrastructure and customer service capabilities; the impact of proposed or completed acquisitions, divestitures, strategic investments, or entries into new businesses or markets; and our ability to attract, hire, and retain talented employees. The forward-looking statements in this presentation do not include the potential impact of any acquisitions or divestitures that may be announced and/or contemplated after the date of this presentation. More information about factors that could adversely affect PayPal's results of operations, financial condition and prospects or that could cause actual results to differ from those expressed or implied in forward- looking statements is included under the captions "Risk Factors", "Legal Proceedings," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in PayPal's most recent annual report on Form 10-K, and its subsequent quarterly reports on Form 10-Q, copies of which may be obtained by visiting PayPal's Investor Relations website at https://investor.pypl.com or the SEC's website at www.sec.gov. All information in this presentation is as of May 8, 2023. For the reasons discussed above, you should not place undue reliance on the forward-looking statements in this presentation. PayPal assumes no obligation to update such forward-looking statements. PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update ⚫ 2#3Highlights Q1-23 outperformance and cost discipline driving increased FY-23 EPS outlook Q1-23: Exceeded guidance across the board reflecting solid revenue growth and operating expense leverage Revenue of $7.04B, growing 8.6% at spot and 10.4% FXN (1), ~1.4 pts above FXN guidance • Non-GAAP operating margin expansion of ~200bps, driven by solid revenue growth and operating expense leverage Non-transaction related expenses declined 12% y/y о • Non-GAAP EPS of $1.17, ~$0.08 above the midpoint of guidance range . • Free cash flow (FCF) of $1.0B, ~20% of revenue excluding impact from higher cash taxes (2); FCF of $5.1B on a trailing 12-month basis • Returned $1.4B to stockholders through share repurchases; returned $4.1B on a trailing 12-month basis . Sequential TPV growth (FXN) acceleration across branded checkout (+2 pts to 6.5% y/y), unbranded processing (+1 pt to 30% y/y) and Venmo (+6 pts to 9% y/y) FY-23: Raising non-GAAP EPS guidance to reflect Q1-23 outperformance, with ongoing benefit from cost initiatives Raising FY-23 non-GAAP EPS guidance; now expect non-GAAP EPS to grow ~20% to ~$4.95 • FY-23 non-GAAP operating margin expected to expand at least ~100bps • FY-23 share repurchases expected to reach $4B, with ~$5B of FCF • Q2-23 non-GAAP EPS expected to be $1.15-$1.17, growing ~25% at the midpoint of the range • Q2-23 revenue expected to grow ~6.5%-7% at spot and ~7.5%-8% FXN Non-GAAP operating margin, non-GAAP EPS, and free cash flow are non-GAAP financial measures. Please see the Supplemental Information for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. (1) Foreign currency-neutral. (2) -$430M impact to cash taxes from intra-group transfer of intellectual property. (3) See the section titled "FY-23 Guidance" for additional detail. PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update • 3#4First Quarter 2023 Summary Strong start to the year with better-than-expected revenue, EPS and margin expansion Transactions Total Payment Volume Revenue 5.8B Transactions 13% increase y/y 53.1 Transactions per active account (TPA) 13% increase y/y, driven primarily by Braintree transaction growth Non-GAAP Operating Income $1.6B $355B 10% spot and 12% FXN y/y growth Accelerated 5pts vs. Q4-22 on a spot basis and 3pts on an FXN basis Non-GAAP EPS (1) (1) $1.17 33% increase y/y $7.04B 8.6% spot and 10.4% FXN y/y growth Exceeded guidance of ~7.5% spot and ~9% FXN growth Free Cash Flow (1) $1.0B 19% increase y/y Accelerated 7pts vs. Q4-22 22.7% Operating margin expansion of ~200bps Exceeded guidance of 22% Accelerated 22pts vs. Q4-22 Exceeded guidance of $1.08-$1.10 (~24% growth at the midpoint) 3% decrease y/y with impact from higher cash taxes $5.1B FCF on a trailing 12-month basis PayPal ©2023 PayPal Holdings, Inc. (1) Non-GAAP operating income, operating margin, earnings per share and free cash flow are non-GAAP financial measures. Please see the Supplemental Information for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. Q1-23 Investor Update 4#5PayPal delivers results at massive scale 2015 2019 Active 181M 305M Accounts 2017-2022 Growth 2022 (5-year CAGR) 435M 14% Total Payment $288B Volume $712B $1.36T 24% Supporting Building an Combining Net Revenue $9.2B enduring platform $17.8B customers through the pandemic $27.5B trust and 16% innovation Non-GAAP $1.29 EPS $2.96 $4.13 17% Free Cash Flow (1) $1.8B $3.5B $5.1B Non-GAAP earnings per share and free cash flow are non-GAAP financial measures. Please see the Supplemental Information for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. (1) Reflects the impact of reclassification as described in our earnings press release dated February 9, 2023. PayPal ©2023 PayPal Holdings, Inc. 22% Q1-23 Investor Update ⚫5#6PayPal impact vs. typical checkout Merchants sell more with PayPal Latest research by Nielsen demonstrates PayPal's value across the checkout journey Consideration CONSUMER PURCHASE JOURNEY Preference Loyalty +20% +60% +33% +28% +25% PayPal brings 20% more repeat buyers (1) PayPal users make 60% more purchases (2) PayPal completes 33% more checkouts (3) PayPal improves purchase experience by 28% PayPal increases likelihood of (4) buying by 25% (5) Sources: Nielsen Behavioral Panel: Analysis from 388 large enterprise merchants in the U.S., with 408K transactions from 25K consumers on desktop between January 2022 and December 2022 and Nielsen Attitudinal Survey: survey of 4K consumers of their experience with large merchants in February 2023. (1) Repeat buyers - Uplift in repeating buyers vs. typical checkout (2) Purchase frequency - Uplift in number of purchases vs. typical checkout (3) Payment conversion - Uplift when PayPal is chosen vs. cards at checkout from which payment method is chosen (4) Purchase experience - Uplift in purchase experience when paying with PayPal vs. other payment methods (5) More likely to buy - Uplift on consumers that agree that the payment method they paid with increased their likelihood to complete the purchase PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update 6#7Advancing PayPal branded checkout Refining branded checkout experience to drive engagement and share of checkout • B Enhancing the merchant and consumer experience Focused on moving merchants to newer integrations to deliver our best consumer experience, helping improve conversion for merchants Improving mobile checkout by launching a new software developer kit (SDK) for merchants in North America and Europe, enabling an in-context, 2-click experience P Delivering simplified integration solutions Strengthened suite of unbranded services with PayPal Complete Payments (PPCP), enabling merchants to seamlessly integrate PayPal's latest branded checkout experiences and value-added services Unlocking the value of PayPal, Venmo and Pay Later checkout using PayFast easy integrations for new verticals including restaurants, healthcare and government • Reducing friction and latency Improved customer-perceived latency by ~40% in the last 12 months" Refined PayPal vaulting set-up experience to make subsequent transactions easier; consumers using PayPal for recurring transactions have nearly 90% more (2) transactions per active on average and exhibit very low churn Expanding passwordless authentication Increasing penetration of easier and more secure login experiences utilizing biometrics, SMS authentication and long-lived sessions Enabling Passkeys with iOS and Android devices, which replace passwords and allow for seamless login P Investing in engaging consumer services Launched package tracking directly in the PayPal app, ramped to 100% on iOS and launching soon on Android Improved Rewards offering by allowing users to combine PayPal Rewards with their linked bank account, PayPal balance and credit or debit cards (1) Last 12 months April 2022-March 2023. (2) Global active accounts with a monthly subscription vs. without a monthly subscription over the last six months (October 2022-March 2023). PayPal ©2023 PayPal Holdings, Inc. • Building for the future of checkout Testing next-generation checkout solutions that utilize vaulted credentials to offer merchants one-click checkout capability on both branded and unbranded transactions Q1-23 Investor Update ⚫7#8Driving PayPal network with suite of unbranded solutions Serving customers across digital commerce with industry-leading authorization rates P PayPal Braintree Braintree delivers best-in-class, enterprise-grade processing for merchants who need sophistication and customization Open ecosystem and global orchestration platform Meaningful value-added services including risk, back- office automation and payouts PayPal Complete Payments (PPCP) PPCP is an end-to-end, full stack payments platform serving SMBs and partners Complete suite of services for SMBs with simple integration and omni capabilities Scalable platform for channel partners who need to onboard SMB sellers en masse Braintree and PPCP merchants access the latest integration paths, enabling best-in-class merchant and consumer experiences for PayPal, Venmo and Pay Later checkout, in addition to offering other APMs (1) Processing unbranded payments establishes new merchant relationships and deepens existing ones, strengthening PayPal's value proposition and enabling cross-sell of services such as back-office automation, dispute resolution, FX, invoicing, in-store processing, merchant lending, payouts and risk Processing at this scale provides additional data to grow PayPal's industry-leading consumer and merchant network and inform the development of next-generation checkout experiences (1) Alternative payment methods PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update ⚫8#9Expanding key merchant relationships to provide greater choice at checkout Enabling Microsoft customers to pay with PayPal Pay Later and Venmo PayPal has supported Microsoft for more than 16 years through branded checkout. In 2022, we migrated Microsoft to our latest Braintree integration - allowing us to expand our relationship across Venmo and PayPal Pay Later. Microsoft customers are now able to spread eligible purchases over time with PayPal Pay Later and will soon be able to pay with Venmo at checkout in the United States, for all purchases on the Microsoft and Xbox Store. PayPal Pay Later is available in seven countries, including the U.S., Australia, U.K., Germany, France, Italy and Spain. In addition, PayPal is helping to power payments through Microsoft Teams. This allows many service-based small business owners like dietitians, cooking instructors, therapists or tutors to receive payment during a one-on-one appointment or in the class, directly in Microsoft Teams. Microsoft Х P PayPal PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update .9#10PayPal's sixth annual Global Impact Report Transparently reporting our environmental, social and governance (ESG) progress Our 2022 Global Impact Report covers key metrics and progress in support of our business across four core dimensions: • • RESPONSIBLE BUSINESS PRACTICES Over 4K employees participated in PayPal's third annual Data Week promoting data governance, double the attendance from 2021 Achieved 100% completion of annual training by all employees Introduced enhanced passwordless authentication for our customers and employees • SOCIAL INNOVATION Facilitated $4.2B+ in access to capital for small- and medium-sized businesses • Maintained average international remittance rate below 3%, aligned with the U.N. SDG target • Enabled $20B+ in donations to nonprofits and causes through the PayPal Giving Platform • • . EMPLOYEES & CULTURE Exceeded our goal to have at least 20% PayPal-defined estimated net disposable income (eNDI) for employees globally Reached overall workforce diversity of 56%, including 44% global gender diversity and 54% U.S. ethnic diversity Empowered employees to volunteer nearly 100,000 hours in their communities ENVIRONMENTAL SUSTAINABILITY Reached 90% total renewable energy use and continued sourcing 100% renewable energy for our data centers • Demonstrated progress toward our science-based targets (SBTs), including: о о 80% reduction in operational emissions since 2019 (2) ~39% of our largest vendors by spend have set or committed to setting an SBT 2022 Global Impact Report Iransforming digital payments bo encabo economie opportunity P PayPal PayPal Reporting aligned with best practice frameworks & standards, including: о Sustainability Accounting Standards Board о Global Reporting Initiative о Task Force on Climate-Related Financial Disclosures о U.N. Sustainable Development Goals (SDGs) For more information, visit www.paypal.com/impact (1) Ethnically diverse includes U.S. EEO-1 defined categories Asian, African American or Black, Hispanic or Latino, American Indian or Alaska Native, Native Hawaiian or Other Pacific Islander or Two or More Races. (2) Operational greenhouse gas emissions include Scope 1 and 2 market-based method emissions as defined by the GHG Protocol. Q1-23 Investor Update • 10#11Business Update Q1-23#12Total Payment Volume (TPV) TPV growth accelerated 3pts vs. Q4-22 to 12% FXN Total Payment Volume ($B) 357 355 340 340 337 323 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Y/Y Growth 23% 13% 9% 9% 5% 10% FXN Y/Y Growth 23% 15% 13% 14% 9% 12% PayPal ©2023 PayPal Holdings, Inc. • • . TPV increased 10% on a spot basis and 12% FXN to $355B P2P TPV (PayPal, Venmo, and Xoom) increased 2% to $91B, and represented 26% of TPV Venmo TPV increased 9% to $62.7B, accelerating ~6pts vs. Q4-22 Q1-23 Investor Update • 12#13Cross-Border Trade (CBT) CBT volumes showing signs of improvement, up 4% FXN Cross-Border Trade TPV ($B) 49 44 45 45 45 43 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Y/Y Growth 5% (7%) (12%) (9%) (7%) -% FXN Y/Y Growth 7% (4%) (6%) (1%) -% 4% Share of Total TPV 14% 14% 13% 13% 13% 13% . CBT TPV was $45B, flat on a spot basis and growing 4% FXN, driven by intra-European corridors, partly offset by softness in EU-UK and U.S.-China corridors о CBT TPV represented 13% of TPV, compared to 14% in Q1-22 • Cross-border trade primarily comprises e-commerce goods-related activity and has limited exposure to the recovery of travel Note: In a typical purchase transaction, cross border TPV is counted in the region where the merchant is located. For example, in the case of a U.S. seller and a German buyer, the TPV is counted in the U.S. PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update • 13#14Transactions and Engagement Transactions per active account (TPA) reached 53.1, growing 13% Active Accounts (M) and TPA 426 429 429 432 435 433 • 53.1 51.4 50.1 48.7 47.0 45.4 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Y/Y Growth Active Accounts 13% 9% 6% 4% 2% 1% TPA 11% 11% 12% 13% 13% 13% Transactions 21% 18% 16% 15% 13% 13% PayPal ©2023 PayPal Holdings, Inc. • • Processed 5.8B payment transactions, up 13% 13% growth in TPA was predominantly driven by transaction growth from Braintree, with contribution from core PayPal Ended the quarter with 433M active accounts, up 1%, including 35M merchant accounts Active accounts declined 0.4%, or by 1.5M, relative to Q4-22 reflecting churn of minimally engaged accounts and the strategic decision to focus on driving higher activity levels with existing active accounts Q1-23 Investor Update • 14#15Revenue Better-than-expected revenue growth of 8.6% spot and 10.4% FXN Total Revenue ($B) 7.383 • Total revenue grew 9% at spot and 10% FXN 7.040 6.918 6.806 6.846 6.483 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Y/Y Growth 13% 7% 9% 11% 7% 9% FXN Y/Y Growth 13% 8% 10% 12% 9% 10% PayPal ©2023 PayPal Holdings, Inc. • о о Transaction revenue grew 6%, driven primarily by Braintree Other Value Added Services (OVAS) revenue increased 39%, driven by interest on customer balances and credit Hedging gains, recognized in international transaction revenue, were $76M in Q1-23 vs. hedging gains of $47M in Q1-22 Exiting Q1, at exchange rates as of March 31, 2023, our derivative positions are not expected to result in the recognition of hedging gains or losses in international transaction revenue over the next 12 months Q1-23 Investor Update • 15#16Non-Transaction Operating Expenses declined 12% Spend optimization across all areas . 31% 23% 20% 8% (12%) Non-Transaction Opex Growth (y/y) 78% (2%) (9%) 26% 6% (9%) Q1-21 Q1-22 Q1-23 7% 7% ―% Total Non- Transaction Opex Technology & Development (29%) Sales & Marketing Customer Support & Operations General & Administrative Non-transaction related expenses declined 12% vs. Q1-22, driven by an increased focus on cost control with leverage across sales & marketing (-29%), customer support & operations (-9%), technology & development (-9%), and general & administrative (0%) Non-GAAP expenses presented on a non-GAAP basis are non-GAAP financial measures. Please see the Supplemental Information for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update ⚫ 16#17Continued Operating Margin Expansion Non-GAAP operating margin expansion of ~200bps, driven by expense leverage Total Expenses ($M) Volume-based Non-transaction Expenses (¹) ($M) Related Expenses (2) ($M) 5,440 5,140 3,725 3,186 GAAP and Non-GAAP Operating Margin 22.4% 22.9% 22.7% 20.7% 19.1% 16.3% 16.8% 14.2% 1,954 1,715 11.0% 11.2% Q1-22 Q1-23 Y/Y Growth % of Revenue 17.9% 79.2% 5.8% 77.3% Q1-22 Q1-23 25.0% 49.1% Q1-22 Q1-23 16.9% 52.9% 7.8% (12.2%) 30.1% 24.4% . Q1-22 Q2-22 • Volume-based expenses grew 16.9%, driven by volume and funding mix (unbranded processing growth) Non-transaction related expenses declined 12%, driven by an increased focus on cost control Q3-22 Q4-22 Non-GAAP Operating Margin GAAP Operating Margin • Non-GAAP operating margin expanded ~200bps • Non-GAAP operating income grew 19%, reaching $1.6B and accelerating 7pts from Q4-22 and 39pts from Q1-22 PayPal ©2023 PayPal Holdings, Inc. Q1-23 Non-GAAP operating margin and expenses presented on a non-GAAP basis are non-GAAP financial measures. Please see the Supplemental Information for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. (1) Volume-based expenses include transaction expense and transaction and credit losses. (2) Non-transaction related expenses include customer support & operations, sales & marketing, technology & development, and general & administrative. Q1-23 Investor Update • 17#18EPS Non-GAAP EPS grew 33%, accelerating 22pts from Q4-22 $1.11 Non-GAAP EPS $1.24 $1.17 $1.08 $0.93 $0.88 Y/Y Growth Q4-21 4% Q1-22 (28%) Q2-22 (19%) Q3-22 (2%) Q4-22 11% Q1-23 33% . • Non-GAAP EPS increased 33%, accelerating 22 pts from Q4-22 GAAP EPS of $0.70 included a positive impact of ~$0.03 related to strategic investments compared to a positive impact of ~$0.02 in Q1-22 Non-GAAP EPS is a non-GAAP financial measure. Please see the Supplemental Information for a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update ⚫ 18#19Free Cash Flow (FCF) Generated FCF of $5.1B on a trailing 12-month basis 1,427 Free Cash Flow ($M) 1,573 1,433 1,026 1,075 السا 1,000 • FCF of $1.0B, declining 3% primarily due to higher cash taxes related to the intra-group transfer of intellectual property of ~$430M • • о ⚫ Excluding impact from higher cash taxes, FCF as a % of revenue was ~20% $15.3B in cash and cash equivalents ($7.1B), short-term ($3.6B) and long-term investments ($4.6B) as of March 31, 2023 Long-term debt of ~$10.5B and short-term debt of $400M as of March 31, 2023 % of Revenue FCF Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Capex 21% 3% 16% 3% 16% 3% 23% 3% 19% 2% 14% 2% Free cash flow is a non-GAAP financial measure. Please see the Supplemental Information for a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. Reflects the impact of reclassification as described in our earnings press release dated February 9, 2023. PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update • 19#20Capital Allocation Returned $4.1B to stockholders through share repurchases on a trailing 12-month basis. 0.8 Capital Allocation ($B) Share Repurchases Acquisitions & Strategic Investments Capex 0.7 1.0 04 1.0 2.8 ..: 0.7 0.9 0.9 3.1 0.7 0.3 3.8 0.7 1.3 4.2 3.5 3.4 0.2 1.4 1.6 1.4 2016 2017 2018 2019 2020 2021 2022 2023 YTD • Generated ~$30B in FCF since becoming an independent company in July 2015 • In Q1-23, returned $1.4B in capital to stockholders by repurchasing ~19M shares at an average price of $76.60 per share • On a trailing 12-month basis, returned $4.1B to stockholders by repurchasing ~48M shares, >80% of FCF Since separation, allocated $18B to share repurchases and $13B to acquisitions and strategic investments • Free cash flow is a non-GAAP financial measure. Please see the Supplemental Information for a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update • 20#21FY-23 Guidance Raising non-GAAP EPS guidance to reflect strong Q1-23 performance, with ongoing benefit from cost initiatives • Revenue: H2-23 revenue growth expected to be relatively in line with H1-23 Non-GAAP EPS Growth ~20% • Non-GAAP EPS: Growth of ~20% to ~$4.95, compared to the prior outlook of ~18% Non-GAAP EPS ~$4.95 Non-GAAP Op Margin Expansion >100bps • Non-GAAP Operating Margin: At least ~100bps of expansion, compared to the prior outlook of ~125bps, reflecting greater contribution of unbranded processing volume to growth • Free Cash Flow: ~$5.0B, reflects headwind from higher expected cash taxes • Share Repurchases: ~$4B Free Cash Flow ($B) ~$5.0 • Non-GAAP effective tax rate: ~17%-19% • Capex: ~3% of revenue • GAAP EPS: ~$3.42 ⚫ Includes restructuring charge of $117M in Q1-23 Non-GAAP EPS, non-GAAP operating margin and free cash flow are non-GAAP financial measures. Please see the Supplemental Information for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update • 21#22Q2-23 Guidance Expense discipline driving 24%-26% non-GAAP earnings growth Net Revenue Growth (EXN) . Revenue: Growth of ~6.5%-7% at spot and ~7.5%-8% FXN ~7.5%-8% • Non-GAAP Operating Margin: ~22% Non-GAAP EPS Growth 24%-26% • Non-GAAP EPS $1.15-$1.17 Non-GAAP EPS: $1.15-$1.17, growing ~25% at the midpoint of the range ⚫ GAAP EPS: $0.81-$0.83, compared to ($0.29) in Q2-22 • Non-GAAP effective tax rate: 19%-20% Non-GAAP EPS is a non-GAAP financial measure. Please see the Supplemental Information for a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update • 22#23Supplemental Information#24PayPal Metrics (1) (in millions, except %) Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Active Accounts 426 429 429 432 435 433 Y/Y Growth 13% 9% 6% 4% 2% 1% Number of Payment Transactions 5,343 5,161 5,513 5,643 6,032 5,835 • Y/Y Growth 21% 18% 16% 15% 13% 13% Total Payment Volume Y/Y Growth FXN Y/Y Growth US TPV Y/Y Growth International TPV Y/Y Growth FXN Y/Y Growth 14% 5% 8% $339,530 $322,981 $339,791 $336,973 $357,378 $354,508 23% 13% 9% 9% 5% 10% 23% 15% 13% 14% 9% 12% $211,323 $207,845 $219,307 $221,198 $232,553 $231,975 30% 21% 16% 15% 10% 12% $128,207 $115,136 $120,484 $115,774 $124,825 $122,533 12% 1% (2)% (1)% (3%) 6% 11% 12% 8% Total Take Rate Transaction Take Rate 2.04% 2.01% 2.00% 2.03% 2.07% 1.88% 1.86% 1.85% 1.85% 1.88% 1.99% 1.80% Transaction Expense Rate 0.87% 0.87% 0.90% 0.89% 0.93% 0.93% Transaction and Credit Loss Rate 0.10% 0.11% 0.13% 0.11% 0.11% 0.12% Transaction Margin 52.3% 50.9% 48.7% 51.0% 49.7% 47.1% (1) Definitions included in Supplemental Information. PayPal ©2023 PayPal Holdings, Inc. • 45% of active accounts were outside the U.S. as of March 31, 2023 Average Payment Volume (APV) was $61, down 3% y/y, driven by continued FX translation impact Transaction take rate was down ~6bps vs. Q1-22 and total take rate was down ~2bps vs. Q1-22, both driven by volume mix Transaction expense rate increase of ~6bps driven primarily by volume mix (e.g., higher unbranded share) and funding mix effects • Transaction loss rate improved to ~8bps vs. ~10bps in Q1-22, benefiting from ongoing risk mitigation activities and volume mix Q1-23 Investor Update • 24#25Financial Detail (in millions, except %) Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Transaction Revenue $6,377 $5,998 $6,272 $6,234 $6,702 $6,364 Y/Y Growth 12% 7% 8% 11% 5% 6% Other Value Added Services (OVAS) $541 $485 $534 $612 $681 $676 Y/Y Growth 25% 18% 21% 6% 26% 39% Total Revenue $6,918 $6,483 $6,806 $6,846 $7,383 $7,040 Y/Y Growth 13% 7% 9% 11% 7% 9% FXN Y/Y Growth 13% 8% 10% 12% 9% 10% US Revenue Y/Y Growth 27% 20% 18% 14% 10% 13% International Revenue FXN Y/Y Growth (1%) (5%) 1% 9% 6% 7% % International 44% 43% 43% 42% 42% 41% Transaction expense $2,952 $2,817 $3,044 $2,988 $3,324 $3,283 Transaction and credit loss $350 $369 $448 $367 $388 $442 Volume-based expenses $3,302 $3,186 $3,492 $3,355 $3,712 $3,725 Customer support and operations $472 $455 $469 $453 $468 $412 Sales and marketing $573 $491 $499 $463 $432 $348 Technology and development $624 $610 $626 $628 $632 $557 General and administrative $440 $398 $418 $415 $446 $398 Non-transaction related expenses $2,109 $1,954 $2,012 $1,959 $1,978 $1,715 Total Operating Expenses ( (1) $5,411 $5,140 $5,504 $5,314 $5,690 $5,440 Y/Y Growth 17% 18% 20% 13% 5% 6% Non-GAAP Op. Income (¹) $1,507 $1,343 $1,302 $1,532 $1,693 $1,600 Non-GAAP Op. Margin % (1) 22% 21% 19% 22% 23% 23% Non-GAAP EPS (1) Y/Y Growth CAPEX $1.11 $0.88 $0.93 $1.08 $1.24 $1.17 4% (28%) (19%) (2%) 11% 33% Free Cash Flow (1,2) $213 $1,427 $191 $1,026 $175 $182 $158 $170 $1,075 $1,573 $1,433 $1,000 (1) Non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP EPS, and free cash flow are non-GAAP financial measures. Please see the Supplemental Information for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. (2) Reflects the impact of reclassification as described in our earnings press release dated February 9, 2023. PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update • 25#26Hedging impacts and credit reserve builds and releases (in millions, except %) Hedging Impacts (1) Favorable (unfavorable) impact to net revenues (exclusive of hedging impact) Hedging impact Favorable (unfavorable) impact to net revenues Favorable (unfavorable) impact to operating expense Net favorable (unfavorable) impact to operating income Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 (48) $ (123) $ (242) $ (307) $ (277) $ (139) 2 47 107 156 152 76 (46) (76) (135) (151) (125) (63) 22 57 131 162 142 78 $ (24) $ (19) $ (4) $ 11 $ 17 $ 15 Credit net charge-offs, reserve builds (releases) and credit losses Net charge-offs (2) $ 53 $ 52 $ 60 $ 69 $ 86 $ 110 Reserve build (release)(3) Credit Losses $ (9) 44 $ (5) 8 44 88 32 47 $ 68 $ 113 $ 174 $ 142 (1) Foreign currency movements relative to the US dollar. We calculate the year-over-year impact of foreign currency movements on our business using prior period foreign currency exchange rates applied to current period transactional currency amounts. (2) Net charge-offs includes the principal charge-offs partially offset by recoveries for consumer and merchant receivables. (3) Reserve build (release) represents change in allowance for principal receivables excluding foreign currency remeasurement. PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update • 26#27Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (In Millions/Unaudited) Three Months Ended Note March 31, 2023 December 31, September 30, 2022 2022 June 30, March 31, 2022 2022 December 31, September 30, 2021 2021 June 30, 2021 March 31, 2021 December 31, 2020 Year Ended December 31, 2022 2021 2020 GAAP operating expenses: Transaction expense Transaction and credit losses Customer support and operations Sales and marketing 3,283 $ 442 3,324 $ 2,988 $ 3,044 $ 2,817 $ 2,952 $ 2,564 $ 2,524 $ 2,275 $ 388 367 448 369 350 268 169 273 2,330 $ 366 12,173 $ 10,315 $ 7,934 1,572 (a) 1,060 1,741 Stock-based compensation expense. 488 541 509 536 534 532 504 521 518 507 2,120 2,075 1,778 (b) 436 524 544 595 594 666 549 628 602 605 2,257 2,445 1,861 Employer payroll taxes on stock- based compensation. Technology and development 721 822 801 815 815 796 755 746 741 732 3,253 3,038 2,642 General administrative 507 515 463 514 607 570 498 522 524 569 2,099 2,114 2,070 (c) Restructuring and other changes 164 25 56 90 36 2 1 1 58 Total operating expenses $ 6,041 $ 6,139 $ 5,728 $ 6,042 $ 5,772 $ 5,868 $ 5,139 $ 5,111 $ 4,991 $ 44 5,153 207 62 139 Amortization of acquired intangible assets. $ 23,681 $ 21,109 $ 18,165 (d) Restructuring. Non-GAAP operating expense adjustments: (e) Acquisition-related transaction Customer support and operations (a) (72) (b) (4) Sales and marketing (a) (43) (b) (4) (c) (41) Technology and development (a) (148) (132) (b) (7) (c) (9) General administrative (a) (94) D T D = (8) Restructuring and other charges (d) (117) (g) (47) ༅། | @།®®| སྒྱེ། ཕྱི| སྐྱེ (73) (56) (67) (73) (58) (56) (77) (72) (71) (269) (263) (250) expense. (6) (2) (1) (3) (16) (1) (6) (22) (9) (37) (27) (42) (45) (41) (38) (48) (48) (41) (151) (175) (172) (f) (1) (5) (1) (2) (5) (13) (1) (6) (21) (12) (55) (54) (53) (53) (51) (39) (39) (38) (40) (215) (167) (170) Award for a legal proceeding and expenses related to pre-acquisition contingencies of an acquired company. (115) (129) (136) (112) (117) (147) (139) (145) (512) (515) (529) . (1) (12) (2) (5) (34) (2) (13) (41) (21) (g) (58) (59) (57) (58) (64) (63) (61) (61) (232) (246) (252) (66) (41) (88) (188) (120) (100) (129) (119) (130) (383) (468) (460) (1) (14) (26) (4) (15) (34) (19) (7) (7) (7) (7) (7) (24) (28) (28) (20) (18) (23) (71) (20) 5 (32) (35) (122) (27) (109) Asset impairment charges for right-of- use lease assets and related leasehold improvements in conjunction with exiting certain leased properties, charges associated with early lease termination, a charge associated with exiting a leased property and a loss incurred upon designation of an owned property as held for sale. (33) (19) (16) Total operating expenses $ (601) $ (449) $ (414) $ (538) $ (632) $ (2) (457) $ (1) (6) (26) (427) $ (527) $ (631) $ (9) (547) $ (85) (2,033) $ (35) (30) (2,042) $ (2,099) Non-GAAP operating expenses: Transaction expense Transaction and credit losses 3,283 3,324 2,988 3,044 2,817 2,952 2,564 2,524 2,275 2,330 $ 12,173 $ 10,315 $ 7,934 442 388 367 448 369 350 268 169 273 366 1,572 1,060 1,741 Customer support and 412 468 453 469 455 472 447 441 430 435 1,845 1,790 1,519 operations Sales and marketing 348 432 463 499 491 573 470 536 503 523 1,885 2,082 1,507 Technology and development 557 632 628 626 610 624 574 531 507 524 2,496 2,236 1,840 General and administrative 398 446 415 418 398 440 389 383 372 428 1,677 1,584 1,525 Total operating expenses PayPal $ 5,440 $ 5,690 $ 5,314 $ 5,504 $ 5,140 $ 5,411 $ 4,712 $ 4,584 $ 4,360 $ 4,606 $ 21,648 $ 19,067 $ 16,066 ©2023 PayPal Holdings, Inc. Q1-23 Investor Update • 27#28Reconciliation of GAAP Net Revenues to Non-GAAP Net Revenues, GAAP Operating Income to Non-GAAP Operating Income, and GAAP Operating Margin to Non-GAAP Operating Margin Three Months Ended Year Ended December 31, (In Millions, Except Percentages/ Unaudited) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 2022 2021 2020 2019 2017 2015 GAAP net revenues $ 7,040 $ 7,383 $ 6,846 $ 6,806 $ 6,483 $ 6,918 $ 6,182 $ 6,238 $ 6,033 $ 31, 2020 6,116 $ 27,518 $ 25,371 $ 21,454 $ 17,772 - Non-GAAP adjustment(¹) $ 13,098 (39) $ 9,248 - Non-GAAP net revenues $ 7,040 $ 7,383 $ 6,846 $ 6,806 $ 6,483 $ 6,918 $ 6,182 $ 6,238 $ 6,033 $ 6,116 $ 27,518 $ 25,371 $ 21,454 $ 17,772 $ 13,059 $ 9,248 GAAP operating income 999 1,244 1,118 764 711 1,050 1,043 1,127 1,042 963 3,837 4,262 3,289 2,719 2,127 1,461 Stock-based compensation expense and related employer payroll taxes 380 308 239 329 479 339 316 417 467 395 1,355 1,539 1,472 1,104 761 356 Amortization of acquired intangible assets Restructuring Other Separation REGI 123 1 21 I 57 116 119 119 117 116 110 109 106 108 471 441 450 211 129 85 117 8 71 20 (5) 32 35 122 27 109 78 40 48 47 17 33 19 16 1 6 26 9 85 48 16 (302) ― 21 $སེཤྩ། 40 15 Acquisition-related transaction 20 expense 20 3 10 Total non-GAAP operating income adjustments Non-GAAP operating income GAAP operating margin Non-GAAP operating margin 601 $ 1,600 $ 449 1,693 414 $ 1,532 538 $ 1,302 632 457 $ 1,343 $ 1,507 $ 427 1,470 527 631 $ 1,654 $ 1,673 $ 547 1,510 2,033 2,042 2,099 1,412 628 514 $ 5,870 $ 6,304 $ 5,388 $ 4,131 $ 2,755 $ 1,975 14.2 % 22.7% 16.8 % 22.9 % 16.3 % 22.4 % 11.2 % 19.1 % 11.0 % 20.7% 15.2 % 21.8 % 16.9 % 23.8 % 18.1 % 26.5% 17.3 % 27.7% 15.7% 24.7% 13.9% 21.3 % 16.8% 24.8 % 15.3 % 25.1 % 15.3% 23.2 % 16.2% 21.1 % 15.8 % 21.4 % (1) Elimination of allowance on interest receivable due to the U.S. Consumer Credit receivables portfolio designation as held for sale. PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update • 28#29Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income, GAAP Diluted EPS to Non-GAAP Diluted EPS, and GAAP Effective Tax Rate to Non-GAAP Effective Tax Rate Three Months Ended (In Millions, Except Percentages and Per Share Amount/Unaudited) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, December September 2022 31, 2021 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 2022 2021 Year Ended December 31, 2020 2019 2017 2015 GAAP income before income taxes $ 1,074 $ 1,110 $ 1,578 $ 49 $ 629 $ 706 GAAP income tax expense (benefit) 279 189 248 390 120 (95) $ 1,165 78 $ 1,356 $ 872 $ 1,859 $ 3,366 $ 4,099 172 (225) 292 947 (70) $ 5,065 863 $ 2,998 539 $ 2,200 405 $ 1,488 260 GAAP net income (loss) 795 921 1,330 (341) 509 801 1,087 1,184 1,097 1,567 2,419 4,169 4,202 2,459 1,795 1,228 Non-GAAP adjustments to net income: Non-GAAP operating income adjustments (see table above) 601 449 414 538 632 457 427 527 631 547 2,033 2,042 2,099 1,412 628 514 (Gains) losses on strategic investments (48) 141 (495) 672 (14) 290 (173) (283) 120 (941) 304 (46) (1,914) (208) Other certain significant gains, losses, or charges 18 (21) 431 43 (7) 410 36 242 230 224 Separation (Other income (expense), net) (12) Tax effect of non-GAAP adjustments Non-GAAP net income (40) (73) 5 (221) (95) (229) (65) (59) (393) 108 (384) (746) (24) (371) (329) (142) $ 1,326 $ 1,417 $ 1,254 $ 1,079 $ 1,032 $ 1,319 $ 1,319 $ 1,362 $ 1,455 $ 1,281 $ 4,782 $ 5,455 $ 4,605 $ 3,522 $ 2,318 $ 1,588 Shares used in diluted share calculation: GAAP 1,134 1,144 1,157 1,158 1,172 1,183 1,187 1,186 1,190 1,191 1,158 1,186 1,187 1,188 1,221 1,229 Non-GAAP 1,134 1,144 1,157 1,160 1,172 1,183 1,187 1,186 1,190 1,191 1,158 1,186 1,187 1,188 1,221 1,229 Net income (loss) per diluted share: GAAP $ 0.70 $ 0.81 $ 1.15 $ (0.29) $ 0.43 $ 0.68 $ 0.92 $ 1.00 $ 0.92 $ 1.32 $ 2.09 $ 3.52 $ 3.54 $ 2.07 $ 1.47 $ 1.00 Non-GAAP $ 1.17 $ 1.24 $ 1.08 $ 0.93 $ 0.88 $ 1.11 $ 1.11 es $ 1.15 $ 1.22 $ 1.08 $ 4.13 $ 4.60 $ 3.88 $ 2.96 $ 1.90 $ 1.29 GAAP effective tax rate 26% 17 % 16 % 796 % 19% (13)% 7% 13 % (26)% 16% 28 % (2)% 17 % 18% 18% 17% Tax effect of non-GAAP adjustments to net income (7)% ― % ― % (782)% (2)% 22% ― % 2% 36 % (3)% (12)% 13% (5)% (2)% ― % 3% Non-GAAP effective tax rate 19 % 17% 16 % 14 % 17 % 9% 7% 15% 10 % 13 % 16% 11 % 12 % 16% 18 % 20% PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update • 29#30Reconciliation of Operating Cash Flow to Free Cash Flow Three Months Ended Year Ended December 31, (In Millions/Unaudited) March 31, 2023 December 31, September 2022 30, 2022 June 30, 2022 March 31, 2022 December 31, September 2021 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 2022 2021 2020 2019 2017 2015 Net cash provided by operating activities $ 1,170 $ 1,591 $ 1,755 $ 1,250 $ 1,217 $ 1,640 $ 1,308 $ 1,277 $ 1,572 $ 1,575 $ 5,813 $ 5,797 $ 6,219 $ 4,240 $2,569 $ 2,546 Less: Purchases of property and equipment (170) (158) (182) (175) (191) (213) (227) (247) (221) (226) Free cash flow 1,000 1,433 1,573 1,075 1,026 1,427 1,081 1,030 1,351 1,349 (706) (908) (866) (704) (667) 5,107 4,889 5,353 3,536 1,902 1,824 (722) (1) Reflects the impact of reclassification as described in our earnings press release dated February 9, 2023. PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update • 30#31Q2-23 and FY-23 GAAP and Non-GAAP Guidance Three Months Ending June 30, 2023 Non-GAAP(a) GAAP Revenue Growth Rate (Spot) ~6.5%-7% ~6.5%-7% Revenue Growth Rate (FXN) Diluted EPS $ N/A $0.81-$0.83 ~7.5%-8% $1.15-$1.17 (a) Estimated non-GAAP amounts for the three months ended June 30, 2023, reflect adjustments of approximately $450 million, primarily representing estimated stock- based compensation expense and related payroll taxes of approximately $390 million GAAP Twelve Months Ending December 31, 2023 Non-GAAP(b) Diluted EPS $ ~$3.42 PayPal ©2023 PayPal Holdings, Inc. ~$4.95 (b) Estimated non-GAAP amounts for the twelve months ended December 31, 2023, reflect adjustments of approximately $2.0 billion, primarily representing estimated stock-based compensation expense and related payroll taxes of approximately $1.6 billion, and restructuring charges of approximately $117 million that occurred in Q1-23 Q1-23 Investor Update • 31#32Definitions Our key metrics are calculated using internal company data based on the activity we measure on our payments platform and compiled from multiple systems, including systems that are internally developed or acquired through business combinations. While the measurement of our key metrics is based on what we believe to be reasonable methodologies and estimates, there are inherent challenges and limitations in measuring our key metrics globally at our scale. The methodologies used to calculate our key metrics require judgment. We regularly review our processes for calculating these key metrics, and from time to time we may make adjustments to improve the accuracy or relevance of our metrics. For example, we continuously apply models, processes, and practices designed to detect and prevent fraudulent account creation on our platforms, and work to improve and enhance those capabilities. When we detect a significant volume of illegitimate activity, we generally remove the activity identified from our key metrics. Although such adjustments may impact key metrics reported in prior periods, we generally do not update previously reported key metrics to reflect these subsequent adjustments unless the retrospective impact of process improvements or enhancements is determined by management to be material. Active Accounts: An active account is an account registered directly with PayPal or a platform access partner that has completed a transaction on our platform, not including gateway-exclusive transactions, within the past 12 months. A platform access partner is a third party whose customers are provided access to PayPal's platform or services through such third party's login credentials, including individuals and entities that utilize Hyperwallet's payout capabilities. A user may register on our platform to access different products and may register more than one account to access a product. Accordingly, a user may have more than one active account. The number of active accounts provides management with additional perspective on the overall scale of our platform, but may not have a direct relationship to our operating results. Daily Active Accounts: Daily Active Accounts "DAA" represent the number of Active Accounts that have completed a transaction using our core PayPal payments products and services, including person-to-person payments transfers and checkout transactions, on a given day. DAA is presented as the average daily active accounts during the designated period. Number of Payment Transactions: Number of payment transactions are the total number of payments, net of payment reversals, successfully completed on our payments platform or enabled by PayPal via a partner payment solution, not including gateway-exclusive transactions. Number of Payment Transactions per Active Account: Number of payment transactions per active account or "TPA" reflects the total number of payment transactions within the previous 12- month period, divided by active accounts at the end of the period. The number of payment transactions per active account provides management with insight into the average number of times an account engages in payments activity on our payments platform in a given period. The number of times a consumer account or a merchant account transacts on our platform may vary significantly from the average number of payment transactions per active account. Total Payment Volume: Total Payment Volume or "TPV" is the value of payments, net of payment reversals, successfully completed on our payments platform, or enabled by PayPal via a partner payment solution, not including gateway-exclusive transactions. Total Take Rate: Total take rate is total revenue divided by TPV. Transaction Take Rate: Transaction take rate is transaction revenue divided by TPV. Transaction Expense Rate: Transaction expense rate is transaction expense divided by TPV. Transaction and Credit Loss Rate: Transaction and credit loss rate is transaction and credit losses divided by TPV. Transaction Margin: Transaction margin is total revenue less transaction expense and transaction and credit losses, divided by total revenue. PayPal ©2023 PayPal Holdings, Inc. Q1-23 Investor Update 32#33P PayPal