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Investor Presentaiton

Reconciliation 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
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