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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020.
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 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.
1


Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Yes No  
As of July 24, 2020, there were 1,173,299,768 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.
2


PayPal Holdings, Inc.
TABLE OF CONTENTS
Page Number

3

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1: Financial Statements

PayPal Holdings, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
 June 30,
2020
December 31,
2019
 (In millions, except par value)
(Unaudited)
ASSETS
Current assets:  
Cash and cash equivalents$6,353  $7,349  
Short-term investments6,695  3,412  
Accounts receivable, net446  435  
Loans and interest receivable, net of allowances of $878 and $258 as of June 30, 2020 and December 31, 2019, respectively
3,135  3,972  
Funds receivable and customer accounts29,031  22,527  
Prepaid expenses and other current assets840  800  
Total current assets46,500  38,495  
Long-term investments3,175  2,863  
Property and equipment, net1,717  1,693  
Goodwill9,118  6,212  
Intangible assets, net1,254  778  
Other assets1,402  1,292  
Total assets$63,166  $51,333  
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$252  $232  
Funds payable and amounts due to customers31,031  24,527  
Accrued expenses and other current liabilities2,119  2,087  
Income taxes payable327  73  
Total current liabilities33,729  26,919  
Deferred tax liability and other long-term liabilities2,819  2,520  
Long-term debt8,934  4,965  
Total liabilities45,482  34,404  
Commitments and Contingencies (Note 13)
Equity:
Common stock, $0.0001 par value; 4,000 shares authorized; 1,173 shares outstanding as of both June 30, 2020 and December 31, 2019
    
Preferred stock, $0.0001 par value; 100 shares authorized, unissued
    
Treasury stock at cost, 114 and 105 shares as of June 30, 2020 and December 31, 2019, respectively
(7,892) (6,872) 
Additional paid-in-capital15,914  15,588  
Retained earnings9,788  8,342  
Accumulated other comprehensive income (loss)(170) (173) 
Total PayPal Stockholders’ equity17,640  16,885  
Noncontrolling interest44  44  
Total equity17,684  16,929  
Total liabilities and equity$63,166  $51,333  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents

PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
 (In millions, except per share data)
(Unaudited)
Net revenues$5,261  $4,305  $9,879  $8,433  
Operating expenses:
Transaction expense 1,843  1,627  3,582  3,176  
Transaction and credit losses440  318  1,031  659  
Customer support and operations423  399  822  787  
Sales and marketing414  356  785  685  
Technology and development631  483  1,236  994  
General and administrative512  419  998  838  
Restructuring and other charges47  (2) 76  71  
Total operating expenses4,310  3,600  8,530  7,210  
Operating income951  705  1,349  1,223  
Other income (expense), net848  238  713  437  
Income before income taxes1,799  943  2,062  1,660  
Income tax expense269  120  448  170  
Net income$1,530  $823  $1,614  $1,490  
Net income per share:
Basic$1.30  $0.70  $1.38  $1.27  
Diluted$1.29  $0.69  $1.36  $1.25  
Weighted average shares:
Basic1,173  1,175  1,173  1,173  
Diluted1,184  1,187  1,185  1,188  
The accompanying notes are an integral part of these condensed consolidated financial statements.

5

Table of Contents

PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
 (In millions)
(Unaudited)
Net income $1,530  $823  $1,614  $1,490  
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments (“CTA”)52  9  (119) (58) 
Net investment hedge CTA (loss) gain(16)   55    
Unrealized (losses) gains on cash flow hedges, net(92) (18) 52  (64) 
Tax benefit (expense) on unrealized (losses) gains on cash flow hedges, net1    (1) 1  
Unrealized gains on investments, net7  10  22  21  
Tax expense on unrealized gains on investments, net(2) (4) (6) (6) 
Other comprehensive income (loss), net of tax(50) (3) 3  (106) 
Comprehensive income$1,480  $820  $1,617  $1,384  
The accompanying notes are an integral part of these condensed consolidated financial statements.

6

Table of Contents

PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Common Stock SharesTreasury StockAdditional Paid-In CapitalAccumulated Other
Comprehensive Income (Loss)
Retained EarningsNoncontrolling InterestTotal 
Equity
 (In millions)
(Unaudited)
Balances at December 31, 20191,173  $(6,872) $15,588  $(173) $8,342  $44  $16,929  
Adoption of current expected credit loss standard—  —  —  —  (168) —  (168) 
Net income—  —  —  —  84  —  84  
Foreign CTA—  —  —  (171) —  —  (171) 
Net investment hedge CTA gain—  —  —  71  —  —  71  
Unrealized gains on cash flow hedges, net—  —  —  144  —  —  144  
Tax expense on unrealized gains on cash flow hedges, net—  —  —  (2) —  —  (2) 
Unrealized gains on investments, net—  —  —  15  —  —  15  
Tax expense on unrealized gains on investments, net—  —  —  (4) —  —  (4) 
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes8  —  (382) —  —  —  (382) 
Common stock repurchased(8) (800) —  —  —  —  (800) 
Stock-based compensation—  —  295  —  —  —  295  
Balances at March 31, 20201,173  $(7,672) $15,501  $(120) $8,258  $44  $16,011  
Net income—  —  —  —  1,530  —  1,530  
Foreign CTA—  —  —  52  —  —  52  
Net investment hedge CTA loss—  —  —  (16) —  —  (16) 
Unrealized losses on cash flow hedges, net—  —  —  (92) —  —  (92) 
Tax benefit on unrealized losses on cash flow hedges, net—  —  —  1  —  —  1  
Unrealized gains on investments, net—  —  —  7  —  —  7  
Tax expense on unrealized gains on investments, net—  —  —  (2) —  —  (2) 
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes1  —  52  —  —  —  52  
Common stock repurchased(1) (220) —  —  —  —  (220) 
Stock-based compensation—  —  361  —  —  —  361  
Balances at June 30, 20201,173  $(7,892) $15,914  $(170) $9,788  $44  $17,684  










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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 EarningsNoncontrolling InterestTotal 
Equity
 (In millions)
(Unaudited)
Balances at December 31, 20181,174  $(5,511) $14,939  $78  $5,880  $  $15,386  
Adoption of lease accounting standard—  —  —  —  3  —  3  
Net income—  —  —  —  667  —  667  
Foreign CTA—  —  —  (67) —  —  (67) 
Unrealized losses on cash flow hedges, net—  —  —  (46) —  —  (46) 
Tax benefit on unrealized losses on cash flow hedges, net—  —  —  1  —  —  1  
Unrealized gains on investments, net—  —  —  11  —  —  11  
Tax expense on unrealized gains on investments, net—  —  —  (2) —  —  (2) 
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes6  —  (302) —  —  —  (302) 
Common stock repurchased(8) (705) (45) —  —  —  (750) 
Stock-based compensation—  —  256  —  —  —  256  
Balances at March 31, 20191,172  $(6,216) $14,848  $(25) $6,550  $  $15,157  
Net income—  —  —  —  823  —  823  
Foreign CTA—  —  —  9  —  —  9  
Unrealized losses on cash flow hedges, net—  —  —  (18) —  —  (18) 
Tax benefit on unrealized losses on cash flow hedges, net—  —  —  —  —  —  —  
Unrealized gains on investments, net—  —  —  10  —  —  10  
Tax expense on unrealized gains on investments, net—  —  —  (4) —  —  (4) 
Common stock and stock-based awards issued and assumed, net of shares withheld for employee taxes5  —  (73) —  —  —  (73) 
Common stock repurchased—  —  —  —  —  —  —  
Stock-based compensation—  —  235  —  —  —  235  
Balances at June 30, 20191,177  $(6,216) $15,010  $(28) $7,373  $  $16,139  
The accompanying notes are an integral part of these condensed consolidated financial statements.

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PayPal Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 Six Months Ended June 30,
 20202019
 (In millions)
(Unaudited)
Cash flows from operating activities:
Net income$1,614  $1,490  
Adjustments:
Transaction and credit losses1,031  659  
Depreciation and amortization590  458  
Stock-based compensation635