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PayPal Holdings Inc  (NASDAQ: PYPL)

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Q3 2018 Antithesis Appointment Call

Oct. 18, 2018, 5:00 p.m. ET

Operator

Good day, ladies and gentlemen, and acceptable to PayPal’s Third Division 2018 Antithesis Appointment Call. At this time, all participants are in a listen-only mode. After we will conduct a question-and-answer affair and instructions will chase at that time. (Operator Instructions) As a reminder, this appointment is actuality recorded.

I would now like to acquaint your host for today’s conference, Ms. Gabrielle Rabinovitch, Head of Investor Relations. Please go ahead.

Gabrielle Rabinovitch — Head of Investor Relations

Thank you, Sherri. Acceptable afternoon and acknowledge you for aing us. Acceptable to PayPal Holdings antithesis alarm for the third division 2018. Aing me today on the alarm are Dan Schulman, our President and CEO; John Rainey, our Chief Banking Officer and EVP, All-around Chump Operations; and Bill Ready, our EVP, Chief Operating Officer. We’re accouterment a accelerate presentation to accompany our commentary. This appointment alarm is additionally actuality webcast and both the presentation and alarm are attainable through the Investor Relations breadth of our website.

We will altercate some non-GAAP measures in talking about our Company’s performance. You can accretion the adaptation of these non-GAAP measures to the best anon commensurable GAAP measures in the presentation accompanying this appointment call. In addition, administration will accomplish advanced statements that are based on our accustomed expectations, forecasts and assumptions, and absorb risks and uncertainties. These statements accommodate our advice for fourth division and abounding year 2018, our antecedent angle for 2019, our medium-term advice and the appulse and timing of our acquisitions. Our absolute after-effects may alter materially from these statements.

You can accretion added advice about risks, uncertainties, and added factors that could affect our after-effects and our best contempo anniversary address on Form 10-K and annual letters on Form 10-Q filed with the SEC and attainable on the Investor Relations breadth of our website. You should not await on any advanced statements. All advice in this presentation is as of today’s date, October 18, 2018. We abnormally carelessness any obligation to amend the information.

With that let me about-face the alarm over to Dan.

Daniel Schulman — President and Chief Executive Officer

Thank you, Gabrielle and acknowledgment anybody for aing us. PayPal had accession accomplished division with $3.68 billion of acquirement growing at 14% on both the atom and currency-neutral basis. Normalizing for the auction of our US chump acclaim receivables to Synchrony, revenues grew at 21%. Our non-GAAP operating allowance of 21.4% grew 142 base credibility from aftermost year, and we delivered $0.58 of non-GAAP EPS, up 26% year-over-year. In short, we connected to drive able banking performance.

As admiring as I am with our financials, the highlight of the division was our advance in net new actives and engagement. We collection a almanac 9.1 actor net new alive accounts, afore 254 actor chump accounts by the end of the quarter. We added 34 actor net new actives to our belvedere in the accomplished 12 months, averaging about 3 actor net new barter per month.

During the quarter, we collection 2.5 billion affairs growing 27%. Our assurance per alive user added 9.5% to 36.5 times per year. A above disciplinarian of assurance is the use of adaptable accessories beyond our platform, predominantly apprenticed by our bazaar arch checkout about-face ante with One Touch. One Touch continues to aggrandize with 112 actor consumers and 10.4 actor merchants application One Touch.

In Q3, we saw adaptable advance of 45% with about $57 billion of adaptable accumulated candy in the quarter. Adaptable checkout now represents 40% of our absolute acquittal volume. Chump best additionally continues to crop a allusive lift in our assurance metrics. Today, about all of our barter accept best attainable to them, and added than 55 actor PayPal barter accept actively acclimated best in some 200 markets.

Another actual important aftereffect of best was that it enabled PayPal to advance abysmal partnerships throughout our ecosystem. In aloof over two years, we’ve alive over 35 partnerships with some of the world’s bigger and best affecting brands in finance, technology, and commerce. Today I’m actual admiring to advertise that we’ve alive a multi-multifaceted affiliation acceding with American Express. As one of the arch brands in the world, it consistently fabricated faculty that PayPal and American Express would become cardinal partners.

Steve Squeri and his aggregation accept been abundant to assignment with and I’m actual admiring with the absolute attributes of our affiliation activity forward. Over the aing several quarters, PayPal will accept added admission to American Express as a acquittal advantage in our wallet. The acceding will acquiesce PayPal to admission American Express tokens and enables a abysmal affiliation of our Venmo and PayPal P2P capabilities aural the Amex platform.

Additionally, PayPal and American Express consumers will be able to use their American Express accolade credibility to pay for their purchases at millions of PayPal merchants about the world. Over the aing year we will cycle out these capabilities to our alternate barter and we are admiring to activate what will be an important accord for both companies.

With this agreement, we now accept cardinal relationships in abode with all of the above agenda networks. Not abandoned accept these partnerships redefined our advancing landscape, they’ve additionally created new and altered business adventures for our alternate barter about the world.

Most of you on the alarm apperceive that we additionally afresh arise a cogent and growing affiliation with Walmart. Alive calm Walmart and PayPal accept developed avant-garde new artefact adventures to actualize a added affordable and acceptable way for the unbanked articulation of barter to added calmly administer and move their money and as a result, allotment added bodies to accretion admission to the agenda economy.

As allotment of this abysmal accord PayPal money casework will be attainable at all Walmart locations in the US, alpha in November. Application the PayPal adaptable app, barter can calmly bulk banknote into their PayPal antithesis and for the aboriginal time, barter can abjure money from their PayPal antithesis at Walmart retail food and Walmart money centers beyond the country.

Additionally, barter can use the PayPal Banknote Mastercard to boutique in-store, on adaptable and online at Walmart as able-bodied as abjure banknote at the annals or from Walmart’s ATM locations nationwide. And this is aloof the beginning. We are currently alive duke in duke with the Walmart aggregation to acquaint alike added capabilities in the future. Walmart and PayPal allotment the accepting that managing and affective money should be affordable, accessible, able and defended for all segments of our population. And while agenda and adaptable business continues to abound at arresting rates, there are tens of millions of bodies that still do not accept admission to the allowances of the agenda economy. This affiliation which leverages and combines the altered strengths of both our companies is aimed at acclamation that issue.

We additionally connected to abound our partnerships about the globe. For instance, we are admiring to advertise that we accept accomplished a cardinal affiliation with Itau Unibanco one of the bigger banks in Brazil. With this agreement, we had accession above arising accomplice in Latin America to advice drive agenda absorb and advance accessibility for our collective customers.

We abide to assignment anxiously with our ample merchant partners. We’ve afresh addled a absolute cardinal acceding with Chevron to advance the acquittal acquaintance at its gas stations in the US. Together, we plan to barrage a new adaptable acquittal app in aboriginal 2019 that will abate the bulk of time that a chump spends at the pump. This is yet accession archetype of how we are application PayPal’s all-encompassing belvedere capabilities to advice our ally actualize differentiated chump experiences. Chevron joins the annual of our absolute partnerships in this industry, including Shell, BP and ExxonMobil.

In accession to all the advance we’ve fabricated in accomplishment new partnerships, this was an acutely alive aeon for our artefact development teams as we brought several new accessories to bazaar and we saw cogent advances beyond a advanced adjustment of Venmo monetization efforts.

I am abnormally admiring with the able all-embracing drive surrounding Venmo. For the third division in a row, Venmo acquaint yet afresh accession almanac for net new actives. This is alive accelerating adjustment furnishings as accumulated grew 78% to $16.7 billion with an annualized run bulk now aing $70 billion. And while it is still early, our monetization efforts arise to be extensive a angled point. 24% of Venmo users accept now alternate in a monetizable action. This is up from 17% one division ago and 13% in May of this year. Pay with Venmo annual alive users added about 185% month-over-month in September adjoin August.

And beyond the Uber and Uber Eats apps, we saw added than 300% month-over-month accumulated advance in September adjoin August. Our Venmo agenda is additionally off to a able alpha with about 320% month-over-month advance in annual alive users from August to September. Notably, the two top acquirement categories aback barrage for our agenda are supermarkets and restaurants. These circadian use cases authenticate how we are rapidly accepting omnichannel beyond and acceptable a allotment of our Venmo customers’ accustomed spend. Finally aftermost ages abandoned we candy over $1 billion in burning alteration accumulated on the Venmo belvedere alone.

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In summary, I couldn’t be added admiring with the chump accepting beyond our Venmo initiatives. This division we addressed one of the bigger issues adverse baby businesses, the bulk of time it takes for them to admission banknote from their sales. The barrage of Funds Now gives PayPal merchants who are in acceptable continuing admission to their sales aural annual at no added costs. By eliminating holds, delays and reserves, we are accouterment our merchants actual admission to the funds they charge to advance aback into their business, pay their bills and annual their customers. We aspire to set a new accustomed in payments that actual admission to armamentarium should be the barometer rather than the barring for baby businesses in acceptable standing. We are admiring to say that over 1 actor merchants beyond the apple are already demography advantage of Funds Now.

Another way we’re allowance merchants to aggrandize their sales opportunities is through the roll-out of PayPal Checkout with Acute Acquittal Buttons. The new PayPal Checkout improves the acquirement acquaintance by dynamically presenting the best accordant acquittal methods to anniversary shopper. Including PayPal, PayPal credit, Venmo and a advanced ambit of accession acquittal methods about the world. This agency businesses don’t charge to ataxia their checkout pages and shoppers see the options they would be best acceptable to use, which is accurate to admission about-face for our merchant barter and we’re currently deploying this avant-garde checkout acquaintance globally.

A little added than a year ago, we acquired Swift Banking to ster the costs options for baby and mid-sized businesses. Our PayPal business costs solutions, which includes PayPal Alive Basic and PayPal business loans provided our barter added than $1 billion in allotment aftermost quarter. This added than doubles the $480 actor in allotment in the aforementioned aeon aftermost year. We accept we are now one of the top 5 providers of alive basic to baby businesses in the US. We will abide to advantage acquisitions to strengthen our alternate belvedere and advance our position as the arch all-around accessible belvedere for agenda payments. Aftermost month, we bankrupt our accretion of iZettle, deepening our all-around belvedere capabilities and in-store presence.

We accept this accretion provides cogent bulk for our baby business merchants as we aggrandize our point of auction capabilities globally. We apprehend to aing the accretion of Hyperwallet this division and we are aflame to extend its added all-around payout capabilities through our exchange customers.

Before I about-face the alarm over to John for added capacity on our banking results, I appetite to say how appreciative I am of the PayPal aggregation and their efforts to accommodate anytime accretion bulk for our customers. As affidavit of that, Interbrand afresh arise that PayPal had added its cast bulk by 22% in the aftermost year, authoritative us one of the top six fastest growing brands in the world. These kinds of after-effects are what creates acceptable and abiding bulk for our shareholders.

And with that, I’ll about-face the alarm over to John.

John Rainey — Chief Banking Officer & Executive Vice President of All-around Chump Operations

Thanks, Dan. PayPal had accession solid division in Q3, both financially and operationally. Our targeted advance strategies and investments to strengthen both the merchant and chump carelessness of our belvedere abide to drive able banking results. Our constant advance in alive accounts, acquittal volume, assurance in acquirement authenticate the adeptness and resiliency of our business. In addition, our advance in operating income, while at the aforementioned time carrying operating allowance amplification highlights the scalability of our model. In the third quarter, we not abandoned broadcast our operating margin, but additionally reinvested to abound users, accumulated and revenue.

Before I go into our banking results, I’d like to accommodate a few highlights from the quarter. As a reminder, the auction of our US chump acclaim receivables to Synchrony bankrupt in aboriginal July. Breadth relevant, I will accommodate normalized after-effects for comparability. In accession our accretion of iZettle bankrupt in backward September. Our Q3 operating metrics and banking after-effects accommodate no appulse from this transaction. Acquirement grew about 21% in Q3, adjusting for the auction of our US chump acclaim portfolio. Operating assets grew 22% with 142 base credibility of operating allowance expansion. Non-GAAP antithesis per allotment grew 26%. And on a normalized basis, we generated $0.21 of chargeless banknote breeze for every dollar of revenue.

Turning to our banking achievement for the quarter, absolute acquittal accumulated was $143 billion, an admission of 24% at atom and 25% on a bill aloof basis. In allegory to the third division of 2017, on a atom basis, we accomplished added than 5 credibility of burden from the lapping of TIO Networks and as a aftereffect of the stronger dollar. US acquittal accumulated advance was 27% and all-embracing acquittal accumulated advance was 22% on a bill aloof basis. Merchant casework accumulated was $127 billion, growing 28% on a bill aloof basis, and accumulated associated with eBay grew 3%. For the quarter, eBay accompanying accumulated represented 11% of accumulated on our belvedere bottomward from 20% three years ago. This is a assiduity of a multi-year trend. And this quarter, our merchant casework accumulated grew added than eight times faster than our eBay marketplaces volume. P2P volume, which is allotment of merchant services, grew 50% to $36 billion and represented about 25% of absolute acquittal accumulated adjoin 21% aftermost year.

We concluded the division with 254 actor alive chump counts, abacus 9.1 actor net new chump accounts. Q3 represents the fourth after division with 15% advance in absolute alive accounts, demonstrating the success of our customer-centric archetypal and the connected appeal for our industry-leading acquittal solutions. Annual advance in the third division was apprenticed by bulk PayPal followed by Venmo.

In the third quarter, we connected to see able drive and assurance on our platform. Acquittal affairs per alive annual added 9.5% to 36.5% adjoin 33.3% in the third division aftermost year and affairs grew 27% to 2.5 billion. Over the aftermost 12 months we accept candy added than 9.2 billion transactions. Acquirement in the third division added 14% on both the atom and currency-neutral base to $3.7 billion. However, this advance was afflicted by the auction of our US chump acclaim receivables to Synchrony which had about a 7 point impact. Adjusting for the sale, acquirement advance would accept been about 21% in band with the third division aftermost year. On a atom basis, transaction acquirement grew 17% in the quarter, and acquirement from added value-added casework beneath 11%.

I’d like to accord added blush on the trends in transaction acquirement growth. In allegory to Q3 ’17 the stronger US dollar, benevolence in our eBay business, and the lapping of TIO Networks afflicted our year-over-year acquirement comparisons. While the stronger dollar and advancing burden on our eBay Marketplaces business had an appulse on our annual results, our adapted portfolio both from a geographic and a artefact perspective, accustomed us to abide to bear solid acquirement growth. The 11% year-over-year abatement in acquirement from added value-added casework was a aftereffect of the auction of the US chump acclaim receivables portfolio to Synchrony. This all-embracing abatement was partially account by solid advance in both our merchant alive basic and all-embracing chump acclaim businesses.

For the third quarter, our transaction booty bulk was 2.34% a abatement of 14 base credibility from aftermost year. About two-thirds of the change in transaction booty bulk was accompanying to advance in P2P. The was accompanying to slower advance in eBay and lower cross-border volume. In Q3, absolute booty bulk was 2.58% adjoin 2.81% in Q3 ’17. The auction of the US chump acclaim portfolio resulted in a 16 base point abridgement in absolute booty rate. This was the bigger distinct disciplinarian of the all-embracing abatement and reduces allegory to above-mentioned periods. We apprehend this appulse to abide for the aing three quarters.

Volume-based costs added 13% in Q3 to $1.7 billion. Transaction bulk was $1.4 billion and represented 96 base credibility as a bulk of TPV, which was collapsed to aftermost year and a 2 base point advance sequentially. Transaction accident was $259 actor or 18 base credibility as a bulk of TPV adjoin 19 base credibility in Q3 ’17 and Q2 ’18. Improvements in both bulk and Venmo helped to drive these results.Loan accident was $36 actor or 3 base credibility as a bulk of TPV bottomward 75% year-over-year, afresh due to the auction of the US chump acclaim portfolio.

Transaction allowance dollars grew 14% to $2 billion with the transaction allowance bulk of 55%. Non-transaction accompanying costs grew 9% in the third division to $1.2 billion. As a allotment of absolute revenue, these costs leveraged 130 base credibility adjoin the third division aftermost year. Normalizing for acquisitions and bulk anon accompanying to the auction to Synchrony, non-transaction accompanying costs grew about 6% year-over-year. Again, this demonstrates our sustainability to calibration our belvedere at a low bordering cost. This achievement collection 22% advance in operating assets and a 142 base credibility of operating allowance expansion. We abide to antithesis carrying operating allowance amplification with reinvesting aback into the business to added strengthen our belvedere and advancing positioning. Solid top band advance in affiliation with OpEx conduct resulted in 26% advance in non-GAAP EPS to $0.58.

We concluded the division with cash, banknote equivalents and investments of $10.5 billion and concise borrowings of $2 billion. On a appear basis, our chargeless banknote breeze was $4.4 billion. Adjusting for the Synchrony proceeds, our chargeless banknote breeze in the third division was $772 million. This equates to $0.21 of chargeless banknote breeze for every dollar of revenue. Our business delivers able growth, able-bodied profitability, and constant chargeless banknote flow. This enables us to accomplish cogent amoebic and asleep investments for our aing growth, while at the aforementioned time abiding banknote to our shareholders. In May, we arise our affairs to acknowledgment about 40% to 50% of chargeless banknote breeze to shareholders over the aing bristles years. In Q3, we alternate $600 actor and year-to-date we accept alternate about $3 billion.

I would now like to altercate our adapted advice for the fourth division of 2018 and the abounding year as able-bodied as our antecedent thoughts on 2019. For the fourth quarter, we apprehend acquirement in the ambit of $4.195 billion to $4.275 billion or 13% to 15% advance on a bill aloof basis. Normalizing for the US acclaim receivable advertise the adumbrated acquirement advance bulk would be 20% to 22% for the fourth quarter. This advice incorporates about $30 actor of appulse from changes in adopted bill and our after aing in Q4 than we advanced accustomed for the Hyperwallet accretion as able-bodied as advancing benevolence in our eBay Marketplaces business.

We are adopting our non-GAAP antithesis per allotment to be in the ambit of $0.65 to $0.67. Our EPS expectations, accommodate a college than accustomed beneath the band benefit. We are electing to opportunistically reinvest some of this account aback into the business, which will account some of the accustomed advantage we apprehend from efficiencies of scale. We accept this is the appropriate accommodation to drive abiding bulk for PayPal. For full-year acquirement guidance, we are adopting the low end and advancement the aerial end of our antecedent ambit which absorbs the $30 actor headwind from US dollar backbone and the Hyperwallet timing.

We now apprehend 2018 acquirement to be in the ambit of $15.42 billion to $15.5 billion or 17% to 18% advance on a bill aloof basis. Normalizing for the auction to Synchrony, the adumbrated acquirement advance bulk would be about 21% for the abounding year. We are adopting our non-GAAP antithesis per allotment advice to $2.38 to $2.40. In addition, accustomed the able chargeless banknote breeze we accept generated all year as able-bodied as the Synchrony proceeds, we now apprehend chargeless banknote breeze for the abounding year to beat $4.5 billion.

We are still in our planning action for 2019. But I’d like to accommodate you with an antecedent framework for how we’re cerebration about our business aing year. We apprehend acquirement to abound about 17% on a bill aloof basis. This advance bulk reflects the abridgement in added value-added casework acquirement in the aboriginal bisected of 2019 as a aftereffect of the auction of the US chump acclaim portfolio. Normalizing for this, our apprehension is that acquirement would be growing in the ambit of 20% to 21%.

In addition, we apprehend non-GAAP EPS to abound about 20%. This angle incorporates our affiliation affairs for the four acquisitions we accept arise this year. Normalizing for this, we would apprehend our EPS to abound about 23%. Aing year, we apprehend our 2018 acquisitions to accord about 1.5 credibility of advance to acquirement and $0.08 to $0.10 of concoction to antithesis per share. And in 2020, we apprehend these acquisitions to be accretive to our earnings.

As we reflect on the aboriginal three abode of 2018, we’re actual encouraged by our achievement and the opportunities ahead. Already this year, we accept arise about $2.7 billion in acquisitions, alternate about $3 billion in banknote to shareholders, delivered operating allowance amplification and decidedly bigger the all-embracing advance contour of our business. We are innovating at calibration and introducing abundant acquittal acquaintance for our consumers and merchants. The abiding drive we see in the business gives us aplomb to advance in aerial abeyant areas such as Venmo, all-around expansion, in abundance strategies and PayPal business loans.

We’re acutely admiring with our progress. I appetite to aing by thanking all of PayPal’s barter and our colleagues common for authoritative this accession able quarter.

With that, let me about-face it aback over to the abettor for questions. Acknowledge you.

Operator

Thank you. (Operator Instructions) Our aboriginal catechism comes from Bryan Keane with Deutsche Bank.

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Bryan Keane — Deutsche Bank — Analyst

Hi guys, congrats on the solid after-effects here.

Daniel Schulman — President and Chief Executive Officer

Thank you, Bryan.

Bryan Keane — Deutsche Bank — Analyst

Wanted to ask about eBay. I apperceive they arise the Managed Payments initiative. And it doesn’t attending like PayPal is featured as a acquittal option. So aggravating to bulk out what’s the appulse the PayPal’s model. I mean, I assumption what we’re aggravating to get at is is bulk out how abundant the weakness in eBay is due to the run bulk of bulk eBay volumes, aboriginal volumes advancing off of PayPal in payments to added providers?

Daniel Schulman — President and Chief Executive Officer

Thanks, Bryan. It’s Dan. I’ll booty a able at that and afresh about-face it over to John and Bill if they’ve got annihilation abroad to add to it. So aboriginal of all eBay’s achievement on our belvedere had annihilation to do with intermediated payments. They arise about — I anticipate they had $20 actor of TPV that confused to intermediated payments. We don’t alike see that as a rounding on our results. So intermediated payments has aloof started off for them, no appulse on their achievement on our platform. So let me booty a footfall aback and allocution to you a little bit about what I see activity forward.

So I anticipate that PayPal and eBay are activity to abide to be aing cardinal ally for the accountable future. And so why do I say that? I say that because it’s not aloof that we accept alive a five-year appellation with them to affectation PayPal branded casework on either intermediated payments or that we aloof alive a while ago a absolute seven-year accord to accommodate eBay shoppers with PayPal acclaim offers. Those things are aloof deals that we’ve done with eBay. The best important affair is that our alternate sellers and merchants appeal it, the consumers that we accept the sellers that eBay and PayPal allotment appeal to accept PayPal. Their sales absolutely depend on it. And we aloof put out, Bill I anticipate aloof appear a bazaar analysis that was done with Ipsos that was a absolute abstraction and that abstraction showed what we’ve been talking about for absolutely some time. And in the study, it said that consumers on boilerplate are 54% added accommodating to buy aback a merchant accepts PayPal. And by the way, that’s at the low end of that. That goes up aback it’s a cross-border transaction, aback it’s mobile, aback it’s alien brands and if you anticipate about the continued appendage of eBay merchants. So that 54% is a low cardinal for those. And so you additionally accept 59% of PayPal users who accept a affiliated transaction because PayPal wasn’t a checkout option. And so we’ve got 254 actor barter on our belvedere appropriate now. Imagine if about 60% of them would carelessness a auction because checkout — PayPal Checkout wasn’t available.

And by the way, we’ve been talking about this for absolutely some time and if you attending at the agent acknowledgment on the eBay agent appointment and attending at what those sellers are saying, those that accept confused over to intermediated payments, you’ll see comments from them that their sales accept alone 40% to 60% and they’re clamoring to appear aback to PayPal. So both eBay and PayPal appetite to serve our alternate barter acutely well. It’s a above affiliation for eBay to put PayPal on. We are committed, both of us, to accepting PayPal on intermediated payments alpha aing year. But we feel absolutely abundant about growing bulk hypothesis that we accept and we feel abundant about the affiliation that we’ll accept with eBay activity advanced as well.

Anything you appetite to add, Bill?

William Ready — Chief Operating Officer, Executive Vice President

I would aloof add to that eBay has responded to those comments adage that if sellers accept issues with the bead in auction they can backslide aback to PayPal in the a appellation and in the continued appellation they’re alive adamantine to accomplish PayPal attainable as a acquittal advantage and we are alive duke in duke with eBay to try to accomplish abiding that’s attainable to those barter accustomed the able appeal from barter as Dan was describing.

Operator

Thank you. Our aing catechism comes from Paul Condra with Acclaim Suisse.

Paul Condra — Acclaim Suisse — Analyst

Hey guys, acceptable afternoon and acknowledgment for demography my question. I aloof basic to chase up on Venmo. Could you accord us some acceptable updates there? Aloof could you advice us anticipate through the contribution? You mentioned $1 billion burning alteration accumulated in September. Should we anticipate of that as $1 billion annual run rate? And afresh would you say there any added monetization activities that are starting to scale? Aloof affectionate of appetite to accomplish abiding I’m cerebration about the accession correctly?

John Rainey — Chief Banking Officer & Executive Vice President of All-around Chump Operations

Sure. Yes, the $1 billion in burning alteration accumulated was for the ages of September and that’s been growing nicely. We don’t see annihilation to alter that trend. And burning alteration is one of the monetization initiatives that we see ascent well. As Dan mentioned in his remarks, Pay with Venmo is growing actual nicely. Uber, Uber Eats, Grubhub, Eat24, Seamless accept all chip pay with Venmo, that’s been growing absolutely remarkably. I mentioned 185% month-over-month advance on Pay with Venmo and the agenda seemed 320% month-over-month growth. Those are early, but those are the kinds of accelerated advance after-effects that we’re seeing with added initiatives on Venmo and so beyond all three of our above monetization initiatives, burning transfer, Pay with Venmo and added apps like like Uber and Grubhub and the card, we see all of those starting to absolutely calibration in a allusive way.

Daniel Schulman — President and Chief Executive Officer

And you additionally saw the cardinal of Venmo barter who accept now been in a monetizable act go to 24% up from 17% aloof one division ago. So as I mentioned in my animadversion it’s still early, obviously, but it looks like we’ve accomplished some affectionate of angled point appropriate now and I anticipate both Bill and I are acutely admiring with the after-effects of Venmo.

One added affair that I would aloof point out is, as I mentioned, it seems repetitive, but we don’t booty it for granted, for three abode in a row appropriate now, we’ve anniversary division apparent almanac net new alive signing up to Venmo. So not abandoned are you seeing Venmo aggrandize absolutely rapidly but the percent of bodies application a monetizable accident is activity up absolutely rapidly as well. So you amalgamate all of those things together, you can see why we’re absolutely admiring with the drive as of now.

Operator

Thank you. Our aing catechism comes from George Mihalos with Cowen.

George Mihalos — Cowen — Analyst

Good afternoon, guys. Acknowledgment for demography my questions. Aloof basic to ask John, as we attending at the antecedent adviser for ’19, how are you cerebration about appraisement broadly beyond the Company from ’18 and ’19? I apperceive you’re anniversarying some appraisement on the cross-border side. And afresh maybe accompanying to that the about-face in Venmo activity from operating in the red to activity into the black, how should we anticipate about or brawl parking, that affectionate of accession in the guide? Acknowledge you.

John Rainey — Chief Banking Officer & Executive Vice President of All-around Chump Operations

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Sure. So starting with pricing, appraisement is commodity that as we’ve said before, George, it’s not a ancient affair for us, breadth I’ve declared it in the accomplished as a amoroso aerial breadth you’re aggravating to monetize commodity for the aing quarter. We booty a actual abiding angle to that and there are opportunities every year to attending at pricing. And appraisement sometimes can beggarly activity out and demography advantage of breadth you accommodate cogent bulk in the bazaar and appraisement higher. In added cases accustomed the astronomic addressable bazaar that we accept it can be about capturing bazaar allotment and be added advancing on pricing. So that goes both way — both means and absolutely we accept assumptions congenital into our affairs about optimizing appraisement in assorted areas activity in 2019. One archetype of that is the contempo advertisement that we fabricated about accretion our appraisement to be added in band with breadth the bazaar is on burning transfer. And so that’s aloof one archetype that we accept there accompanying to pricing.

On Venmo, as we said this is — it’s adamantine not to be aflame about some of the advance numbers that we’re talking about today and the actuality that anniversary of the aftermost three abode we’ve apparent a almanac cardinal of net new barter appear to the platform, but this is a continued game. And we’re not activity to — we’re activity to be abstinent in agreement of our admission to this accomplish abiding that we optimize for the acquaintance and advantage will absolutely come. We’ve got a acceptable history actuality in agreement of what happened with PayPal as that confused from P2P to actuality able to monetize that in means breadth one can boutique at a merchant. And so that is a alteration that will booty abode in a brace of years, not a brace of quarters. And so we apprehend to see advance in our Venmo economics aing year and anniversary year thereafter.

Operator

Thank you. Our aing catechism comes from Tien-tsin Huang with JPMorgan.

Tien-tsin Huang — JPMorgan — Analyst

Thank you and acknowledgment for the 2019 framework, it’s encouraging. Aloof maybe on that aloof a adequately abiding EPS advance for 2019 adjusting for the acquisitions. Admitting some eBay abasement that you talked about and conceivably in cantankerous bound too, I’m not abiding maybe you appetite to animadversion on your angle for cantankerous bound specifically, but I’m analytical aloof in the accumulated what’s maybe accepting better, what are some of the key offsets that accept accustomed you aplomb to accomplish that abiding EPS advance in ’19?

John Rainey — Chief Banking Officer & Executive Vice President of All-around Chump Operations

Sure, I’ll alpha and Dan or Bill can jump in as well. 2019, there’s a lot of things in abundance as we’ve array of admission this aing affiliate column our antecedent accord with eBay. And so aflame about the affiliation opportunities that are out there. We’re aflame about amalgam some of the acquisitions that we’ve had and abeyant ones in the aing and what that can beggarly to accomplish our belvedere alike bigger than it is today.

As we attending at genitalia of the P&L and the aftereffect on array of accomplishing that advice into aing year we absolutely apprehend to abide to apprehend operating advantage in our business. Tien-tsin, I didn’t allocution about this in my able remarks, but we generally allocution about the bordering economics of our business. In this best contempo quarter, for every dollar — incremental dollar of acquirement that we brought in our non-volume accompanying bulk abandoned went up $0.10. That is a archetypal for ascent a belvedere and as we’ve said before, we anticipate that we can abide to do that. With account to cantankerous border, that’s an breadth that if you attending at it in agreement of the allotment of absolute accumulated for PayPal, it’s bottomward hardly from breadth it was in the antecedent quarter. That’s in allotment because of mix in our business, as we see things like Venmo growing more, Braintree growing more.

But I anticipate that the takeaway from this is that if you were to go aback three or four years ago aback we were added of aloof a on on a exchange we were actual abased or I should say our advantage was actual concentrated in assertive areas. And what you’re seeing us advance into as a belvedere is we accept a abundant added adapted portfolio, both regionally, as able-bodied as artefact astute breadth we’re monetizing a lot of added aspects of our business that we haven’t before. And so admitting the actuality that cross-border, which is a advantageous allotment of our business is a abate all-embracing allotment of our portfolio and eBay you can say the aforementioned affair about, you’re seeing us aggrandize our operating allowance and continuing to abound antithesis at a mid 20% advance rate. So we’re actual aflame about that. And that gives us aplomb activity into 2019.

Daniel Schulman — President and Chief Executive Officer

Now, I’d aloof add one or two things on top of that. You saw this division us abacus for the aboriginal time anytime over 9 actor net new alive accounts and interestingly at the aforementioned time assurance growing by 9.5%. For those of you attending anxiously at our assurance numbers, which I apperceive abounding of you do, that’s the accomplished allotment accretion we’ve had in apparently two years or so. And three years ago, we guided like 3 actor to 5 actor net new actives per quarter. We took that up aftermost year to 6 actor to 8 million. We are acutely at the actual aerial end of that and we see that continuing as we attending advanced as well. And aback you accept your net new actives growing by 30 million, 35 actor a year and year assurance growing by 8% to 10%, that bodes able-bodied as we attending forward. And I would say some of the new accessories and casework that Bill and the aggregation are introducing or accept alien into the market, some of the new partnerships that are aloof advancing beneath way appropriate now, we feel appealing acceptable about our position in the agenda payments ecosystem appropriate now.

Operator

Our aing catechism comes from James Faucette with Morgan Stanley.

James Faucette — Morgan Stanley — Analyst

Great. Acknowledge you actual much. I basic to amphitheater aback to the Venmo commentary, decidedly Dan your comments of activity that you’re at a angled point there. I’m aloof apprehensive if you can accord us a little blush on how we should anticipate about efforts to drive added accepting of Venmo and breadth we may see some affirmation of that. And I assumption chain with that is that with affectionate of the new burning alteration fee structure, how should we — like what should we be anticipating in agreement of accession to affective the monetization of Venmo advanced from that accurate initiative? Acknowledge you.

Daniel Schulman — President and Chief Executive Officer

Yeah, you bet. I’d aloof say, aboriginal of all, afresh it’s aboriginal but abundant advance and the numbers we gave were months-over-month numbers, not year-over-year, but month-over-month advance numbers. So you can see the dispatch that’s happening. We accept a actual able activity of ample merchants, the merchants you adeptness apprehend who are lining up to accommodate Pay with Venmo ons. We additionally acutely are rolling out these Acute Acquittal Button capabilities into PayPal Checkout, breadth if it is a Venmo customer, we will dynamically present a Pay with Venmo on and so you’ll alpha to see that additionally accelerating absolutely a bit. And afresh if you attending beyond the monetizable casework that we’re offering, all of those casework are allowances to the Venmo chump and I anticipate that’s a absolutely important point. Venmo chump doesn’t anticipate about agreeable in a monetizable act.

They anticipate about how can I use my Venmo agenda to absorb offline, accept that appear appropriate aback into my Venmo feed, share, breach those purchases and it’s a value-add for them. Actuality able to booty your Venmo antithesis and be able to absorb on online merchants or on Uber, that’s a value-add for them, aloof as it is to be able to instantly accretion admission to their balances is a value-add to them as well. And so the added casework we put out there and we’ve been accurate to be abiding that the casework we put out are absolute value-added services, but the added we put out, the added Venmo barter use and alpha to appoint with that.

I mentioned that you’re seeing Venmo barter appoint in groceries, and restaurants, these are accustomed types of activities and we’re absolutely aloof acceptable an anchored allotment of our Venmo customers’ agenda banking casework life. There are added things that we’re attractive at activity forward, but we’re absolutely admiring with the efforts we accept so far and actual admiring with the momentum. Bill, annihilation you’d add on the that?

William Ready — Chief Operating Officer, Executive Vice President

I would aloof add to that that in accession to Dan’s point there about how simple we’re authoritative it for merchants to add a committed Pay with Venmo through things like acute acquittal ons, the integrations we’ve done like with Uber, for example, we’re seeing amazing advance that we are absolutely admiring with, but they’re absolutely admiring with it as well. They’re seeing it’s absolutely alive assurance on the belvedere and the acceptance of Venmo is outpacing their own expectations, which are absolutely absolutely aerial accustomed how rapidly they grow. So as we abide to accomplish merchants blessed with the assurance we’re alive to them, as Dan said, we’re seeing a lot of merchants absolutely band up for that, but we’re accouterment assorted means for users to get abundant new experiences, and to accomplish money by accouterment them abundant new acquaintance whether it’s Pay with Venmo, the agenda or things like burning banknote out. So all of those calm are absolutely bringing abundant bulk to the user and abundant advance in the monetization for us.

Operator

Thank you. Our aing catechism comes from Lisa Ellis with MoffettNathanson.

Lisa Ellis — MoffettNathanson, LLC — Analyst

Hi, acceptable afternoon guys. Dan, this one is for you on the affair of partnerships, so — which is one of the capacity of the day. You accept a history of converting ambitious enemies into accompany or at atomic frenemies. And I’m apprehensive if you can animadversion on two groups out there that are array of in that category, the ample all-around merchant acquirers and afresh additionally the Chinese agenda wallets. As you anticipate about partnerships, is there a aisle to converting those players, do you see a affiliation aisle with PayPal?

Daniel Schulman — President and Chief Executive Officer

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Yeah. Lisa, I additionally accede you to be one of those ally that additionally angry into a acquaintance as well. So, acutely as we’ve confused adjoin chump best and as we’ve confused to actuality an accessible platform, our adeptness to nab partner, it’s aloof night and day aberration from breadth we were two years ago. I talked about 35, I anticipate we’ve done 37 above partnerships in the aftermost two years. And as you know, we started to assignment with and accomplice with some of the arch Chinese players today, whether that be Ali (ph) with their all-embracing merchants, I anticipate we’re — PayPal is now on over 50,000 of their merchants actuality accustomed or acceptance PayPal consumers alfresco of China to acquirement from Chinese merchants. We abutment some 300,000 Chinese merchants who accept the PayPal mark on them today enabling consumers alfresco of China to acquirement from those merchants. And we’re attractive at accomplishing the adverse with bodies like Baidu and others breadth Chinese consumers can seamlessly pay (ph) and buy at PayPal merchants alfresco of China. So we anticipate that we can facilitate cantankerous bound for all of those players in China and in added countries.

In agreement of merchant acquirers, we accept a continued history absolutely of partnering with merchant acquirers, actual aing ally with Aboriginal Data, afresh cardinal of years ago, there is Aboriginal Data adjoin PayPal. That is not the case anymore. We assignment duke in duke together. And so, Bill, do you appetite to add to that?

William Ready — Chief Operating Officer, Executive Vice President

Wells Fargo, Chase, I mean, there’s a cardinal of above merchant acquirers that we assignment with. We accompany in amazing amounts of accumulated and it’s accession example, as Dan was describing, of how we’re able to accomplice with others in the ecosystem as we’ve fabricated our belvedere added accessible and accept absolutely gotten focused on how we can accommodate bulk to barter in affiliation with others and acquirers are absolutely one of those capacity that we assignment anxiously with.

Operator

Thank you. Our aing catechism comes from Darrin Peller with Wolfe Research.

Daniel Schulman — President and Chief Executive Officer

Hi Darrin.

Darrin Peller — Wolfe Analysis — Analyst

Hey guys, thanks, hey. Let me aloof alpha off. I mean, aboriginal you accept 9.1 actor alive accounts net new this division annualizing 36 actor I assumption per year. Aboriginal of all, is there any acumen why this division was abnormal in agreement of seasonality, or is that now acutely bigger than 30 actor run bulk you had, alarm it, a year ago? And afresh aloof the aftereffect is, aloof on the (inaudible) band it was abundant college than I apperceive we and the Street were. If you can accord us a little added blush if that’s either — whether it’s Synchrony acquirement allotment or it’s all the abundant actuality in Venmo we’re seeing that’d be great. Acknowledgment guys.

Daniel Schulman — President and Chief Executive Officer

Yeah, so aboriginal of all on the net new actives, annihilation abnormal in the quarter. As John mentioned in his remarks, annihilation from iZettle accretion that came in there. That was 9.1 actor accounts that came in naturally. I’d be behindhand to say, we additionally accept over 20 actor merchants now on the belvedere too and that’s growing absolutely nicely. So, we projected actuality about $30 actor we apprehension this year, we will acutely be over that and we see no acumen for these types of numbers to be our new run bulk activity forward.

William Ready — Chief Operating Officer, Executive Vice President

Yeah, and I would aloof add to that we started seeing added chump adoption, activity aback a brace of years and we started accepting these questions of is that acceptable and for the aftermost two years, you’ve apparent us abide to drive cogent improvements in net new actives and allotment of that is that there’s not been any one argent ammo to what’s bringing those new users to the platform. It’s a aggregate of abundant checkout adventures with things like PayPal One Touch, P2P, Choice, all these things calm are bringing added and added users assimilate the belvedere deepening assurance with them through actuality a abundant agenda assurance approach with agenda issuers and others. It’s the blended aftereffect of all of these things together. And so as Dan said there’s annihilation that we see slowing that down. It’s commodity that we anticipate is a new accustomed for us in agreement of the way that we’re alive added assurance and added new users to the platform.

Daniel Schulman — President and Chief Executive Officer

And Darrin on added value-added services, there’s two — three things apparently that are influencing that in asperous adjustment of significance. Aboriginal would be we’re seeing abundant advance in our merchant alive basic business. Recall we’ve got the accretion of Swift and we’re aloof absolutely admiring with how that’s performing, absolutely acceptable advance there. Second affair that I would alarm out is while we awash the US chump acclaim portfolio, we still accept an all-embracing chump acclaim portfolio and that is assuming actual able-bodied in the entities breadth we’ve launched that. And afresh lastly, I would say that the accumulation administration adjustment we accept with Synchrony, we still accept bread-and-er account advantageous aloft the achievement of that US chump acclaim portfolio and we’re actual admiring with that, and I would adventure to say Synchrony is actual admiring with how that’s assuming as well.

Gabrielle Rabinovitch — Head of Investor Relations

Thanks. Operator, we accept time for one added question.

Operator

Final catechism comes from Heath Terry with Goldman Sachs.

Daniel Schulman — President and Chief Executive Officer

Hi, Heath.

Heath Terry — Goldman Sachs — Analyst

Thanks. Dan, as has been acicular out earlier, you guys accept had a lot of success over the aftermost brace of years in signing partnerships and bringing a lot of ally assimilate the platform. I assumption it’s apparently too abundant to ask to try and affectionate of quantify the appulse of those partnerships or how abundant of an appulse you’ve apparent on TPV or acquirement as it relates to those. But analytical if aloof qualitatively you can try and accord us a faculty of the appulse that you’ve apparent there. And afresh as it relates to the Walmart and Amex deals that accept been signed, how you would array of calibration those deals about to what we’ve apparent from partnerships appropriately far, what affectionate of abeyant do you anticipate those two deals have?

Daniel Schulman — President and Chief Executive Officer

So I’d say aloof in general, we’ve arise absolutely a cardinal of partnerships over the accomplished brace of years. These partnerships booty assorted abode afore they alpha to appear up to speed, some of them a year plus. And so I would say we are still absolutely aboriginal in the appulse that we are seeing from all of those partnerships. And so aloof from a qualitative perspective, we’re alpha to see some nice momentum. But I would say, it’s very, actual aboriginal days. One archetype of that would be rewards points. We’ve got maybe four or so issuers now, above issuers who are activity to be putting their rewards credibility assimilate the PayPal platform. We’re activity to be a belvedere that aggregates all of those that users of our alternate barter can booty those accolade points, about-face them into FIAC (ph) currency, use their rewards credibility and a aggregate of any added banking apparatus they accept on lath to accomplish purchases at basically 20 actor merchants beyond the world. It’s the aboriginal time that we are giving that affectionate of utility.

And the American Express announcement, they’re one of the, if not the baton in rewards credibility and accepting their rewards credibility appear assimilate the belvedere and their barter actuality able to use them at PayPal merchants and the abandoned abode breadth they can use them at all of those altered merchants, right, Amex has abandoned chip into a brace of merchants appropriate now to be able to use accolade points. Those are all things that are advancing in the future.

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And I would say, Walmart has a amazing bulk of abeyant for us. It’s the bigger retailer, one of the bigger marketplaces and with a lot of aspirations and we accept a absolutely acceptable accord with them and a growing accord with them. And as you see about every division we advertise new partnerships and some of them can be absolutely ample and my apprehension as we attending out over the aing several abode that you’ll see added of those appear on to comedy as well. This is a advancing allotment of our action is to be a abundant accomplice and to be the basal belvedere and the bigger agenda administration approach for a lot of our partners. And so we’re seeing a acceptable accord of success appropriate now but still, I would say actual aboriginal innings for us in agreement of what they could be and will become for us.

Okay. Operator, acknowledge you. Everybody, acknowledge you for aing us. We attending advanced to talking to you over the hours and canicule and months ahead, so acknowledge you actual abundant anybody for aing us today. Bye-bye.

Operator

This concludes today’s Q&A session. Ladies and gentlemen, acknowledge you for accommodating in today’s appointment call. This concludes the program. You may now disconnect. Anybody accept a abundant afternoon.

Duration: 63 minutes

Gabrielle Rabinovitch — Head of Investor Relations

Daniel Schulman — President and Chief Executive Officer

John Rainey — Chief Banking Officer & Executive Vice President of All-around Chump Operations

Bryan Keane — Deutsche Bank — Analyst

William Ready — Chief Operating Officer, Executive Vice President

Paul Condra — Acclaim Suisse — Analyst

George Mihalos — Cowen — Analyst

Tien-tsin Huang — JPMorgan — Analyst

James Faucette — Morgan Stanley — Analyst

Lisa Ellis — MoffettNathanson, LLC — Analyst

Darrin Peller — Wolfe Analysis — Analyst

Heath Terry — Goldman Sachs — Analyst

More PYPL analysis

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