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PayPal
🇺🇸 NASDAQ:PYPL
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•
Mar 31, 2022

PayPal Q1 2022 Earnings Report

PayPal had a solid start to the year with better-than-expected revenue growth.

Key Takeaways

PayPal's Q1 2022 results exceeded its guidance on revenue and earnings, growing faster than the rate of ecommerce. Total Payment Volume (TPV) grew by 13%, and net revenues increased by 7%. The company added 2.4 million Net New Active Accounts (NNAs).

Total Payment Volume (TPV) reached $323.0 billion, growing 13% (15% FXN).

Net revenues were $6.5 billion, growing 7% (8% FXN); excluding eBay, revenue grew 15%.

GAAP EPS was $0.43, compared to $0.92 in Q1’21, and non-GAAP EPS was $0.88, compared to $1.22 in Q1’21.

2.4 million Net New Active Accounts (NNAs) were added, bringing the total to 429 million.

Total Revenue
$6.48B
Previous year: $6.03B
+7.5%
EPS
$0.88
Previous year: $1.22
-27.9%
Active Accounts
429M
Previous year: 392M
+9.4%
Payment Transactions
5.16B
Previous year: 4.37B
+18.1%
Transactions per Account
47
Previous year: 42.2
+11.4%
Gross Profit
$3.3B
Previous year: $2.97B
+11.1%
Cash and Equivalents
$4.86B
Previous year: $5.72B
-15.0%
Free Cash Flow
$1.05B
Previous year: $1.54B
-31.8%
Total Assets
$75.8B
Previous year: $72.5B
+4.5%

PayPal

PayPal

PayPal Revenue by Geographic Location

Forward Guidance

PayPal provided financial guidance for Q2 2022 and full year 2022.

Positive Outlook

  • Net revenues expected to grow ~9% on a spot and FXN basis for Q2 2022.
  • Revenue excluding eBay expected to grow ~14% on a spot basis for Q2 2022.
  • TPV expected to grow ~13%-15% on a spot basis and ~15%-17% FXN for FY’22.
  • Net revenues expected to grow ~11%-13% on a spot and FXN basis for FY’22.
  • Revenue excluding eBay expected to grow ~15%-17% on a spot basis for FY’22.

Challenges Ahead

  • GAAP earnings per diluted share expected to be in the range of ~$0.44-$0.46 compared to $1.00 in the prior year period for Q2 2022.
  • Non-GAAP earnings per diluted share of ~$0.86, compared to $1.15 in the prior year period for Q2 2022.
  • GAAP earnings per diluted share expected to be in the range of ~$2.19-$2.34, compared to $3.52 in FY’21.
  • Non-GAAP earnings per diluted share expected to be in the range of ~$3.81-$3.93, compared to $4.60 in FY’21.
  • Estimated non-GAAP amounts for the twelve months ending December 31, 2022 reflect adjustments of approximately $2.2 billion, including estimated stock-based compensation expense and related payroll taxes of approximately $1.6 billion.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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