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PayPal Holding's (PYPL) CEO Daniel Schulman on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 27, 2016 17:00 PM ET


Gabrielle Rabinovitch - Senior Director, Investor Relations

Daniel Schulman - President, Chief Executive Officer & Director

John Rainey - Chief Financial Officer & Senior Vice President


Sanjay Sakhrani - Keefe, Bruyette & Woods, Inc.

Tien-tsin Huang - JPMorgan Securities

Bill Carcache - Nomura Securities International, Inc.

Heath Terry - Goldman Sachs & Co.

Lisa Ellis - Sanford C. Bernstein & Co.

Bryan Keane - Deutsche Bank Securities, Inc.


Good day, ladies and gentlemen, and welcome to the PayPal's First Quarter 2016 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to introduce your host for today's conference, Ms. Gabrielle Rabinovitch, Senior Director of Investor Relations. Ms. Rabinovitch, you may begin.

Gabrielle Rabinovitch

Thank you, Andrea. Good afternoon and thank you for joining us. Welcome to PayPal Holding's earnings release conference call for the first quarter 2016. Joining me today on the call are Dan Schulman, our President and CEO; and John Rainey, our Chief Financial Officer. We're providing a slide presentation to accompany our commentary. This conference call is also being broadcast on the Internet and both the presentation and call are available through the Investor Relations section of our website.

In discussing year-over-year comparisons, including guidance growth rates for the second quarter and full year 2016, we have chosen to present non-GAAP pro forma metrics. We believe that these metrics provide investors a consistent basis for reviewing the company's performance across different periods. We will also discuss some non-GAAP measures in talking about our company's performance including the non-GAAP pro forma metrics mentioned above. You can find a reconciliation of these metrics to the most directly comparable GAAP metrics in the presentation accompanying this conference call.

In addition, management will make forward-looking statements that are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include our guidance for second quarter and full year 2016. Our actual results may differ materially from those discussed in this call. You can find more information about risks, uncertainties and other factors that could affect our operating results in our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC and available on the Investor Relations section of our website. You should not rely on any forward-looking statements. All information in this presentation is as of today's date, April 27, 2016. We disclaim any obligation to update the information.

With that, let me turn the call over to Dan.

Daniel Schulman

Thank you, Gabrielle. Before I start my remarks, I want to take a quick moment to officially welcome you. We're thrilled to have you join PayPal as our new head of IR. And I want to thank all of you on the call for joining us. We know how busy your schedules are, so we appreciate your time.

I'm very pleased to report that PayPal delivered strong financial results for the first quarter of 2016. In many ways, this was our best quarter in the time since I joined PayPal and it's gratifying to see the company execute against our goals. The mission of PayPal is clear. We want to become an everyday essential financial service for consumers and provide a full service solution and platform that enables digital commerce for merchants around the globe. And we continue to make tangible and consistent progress towards that vision.