Rising threats from COVID variants cut travel and event bookings, and the elimination of government stimulus had an impact as well.

Feb 1, 2022 / CEO / receipt, needs a key / Dan Schulman, CEO | earnings call 2022-02-01 | transcript cd3459eb-4093-4b8c-8567-0f63eecb738a | chars 3910-4041 | segment 3

This was slightly below our expectations, as back-to-school sales and travel were weaker than we expected.

Nov 8, 2021 / CEO / receipt, needs a key / Dan Schulman, CEO | earnings call 2021-11-08 | transcript 46085e32-204b-4fa0-9e3c-70aa2340469c | chars 4062-4168 | segment 3

In terms of overall kind of trends that we're seeing around reopening, certainly travel has picked back up.

May 5, 2021 / CEO / receipt, needs a key / Dan Schulman, CEO | earnings call 2021-05-05 | transcript ad7b257e-cee3-4076-96e0-18bfba74a87c | chars 38253-38360 | segment 39

With respect to The fourth quarter, you know, the only thing I'd call out in addition to eBay, which, you know, we talked about in our prepared remarks, the travel and event vertical, as I also mentioned, has been slower to recover than we anticipated. Again, we saw some green shoots back in June and July, and, you know, those haven't persisted to the extent that we mentioned. But, you know, again, I'll point out, both of those things are transitory.

Nov 2, 2020 / CEO / receipt, needs a key / Dan Schulman, CEO | earnings call 2020-11-02 | transcript 0ac18427-be4a-42f7-aef8-820f971e69ad | chars 31406-31860 | segment 32

Travel and event is going to be largely tied to the path of the virus. It's an overused term, I know, but that's largely outside of our control. And when the world regains mobility, I'm sure we will see a resurgence in that.

Nov 2, 2020 / CEO / receipt, needs a key / Dan Schulman, CEO | earnings call 2020-11-02 | transcript 0ac18427-be4a-42f7-aef8-820f971e69ad | chars 34748-34972 | segment 35

We did all of this while absorbing ongoing pressure from reduced travel and event spending and lower revenue from our credit products.

Jul 29, 2020 / CEO / receipt, needs a key / Dan Schulman, CEO | earnings call 2020-07-29 | transcript 8961a144-7f30-4e06-a8d3-16af861ebff0 | chars 13449-13583 | segment 13

Transaction revenue growth was primarily driven by strength across our PayPal checkout experiences which more than offset the approximately 60% decline we saw within our travel and events volumes.

Jul 29, 2020 / CEO / receipt, needs a key / Dan Schulman, CEO | earnings call 2020-07-29 | transcript 8961a144-7f30-4e06-a8d3-16af861ebff0 | chars 13972-14168 | segment 14

And that, by the way, is with travel and ticketing events down 60% or so. And outside that, Braintree is experiencing some of its best growth in a long, long time.

Jul 29, 2020 / CEO / receipt, needs a key / Dan Schulman, CEO | earnings call 2020-07-29 | transcript 8961a144-7f30-4e06-a8d3-16af861ebff0 | chars 27630-27793 | segment 27

Shelter in place and social distancing became the norm across the globe, and as one economy after another effectively shut down, we saw a substantial revenue decline, predominantly in our travel and ticketing verticals.

May 7, 2020 / CEO / receipt, needs a key / Dan Schulman, CEO | earnings call 2020-05-07 | transcript 5fdc8282-ff62-40f4-a02e-b9159dfe3789 | chars 4950-5169 | segment 5