PARTIV ConsolidatedStatementsofCashFlows PayPalHoldings,Inc. ConsolidatedStatementsofCashFlows YearEndedDecember31, 2022 2021 2020 (In millions) Cashflowsfromoperatingactivities: Netincome(loss) $ 2,419 $ 4,169 $ 4,202 Adjustmentstoreconcilenetincome(loss)tonetcashprovidedbyoperating activities: Transactionandcreditlosses 1,572 1,060 1,741 ANNU Depreciationandamortization 1,317 1,265 1,189 Stock-basedcompensation 1,261 1,376 1,376 AL Deferredincometaxes (811) (482) 165 REPOR Net(gains)lossesonstrategicinvestments 304 (46) (1,914) Other 205 100 47 T Changesinassetsandliabilities: Accountsreceivable (163) (222) (100) Transactionlossallowanceforcashlosses,net (1,230) (1,178) (1,120) Othercurrentassetsandnon-currentassets 118 (486) (171) Accountspayable (35) (31) (4) Incometaxespayable 373 73 (230) Othercurrentliabilities and non-currentliabilities 483 199 1,038 Netcashprovidedbyoperatingactivities 5,813 5,797 6,219 Cashflowsfrominvestingactivities: Purchasesofpropertyandequipment (706) (908) (866) Proceedsfromsalesofpropertyandequipment 5 5 120 Purchasesandoriginationsofloansreceivable (28,170) (13,420) (6,098) Principal repaymentof loansreceivable 24,903 11,826 6,392 Purchasesofinvestments (20,219) (40,116) (41,513) Maturities and sales of investments 23,411 39,698 30,908 Acquisitions, net of cash and restricted cash acquired — (2,763) (3,609) Fundsreceivable (2,813) 193 (1,552) Collateral posted related to derivative instruments, net (19) 336 (327) Otherinvestingactivities 187 — — Netcashusedininvestingactivities (3,421) (5,149) (16,545) Cashflowsfromfinancingactivities: Proceedsfromissuanceofcommonstock 143 162 137 Purchasesoftreasurystock (4,199) (3,373) (1,635) Taxwithholdingsrelatedtonetsharesettlementsofequityawards (336) (1,036) (521) Borrowingsunderfinancingarrangements 3,475 272 6,966 Repaymentsunderfinancingarrangements (1,686) (361) (3,000) Fundspayableandamountsduetocustomers 1,498 3,572 10,597 Collateral received related to derivative instruments, net (6) 207 (38) Otherfinancingactivities 1 — (52) Netcash(usedin)providedbyfinancingactivities (1,110) (557) 12,454 Effect of exchangerate changesoncash,cashequivalents,andrestrictedcash (155) (102) 169 Netchangeincash,cashequivalents,andrestrictedcash 1,127 (11) 2,297 Cash,cashequivalents,andrestrictedcashatbeginningofperiod 18,029 18,040 15,743 CASH,CASHEQUIVALENTS,ANDRESTRICTEDCASHATENDOFPERIOD $ 19,156 $ 18,029 $ 18,040 •2022AnnualReport 61