We attended PYPL ’s investor day in NYC where members of mgmt shared their medium term vision for the company. Overall we believe the bar was low coming into the event, as PYPL shares significantly underperformed after 4Q earnings on concerns over the durability of branded checkout trends, and we believe investors were concerned about an acceleration in share loss. Against that bar, we believe the company did a good job showcasing the numerous self-help initiatives throughout the organization aimed at 1) improving customer experience (new integrations, expanded partnerships, brand harmonization), 2) deepening consumer wallet share penetration (PayPal Braintree omnichannel, Fastlane), and 3) streamlining the company’s operations (PayPal One, back end re-architecture).