Thank you, Mr. Chair, and thank you to the witnesses, some of whom are here for the second time.
It's good to see you again.
If I could, I'll start with PayPal and refer to Mr. Kelly's comments here about the cost of payment methods. We have heard a lot about that.
From listening to your presentation, I'm just not 100% clear on where your company's revenues come from. Could you expand on how your revenue model works? For example, we hear a lot about merchant fees in your competitors' worlds. I don't even know if they're competitors or partners, actually.
How do you receive revenue?