Travis Hoium

The floor is yours.

What do you like about the stock?

I think there's going to be interest for buyers.

I do think, maybe to a certain extent, PayPal's board is looking for a buyer, but that buyer is going to be PayPal.

Alex Chris was not shown the door as CEO because his strategy wasn't working quickly enough.

That's why he was pushed out.

But the decision to replace him with Enrique Loris, I don't think this is about innovation.

They've brought in a CEO from a commodity hardware business, a price-taker business at HP.

And if there's a part of PayPal's business that's at risk, it's not really the innovative part of it.

It's more like the cutthroat...

price-taking the non-branded payments business.

That's more like what Loris ran.

If we really look at what Loris brings to the table, it's that focus on efficiency and also being a buyback machine.

During his tenure as CEO at HP, they brought back 37% of shares.

PayPal is a buyback monster already.

They bought back about 20% of shares over that same period, but a lot less.

Here's where I disagree with Travis while also agreeing with Travis.

I think we are going to see accelerated share buybacks, but I'm not sure it's going to be with debt.

The company already has $12 billion in debt on the books, but it has over $10 billion in cash.

With a market cap of about $39 billion, there's a lot of needle-moving capacity that's already on the balance sheet without having to take on more debt to do it.