PayPal (NASDAQ: PYPL) reports its first-quarter earnings after the bell on Wednesday. Despite beating the analysts' consensus estimates for both the top and bottom lines with its fourth-quarter report, PayPal saw its shares fall on news that eBay (NASDAQ: EBAY) is transitioning its payments processing operations in-house from PayPal. PayPal hopes to avoid unpleasant surprises this time around, with the Street expecting $0.54 in earnings per share on revenue of $3.59 billion.But investors will want to pay attention to a few more things on PayPal's earnings report beyond its revenue and earnings expectations.