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<p>Reselling keeps clothes and other items out of landfills—and eBay is a dominant hub for it. “Re-commerce” now accounts for about 40% of the value of goods sold on the site, or about $7.4 billion in Q1 of 2024.</p>

Change the World

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F500-2021-276-Ebay

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eBay runs online marketplaces that connect buyers and sellers in the United States, the United Kingdom, and other international markets. Its platforms enable users to list, sell, and buy a wide range of physical merchandise, both new and used. eBay, which was founded in 1995, has experienced active user number declines in recent years but still maintains strong historical strengths in “focus categories” such as trading cards and automobile parts.

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Q3 2024

Ebay (EBAY): Company Profile, Stock Price, News, Rankings

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Ebay

ebay

Thank you for standing by, and welcome to the eBay Third Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer Thank you. I'd now like to turn the call over to John Egbert, Vice President of Investor Relations. You may begin.

Good afternoon. Thank you all for joining us for Ebay's Q3 2024 earnings conference call. Joining me today on the call are Jamie Iannone, our Chief Executive Officer and Steve Priest, our Chief Financial Officer. We're providing a slide presentation to accompany our commentary during the call, which is available through the Investor Relations section of the eBay website at investors. Ebayinc.com.

Before we begin, I'll remind you that during this conference call, we will discuss certain non GAAP measures related to our performance. You can find a reconciliation of these measures to the nearest comparable GAAP measures in our accompanying slide presentation. Additionally, all growth rates noted in our prepared remarks will reflect organic FX neutral year over year comparisons and all earnings per share amounts reflect earnings per diluted share unless indicated otherwise. During this conference call, management will make forward looking statements, including without limitation, statements regarding our future performance and expected financial results. These forward looking statements involve known and unknown risks and uncertainties.

Our actual results may differ materially from our forecast for a variety of reasons. You can find more information about risks, uncertainties and other factors that could affect our operating results in our most recent periodic reports on Form 10 ks, Form 10 Q and our earnings release from earlier today. You should not rely on any forward looking statements. All information in this presentation is as of October 30, 2024. We do not intend and undertake no duty to update this information.

With that, I'll turn the call over to Jamie.

Thanks, John. Good afternoon, everyone, and thank you all for joining us today. Q3 was another strong quarter for eBay as our gross merchandise volume grew by over 1% to $18,300,000,000 marking our 2nd straight quarter of positive GMV growth. Revenue increased by more than 3% to $2,580,000,000 non GAAP operating income grew by 6% and we grew non GAAP earnings per share by 16% to $1.19 Now let's turn to the key drivers of our Q3 results. Our focus categories continued to deliver relevant experiences to customers and drive growth for our overall marketplace.

Focus category GMV grew by nearly 5% in Q3, outpacing the remainder of our marketplace by approximately 5 points. This growth was driven by broad based momentum across motors, parts and accessories, collectibles, refurbished and our luxury fashion categories. Collectibles had a particularly strong quarter as trading cards GMV accelerated to double digit growth in Q3, driven by strength in sports trading cards and collectible card games, both on the eBay platform and through our subsidiary TCG Player. During Q3, we engaged with collectibles enthusiasts at key industry trade shows, including the National Sports Collectors Convention, Gen Con and San Diego Comic Con. We expanded our high ASP inventory through monthly marquee auctions and consignment from trusted partners like TSA and ComC.

And we continue to scale and evolve the eBay Live experience, feeling particular momentum in areas like trading card case breaks. On top of healthy organic momentum, our recent acquisition of Golden is opening up exciting opportunities in the collectibles world. Just last week, Ken Golden and team completed a record sale for Shohei Ohtani's 50th home run ball, which sold for nearly $4,400,000 making it the most valuable baseball ever sold. Auctions for truly one of a kind items like this can generate a lot of awareness for our platform, where hobbyists can shop for everything ranging from low ASP, ungraded trading cards to some of the world's most valuable collectible items. Fashion is also a critical entry point for us, as nearly 1 in 5 new sellers and buyers come to eBay through fashion category.

During Q3, we launched a new creative campaign called Things People Love to raise awareness of eBay's value proposition and pre loved fashion. We focused on driving relevance with key audiences like Gen Z by highlighting eBay's breadth and depth of quality pre loved inventory backed by trust. Our full funnel marketing strategy has been instrumental in driving continued momentum in focused categories and healthier trends in active buyers, which grew nearly 1% to $133,000,000 in Q3. 1 of the key building blocks underpinning our return to positive GMV growth has been our geo specific investment, where we leverage our innovation playbook from focused categories to better serve customer needs at the local level. While many of these product experience changes benefit all sellers and buyers, we are particularly focused on consumer to consumer or C2C sellers for several reasons.

C2C sellers bring some of the most unique inventory to eBay and are typically less price sensitive than B2C sellers. C2C sellers accelerate re commerce as roughly 60% of their GMV comes from used and refurbished items compared to 40% for our marketplace overall. Selling on eBay also creates a flywheel effect that stimulates incremental GMV as buyers who sell purchase roughly twice as much on eBay as non sellers, with most of their incremental spend supporting small businesses. As a reminder, our first major geo specific initiative launched in Germany in March of 2023. And more than 18 months later, we continue to see significantly higher customer satisfaction or CSAT and improved GMV trends for the overall German market.

This past April, we rolled out significant enhancements in the UK for pre owned apparel categories. These improvements included simplified tools for selling and new tools to drive demand through enhanced discovery like Explore and Shop the Look. Since then, we have observed material improvements to key C2C metrics, like CSAT and active sellers, alongside a double digit improvement in C2C GMV growth in pre owned apparel versus our prior baseline. The success of our Germany initiative over the last year and a half and similar results in the UK over the last 6 months gave us the confidence to move forward with a significant expansion of our UK initiative earlier this month. We introduced a suite of new capabilities to upgrade the overall C2C experience in the UK, including a simplified native listing flow managed shipping, which streamlines the domestic shipping experience and creates a new revenue stream for eBay improved local pickup and discovery capabilities and eBay balance, which allows UK sellers to store their earnings or use them as spendable funds on eBay.

We accompanied this feature rollout with a full funnel marketing campaign in the UK, which highlights the ease of selling on eBay. We also eliminated final value fees and regulatory operating fees for UK C2C sellers across all categories, excluding motor vehicles. We made this change due to clear evidence that European consumers are more motivated to list their items online when it's free to sell, even when buyer fees are introduced. We believe reducing the friction to sell will unlock a significantly larger total addressable market, or TAM, in C2C. We will initially monetize our UK C2C volume in several ways, including advertising, cross border fees, and our sell to buy flywheel.

In Q4, we will begin to ramp our managed shipping initiative in the UK. We also plan to introduce a buyer facing fee on UK C2C transactions during Q1 of 2025. Next, I'll walk through some of the major enhancements to the UK experience. One of the most significant changes we launched in October was the horizontal rollout of a simplified native listing flow for UK C2C sellers. This experience dramatically reduces the number of steps and decision points for sellers, offers intelligent pricing recommendations, seamlessly integrates AI generated descriptions and photo enhancements, and better highlights the benefits of advertising.

Since launch, the simplified flow has notably decreased time to list, improved listing completion rates, increased conversion, sold items and GMV per listing attempt, and elevate adoption of promoted listings. With managed shipping, we are completely overhauling our shipping experience for C2C sellers in the UK in 2 phases. The first phase completed in early October extended the simplified shipping experience we first rolled out in pre owned apparel to all categories. Within the new native listing flow, UK C2C sellers now see a consolidated list of shipping options based on the estimated package size and weight. And since implementing this change, we have observed a significant reduction in time spent on shipping in the listing flow.

The 2nd phase of managed shipping radically simplifies the experience and creates a new revenue stream for eBay. Similar to managed payments and eBay International Shipping, managed shipping leverages our scale and expertise to create a better experience for customers, while generating incremental revenue and operating income dollars. When listing eligible products, sellers simply confirm the preselected package size and eBay handles the rest. Buyers receive competitive shipping rates and sellers are fully protected against loss or damage. Managed shipping is currently live for C2C pre owned apparel listings in the UK.

In Q4, we plan to expand managed shipping horizontally on an opt out basis before mandating the program for eligible items listed by UK C2C sellers during Q1 of 2025. In addition to shipping, we launched a number of enhancements to the local pickup experience in the UK as these transactions make up a significant portion of our C2C TAM in this market. We increased local supply by defaulting new C2C listings to offer both pickup and shipping options. We created a new eBay local landing page and map view for offload browsing of nearby inventory. We also enhanced trust, improved post sale education for shoppers and streamlined the in person payment process.

Since launch, we've seen a significant uptick in locally enabled listings in the UK and a double digit improvement in local C2C volume growth. Lastly, in mid October, we added the eBay balance feature in the UK. This gives millions of C2C sellers the flexibility to use their earnings to shop on eBay, promote their listings, purchase shipping labels or withdraw available funds whenever they wish. With eBay balance, we believe we can further stimulate the sell to buy flywheel and also reduce the cost of payments when sellers spend their earnings on eBay. Taking a step back, by making these changes, we believe we are addressing 3 of the longest standing pain points for UK sellers on eBay: ease to list, the amount of time and effort it takes to create a listing, and the complexities involved with shipping.

During the 1st few weeks since the broader UK C2C initiative launch, we've seen more than 20 point increases in new and reactivated listeners and sellers and material increases in C2C sold items and GMV. We are confident that these changes will not only be great for our community, but also our shareholders. Our strategic focus on C2C should open up a significantly larger TAM in re commerce by unlocking consumers' closets, basements and garages. Our teams continue to leverage the power of artificial intelligence to deliver magical innovations for our customers. In recent months, eBay's core AI team released the 2nd generation of our proprietary LILIUM series of large language models, developed in house using our high performance supercomputer.

Notably, these models have outperformed public benchmarks in eBay specific tasks like description generation, title creation, aspect extraction and pricing predictions. Behind the scenes, these models have already been deployed to accelerate the transformation of selling and buying on eBay, including magical listing. The first phase of our magical listing experience generates high quality listing description with the push of a button. Approximately 10,000,000 unique sellers have used this feature to date, creating over 100,000,000 listings. Gen AI enhanced listings have also generated several $1,000,000,000 of cumulative GMV on eBay.

Additionally, more than 1 quarter of U. S. Mobile app users have access to the next iteration of magical listing in beta. After taking or uploading a photo, this experience leverages computer vision and generative AI to prefill or suggest the title, category, description and other item aspects for listing. CSAT for this beta remains extremely high at roughly 90% as we continue to optimize model performance and efficiency.

We are also leveraging Gen AI to enhance our tools for our B2C sellers. We recently introduced the magical bulk listing tool, which leverages our internal LLMs to seamlessly create a large number of pre populated listings at once. Sellers simply upload photos in bulk and individual listings are created with category, title and item specifics prefilled where possible. The magical bulk listing tool was launched for all B2C US trading card sellers in Q3 and early feedback has been extremely positive. In Q4, we've also begun to roll out this tool to sellers and other categories.

Turning next to advertising. During Q3, 1st party advertising grew 14%, while total ad revenue grew 11% to $408,000,000 and eclipsed 2.2 percent penetration of GMV. Nearly 3,200,000 sellers adopted a single ad product during the quarter and we ended Q3 with over 1,000,000,000 live promoted listings out of more than 2,100,000,000 total live listings. Within the ads portfolio, Promoted Listings were the largest contributor to year over year growth, led by cost per click ad units. Promoted off-site ads were the fastest growing among our 1st party ads.

And during the quarter, we rolled out several performance optimizations and scaled our go to market efforts for these ads, raising awareness, adoption and retention amongst our seller base. Promoted stores ads are the most nascent product in our portfolio. But during Q3 we began to gradually ramp these ads through contextually relevant placements at the top of search and on the view order details page. Next, I'd like to discuss our work in payments and financial services, where we continue to expand choice and flexibility for buyers and offer new solutions for sellers to grow their businesses on eBay. In Germany, we are expanding our breadth of payment options through a partnership with Rivity, a German FinTech company offering solutions used by 28,000,000 consumers.

We are introducing a monthly invoice payment option through Rivertea, enabling German buyers to pay for multiple purchases on eBay at a later date with no interest or fees if the payment is made on time. According to an eBay consumer survey, more than 3 quarters of online shoppers in Germany prefer to use invoicing as a payment method for online shopping. So we are pleased to offer another locally relevant payment option for our customers in this region. For small business sellers, we continue to expand the eBay seller capital program through trusted partners. In July, we launched Business Cash Advance, a revenue based financing solution provided by Liberus.

In October, we expanded our partnership with Liberus to offer flexible cash advances to U. S. Sellers. This program offers financing for sums of up to $2,000,000 with the flexibility for sellers to tap into capital on demand and a lot more financing over time. I am pleased to share that through these programs with Liberus, we have already enabled thousands of small business sellers access to over $40,000,000 of growth capital.

And in aggregate, across all of our seller capital partnership, we've connected eBay sellers with over $100,000,000 of working capital year to date. Next, I'd like to share a few ways we're making an impact in our community. EBay for Charity raised more than $49,000,000 in Q3, up 21% year over year. Additionally, the eBay Foundation awarded nearly $3,000,000 to grantees across the globe who are supporting entrepreneurship for historically excluded groups. I'm always amazed by the generosity of our buyers and sellers and I'm proud we're able to support important causes around the world.

In closing, Q3 was another strong quarter for eBay. We sustained positive GMV growth for the 2nd straight quarter amid a dynamic macro and operating environment, led by nearly 5% growth in our focus categories. The rest of our marketplace was nearly flat for the 2nd consecutive quarter, supported by horizontal innovation and our C2C investments in key geographies. We continue to see strong growth in our first party ad products across our portfolio and broaden our range of payments and financial service offerings for sellers and buyers. And importantly, we remain focused on operational discipline alongside our investments in long term growth initiatives to ensure continued healthy growth in operating income and earnings per share.

With that, I'll turn the call over to Steve to provide more details on our financial performance. Steve, over to you.

Thank you, Jamie, and thank you all for joining us today. I'll begin with the financial highlights section of our earnings presentation. Next, I'll discuss our key financial and operating metrics in greater detail.

provide our outlook for the Q4 and initial thoughts on next year before we begin Q and A. My comments will reflect year over year comparisons on an organic FX neutral basis unless I note otherwise. EBay delivered strong top and bottom line results in Q3. Our focus categories, geo specific investments and horizontal initiatives drove a 2nd consecutive quarter of positive GMV growth amid an uneven macroeconomic environment. Gross merchandise volume grew over 1% to $18,300,000,000 Revenue grew over 3 percent to $2,580,000,000 Non GAAP operating income grew 6% to $700,000,000 We delivered $1.19 of non GAAP earnings per share, up 16%.

And we returned $881,000,000 to shareholders through reposting dividends. Let's take a closer look at our financial performance during the Q3. Gross merchandise volume grew over 1% to $18,300,000,000 on an organic FX neutral basis. Golden contributed nearly 30 basis points to total FX neutral volume growth, and foreign exchange was a tailwind of nearly 30 basis points to spot growth. We continue to face the dynamic macro and consumer spending environment in the quarter.

And as we noted on the last earnings call, political news, sporting events and elevated travel in July influenced consumer behavior. Strong execution within our strategic initiatives helped us navigate these headwinds. Focused category GMV grew nearly 5%, approximately 5 points faster than the remainder of our marketplace. Our momentum in focused categories was broad based, with continued positive growth in P and A, collectibles, refurbished and our luxury categories. The remainder of our marketplace is nearly flat year over year for the 2nd straight quarter, driven by cross category shopping, horizontal innovation, geo specific initiatives and resilient growth in recommence.

Moving to our trends on a geographic basis. U. S. GMV grew by nearly 1 point in the 3rd quarter. Similar to Q2, we saw improved trends in organic traffic in the U.

S. And continued momentum in focused categories, led by collectibles, refurbished and luxury fashion. International GMV grew by nearly 2% on an FX neutral basis in Q3, while FX was a 0.5 point tailwind to spot growth. In the UK and Germany, we continue to navigate more challenging macroeconomic conditions and lower consumer confidence, while seeing strength in parts and accessories and improved trends in C2C volume. Cost border trade continued to be an important driver of international GMV growth, led by exports from Greater China and Japan into our major markets.

CVT was also a significant contributor to growth in focused categories, particularly P and M. Next, let's take a look at buyers. Trailing 12 month active buyers grew by nearly 1% to $133,000,000 in Q3. Our strategic initiatives and full funnel marketing campaign helped drive continued growth in new and reactivated buyers and improved retention. Enthusiast buyers were stable at roughly $16,000,000 Send per enthusiast buyer grew slightly year over year to just over $3,100 Moving to revenue.

In Q3, we grew revenue by over 3 percent to $2,580,000,000 Foreign exchange was a 30 basis point headwind to spot revenue growth. Our take rate was 14.1 percent, a nearly 20 basis points year over year. 1st party advertising, shipping and financial services all contributed to our take rate expansion, which was slightly offset by C2C initiatives and an FX headwind of nearly 10 basis points. On a sequential basis, our take rates expanded by over 10 basis points. Total advertising revenue grew 11% to $408,000,000 in the 3rd quarter and represented over 2.2% penetration of GMV.

1st party ads grew over 14% to $396,000,000 and reaccelerated modestly from Q2 level. 3rd party display ads revenue declined nearly 43% year over year as we continue to deprecate these legacy ad units. Next, I'll discuss our profitability. Non GAAP gross margin was flat year over year as a reduction in cost of payments and lower depreciation expenses were roughly offset by traffic acquisition costs, tax related matters and foreign exchange headwinds. Non GAAP operating margin expanded by over 80 basis points year over year to 27.2% in Q3, driven by operational efficiencies, partly offset by investments in full funnel marketing and a foreign exchange headwind of roughly 20 basis points.

Our non GAAP operating income grew 6% in the quarter, while non GAAP earnings per share grew 16% to $1.19 On a GAAP basis, we reported earnings per share of $1.29 in Q3. The difference was primarily due to an increase in the value of our investment portfolio, partly offset by stock based compensation. Turning to our balance sheet and capital allocation. Our free cash flow for the Q3 was $646,000,000 down year over year due to the timing of cash taxes. Last year, the majority of our cash tax payments were delayed until Q4 due to California's disaster tax relief program.

At the end of Q3, we had cash and non equity investments of $5,800,000,000 and gross debt of $7,400,000,000 We repurchased $750,000,000 of Ebay shares during Q3, at an average price of approximately $57,000,000 and had roughly $1,200,000,000 remaining under our buyback authorization at the end of the period. In addition, we paid a quarterly cash dividend of $131,000,000 in September or $0.27 per share. Shifting to our investment portfolio. Our equity investments and warrants were valued at $3,000,000,000 at the end of the quarter, with Aruglia, Adient and GMarket accounting for the majority of the value. We returned approximately 18% ownership of Aruglia, which is a privatized ad event entity, and our ownership is valued at roughly $1,900,000,000 based on the value as of the close of the transaction.

The consortium led by Chimera and Blackstone has the option through November 29 to purchase from Eburn roughly 10% ownership of the private entity for just over $1,000,000,000 Our Adient warrants were valued at approximately $500,000,000 at the end of Q3. On October 15, we met the processing volume milestone necessary to divest the 2nd tranche of our Allian warrant. We subsequently paid $105,000,000 to exercise the tranche for approximately 404,000 shares of Allian stock, which were valued at approximately $602,000,000 based on the company's share price at the time. Turning to our outlook. We expect to generate GMV between $18,900,000,000 $19,300,000,000 in Q4, representing FX neutral growth between flat and 2% year over year.

We expect golden to contribute over 30 basis points to GMV growth in the quarter. At current rates, foreign currency would represent a roughly 2 point tailwind to GMV growth in Q4. We expect continued momentum in GMV to be driven by multiple strategic initiatives across focused categories, the U. K. And Germany and horizontal areas.

Our outlook also contemplates the challenging operating environment due to persistent economic headwinds and several one off dynamics in Q4, specifically greater consumer attention on U. S. Elections, the shorter holiday shopping period this year and Hurricane Milton in early October. We forecast revenue between $2,530,000,000 $2,590,000,000 in the 4th quarter, representing FX neutral growth of negative 1% to positive 1%. At current rates, we estimate FX would represent a nearly 30 basis point tailwind to spot revenue growth.

We anticipate our UK C2C initiative will modestly benefit total GMV growth in Q4. While certain existing levers like advertising, cross border fees and our sell to buy flywheel should continue to contribute revenue on UK C2C volume. We do not expect material revenue contribution in Q4 from our 2 major re monetization efforts: managed shipping, which is ramping starting in Q4 through Q1 of 2025 and buyer fees, which we plan to introduce in the back half of Q1. We launched our UK initiative in October to provide the best experience for our sellers and buyers in our 2nd largest market ahead of the critical holiday season. We also believe it is the right decision to phase in these new monetization programs to give our customers time to adjust to these changes.

For Q4, we forecast non GAAP operating margin between 26.5% 27%. In addition to pressure from our UK initiative, expenses related to M and A and integration costs had over 30 basis points of impact to our consolidated operating margin. And foreign currency is another 60 basis points of headwind year over year. For the full year, this implies 60 to 70 basis points of non GAAP operating margin expansion. We expect to generate non GAAP earnings per share between $1.17 1.22 in the Q4, representing year over year growth between 9% 14%.

This implies full year non GAAP EPS growth between 13% 14%. We forecast capital expenditure to be about 4.5% of revenue for the full year and our non GAAP tax rate to remain stable at 16.5%. We continue to expect free cash flow of just under $2,000,000,000 for the full year. We are further raising our share repurchase target for 2024 to $3,000,000,000 implying $750,000,000 of repurchase during Q4. In addition, our Board declared a quarterly dividend of $0.27 per share for the Q4 to be paid in December.

Now I'd like to make a few initial comments on our financial priorities for 2025. We plan to balance the need to reinvest for long term growth against the near term top and bottom line performance. Assuming an unchanged macro environment, we are planning our business around positive FX neutral GMV and revenue growth, non GAAP operating income dollar growth modestly ahead of GMV and high single digit growth in non GAAP earnings per share year over year. As it pertains to margins, we plan to target the optimal combination of GMV growth and operating margin to maximize operating income dollar growth. There were some unique considerations for 2025, influencing our financial architecture.

Similar to eBay International Shipping Program, our managed shipping initiative in the UK will recognize revenue on a gross basis. Our current assumption is that UK managed shipping will pressure our consolidated non GAAP operating margin by approximately 40 basis points in 2025, while contributing positively to operating income dollars. In closing, Q3 was another strong quarter for eBay. Our GMV grew for the 2nd consecutive quarter. Non GAAP operating income grew 6% and non GAAP earnings per share grew 16%.

These results clearly demonstrate that our strategy is working and we have the right balance between delivering robust earnings, reinvesting to drive long term sustainable growth and delivering healthy capital returns to shareholders. We plan to follow these same principles and build on this year's momentum as we finalize our plans for 2025. With that, Jamie and I will now take your questions.

Thank you. We will now begin the question and answer Your first question comes from the line of Galerunian from Citigroup. Your line is open.

Hey, guys. Good afternoon. I want to ask on the re commerce initiatives and seems to be a greater focus here. Maybe first just on the monetization efforts, how should we think about the catch up to breakeven on the fees that you're giving up? And do you think that over time, the new monetization model can be more monetizable than the previous one?

And how do we think about or how do you think about this opportunity and expanding it to the U. S. And if it works in the U. K. And it's worked in Germany and how could this how this could expand to eBay more broadly?

Yes. Look, we're launching this from a position of strength. Let me tell you kind of how we're thinking about it. We've delivered positive GMV growth in the past two quarters and we have strong conviction. We started a year and a half ago in Germany and saw really strong results there.

And our early results in pre owned apparel in the U. K. Give us the confidence to move forward. We made the decision to launch this in October 1 to really take advantage of the holiday period in our 2nd largest market. We believe it's the right decision to phase this in for our sellers and buyers because the other thing you've got to remember here, Yigal, is just it's a change to the marketplace and we want to give sellers and buyers time to adjust their processes.

So that's why we're going to ramp up managed shipping through Q4 and Q1 and why we decided to introduce the buyer fees in the back half of Q1. So the pressure that you're seeing on revenue in Q4 is primarily a timing dynamic given that ramp of managed shipping over Q4 and through Q1 and then introducing the buyer fee in the back half of Q1. So some of that remonetization lag will likely spill over to Q1, but we believe that these changes are clear. We believe based on where buyer fees are in the U. K, we have the ability to re monetize these, moving those fees around.

And remember, it's not just those 2, but it's also advertising, it's the cross border fees that we charge, as well as the seller to bio flywheel that we see. But the strategic benefits of doing this are really clear. We're going to unlock a significant portion of TAM in our 2nd largest market and ultimately generate long term growth for eBay and value for our shareholders. And as Steve said, Steve gave some preliminary commentary on FY 2025 and as we expect to grow GMV and revenue year on year, grow operating income modestly faster than GMV and increase our EPS by high single digits year over year. To your question on the U.

S, we have no plans to launch free selling in the U. S. U. S. Is a different market from the U.

K. U. K. Buyers and sellers are more open to buyer fees. It's more standard in the market.

There may be certain aspects of the product experience that streamline selling that we bring to other markets. And as you know, we look at each market and categories and think about the specifics of what the optimal set of initiatives to unlock more supply and demand for that specific market.

follow-up on the 2nd gen of LLMs you guys are releasing and some of what you're seeing, you talked about the outperforming the public benchmarks.

how that's impacting volume growth? Are you seeing it roll through yet? Is there any way to quantify that? Thanks.

Yes, we are. It's been really great to see how sellers and buyers have responded to this. In that new model, we're outperforming the public benchmarks on things like descriptions, titles, aspect. We've seen a better job at precision pricing, increasing by double digits through these new models that we have on the platform. And what's great about the AI that we're launching is it's having a major impact at scale.

So if I look at it just since we've launched these tools, over 10,000,000 sellers have taken advantage of it, and over 100,000,000 listings have adopted it. And cumulatively, we've generated several $1,000,000,000 of cumulative GMV from GenAI enhanced listings since launch. And we're still continuing to ramp up, improve the model, expose more and more people to magical listings. So I feel really good about it. The other thing is we saw some demand from our small business and our B2C sellers, to have access to the tools that we had built.

So this quarter, we launched, magical bulk listings. And essentially what that does is, if I'm a business seller, let's say I've got 25 watches or trading cards that I want to list, I can just upload a couple of photos of each and we'll, in the background, use our large language model and the product knowledge graph to fill in all the description, title and aspect information for those, using that same technology that we built for single listings to do bulk listing. So still early stages, but really excited by the performance of what we're seeing in AI.

Your next question comes from the line of Justin Post from Bank of America. Your line is open.

Great. Thanks for providing the framework for 2025, very helpful. Couple of questions on that. So first on focus categories within the positive GMV, is there still room to grow faster there? And what are some of the initiatives that you're most excited about?

And then on take rates, maybe I know you're not going to miss the revenue growth, but some of the puts and takes for revenue take rates on GMV next year? Thank you.

Yes. So I'll start with the first one and then Steve will talk about the take rate. So on Focus categories, yes, look, another solid quarter. We delivered 5% growth. Parts and accessories continues to be a big growth driver of our Focus categories, but we saw some momentum in other areas.

Specifically, I would talk about collectibles. We saw double digit growth in collectibles this quarter. You've probably been seeing a number of the things that we were doing, but the combination of the work that we're doing with TCG Player, our Golden, which is Golden provides some of the world's most desirable inventory that's out there on the marketplace. If you're on Golden right now, you'd see that we're doing Luke Combs and Eric Church are doing raising money for the Carolinas and that's all being driven by our family at Golden. And then when you look at trading cards in particular, we've had this healthy run rate off of it, I said, as double digit growth, really based on all of the innovations that we've done over time, like MyCollections, price guides, authentication, but also the grading partnership that we put in place with PSA where now instead of sending an item in to be graded and describe it on the way into grading and then getting it back and then listing it again on eBay and then having to ship it to the buyer, that's all one seamless process now where I just ship it to PSA and it gets sold.

So we're really seeing strength across the board in all of our focus categories. Refurbish continues to do well in this marketplace where people are consumers are challenged. And our luxury has also been contributing positively to year over year growth for the 8th straight quarter. So the work that we're doing with our new authentication centers there. So we have lots of momentum in our focus categories.

We continue to expand the work we've done there. And I'm also just excited because the work that we've done for focus categories by verticals, we've been able to apply in these geo specific areas to C2C to great effect. I mean, if you look at Germany, for example, we increased our C2C seller CSAT by 20 percentage points, and that's led to a real change in trajectory of our German business versus the prior baseline. So we will continue to push forward with our strategy. We like what we're seeing.

Hi, Justin. Good to speak to you this afternoon. Obviously, we provided a fair bit of color on our 2025 architecture in the prepared remarks and believe this is a really robust financial outlook for 2025 and the continuation of the progress that we've continued to make this year. We're not going to get provide any more specific precise guidance around take rate at this point because we're finalizing our budgets. But I can talk through a few factors that you can consider for 2025.

The first one is on shipping. Obviously, Jamie just elaborated on our U. K. C2C initiative. U.

K. Is our 2nd largest market by volume and has a higher C2C penetration in Germany. And while there's this near term impact on take rate as we eliminated final value fees for sellers, We will be re monetizing that through the managed shipping, which is ramping now and will continue into the Q1 and the buyer fees, which is planned for the back half of Q1. The second item is really around advertising and financial services. We do expect advertising to continue to grow faster than GMV, driven by the momentum in 1st party promoted listings and off-site ads and obviously the improved seller experience that's coming from that.

And to a lesser extent, we do expect some incremental revenue associated to financial services as we get into 2025.

Your next question comes from the line of Lee Horowitz from Deutsche Bank. Your line is open.

Great, thanks. Maybe just sticking with the 25 framework, does the 25 framework assume expansion of focus categories next year? And can you remind us some of the larger categories on the platform that have yet to get focus category investment at this point? And then maybe just one on competition. You have scaled sports related collectible competitors who have direct relationships with leagues and maybe some supply advantages there.

Walmart partnering in the fashion and sneaker vertical. Can you comment at all what you sort of see as some of the most important strategic most in those two categories specifically to fight off competition from some of the larger competitors moving in there?

Yes. As you know, Lee, we don't preannounce kind of anything that we're doing on focus categories for competitive reasons. I will say we have 5 categories that are over $10,000,000,000 on Ebay, fashion, home and garden, collectibles, electronics and motors, parts and accessories. And so it shows you kind of the breadth of what we have on there. We did purposely take some of the playbook that we've had going against verticals and put it against geos to great effect and we really like the ROI that we've seen against that.

The second thing I would say is that the horizontal investments that we've been making to drive our core categories have been really beneficial. And that's because of all of the generative AI capabilities we've been able to apply, those help both our focus categories but also in our core categories. And it's the 2nd quarter in a row where we've had nearly flat growth in our core categories. To your question on collectibles business and competitive positioning, we feel great about the innovation that we're driving quarter after quarter from that standpoint. I mentioned this quarter, as a very scaled player in the market, we continue to see double digit growth, in trading cards.

We put together a really nice collection of assets. When you think about from TCG player in collectible card games to what we do on eBay to now Golden. We sell everything from ungraded trading cards to the highest value products in the hobby and that's valuable because collectors are generally looking kind of across that span to do so. And all the innovation that we've been driving in that category with collections, price guides, authentication products that we've launched with PSA, this new partnership that we've put in place with collectors, I mean, just think about it, all the things that we've been innovating are the exact things that collectors have asked us to do for years, right? They've asked us to say, make it easy for us to send a card in for grading and sell it on eBay.

And now that's really seamless and the CSAT on that is very, very high. When you look at the innovation that we're driving in eBay Live, we've done more and more case breaks every single quarter and added new capabilities there. We recently added last quarter the ability to do by spot, which is essentially to purchase your favorite team and track that through a case break and we continue to grow it. And the last thing I'd say is that, look, we've had had and we still have incredible relationships with top collectible sellers and we've always been a champion of the hobby shop. It's why we did the TCG player deal And we believe in open marketplace where enthusiasts can buy and sell the things that they love.

Your next question comes from the line of Colin Sebastian from Baird. Your line is open.

Thanks guys. Appreciate the questions. I guess first, Jamie, given these platform initiatives, do you think any of these will convert into growth in enthusiast buyers? Or is it really about increasing spending or share of wallet among the existing buyer base? And then the follow-up would be, I guess, Steve, regarding the Q4 one off factors, could you maybe quantify the impact on growth you're embedding in guidance from those distractions?

And if we should think about that as maybe potential upside if consumers end up spending at normal levels during the holidays? Thank you.

Yes, great question, Colin. So first off, absolutely, we see that converting into buyers and enthusiast buyers. You'll note that this quarter we were up 1% in our active buyer count to 133,000,000.

And while that's not a core KPI of it, it is an output of the strategy and the strategic initiatives that we've been driving and a healthy buyer funnel is important to our growth in enthusiast buyers. When you look specifically at enthusiast buyers. When you look specifically at the C2C initiative that we did in Germany and that we're talking about in the U. K, it's great for the buying perspective for a couple of reasons. First is, when we convert a buyer into seller, they become at least twice as valuable as a buyer as previously on the platform.

And that's really great for buying. The second thing is, C2C has really I call it the inventory gold on the platform. In general, they're bringing on things that aren't sold by a B2C seller or by a small business. Think about all the stuff that you have around the house that's not available from a B2C seller. And so when I look at the overall platform, we're about 40% used or refurbished, but in our C2C sellers, it's 60%.

And so that unique inventory drives demand. It drives demand amongst enthusiast buyers who find that part or that card or that thing they couldn't otherwise find on eBay. And the other great thing is that a little over 3 quarters of our volume is B2C, but the vast majority of our sellers is C2C. And so what you see happening there is that that flywheel of those C2C buying more from once they become buyers, actually the majority of that new purchasing goes to small businesses and B2C sellers. So B2C sellers win as well from that increased buying activity on the platform.

And that's why we really like the synergy of what we're seeing overall. It's why when we look at the trends in our German business, they're much healthier than before we made these changes. And we're excited both for what it does for sellers, but importantly, the demand that it drives for buyers. You'll also see across all of our markets a new marketing campaign that's called Things People Love. And I think we had a link in the slide deck to show you some of the creative, but I'm really excited by the storytelling because there's both a buying message in there, but also a selling message about unlocking what's in your closet, your garage, your basement, And that's really healthy for us to kind of drive that new initiative.

And it's extremely well done and it tested well. So I'm excited for those campaigns.

Hi, Colin. Just with regards to our assumptions in the Q4 that informed our guide on GMV. First thing I would say, I'm really pleased with the position we're in and achieving another positive growth in the Q3 around GMV, our 2nd consecutive quarter. While we continue to navigate a very dynamic macro environment, it's really a reflection of the investments that we've continued to make in focus categories in U. K.

And Germany and the horizontal areas, which are continuing to drive health on the overall platform. And as Jamie talked about, our UK C2C proposition launched on the 1st October ahead of the holidays, and we believe that's going to provide a modest boost to the Q4 GMV, and we're pleased with the early results so far. Assuming no discernible change in the macro environment, there are a number of one timers that we've contemplated as we think about the Q4. So the first is obviously the upcoming U. S.

Elections. The second is the shorter holiday season with fewer days between Thanksgiving and Christmas. And in October, we saw the impacts of Hoegh and Milton, which impacted demand, particularly in P and A and shipping and deliveries. So I firmly believe that our guide balances the strong execution that we've seen year to date with the ongoing macro environment that we're expecting and a few of those one offs, but really pleased with the momentum that we're seeing in the business.

Your next question comes from the line of Nathan Feather from Morgan Stanley. Your line is open.

Ebay Q3 2024 Earnings Call Transcript | Fortune

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Ebay (EBAY) Q3 2024 Earnings Call Transcript

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