eBay (EBAY) 28 Oct 212021 Q3 Earnings call transcript

Good day, and thank you for standing-by and welcome to eBay Q3 2021 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers remarks, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]. to conference like speaker to now today. would hand over the your I Communications Investor Billante, and Joe VP Relations. ahead. go Please Good afternoon. Thank you of for Earnings Release joining us and Call the welcome for Third Quarter XXXX. Conference to eBay's

ebayinc.com. Relations call, website call, Joining me Officer, Steve through which accompany a is our Priest, Steve's Jamie at providing Investor our Financial We're presentation Chief available and Officer. are section Chief slide today eBay Executive Iannone, commentary investors. of the the on to during the the

begin, to call, the will related like we course of discuss measures during Before you that I'd remind non-GAAP performance. this we to conference our the

a You presentation find comparable this GAAP measures in reconciliation can to accompanying the nearest of these conference slide the call. measures

's financial and indicate remarks our forward-looking unless may forward-looking a regarding and Additionally, These our forecast reasons. year-over-year comparisons, In statements FX-neutral otherwise. our statements, and Steve's management variety and GMV uncertainties, all results. including, in revenue and for and will of they known represent conference expected growth this call, rates involve limitation, actual materially risks make from without Jamie performance future differ statements results mentioned unknown

in more reports XX-Q, affect uncertainties, that risks, information our earnings find release recent our on and most and factors operating today. other can You Form about XX-K, Form results our periodic could and earlier from

intend we information. turn information not statements. this should and let this me presentation undertake in to You do as to forward-looking it is October rely All on Jamie. that, XXXX, not of XX, no With any over update and duty

team's quarter. QX the Steve, I making will detail. our end on the on improving outlook progress another sellers buyers. begin I'm over are business. by the and on is updates our I our call the my results joining putting also for strong having underlying to turn in our to driven discuss financial who greater thank excited and with core, was grow will and are platform from relationships the of the we remain quarter will share of and relentless afternoon, we're vision call today growth. of strategic the remarks, position the performance We become I will Good At by in vision. some highlights this marketplace Joe. to Thanks, changes sustainable deliver focus health and making Today, you everyone, with towards positive Then key to cultivate impact in lifelong third are long-term the the us the confident buyers. us. better seller The a choice, trusted

few closer achievements me that brought Let highlight a us from vision. this step the quarter to one

business growth delivered the revenue our guidance. high better-than-expected on earnings and of end Our

and Our managed focus in satisfaction complete, costs, migration, is strategic The continues and nearly GMV reducing lowering trust which and playbook categories. customer capabilities. build friction, faster new our and to growth helping to is sellers enabling leading is by improve payments buyers

our ESG Based the growing Our metrics going to expectations in be goal. we remain year, eBay over-performed in pleased acceleration will And continues or will advertising approval all by importantly, forward. that met for provides and eBay also volume, our XXX% migration effort. payments our to tools promoted XX%, either our innovation listings grow key Targets Recently, business scale sellers QX. reduction new that businesses. and emission growth. making great from We're their than neutral marketplace initiative in report we help multi-year the Science driven faster Revenue product carbon announced so carbon them business strides to and this I'm surpassed received

compared investments. to in year versus technology globally, increasing of while declining and non-GAAP increasing of line last $X.XX with at We XX% high-end EPS expectations also X% the expectations GMV performed XXXX. delivered

underlying business. buyers positive Excluding in total Global unchanged transitory XXX XX sellers were macro remained active active the growth impacts, at and million. to modestly we see million continue

and by on actions year, also Over are upper focused high-value discontinued buyers time. to towards retaining past are buyers. that buyer with a buyers base have third evolution high-value X%. marketing. skewed innovating low-value legacy and and we over quarter couponing resulting funnel These the up gradual of XXXX, the We've attracting in targeting focus enthusiasts Compared our categories of

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close only seller to and are and new opportunities entire potential. While of buyer to payments the to beginning the our remove we we sellers are unlocks trust, at provide improve buyers. Owning friction, completing realizing journey capabilities the and full transition,

to are starting quarter, and already as on point sellers the reduce offers. photos In for another confirmed. returns are issue this trusted sellers eliminated We we've by paying we and items Last many returns providing examples. few UK, by as down continued fixed-price transactions and shipping day after pain for community reduced path, this we're next protection buyer increasing quickly is here feedback, unpaid best have requiring on payment credits. business fraudulent Based effectively against

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experimenting funded of other also with are seller channels. across various We forms marketing

days, early new excited long-term products and Our we're are advertising potential. in about their the

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XX% the we may to quarter, track roughly end we GMV. exited you to approximately on year. expand playbook recall, XX% last As our applied to had the that when global of We by of remain

examples. Let me several you walk through

rates. double-digit in continues business grow sneakers healthy the at U.S. Our to

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same as We are satisfaction authenticated categories. customer the seeing other high

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seeing over $X,XXX are spending handbags in behavior a of same outside unique exact the latest We our This benefit are of authenticated focus for eBay. advantage cross-category Buyers buyers handbag. category. as for and sellers

in-house of buyer growth XX%, of processed third-party operating luxury the and seller categories the One X improved authenticity and million resources. anniversary the recently a categories. with having consistently in now Customer are in of satisfaction improvement We one-year multiple countries trust. across has items over celebrated our reasons X.X mix guarantee, is exceeded we has in and

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we emission Based Just by the were announced Science initiative. reduction our goals that approved X ago, weeks Targets

designation X emissions Scope [Indiscernible] and reduce carbon XX this will align. We and X available by

our be data our emissions we proud low-carbon reduce timeframe. in our alternatives. from value partner I'm encourage will centers emissions by to using also with and Additionally, same transportation from XXXX. we offices chain providers logistics eBay goods platform, To for downstream carbon-neutral in reduced that XX% will the shift

maintain to our one this We for everyone. core to to efforts At footprint. going is reduce be as values we carbon forward our expect overall eBay, of continue

surveyed, focus, Earlier income additional majority says was their of need we on platform We for entrepreneurship, revealed on childcare, many extra during women of so of revenue I'm report our the flexibility pandemic, when which are important. job earn supporting sell pandemic. loss of generosity Seller found can because and how or the to that they the that who themselves so helped tough did part reduction critically or through new sellers this during the Community women eBay a for so income issued of ability vast As benefit selling inspired drive eBay our on businesses. earn a XX% opportunity of hardship. equitable is to our on this selling can by that continuous some on loss, other to new eBay. illness, their selling of proud and or women times during provide eBay I'm This buyers increase month, also the citing income, to marketplace.

was approximately for During million raised eBay charity, through $XX XX%. up QX,

at $X businesses small of thrive. focused million coaching, Additionally, quarter. the In to help their grants thousands businesses select underrepresented yet of are was to help needed to from closing, another entrepreneurs used totaling and the the serving These as receive are and eBay training, provide global mentorship on grants start mentioned foundation. QX call, I employees strong

focus progress clear innovation and We are -- our working. journey, to increasingly Enthusiasts and buyers. is on up putting our it's putting for our continue are to capabilities categories that multi-year new strategy responding and their sellers trust make in

call and where advertising grow and want a achieving in and Our making innovation over prouder to sellers be life. economic to buyers team. providing dedication sellers our I have thank to on their goals a a ambitious available the driving With our providing in tirelessly is and eBay leverage on be vision eBay provide is and I business details this is can who all. to businesses our and Their platform build I portfolio of tools setting will marketplace, relentless passionate that, is our work to employees innovating to Their and serving to more over purpose by opportunity climate performance. Steve, bring Steve and couldn't to execution you. better financial inspiring. to turn

Slide you today. QX you, another And highlights begin financial delivered on for our quarter. strong presentation. us with Thank We of all our Jamie. thank X joining I'll

or year the while [Indiscernible] the Our metrics, on result we payments, These the results year-over-year growth as basis. key The an Listings, from through divisions generated payments. and double-digits all share managed exceeded reflect $X.XX Promoted transaction QX. billion Non-GAAP was categories. extraordinary by a of during $X.X due underpinned expectations results were met XX.X%. our comparisons $XXX across on returned revenue pandemic. FX-neutral continuous margin flow by dividends operating per-share, to year-over-year and experienced cash million free last cash and a repurchases and focus shareholders to We of our grew dollars contributions Primarily is EPS approximately execution,

to I'm generation, target billion Given pleased announce the strong billion. growth for raised and to buyback XXXX share we've flow cash in $X our underlying $X from our business free

transactions We anticipate communicated within sale other pending on shares. to Our track of timelines. portfolio previously the [Indiscernible] remain close

closed So career QX, year XXXX. potentially the during should close the [Indiscernible] deal were the end while next or by out of

basis, Turning a to of on low driven buyers decline more X% million value X% This Slide decrease [Indiscernible] five, trailing on of half was XX-month with but representing buyer makes by a buyers. exit our active primarily base, XXX than GMV. QX we buyers only a year-over-year. active

a this As buyers. and trend ongoing result is prioritize our strategy mentioned, to retaining Jamie body high of attracting

of quarters. XX-month this accounts low-value have with reduction coming buyers X%. QX [Indiscernible] high-value buyers buyers buyer we X%, We our pressure could low are while but confidence value XXXX, down in Compared the were up the recognize approach, in rolling active

in by on to on business spot our with Compared across significantly factors, in a trends. X. of our of on FX-neutral growth relative varied differential of versus factors QX business. a diminished the growth billion influenced mobility Slide QX, GMV markets an My the an number delivered abilities The line GMV during to as FX-neutral Moving $XX.X basis. of GMV and including third In was tailwinds QX internationally. have [Indiscernible] neutral to back restrictions positive benefited quarter. benefits also XX% basis including levels diminishing we of roughly of sighted year-over-year market and largest the from specific was expectations. quarter. XXXX leisure QX globe our many travel, our in XX% mobility from might basis. consumer macroeconomic in based A guides and impacted [Indiscernible] pre-COVID with performance on underlying in Changing down we the international volume [Indiscernible] on international GMV, flat behavior, markets, in Internationally, uptake XXXX, between the down e-commerce basis, activities our U.S. and [Indiscernible] macro number

of markets, our chain trade certain in A exposure amid source to fast-growing varies mix category international ongoing Additionally, disruptions. to like concentration cross-border more higher supply have that which collectibles. verticals from difficult are items the lower

focus rollouts our markets. Finally, our nations category more international on in

are confident our of and within expands In GMV U.S., However, growth Growth we was our GMV domestic strong grew U.S. countries, the against the by as XX% our markets. driven execution XXXX. trajectory categories will increase. pillars, Europe Residential to continues in to e-commerce. trail international in strategic big mobility and versus playbook more improved innovation marketplace our growth

aggregate positive contributor ties growth activities a [Indiscernible] impact government our to positive with and in normalcy, by in leisure modestly underlying About [Indiscernible] we lingering between encouraged puts And of regions, stimulus net line precise numerous and near-term. While in including business. growth the travel but likely the and remain increased The the U.S.

XX% an is roughly of by for on revenue, transaction the managed payments XX% $X.X delivered sequentially revenue payments, Growth rate, third contributed FX-neutral XX% to of revenue basis basis which on during as take also was growth moderate XX% driven managed year-over-year surpassed quarter. XX basis. primarily basis. the was drives which -- an The points a incremental an FX-neutral billion and revenue points We to Slide complete. increasing ramp rollout of payments on $X.X spot up X. our nearly QX increases XX on Turning Net billion

business, Within grew the year-over-year. X% Promoted advertising Listings

seen other Promoted Marketing X% in revenue XX% to sold and the declines item a year-over-year driven programs potential of products headwinds new performance, shipping us advertising. third-party long-term by pricing the advertising impact increases by million declined to Our $XXX in confidence Listings volume revenue. the giving on and have significant of services within

to continue sellers and of We purposely and delivered Promoted better for experience offer superior reduce advertising favor in a both Listings, third-party which buyers. performance

delivered Slide [Indiscernible], by QX, on In primarily driven non-GAAP X. we lower operating expenses volume. to Moving

margins variable gross to Our growth scaled in transition payments managed our costs. pressured line cost has processing of with to during revenue dynamic This due payments. has

transition is Sales revenue more incremental X be of in to stable. QX. payments as from G&A. Moreover, the by once marketing sales year-over-year expenses, expect fixed fell and our most and However, nearly leverage margins a marketing gross revenue and significant we notably complete, the in drive points percentage

last year, benefits nearly of categories. rise Transaction to leverage development losses benefits targeted focus that points lapping and year marketing payments Product And In due value and towards coupons product rewards which of in support consumer continue of fee the versus to from our increased strategic a transition. from the revenue, reduction were accelerate previously initiatives advertising payments, innovation, percentage revenue we to higher to in offset protection payments within and by as losses lower partially netting. low the due was were on prior programs year-over-year, sales by as addition XX% onetime X the longer-term buyers.

offset to operational of flow capex a lapping cash venture and $X.XX, of a by shares, investments. spend, was the by partly efficiencies the strong cash another EPS EPS year-ago. X% of on flow, net gains for value X% by quarter on as EPS of from $XXX offset timing driven timing QX primarily we of COVID with was fair cash GAAP more million share was of Slide cash The capital driven other on delivered a other and the generation partly free adjustment dealt the working -driven on offset XX, to Turning volumes, free year-over-year, Switching in payments taxes. QX decline ramping from benefit year-over-year. quarter contributions in at $X.XX by Slide X. delivered the non-GAAP than the XXXX decline We repurchases,

approximately XXXX, quarters to this the benefits. managed As a meaningful Through reminder, transition yield capital has amounted million. working of benefit payments three $XXX

Moving XX. of cash In investments $X.X $X.X billion. the repricing ended to approximately non-equity we allocation -- our gross for capital quarter dividends. to share $X.X approximately we repurchased price of $XX.XX. through average billion with We million shares with billion and Slide stock on quarter, returned an shareholders XX

paid a million quarterly a also We $XXX dividend of September. in

objectives fortress free $X XXXX fourth billion cash quarter. billion share for sheet our our buyback execute investments. repurchases billion, creation. plan balance all, disciplined capital to financial the our in updating growth, allocation strong and $X We'll and implies and our underlying business, to organic to Over are we that on approximately will from drive opportunities which with Given flexibility remain We look $X acquisitions growth preserve supplement to and unchanged. strategy value aim during for of long-term flow, drive

to share We XX. will and access to we'll Slide and financial cost repurchases We debt, continue to on capital, meaningful and returns flexibility, investments to of optimize our X dividends. shareholders made -- deliver

approximately closed sale, in As a during XXX which we stake ownership classified this an XX%. of reminder, represents Adevinta shares million received of equity a year, June from

to the condition XXX months to In July, the XX% like approximately just we of committed in agreed XX following we the of sale, deal. As a sell reduce close less our to over retain, million believe to classified regulatory or billion Adevinta ownerships shares Permira million remains Permira $X trial from We during the worth to the on that that billion. track shares end QX would September. close at were to share we roughly of close XXX for $X.X

the the an Turning of to we connection billion end valued XXXX, in strategic QX, over acquired ones at Adyen, increase the of at of partnership during quarter with million our were $X.X $XXX quarter-over-quarter. second

the of on worth Adyen information the QX, appreciates find Our [Indiscernible] in more [Indiscernible] approximately as the $XXX will and embody to was million. August. [Indiscernible] At our Company's following end banks IPR investment the staking You [Indiscernible]

year-end. than time we plans in our $XXX carrier The at value XXXX deal remains Finally, on $X a that the early significant optionality sell believe of the with value announced June, We employable excited the possibility for roughly collectively XX% billion, closing of remain approximately that to investments. about We represent of eBay to the business implied higher the announcement. provide track A-Mark's supplies by the [Indiscernible] potential shareholders. of a million before

on to Slide Turning XX. guidance

projecting spot X% basis, FX-neutral For to and of between growth billion, $X.XX basis. approximately the $X.XX revenue a X% X% fourth and we quarter, are X% on to representing on an

risen Our notably payments due contributions recent in and pay quarters to advertising. have rates in

we we're impact transition. than payments faster from advertising to managed completion our our and tight Although expect on the we as of moderate rates continue nearing growing volume, payments expect

of are year. revenue our We low compared to categories. down last FX-neutral XXXX high QX raising X.X payments Revenue an [Indiscernible]. for on to basis is versus full-year teens focus GMV for And outlook at guidance implies XXXX single-digits mid

assumes outlook from stimulus chain benefits like macro factors Our supply and mobility also impacts. minimal

However, we environment macro and from to impacts difficult with remains dynamic predict varied country country. to the know

$X.XX and to better our year-over-year. improve non-GAAP tax customer XX% positive XX% of QX, We technology to deliver recent to business. between U.S. outperformance in due [Indiscernible] anticipate XX% rate and of the our to expect non-GAAP XX% appearances to tax satisfaction. We're $X.XX per investing represents share EPS We in

in of QX. expect share closing, In in We maximum our we QX, to across delivered key $X.XX per the expectations metrics. GAAP results range exceeded the in strong all $X.XX EPS

to years completion We Managed billion track year-end. year. that our $X on maintaining deliver marketplace discipline track transition to revenue in and execute to our are that core come. value grow us for this tremendous while on and balance shareholders by to is the strategic generate continue for will enable payments our vision And for

the This marketplace product to as meaningfully expanded continues [Indiscernible] volume, in we this just pricing journey impressive beginning. are reduce of increasingly and milestone services. tightness and continue leverage momentum to playbook categories, However, innovation sell provide categories our revenue financial friction the the believe out can We're portfolio [Indiscernible] our confident is unlocks ahead. We focus new outpace exposure our volume countries in quarters expanding Advertising opportunities additional which with we to overall more amplify observed to

generate to allocation strong Our capital and us flow, reinvest through returns balance free and has consistently business, attractive to deliver to our cash enabled approach share in repurchases shareholders dividends.

across proud sustainable, accomplishments, again, about I midst them these thank quarter work the eBay. the One final for sellers to teams our to as numerous buyers are knowing more for we're a tech to inclusive, as eBay note, support building eBay me, the of like secular community. economy milestones business As the what their journey and to led deliver we incredible last while am amazing even makes and achieving multiyear in of impactful is re-imagination platform and opportunity Once this in I'd our for take all.

year. and anticipate for As and Jamie longer-term investor that, in beyond. the and We questions. our will you. take showing reviewing early we goals now next goals impact your Operator, are to over our factors internal from macro XXXX With aspirations event stabilizes, I

for the moment a compile We'll roster. to Instructions] [Operator pause just Q&A

first We Markets. from Yruma of question Capital KeyBanc Edward the have our coming with line

is line open. Your

some thanks you're categories taking some you're the little wanted Good bit that question. noting the for of and re-imagining afternoon, down Hey. Really success the there. to a And guys. quick of on

identified then are categories you. are you've that re-imagined? Just that just is customers customers what follow-up, the participating Thank you've or are in encourage new I new into growth the a maybe as to understand platform. from us amounts, you're that but plans new dollar to help those those customers clarify, categories? know growing customer marketing these And in the

take I'll Yeah. that.

high-value is on as in. really buyers into it as categories, about the the platform, are both the buyers on First well new that attracting leading

what quarter shopping. If cross-category watches of nature at sneakers announced what you the look -- we is we're and this doing in or

So, handbag $XXX, a buyer actually of acquire site. if in buys over they handbag, a handbags the on into who spending other end categories up dollars outside we $X,XXX a

benefits. we a products it added to sneakers and [Indiscernible] we've in watches From not brought that just acquiring we into business, in brought think to acquiring that's we've our marketing. broadly we authentication really new expanded categories refurbished, program brands, our the we That's We U.S. it's question this there, category, about expanded it's marketing, So, UK more for when because one our quarter, on significant exciting [Indiscernible] for acquisition, certified and of it eBay. Germany. holiday. that shifted terms launched product. and number On the of your handbags coming of Excited

enthusiast traditionally think funnel specific with buyers do mostly some inquire we've driving and acquire been -- we really funnel, high on high-value a campaigns upper I how into lower broad-based in verticals. high-value

life broader So, say whole that we're social experience focused what much really last our the I funnel basically means the marketing on is is are. of XX-day a thing times, certain we to with want I'd first in high-value into bring And And that with those going marketing leaning for career, upper and this partnerships, they them over in going done focused in categories, lot get do. plans more brand, Many to to them influencers on coming be guess quarters. on the I've that's continued my eBay. media that the turn introduce find buyers buyers where cycle, really how sure they a do you the make you us to to where focus up

Great. Thanks so much.

next [Indiscernible]. our have question We

improvements. the core marketplace On

specific issues, lot beneficiary a seasonality, little net would And sequential well. timing respect helpful. eBay light just of into it's will some of there, a ramp maybe for from there color category certainly and be could is factoring versus a much but that those? are patterns. outlook, there focused historical And the to initiatives like any be How effort obviously typical outlook, Steve, sort know, at what changes I there the looking additional specific the You on wide maybe supply Thanks. in with then, if platform Even enhancements? QX that's working the be chain

Thanks for the Colin. question,

we a excited and doing that what's category about we're happening talk there. for expansion the and focus do vertical we're So, lot work

the across-the-board, a new of, the initiatives our of we products initiative. vast and it, with areas going majority is launching. there to are obviously we're beginning If I'd business, of the look lot a you lot about, resources at haven't at actually that a like of stores. step the And board. But site-wide that one point back actually investment couple and talked especially X other payments, eBay across to our Obviously, huge ad

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So, about, buyers. X earlier the back it ago, site just to months the a huge I that stat but are in and used benefit already benefit time buyers huge drive because interested involving coupons buyers funding driving and now sellers or we past buyers And from X.X that the and we're eBay launched period. mentioned sellers that's to a them for for them, million have

And so, we're new also experience. selling testing a

out you'll way of there's You a beta to on the -- if site, there see new that sell. you're a

work in horizontal is compliment. going the what the some of the doing to work But lean horizontal. Because categories. majority of are it's of and most a -- some those focus vast the vertical So vertical that into we're investments I like

in building part of play the well. take we're across Some given I'll we're for The that of Steve things of let use the question. to categories together the site. X second category, also number the you a able a

Continue Jamie. lie Yeah out. thank Hi, you Colin. to

move the focus alliance. categories but also momentum the only not will We

year a we're over have standby X if to and forward. compared payments XXXX. single-digit mid-to-high a pandemic. growth ounces we're QX, X year-over-year gone you a bases, on think So, about year obviously over bases, a seeing lapping On On

and think perspective, in guide. embedded cross-border we expect I about terms supply around of a for the [Indiscernible] headwind the for had, eBay in a pressure that prepared a of trade all, to perspective on unique well we one From periods. QX as support some holiday in First a items, is obviously, tailwind, we side, see scarce but the comments chain we do talked which holiday known is

growth underlying forward. the modestly we're and as of So, few continued the I'm driving overall, label be a on platform a with result puts that initiatives but to the takes, positive pleased

Thank you. Okay.

you. Thank

Deepak the from We have coming Wolfe Research. Mathivanan question our Q line with of next -

Your open. line is

taking ones. X quick for the thanks Great, question just

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Yes.

let the On details. just new in Promoted Listings offerings, me the X explain

us auctions. Express, Listings a really only really X first The fixed which this Promoted to it's years ago, one product we applied against to give product is is Since launched price.

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associated believe In in a terms terms was of shared advertising of the with penetration, have million have Listings. sellers Listings XXX last of I of that only we we lot and still left, that opportunity the the them. both

opportunity question let Steve we're the the penetration. future. additional about about lot a there's So, thinking of for I'll how take second

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Hey, just guys. on versus questions. One X U.S. international.

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Yeah.

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you, Thank sir.

line Brian Fitzgerald We Fargo. have of question our the coming with from next Wells

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summer, from to have having, loss density early Because marketplace and started you offered on them estimated services allows shipping GMV? shipping any recently, but conversion of questions. of quick select during about beyond a buyers low-quality carriers impacts and bid days, of on any, then that deliveries. if the impact all we impact the what auction Or the percentage And just that's Any that couple on you costs, sellers, by can showing still rates? It's talk buyers?

Yes.

auction strength strong Frankly, that. the density, collectibles seeing format On because been tends we're a by has more auction the impact an first format. that no, be seeing from really where on question, not used to sellers we're Express of ability actually it tool the that visibility drive and then have more that launch haven't will And use starting because been I'm to they are give able that a to some we them to to excited for before. our

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Jamie. appreciate Thanks, I it.

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Yeah.

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that laid anybody If you pair is translates the and it going out, the I you take with franchise momentum pretty misunderstood. Jamie that with, and structure that think we're forward

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Okay. Thank you so much.

about So, your Jamie, a you modeling XD like technology. remarks, I prepared talked think in sounded what

in the category. sneaker’s using You're

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for afternoon, Thanks in. slipping Good me guys.

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Yes.

from first one, vision the advertising eBay connecting we the off form -- that the hand-in-hand advertising definitely and [Indiscernible] But whole let be product, to together. sellers. separate the affiliate is an The do On me really affiliate. there work enthusiasts X

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where ties in on sure question, first to our we're the turning with advertising health it how apply what we we because how the And the doing eBay growth the in of places well plans those buyers actually of high-value Actually, but real about do the the drives make them actually high-value those enthusiasts, product acquiring enthusiasts. more much Dan, -- out is, focus platform, we're our those high-value going were off that in putting and how buyers we're there those in and altering that's connecting marketing is businesses, onto enthusiasts. so how your

So tie good because really X question together. the

very Thanks. was helpful. That Great. Great.

for participating. you. concludes Thank And you that session for the Thank today. Q&A

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