eBay (EBAY) 30 Oct 242024 Q3 Earnings call transcript

Thank you for standing by, and welcome to the eBay Third Quarter 2024 Earnings Conference Call. [Operator Instructions] 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 Third Quarter 2024 Earnings Conference Call.

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

Before I'll that remind during we conference call, performance. we discuss to certain our begin, will non-GAAP you this measures related

reconciliation comparable slide the find of GAAP presentation. in can to nearest these You the accompanying measures our measures

our per prepared comparisons, in will unless Additionally, reflect per year-over-year all noted growth otherwise. FX-neutral remarks and share organic rates indicated amounts diluted earnings all reflect earnings share,

unknown call, conference and and this limitation, financial uncertainties. statements forward-looking our management During and statements expected including, statements without risks will make forward-looking results. performance future These regarding known involve

from for differ variety Our a reasons. may actual results our forecast materially of

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

You rely statements. forward-looking should on not any

Jamie. All is I'll not to as do XX, We no XXXX. undertake over and intend this presentation in call to the information. With update this turn of that, October information duty

operating by positive Revenue grew share by to increased Non-GAAP $X.XX. joining XX% Thanks, gross per of billion. more for and you John. billion us our by $XX.X non-GAAP to strong marking volume growth. thank quarter GMV X% straight Good over another and today. income grew by eBay all afternoon, was merchandise we for QX earnings second $X.XX X% our everyone, quarter grew as than X% to

drivers key to turn let's of our the QX Now results.

to overall QX Focus by approximately continue grew nearly category marketplace. for drive in X remainder to growth and categories marketplace customers focused X% our points. deliver the GMV by relevant outpacing of and experiences Our our

card to refurbished strong and driven TCG double-digit broad-based luxury as trading across Collectibles collectibles, and eBay particularly accelerated a This GMV player. sports motors, quarter QX, trading both strength driven through parts accessories, by growth was and on had momentum our subsidiary, in gains growth the collectible categories. our in and by fashion cards platform

in engaged Cometa. and collectibles our shows Sports expanded and trade industry inventory high healthy National we Diego continue momentum opening fueling auctions GenCon San live acquisition partners in is eBay case and Collectors world. like ComC. our monthly ASP Golden During opportunities recent card scale the trading of collectibles evolve enthusiasts from at with We particular And organic to Convention, of including areas the consignment TSA marquee break. On like experience, QX, momentum, exciting we key up trusted top and the through

Auctions week, lot sold. team generate most one-of-a-kind from items record last Ken ranging trading truly Golden ever Otani's for ball awareness everything world's of the collectible sales for hobbyists the our XXth sold most cards like for it can for low ungraded some this valuable home a of baseball platform shop nearly to completed where a $X.X Just run making items. valuable can million, and Shohei which for ASP

entry critical for a us. also Fashion point is

fashion As and X come category. in eBay nearly to X through buyers new sellers

key inventory During of and on value breadth depth backed eBay's eBay's QX, creative by campaign we launched called highlighting in pre-lube quality Love fashion. relevance Things We a to raise by proposition driving People new truck. with of Z awareness pre-loved like focused Gen audiences

million in in and has momentum QX. in strategy funnel driving marketing been grew nearly healthier X% in to buyers, which instrumental focused $XXX full trends continued active Our categories

needs to playbook local serve from blocks focused better building return key to our customer the at been has growth positive of where underpinning we leverage our GMV our level. investment, categories the One geo-specific innovation

eBay GMV sellers marketplace and and of from accelerate CXC sellers or as e-commerce refurbished sensitive CXC used bring benefit roughly are some BXC their to particularly XX% reasons. typically While the CXC our unique focused are XX% of changes comes overall. buyers, for and less for sellers than many items experience sellers. consumer-to-consumer all most price of these on we several compared to inventory product sellers

eBay creates a effect also GMV non-sellers, buyers on incremental their much twice purchased stimulates as roughly sell on supporting eBay small Selling flywheel businesses. that as most of with as spend who incremental

satisfaction in major geo-specific than we reminder, months a As significantly later, XX market. XXXX. higher in and March to our GMV overall And German improved trends first for Germany customer initiative more see or launched CSAT continue the of

included new apparel April, like discovery past tools preowned This to rolled Explore and These like look. double-digit the metrics for Since demand improvements to growth CXC in a in the improvements sellers simplified for apparel active U.K. enhanced and drive prior categories. tools out CSAT we selling in significant versus key material enhancements alongside then, through our baseline. Shop we improvement pre-owned CXC and observed GMV have

the revenue local eBay. sellers store results similar them balance to discovery month. overall as or the of U.K. the capabilities and a in to a initiative a suite us confidence shipping, Germany success U.K., including over streamlines upgrade simplified funds move for earnings U.K. introduced over U.K. and The native gave last new We months a experience use X expansion managed in which X.X to domestic forward improved stream CXC the with shipping flow, of our this last earlier and significant eBay years the new their our experience the spendable listing creates the pickup and which allows eBay, of on initiative capabilities

We the selling this campaign with eBay. U.K., rollout accompanied a highlights of full marketing funnel on future in the ease which

excluding eliminated online consumers We their for due evidence clear introduced. sellers fees when CXC regulatory also to are categories, U.K. keys motor are final that to made all sell buyer across vehicles. We to motivated free European change when operating lift this it's even fees more and value items

sell reducing believe market, to in significantly will unlock total We addressable friction the CXC. a TAM, or larger

will several in sell-to-buy CXC begin in the ways, ramp volume initiative our fees U.K. to including shipping We our managed we U.K. advertising, In will and our QX, cross-border initially monetize flywheel.

also fee a U.K.'s on to We plan QX transactions introduce during of buyer-facing CXC XXXX.

to major U.K. walk enhancements through experience. Next, some the the of I'll

significant most of points One flow experience sellers, enhancements photo decision October better the This simplified sellers. in native seamlessly rollout horizontal advertising. was highlights the dramatically of CXC of of a descriptions the reduces for steps intelligent pricing changes launched and and U.K. offers listing for AI-generated the number we integrates recommendations, and benefits

conversion, the sellers in Since U.K. of completely experience shipping per we time has overhauling and elevated simplified launch, listing are Promoted list, managed to GMV decreased phases. flow increased the listing shipping, items attempt rates, completion X our adoption and improved With sold Listings. in for CXC notably

completed the first shipping to extended all phase October, early experience apparel in first The preowned in we simplified rolled out categories.

see have a significant list Within in flow, estimated the time based change, observed of in package CXC reduction flow. spent sellers U.K. native this a on options new and weight. size on listing a implementing consolidated shipping the we now shipping And listing since

and second The simplifies leverages and stream phase of managed eBay managed and new eBay. the our and scale creates radically international create products a to preselected a generating size Similar When the incremental revenue simply listing payments operating experience shipping sellers to dollars. eBay for shipping customers income package rest. for the revenue confirm handles Managed while and eligible better expertise experience shipping

shipping rates QX in to QX, pre-owned damage. mandating the horizontally during apparel currently for is received opt-out competitive an U.K. plan the for basis, fully before protected expand we of sellers listing shipping Fires shipping live listed XXXX. items are against In U.K. sellers by and CXC loss on Managed program managed or eligible CXC

a number we the shipping, to the pickup of launched addition local in experience In enhancements to U.K.

of We CXC for eBay supply portion As a landing TAM by new Local a our new to increased browsing these both transactions options. shipping page market, offer up and we and in pickup created [indiscernible] CXC inventory. of this significant nearby make optimal listings defaulting local

Since We growth. in-person also and in post-sale volume a CXC in we've in a double-digit improve the U.K. uptick listings trust, significant process. locally shoppers for improvement enabled launch, seen streamline the local and education enhance payment

we feature the balance in U.K. in eBay added the Lastly, mid-October,

listings, can of to to cost withdrawal shipping earnings their eBay, of flexibility use flywheel stimulate purchase available payments eBay This cell the and CXC sellers earnings balance, we further or also With labels buy when funds on they gives the millions believe their spend on promote sellers eBay. wish. shop reduce their the we to whenever

by for U.K. back points changes, longest-standing we on it These step takes sellers listing involved making a shipping. these we Taking believe the pain with the of amount are a to delist and X and complexities eBay. effort addressing the create time of

weeks few items listers CXC the CXC material launch, more than and first since initiative sellers During and reactivated increases in we've sold increases in new and U.K. XX-point broader and GMV. the seen

for our We will not are shareholders. our only confident also changes these but community, be great that

significantly a larger basements Our should by on strategic consumers' garages. in up unlocking and closets, CXC open focus TAM e-commerce

intelligence the leverage to deliver for customers. to magical artificial continue innovations teams our Our of power

generation the pricing description been eBay, to models the outperformed In scenes, and recent specific tasks Lilium listing. on in-house extraction have Notably, high-performance magical title including predictions. and of months, deployed second creation, supercomputer. public series of transformation these models of Behind our developed released large in aspect the language eBay's already benchmarks using like models, these generation, accelerate selling have buying our core AI eBay team proprietary

listings XXX this have phase magic creating of XX our feature Approximately million first listing eBay. of button. used million high-quality cumulative the unique have generates also generated a Gen date, The several AI dollars of GMV with listings. descriptions experience over on enhanced push listing sellers billion to

next U.S. access Additionally, users have mobile listing beta. the X/X magic iteration more to and than app of of

or optimize the and description and extremely item category, uploading CSAT for to suggest leverages experience prefill and XX% model we aspects as roughly taking title, AI continue at a remains vision beta computer this performance After listing. to efficiency. for high photo, or this generative other

leveraging at We LLM introduced are internal our Magical seamlessly our sellers, for pre-populated recently the create listing to tool, enhance number of which one. our also tools we a Gen to large listings leverages BXC bulk AI

with BXC feedback been Sellers and was also individual this U.S. positive. trading title where category, QX, simply possible. to photos tool item tool bulk QX listing categories. all card in sellers extremely for begun roll bulk and to magical prefilled other we've listings sellers specifics and created launched The out are uploads In early has in in

Turning advertising. next to

product during than total to million $XXX a of single live billion and During XX% grew the out $X billion we quarter, listings. promoted while adopted more grew over $X.X live XX% ended sellers ad revenue total million listings X.X% Eclipse QX and X.X GMV. and Nearly QX, with of ad first-party penetration advertising

seller Listings growth base. rolled scaled cost out our our Promoted quarter, ads the several And go-to-market ads. were unit. were Within the and the contributor we retention fastest during adoption first-party Promoted portfolio, awareness, ad year-over-year efforts to our and ads. Raising per the for optimizations growing among click offsite ads largest performance led by these amongst

are ads the most details stores our contextually page. QX, gradually ramp at began order top the we But new product in ads Promoted during and to placements the these of nascent through portfolio. on relevant search

I'd businesses payments on like new we expand flexibility to work choice financial in grow solutions and to for their services, discuss continue for sellers Next, to our buyers offer and and eBay. where

are we through Germany, solutions German by options In River breadth T, of consumers. with used our partnership company offering expanding XX a million our Fintech payment

T, option interest made We if on German payment date River are through on no later multiple or introducing with purchases for to at is a buyers eBay pay monthly time. invoice a payment fees the enabling

than eBay invoicing a as Germany to survey, payment more X/X method to use shoppers an prefer consumer of for shopping. online online in According

customers locally another in relevant So payment option offer we this our region. for are to pleased

For expand sellers, seller partners. to through continue small trusted business program the eBay capital we

sellers. lot Cash In financing over we Liberis tap sellers by partnership to with provided offers offer launched into we time. expanded to our program advances the Advance financing for flexible flexibility $X July, U.S. to for and a on a demand This solution with to cash sums financing up of October, capital revenue-based Business In Liberis. million more

over of And I access to with aggregate, these of -- of through all small working capital million have thousands that $XXX growth enabled business share we we've seller across connected our year-to-date. with to in pleased over capital of sellers capital. am Liberis, eBay partnership programs million sellers already $XX

few impact Next, community. an ways more making like Charity for a our than we're $XX year-over-year. EBay in share raised million QX, XX% to I'd in up

world. million quarter the amazed I'm In $X sellers, of across I'm nearly and awarded who able globe Foundation the by to eBay. proud and groups. supporting eBay the we're important strong entrepreneurship causes for excluded support was Teas the are Grand generosity QX our always historically for to buyers Additionally, closing, around another

marketplace focus We was in sustained innovation nearly of our macro for quarter, CXC led positive second categories. and a in amid quarter growth X% investments operating the growth GMV our the by key second nearly straight geographies. rest dynamic by flat The our consecutive environment, and horizontal supported for

products portfolio offerings and in and strong of first-party see range broaden across ad growth to our for service and our continue sellers We financial payments our buyers.

remain And financial continued on the in earnings initiatives share. per performance. alongside healthy call our focused operating that, in importantly, long-term growth to details discipline investments With Steve, growth you. provide over to we our Steve and to turn to on I'll operational income over more ensure

Thank you thank for begin us highlights our you, all and joining I'll the earnings today. presentation. of financial Jamie, section with

Next, financial I'll discuss and in our greater key metrics operating detail.

quarter I the reflect I'll from comments on initiatives year-over-year eBay positive categories, macroeconomic on Finally, $XX.X comparison Gross outlook environment. geo-specific otherwise. we next focused consecutive and drove top basis, fourth X% growth uneven organic GMV year quarter bottom grew for before will an to amid line over note billion. My thoughts provide second strong our initial results merchandise begin of and in investments a delivered FX-neutral QX an [indiscernible] unless our volume Q&A.

Revenue to to operating X% and $XXX grew X% shareholders on we to to reported and non-GAAP up be $X.XX We dividend. over delivered of share, $XXX returned $X.XX billion. per XX%, income earnings million. grew million Non-GAAP

spot take Gross foreign an growth on closer Golden third at total of look nearly during FX-neutral financial billion quarter. volume tailwind nearly and organic contributed points a our of points FX-neutral basis. to a volume was basis X% performance over XX grew Let's basis exchange the XX $XX.X growth. of merchandise

the as navigate our points consumer faster And and Focused noted events GMV execution our strategic X influenced in in we macro and than elevated spending earnings last sporting We July these environment remainder continue of us Strong consumer nearly call, dynamic political the on X%, the quarter. news, a headwinds. face marketplace. to travel category initiatives approximately grew within helped behavior.

for collectibles, in is e-commerce. quarter, luxury straight craft nearly focused broad-based P&A, geo-specific category and growth driven by innovation, with momentum remainder in resilient categories the growth and is refurbished flat Our The in continued our categories. positive year-over-year marketplace our of horizontal shopping, second initiatives

FX in Moving to we organic nearly Similar GMV tailwind categories led third grew in fashion. our a improved U.S. quarter. was an in the continued QX, growth. refurbished trends traffic on the trends saw X.X collectibles, GMV momentum and focused in by FX-neutral basis. by point a on U.S. to grew geographic QX, nearly by point luxury X% International X and spot basis in while

we and In confidence continues to major and led seeing Japan by our growth, international continue important the and Germany, exports more of Greater navigate Cross-border GMV and an China volume. macroeconomic CXC to challenging into conditions accessories trends U.K. lower while consumer strength in and trade be parts in markets. in driver improved

contributor CBT to P&L. growth and categories, significant was focused a particularly also

buyers. buyers at X% Next, active let's XX look month nearly take a $XXX grew to million. Trailing by

new and funnel full and growth initiatives and in retention. improved continued strategic help Our reactivated marketing campaigns drive buyers

to grew over million. just stable $XX buyer $X,XXX. buyers endpoints year-over-year slightly were at as [indiscernible] roughly

we XX exchange point Moving over to to spot basis by a X% Foreign to revenue was revenue revenue. grew $X.XX In growth. billion, headwind QX,

XX.X% take was points rate year-over-year. and basis XX Our nearly

slightly rate which by advertising, contributed of services First-party the XX XX FX take financial sequential initiatives our basis by nearly and to shipping take offset all basis and expanded expansion, rate points. points. our basis, a an On over CXC headwind was

and quarter penetration represented GMV. XX% revenue the of advertising over grew $XXX in third to million Total X.X%

and accelerated ads First-party over XX% million, QX to level. we grew $XXX from modestly

continue Third-party deprecate XX% as declined these year-over-year legacy display ad units. revenue ads nearly we to

I'll our profitability. Next, discuss

by in and [indiscernible] tax-related operating depreciation cost of exchange foreign marketing year-over-year operational margin investments to a as full flat acquisition by gross offset partly by matters XX.X% and points of driven QX Non-GAAP roughly margin lower expenses were foreign reduction by payments XX funnel exchange expanded headwind a points. offset year-over-year efficiencies, over costs, roughly non-GAAP in traffic was in basis basis XX

reported by GAAP compensation. Our income value to grew the earnings primarily non-GAAP The basis, partly our On was while X% due to portfolio, quarter, the of earnings stock-based share investment difference increase grew an a offset operating non-GAAP $X.XX in in $X.XX. share per per we QX. in of XX%

balance capital our to and Turning sheet allocation.

to cash the of free down timing the due disaster majority of non-equity to was $X.X of third of flow until gross Last our billion. quarter taxes. release of Our QX $XXX the due we cash the end tax payments tax QX, cash program. California's year-over-year million, year, delays for and had cash and At $X.X billion investments debt

$XX end shares e-based price We authorization at period. the had average an $XXX and of QX roughly billion during $X.X million the repurchased approximately remaining our of of under at buyback

per investment in addition, million paid In September share. $XXX dividend a or our $X.XX Shifting cash of we to portfolio. quarterly

Our and retained of advent warrants that were [indiscernible] G the roughly based quarter approximately and with at at value. ownership the which XX% We the for $X market ownership accounted is the billion the billion as valued the of equity of the value at on Adyen privatized and investments valued of is transaction. $X.X end close majority [indiscernible] at a entity,

as option purchase ownership The and led billion. XX% private entity from consortium by the the November XX roughly for just Primera Blackstone over to eBay of through $X

stock, to adding which the processing time. XX, at of for the QX. to approximately $X.X Adyen. invest the subsequently met warrants are $XXX company's approximately $XXX XXX,XXX at based of valued approximately second On exercise million the volume We our tranche October the price billion paid valued milestone were chance shares Adient share on million of at the Our necessary we at end

our Turning outlook. to

fourth in representing between flat year-over-year. $XX.X between FX-neutral We billion expect generate to from growth X% GMV billion $XX.X quarter, and the

currency foreign growth roughly tailwind to Golden GMV represent would growth to quarter. XX X-point in over GMV rates, QX. basis current At points contribute the of expect We in a

the Germany strategic GMV and by U.K. categories, be and driven horizontal We multiple to expect initiatives across areas. momentum focused in continued

challenging contemplates economic one-off dynamics several environment also QX. in to due outlook a Our headwinds persistent operating and

Hurricane greater in Specifically, holiday elections period a from consumer early shorter on shopping year U.S. October. attention this Milton

and between At XX in total revenue billion billion FX-neutral revenue basis growth FX rates, point QX. quarter, growth $X.XX anticipate $X.XX GMV a of will would we estimate our We CXC representing positive modestly forecast to nearly initiative The current X%. the in benefit U.K. negative X% fourth to spot growth. represent tailwind

flywheel While levers revenue fees, U.K. our advertising, continue certain cross-border contribute on existing sell-to-buy to and like to

is and efforts. introduce the QX. volume. We in the of CXC to sellers buyers material in not our second We through major critical our plan QX best half which market we of in biofeed QX remonetization X XXXX to the QX which provide revenue and back of from do expect starting contribution launched shipping, our ahead in Managed initiative U.K. holiday our experience October and for season. largest ramping

We decision time our right to monetization give also in program these to new adjust these is the to it believe customers changes. phase to

For QX, between XX.X% and we non-GAAP operating forecast XX%. margin

initiative, costs impact headwind expenses pressure and and year-over-year. of addition XX In basis and another foreign consolidated points M&A is to to points to currency of related over basis U.K. our our XX from margin integration operating

XX XX non-GAAP For margin expansion. operating the basis implies full this of points year, to

non-GAAP EPS per XX%. XX%. between share between expect This representing $X.XX to earnings XX% quarter, between growth We non-GAAP generate the and X% a year growth and full fourth year-over-year and implies $X.XX in

of cash We under flow revenue expect free year. full to the about non-GAAP and forecast capital our XX.X%. year, $X expenditure stable of And billion for remain just X.X% continue at to to we full rate for tax be the

implying to We are $XXX million repurchase during billion of $X repurchase share for QX. XXXX further target raising our

addition, a of $X.XX declared December. share quarterly per the in to paid In be quarter fourth for our dividend Board

top for initial to performance. reinvest priorities comments the plan We like XXXX. a to on the I'd few Now growth our for bottom and make long-term against line near-term balance to need financial

GMV single-digit Non-GAAP positive we in are our year-over-year. planning an growth. run GMV to non-GAAP ahead environment, share growth macro Assuming high income modestly earnings business operating and unchanged revenue of dollar growth FX-neutral and per

revenue shipping influencing to growth we a margins, There operating initiative eBay the International were U.K., on operating optimal XXXX, a the Similar gross managed growth. in income recognize we target combination to architecture. our dollar of pertains to it maximize considerations margin basis. As shipping plan program, to and some for financial unique GMV

is operating strong consolidated dollars. operating that will contributing XXXX, XX income while In positively approximately QX assumption managed closing, by was U.K. current our quarter pressure another points Our to for shipping non-GAAP margin eBay. basis in

grew for grew a non-GAAP second quarter. Our grew per X% GMV XX%. operating income consecutive Non-GAAP earnings share and

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

from the [Operator Instructions] Arounian from Citigroup. of line first Your Ygal comes question

think we just the the opportunity the do focus the over on be ask to -- be do this fees time, about up? on breakeven U.S.? about And to efforts. how it And that you're to you expanding we than the the think How wanted one? how model seems new Maybe greater more catch-up do I e-commerce should the on initiatives think that can monetization you a monetization here. first, to or and think previous monetizable about giving

worth expand broadly? it And is more works how and -- the this if could to could Germany and how eBay in this in U.K.

position a strength. Look, of this from launching Yes. we're

results we're Let preowned have forward. in Germany And conviction. me and in in GMV the in how really confidence results our past early And the apparel to give years we ago We've of X.X us it. about U.K. X there. the thinking growth saw move you started tell kind We delivered strong quarters. positive strong

you've in this decision we time give their of in right want Ygal, our and made Because really X it's holiday the take We in thing launch the remember to phase our buyers a We to October sellers and is and adjust sellers it's the here, just to decision to the processes. to period market. the for advantage this change to other second believe got largest buyers. marketplace, to

managed QX. shipping why we're going up to that's QX through and So ramp

back to the the buyer of QX. introduce fees decided we in half why And

that on introducing of of revenue in that And primarily buyer dynamic the is ramp half QX. back over QX pressure and the given QX timing then the shipping in you're QX. a through managed seeing So fee

some buyer have remonetization we the -- remonetize over to fees these those in likely moving lag we the changes But believe So are of believe that on ability based fees these around. QX. are that we clear will to spill U.K., where

We're And remember, benefits Bio in not generate of it's doing for we it's eBay to growth the see. X, that just those really It's second strategic this that but as charge are market as fees cellular cross-border But value also well ultimately our the our the flywheel advertising. going clear. unlock long-term and a significant for largest portion TAM of shareholders. and we

U.K. we said, digits and than And 'XX. commentary year-over-year. your GMV Steve our by on and grew operating single revenue expect modestly FY increased to gave as faster preliminary Steve To year-on-year, as EPS And income GMV grow high the some standard sellers have buyers more market. on the U.S. to the and no we launch open It's question more U.S., buyer is plans U.K. a market. from in are different free U.S. to the fees. selling in

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

LOM. of gen second the on follow-up a like And

that? impacting yet? quantify You any to you're there guys seeing volume growth? are Are Any way the it about what how of seeing, and that's Is outperforming roll way you through frame talked you public releasing some to benchmarks.

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

And cumulative that just generated ramp the enhanced several So over of we've launched adopted more at Gen listings cumulatively, people tools, improve listings. have taken still expose dollars and sellers And and billion AI launch. of these listing have XXX GMV we've from to more million million if it it. Magic it, over since XX since continuing I look we're up, to models, advantage

feel I it. good really So about

other BXC to saw from The our access and have have the built. demand business is sellers, that we some small tools thing we our to

and quarter, XX want if a business listings. got of this So what watches essentially, does of I'm And cards Magical say, to seller, or I I've upload can trading photos I Bulk that list, a we let's aspect information that launched couple is just each the in and using will, bulk to and knowledge listing. product description, large that that our background, all the fill language title those use model do listings technology graph in we single the for to for same built

what So but seeing excited of by really still performance in the early stages, we're AI.

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

on that. questions couple of A

on room faster a the And about? excited can rates some to takes us next for then GMV that categories year? what rates, the most there? revenue are take first, within revenue you're but take positive GMV, still some give and So puts you And there know maybe grow is on I initiatives the on growth, of of focus

Yes.

talk take start I'll the then one and about will the first with Steve So rate.

solid would continues growth I some We delivered categories, areas, look, other quarter. parts So on about momentum specifically, growth in quarter. this But driver in X% to our focused we categories. talk yes, collectibles. double-digit saw collectibles growth and focus another of be We big accessories a saw

there we're work TCGplayer, that's with the doing, which of of of seeing marketplace. number Golden, desirable provides the probably out You've the things but on our been Golden that is were inventory that we the the combination doing some a world's most

Church money our Homes are that's Golden Eric Luke see on driven you're right now, being and for we're all If and at family -- the Golden. you doing Carolinas, that raising doing by

to off you in rate eBay it, the now graded shift then with grading we've growth. an that authentication, it getting And be really at we've of the also collections, had we price in all cards then back on but partnership it run double-digit trading based and guides, describe time, having then as said, where like when PSA, to innovations listing into the place again this of particular, healthy it it on over on look buyer. put then that my I way instead and the to in item of sending grading and and done

seamless where it it one to and now all gets PSA That's ship sold. I just process

So positively eighth continues people And board do the are marketplace has this all also across we're straight been focus to in Refurbished really quarter. are -- our contributing of where in year-over-year consumers luxury seeing categories. challenged. the well for our strength growth to

work that doing authentication we're So is new with there. center the our

we have in our So of lots categories. focus momentum

just We we've to there. we've for because And to categories I'm able work to also the the geo-specific by focused to done effect. verticals we've CXC work that areas excited these apply expand done great continue been

if prior at real in increased you And change look trajectory seller a our our CXC versus for percentage CSAT baseline. mean by example, XX of we Germany, points. that's I the to business German led

we with we our continue seeing. will So to what push forward strategy, we're like and

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

first is on shipping. X The

our on CXC higher And volume largest eliminated by Obviously, we while U.K. CXC our take a into will penetration has we which as Germany. Jamie the fees, and is U.K. in is quarter near-term market and of managed impact there's this second rate just elaborated the for on final back monetizing the sellers will first now value QX. fees half ramping and initiative. be that planned through is the buyer which continue for shipping,

we The associated seller second and ads GMV expect is faster in momentum first-party lesser to get we around XXXX. obviously, advertising And into services. that. financial extent, off-site item advertising grow financial as that's We a really and and from to incremental improved driven listings the expect to experience promoted continue some to by revenue do than coming do services the

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

'XX then investment at with remind frac some Great. point? the on have categories category larger 'XX on competition. Maybe focused one sticking And maybe And platform get year? categories the of just focus that of framework, you the yet can expansion next this to assume the does just us

have the a fashion scaled sports-related and who competitors have partnering collectible sneaker Walmart You leagues and in with direct vertical. some supply relationships there, advantages maybe

larger competitors comment in important in see strategic all, up most you of X the there. sort some categories fight you of most some to moving Can specifically from competition would the those of at

Yes.

accessories. on know, categories will over and parts preannounce fashion, you $XX anything focus we motors, billion categories for doing As we don't of we're home that collectibles, competitive X and kind are and eBay, that Lee, on have say reasons. electronics I garden,

And shows breadth kind have of so the it you of what on there. we

seen the take against We did against going purposely and had effect, really against we that. to ROI we've some verticals it put the that we've of like and geos great that playbook

been that to The say been we've our beneficial. the really horizontal investments is second that core thing I would categories have drive making

apply, the in second in categories. to categories. nearly capabilities where row all a we've generative able both flat had we've categories core it's our core been And but our because AI help in And growth those that's the quarter also focus of of our

feel player the standpoint. quarter after quarter on a To competitive innovation driving the mentioned about in very I and market. that collectibles as your great question quarter from we're business this positioning, that we scaled

together We see on value assets the in We highest products cards think TCGplayer Golden double-digit from about of eBay ungraded to in card everything to we collection to what really cards. trading now games nice do hobby. collectible from sell we a put -- growth continue to in you when trading

the this valuable span with exact that that collectors that generally guides, years, the with have because with just that of are we've things for in do looking collectors things authentication we've do place in driving collections, about new been and put category that price asked think to innovating all are And I we've innovation kind that's to products across mean, partnership we've that so. that us launched the it, collectors. been right? all

high. They've seamless, that's CSAT card capabilities really and the you new And single grading When it done eBay. eBay quarter we've sell to asked in case and more a breaks look make more there. it Live, to the for in us at very on and we're now very, and driving send on that is that us easy for added say, innovation every

I'd to last shop. always a relationships quarter, still We it. recently which look, say collectible and have and is case team essentially top thing we've grow and added of with spot the track sellers a we've the hobby through last breaks, ability champion do your that, to been And and the is we by had we to purchase that continue incredible favorite

can It's why sell TCGplayer love. believe the we things buy and enthusiasts the And we they marketplace where did in deal. that open

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

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

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

Yes. Great question, Colin.

into first So absolutely, enthusiast buyers converting we and off, see that buyers.

of we've healthy an funnel a we this KPI note output and in enthusiast buyer fires. quarter, core is buyer strategic initiatives strategy not the that and up X% our that $XXX You'll that's driving active been growth it important of to million in to were while count our is a and the

perspective the buying that in and a reasons. of for talking great at U.K., about that When the look we're Germany we for CXC specifically initiative did the in couple it's you

into buyer convert we as least they a as become twice when valuable really is a buying. that's at as the First buyer for great And platform. seller, on previously

-- thing the it on second the has goal CXC is I platform. inventory call really The

buy have sold all seller business, on stuff that the think aren't about bringing BXC In from you not or available small BXC a general, things they're by that a a around the seller. that's house,

used the look overall when I but refurbish to so about And it's sellers, CXC our in we're at platform, XX%. XX%

amid a they the couldn't unique buyers find little or enthusiast majority that of otherwise CXC. demand or thing It inventory that that but our great that is demand. find on eBay. so volume other BXC, over vast is card the And part who drives thing sellers that And is X/X drives of our

of actually, purchasing you see majority is of goes And buyers, that, sellers. that flywheel more businesses BXC become and what to from new small happening so they those buying that the -- once CXC there

win that's of from on And buying sellers as what increased BXC well activity like seeing really that So the why we synergy platform. we're the overall.

healthier sellers, it excited German in It's for the for why they're we what it both And business, drives when we much importantly, than that made these we're the demand changes. our does look buyers. before at trends but for

of campaign You'll marketing also see markets, across Love. new our People a that's called all Things

that's your I'm garage, of in for your had the message us your we those think well. show selling I slide healthy you the but buying of it's but to excited done, kind And basement, and drive both to the there's tested and storytelling well closet, there really excited I'm campaigns. message really a link about what's extremely some new in in deck it unlocking a and initiative, a that for creative, by also because

Colin, quarter our guide GMV. that just with in regards to informed on fourth the our assumptions

I would really on a that really while categories which in growth in our reflection to navigate U.K. second we and achieving platform. dynamic continued to pleased quarter a positive the in focused investments health very say, another GMV, third to Germany It's position with and the continuing and overall First make are drive I'm environment. the horizontal we've the the of macro thing consecutive continue we're quarter, around areas, in

U.K. that's provide holidays ahead so launched GMV, quarter of results our a on going the and And boost proposition first the and believe to we early October, to the with CXC as we're pleased fourth of modest Jamie talked the about, far.

the change discernible we've in think one-timers environment, contemplated a we fourth the there as no macro of that Assuming about are quarter. number

upcoming obviously the elections. is first The U.S.

the The holiday and days deliveries. Milton, Thanksgiving second impacted demand, of Christmas. And is impacts October, saw and fewer shipping we with in Hurricane shorter between season in particularly in the P&A, which

execution our guy that ongoing firmly but that one-offs, we're expecting seen believe balances that macro environment in those the really seeing that few a business. strong momentum pleased with with we're I So the the year-to-date we've and the of

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

that sustainable growth in or back GMV conviction that the that you Really 'XX. encouraging I guess, give positive you've area? to see the what initial guide are growth things for primary X to X returned

Yes.

focused all the seeing been we've Combined of couple building kind of if of the the the couple over market work and rates blocks, at these of last at categories that in had nearly things. here quarters horizontal of the a is X the that flat. X% think quarters. we're in of seeing with board we've doing, I we're One now being you are And consistently growing business. momentum that kind momentum will, across pretty growth underlying

exactly what that thing a buyers. talked the a we opportunities TAM. are making but growth X% we're geos is active where in buyer's we investments And I to about significant for other perspective, these that the a and bit see in happy we're a thought the in expansion little from which stabilization was are

there's U.K. saw our drive we've seen and we after bring garages, in saw past, able what think then in or at that their is on and terms et the what we look with reactivated the to you in massive we really flywheel. that is ultimate in fashion Germany CXC, opportunity the TAM onto sellers we're buyer U.K. what When sitting new and go to platform pre-lube what opportunity pretty a of people houses, cetera, And in significant. big a have

there seeing, of place momentum that combination have initiatives elements to the about commentary give those it's 'XX. So that and we us that the we're out new in the the put confidence

of uplift And managed to relative how helpful. what to Great. us can you the then shipping? U.K. economics International remind That's cross-border we think in shipping should drove transactions. EIS eBay extent about And

the business, and be to Yes. It cross-border listings available an shipped it our had you trade that was for $XXX cross-border see internationally. some helpful -- numbers very million of on our we platform were trade in incremental

simplifying it the for creates on first we're that's the changes, and shipping, with doing revenue markets. our platform, across simplifies eBay. thing radically and at is our experience the look shipping significant a stream When But you pretty shipping just new minute

you let's had say, historically, a So shipping to I someone. -- blazer were when to

of have choices there out then had with you're list. it time. to going really You'd on deal buyers issues, about as all and the a items to had you go what the XX% to were And only if tracking from the CXC figure seller,

really simplifies revenue then through and eBay you a tracking eligible U.K. experience eBay of most live new for we've advertising, manage all on information now just But a in payments this business. tool opportunity for CXC. new so creates that in unlocks it's is have in it's is experience that generating a the win from for frankly, of stream kind And standpoint, will managed shipping, items. with and operating like all And shipping. managed kind kind it's for importantly, for us, an Nearly this of more platform. buyers the fashion on income When tested pre-loss great TAM of this, the another this

get that it seconds. under seconds and get section, through XX in have it seeing through shipping we're would taken sellers to Historically, XX

shipping. really And experience just on powerful friction for of managed Steve, the talk taking you you think selling. so a little can the out implications to bit about maybe that's when more financial

Yes.

EIS applies I off as change in and we're because friction about talked we're obviously we We're to leaning the accounting last principal. sellers, year, the the buyers and helping shipping with there's an think managed and we become associated extensively taking same platform. our

and So we of shipping. cost gross the recognize the revenues

because and domestic margins result it's shipping focus income more it's in the IS. that of really operating to operating in You can the accretive competitive lower have dynamics, naturally that's dollars. because nature of imagine income of domestic has as the than But terms operating of scale we and a the dilutive is

Nikhil of from Our question the Devnani Bernstein. from next comes line

line healthier place taking to that more able is there? on well business been over that the you've Germany, marketplace to the in you you got trends refer predominantly your have now activity Or of a When as German improve top comment? profitability

trend. the see and we and the at break Germany trends can that you the we we before now, trends Yes, at were XX-Q, we're business. platform of driving leading improvement When revenue we out don't you And where exactly look CXC and perspective. more in look that's from can see more, what market the right, new reactivated specifically, are improving to buying to that greater really kind XX% we're end that business both. to healthy look you what is nice if seeing is on this in while you a you healthier the with sellers seeing, and intended is which of kind CSAT, who up launching

basis from through When things of buyer. quantified to cross-border remonetize impact. that talked Steve talked seeing about XX as like seller we've able we this originally, when And I this points to we been launched the that business flywheel exactly we're it, trades, about ads, and

with CXC we really continue we're what So we our to see in and Germany. what business saw with pleased

this and We're with makes market, opportunity how after for was a really really about the unique dynamics our from winning where to around go buyers this that fees, incremental real a there's the conviction TAM. us gave us U.K. second model buyer largest some that fashion, good to happy take feel pre-loved and to sellers early which results the

Great. And maybe just a follow-up.

You've satisfaction improved which been indicator. a talking is about scores, helpful

since improved this very you GMV several you Now that behind Can you on conversion on got much improvements. marketplace have how quarters you've maybe frame journey? rates started

Look, there. points I've the did indicator about in CSATs if CSAT. look you've really leading what case, by me And XX seen you our always in Yes. CSAT we And talk and the trends. have where we've early percentage said increased case GMV follow heard categories in happened X%. trends on healthier in focused exact at the CSAT growing much we I a would thing at and same Germany, we focus that now look much, categories increase XX-point had say forever

and health having what which efforts, is new impact on of doing we're business. it's bring us the not of and these is allowing buyers to only the sellers but conversion on through So kind helping. an new growth and

good bringing which the for more but new is long-term initiatives inventory active business. an activity, the driving good only reactivated and it's for seeing really strategic not growth The compelling is the of truly we're the output is that been on health just the and buying sellers the buyer platform, that on we've of

Our Champion of Piper Sandler. from the next question Tom from comes line

there? helpful and if I I'm an perhaps base in business of a your actually sunsetting Jamie, any Always commentary Steve, you're quickly, but the update business market for from just just lot now the MX on is the give you China arrangement? the revenue. customer impact of maybe for could us payment And #X think you. Europe, by wondering

Yes.

be trade overindexes cross-border It continues there. focus China business business of our to our look, So out strong. categories, to

And performing so well. it's

and has business. would we've call good that parts I sellers. our And Specifically, really out cross-border vector for make trade easier to buyers and a for accessories been continued

So solutions deploy we've we've from had, helped shipping perspective. with that them our that forward

And that Amex we've easier whole there was we Amex, with our perspective. to When material impact made last from also no And just you lot think in payments relationship our expected, deprecated a business. about August of year. as

vast option. As eBay, payment than use one on the they majority more customers our of

debit to cards. or So one most non-Amex, like migrate customers or of Venmo PayPal that were able Amex our other or credit were options using to

that We of do And so we we're are ways us million to focus it sellers. for did. month, areas solution. on and like quarter. the demand launching launched used invoicing on to to was X buyers They those River XX pay a continuing they million and to and Takeda XX platform T In this to transactions bring Germany, new customers, high

between that we're quarter, innovation good that So really this team. pleased and really payments that work talked cash in seeing the advance we seller about that from

question, we last can one do please? Operator,

question Morton your comes Certainly, MoffettNathanson. Michael final from from line of the

Jamie. for probably think I

Following up on Tom's question bit. a

strength the I can the and parts that Is to years experience about you towards parts the on now, user And accessories, guess, rate it [indiscernible] break sourced China that and flowing down acquisition you've in through and later second is for X us? the that? what like to part around skew the conversion seen key drivers talked Just improving seems then inventory accessories. you

a that the more look question -- when -- just you inventory most one second appears that it next Do week? And even feel it And changes looks big and lot having beta first is helps it at is to that like is been comfortable that is a it's it, contributor is, conversion? like of straightforward. happen has see forward political all that, from any of from it freight inventory that you what we is insulated

Yes.

and look, thing customer quarter we did satisfaction tell one it Fitment fit on fit early to to in that there's and buying experience. finders I reporter product level and and perfectly because front and XXX been was new really the working by of guaranteed started we years, to we've over hard all MyGarage a the whole there think raising with continue XX in we it's MyGarage, with accessories we've it's years. say with about to what earlier parts end have going today, more I work that innovate the now in did cars What a he talked you increase So for million enhancing done just after Sienna trust that give We that his of work followed couple is quarter. would I a Toyota and for him on

purchase. making to those That's that. huge breadth an example for customers out plays the products point easier X role in of called just The a of inventory you

a enhance unique service. work the the unique Fitment have segments the to been doing enthusiasts. experience, And over eventual the acquisitions of the added We we've of different number not the in million across really just all of Fitment buyer the certainly has that listings marketplace inventory $XXX to and My purchase, but

growth and part largest parts tire have So really that P&A just the couple been on has and lapping and really of we eBay well. in it we buy that a this and and in growth launched ago, contributor we to the installation first have strong despite launched both We installed year performing now you launched can despite quarters that's been Germany, installations 'XX.

been to our is working To make And sellers with that our of the from and better. times political deployed really we've reduce your to forward the do overall question been environment, that perspective. shipping majority that's on experience something inventory the

seeing continued just by excited making innovation P&A, So innovation the it the we're experience the better and strength of in the of better. and that

Third participation. This Thank Conference your XXXX Call. Quarter concludes eBay's you for Earnings

may disconnect. now You