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    eBay Inc (EBAY)

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    Business Description

    eBay Inc. is a global commerce leader that operates one of the world's largest and most vibrant marketplaces, connecting millions of buyers and sellers across more than 190 markets worldwide . The company's business activities are centered around its Marketplace platforms, which include its online marketplace at www.ebay.com, localized counterparts, off-platform businesses in Japan and the United States, and a suite of mobile apps . eBay's revenue is primarily generated through fees collected on paid sales, including final value fees, feature fees, fees to promote listings, payment services fees, listing fees, and store subscription fees from sellers . Additionally, eBay earns revenue from first-party advertising products, which have been a significant focus for growth .

    1. Marketplace Platforms - Operates a global online marketplace at www.ebay.com, along with localized counterparts and off-platform businesses in Japan and the United States, facilitating transactions between buyers and sellers.
    2. Promoted Listings - Offers advertising products such as Promoted Listings Standard, Promoted Listings Express, Promoted Listings Advanced, and External Promoted Listings to enhance visibility and drive growth in Gross Merchandise Volume (GMV).
    3. First-Party Advertising Products - Generates revenue through advertising initiatives designed to enhance the marketplace experience and promote listings.
    4. Mobile Apps - Provides a suite of mobile applications to facilitate easy access to the marketplace for users on the go.
    5. Category Focus - Leverages technology to improve the marketplace experience in specific categories, including parts & accessories, collectibles, fashion, electronics, and home & garden.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Jamie IannonePresident and Chief Executive OfficerApril 2020Jamie Iannone has been the President and CEO of eBay since April 2020. Before rejoining eBay, he was COO of Walmart eCommerce in 2020 and held executive roles at Sam's Club and Barnes & Noble. He previously worked at eBay from 2001 to 2009 .
    Steve PriestSenior Vice President, Chief Financial OfficerJune 2021Steve Priest has served as SVP, CFO at eBay since June 2021. Previously, he was CFO of JetBlue Airways from February 2017 to June 2021 and held leadership roles at British Airways from 1996 to 2015 .
    Cornelius BooneSenior Vice President, Chief People OfficerFebruary 2021Cornelius Boone has been SVP, Chief People Officer at eBay since February 2021. He was VP of Human Resources at American Airlines from 2018 to January 2021 and held similar roles at Walmart from 2014 to 2018 .
    Marie Oh HuberSenior Vice President, Chief Legal Officer, General CounselJuly 2015Marie Oh Huber has been SVP, Chief Legal Officer, General Counsel, and Secretary at eBay since July 2015. She spent 15 years at Agilent Technologies and worked at Hewlett-Packard for ten years before that .
    Julie LoegerSenior Vice President, Chief Growth OfficerJanuary 2021Julie Loeger has been SVP, Chief Growth Officer at eBay since January 2021. She spent 29 years at Discover, holding various leadership positions, and worked in marketing at Anheuser Busch .
    Eddie GarciaSenior Vice President, Chief Product OfficerApril 2022Eddie Garcia has been SVP, Chief Product Officer at eBay since April 2022. He rejoined eBay from Meta, where he led marketplace efforts. He previously held roles at Sam's Club and Travelzoo, and worked at eBay from 2003 to 2014 .
    William (Bill) D. NashIndependent DirectorSeptember 18, 2024William (Bill) D. Nash was appointed as an independent director to eBay's Board, effective September 18, 2024. He is the CEO of CarMax and has been with the company since 1997, becoming its President and CEO in 2016. His term on eBay's board will expire at the 2025 annual meeting of stockholders or when his successor is elected and qualified .

    Questions to Ask Management

    1. Despite positive GMV growth of only 1% in Q2 2024, how does the company plan to accelerate top-line growth in a challenging macro environment, and what specific strategies are in place to drive higher GMV growth beyond focused categories?

    2. Active buyers have been relatively flat at 132 million, and enthusiast buyers have remained consistent at 16 million for several quarters; what are your plans to significantly grow the enthusiast buyer segment, which drives 70% of your volume, and how will you improve buyer acquisition and retention strategies to achieve this?

    3. Given that gross margin declined by 30 basis points year-over-year due to tax-related matters and other headwinds, what steps are being taken to mitigate these impacts, and how do you foresee gross margin trends evolving in the upcoming quarters?

    4. With free cash flow decreasing to $278 million in Q2 2024 due to timing of cash tax payments, can you provide more color on your expectations for free cash flow generation for the full year, and how this aligns with your capital allocation plans, including increased share repurchases and dividend payments?

    5. Considering macroeconomic challenges and regulatory changes in key markets like the UK impacting C2C volumes, what initiatives are you implementing to offset these pressures, and how confident are you in your ability to sustain international GMV growth under these conditions?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateFebruary 2024
    End Date/DurationNo expiration
    Total additional amount$2.0 billion
    Remaining authorization amount$1.2 billion
    DetailsProgrammatically offset dilution from equity compensation and reduce outstanding share count

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2024$450Commercial paper5.096.1% = (450 / 7,418) * 100
    2025$800Current portion of long-term debtN/A10.8% = (800 / 7,418) * 100
    2025$1,225Senior notes (1.900% & 5.900%)1.900 / 5.90016.5% = (1,225 / 7,418) * 100
    2026$750Senior notes (1.400%)1.40010.1% = (750 / 7,418) * 100
    2027$1,150Senior notes (3.600% & 5.950%)3.600 / 5.95015.5% = (1,150 / 7,418) * 100
    2030$950Senior notes (2.700%)2.70012.8% = (950 / 7,418) * 100
    2031$750Senior notes (2.600%)2.60010.1% = (750 / 7,418) * 100
    2032$425Senior notes (6.300%)6.3005.7% = (425 / 7,418) * 100
    2042$750Senior notes (4.000%)4.00010.1% = (750 / 7,418) * 100
    2051$1,000Senior notes (3.650%)3.65013.5% = (1,000 / 7,418) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Amazon: General ecommerce competitor .
    • Alibaba: General ecommerce competitor .
    • Alphabet (Google): Operates a shopping platform service and has made changes to search algorithms affecting eBay .
    • Apple: Mentioned as a larger platform business .
    • Meta (Facebook and Instagram): Mentioned as larger platform businesses .
    • Walmart: General ecommerce competitor .
    • Target: General ecommerce competitor .
    • Best Buy: General ecommerce competitor .
    • Macy's: General ecommerce competitor .
    • Etsy: Specialized ecommerce competitor .
    • Shopify: Multi-channel service competitor .
    • Wayfair: General ecommerce competitor .
    • Temu: General ecommerce competitor .
    • Shein: General ecommerce competitor .
    • Rakuten: General ecommerce competitor .
    • Vinted: Competitor focused on specific product categories .
    • StockX: Competitor focused on specific product categories .
    • TheRealReal: Competitor focused on specific product categories .
    • Back Market: Competitor focused on specific product categories .
    • Chrono24: Competitor focused on specific product categories .
    • Fanatics: Competitor focused on specific product categories .
    • Farfetch: Competitor focused on specific product categories .
    • RockAuto: Competitor focused on specific product categories .
    • GOAT Group: Competitor focused on specific product categories .
    • Adevinta: Operates online aggregation and classifieds platforms .
    • Naspers Limited: Operates online aggregation and classifieds platforms .
    • craigslist: Online aggregation and classifieds platform .
    • Oodle.com: Online aggregation and classifieds platform .
    • Pinterest: Social network enabling purchases .
    • TikTok: Social network enabling purchases .
    • Zalando: General ecommerce competitor .

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1997 PresentCurrent auditor