SAN JOSE, Calif., Mar 10, 2022 -- Today, eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, hosted its first Investor Day under Chief Executive Officer Jamie Iannone. The event featured presentations from global leaders across the business who shared details on eBay’s long-term growth strategy and previewed new features and products that will accelerate eBay’s tech-led reimagination.
“Over the past two years, we have fundamentally changed the trajectory of our marketplace. We have demonstrated we can improve customer satisfaction, accelerate our growth, help sellers thrive and attract and retain enthusiast buyers,” said Jamie Iannone, Chief Executive Officer at eBay. “We are building an eBay for the future by doubling down on what we do best – connecting sellers and buyers of non-new in season products. We see incredibly compelling growth potential in this market and believe it is our opportunity to win by sharpening our focus and continuing to create value through a tech-led reimagination of eBay. We have the right team and vision to deliver on our goals and continue returning value to our shareholders.”
During today’s event, eBay provided an overview of its long-term outlook for continuing operations. The summary table below includes the company’s previously issued guidance for full year 2022 and the newly issued outlook for 2023 and 2024 shared at today’s event.
The Future of Collectibles
The market for trading cards and collectibles continues to accelerate, and eBay is the biggest trading platform for these investment categories. Today eBay announced the eBay Vault – a 31 thousand square foot, secure storage facility and digital marketplace for trading cards and collectibles, with plans to expand into luxury goods.
The eBay Vault will launch in the U.S. next quarter, and will provide peace of mind and convenience for the company’s millions of buyers and sellers. Once an item is in the eBay Vault, customers know their valuables are secure and “instant sale” becomes the new reality. Ownership can transfer from seller to buyer in a matter of seconds – without the need to re-authenticate, re-package or ship the item anywhere.
Keeping high-value inventory within the eBay ecosystem is significant for both buyers and sellers – and the Vault will make other planned features, like fractionalization and live commerce, possible for a wider audience. eBay is the only marketplace that can deliver this full suite of capabilities at scale, and signals the future of collecting. Within a few years, eBay expects the Vault will hold up to $3 billion in assets, making it one of the largest stores of non-governmental assets in the world.
Introducing eBay’s First Digital Wallet
eBay’s tech-led reimagination continues to underpin future growth plans. Since eBay completed the migration to its new payments platform, the company has been improving the user experience and creating value for customers. Now, eBay is launching its first digital wallet where customers can use proceeds from their sales to conveniently purchase their next item or pay their selling expenses.
A replay of today’s event and copies of the session presentations can be found at https://investor-day.ebayinc.com.
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. In 2021, eBay enabled over $87 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.
Non-GAAP Financial Measures
This press release includes the following financial measures defined as “non-GAAP financial measures” by the Securities and Exchange Commission (SEC): non-GAAP earnings per diluted share. These non-GAAP financial measures are presented on a continuing operations basis. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with generally accepted accounting principles (GAAP). For assumptions underlying the reconciliation of our full year 2022 outlook for non-GAAP earnings per diluted share to the nearest comparable GAAP measure, see our Q4 2021 earnings presentation available on the Investor Relations portion of our website. For assumptions underlying the reconciliation of our full year 2023 and 2024 outlook for non-GAAP earnings per diluted share to the nearest comparable GAAP measure, see the Appendix of the CFO’s investor day presentation available on the Investor Relations portion of our website. All growth rates represent year-over-year comparisons, on an “FX-Neutral” basis. For numbers in this presentation provided on an “FX-Neutral” basis, we calculate the year-over-year impact of foreign currency movements using prior period foreign currency rates applied to current year transactional currency amounts. We define Organic FX-Neutral revenue growth as reported revenue growth, excluding incremental revenue from acquisitions or dispositions for the twelve-month period following such acquisitions or dispositions and foreign exchange rate effects.
This press release contains forward-looking statements relating to, among other things, the future performance of eBay Inc. and its consolidated subsidiaries that are based on the company's current expectations, forecasts and assumptions and involve risks and uncertainties. These forward-looking statements can often be identified by the use of words such as “will,” “predict,” “continue,” “forecast,” “expect,” “believe,” “anticipate,” “outlook,” “could,” “target,” “project,” “intend,” “plan,” “seek,” “estimate,” “should,” “may,” and “assume,” as well as variations of such words and similar expressions. These statements include, but are not limited to, statements regarding the future performance of eBay Inc. and its consolidated subsidiaries, including management's vision for the future of eBay and our ability to accomplish our vision, expected financial results for the first quarter and full year 2022, 2023 and 2024 and the future growth in its business, operating efficiency and margins, reinvestments, dividends and share repurchases. Actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Other factors that could cause or contribute to such differences include, but are not limited to: changes in political, business and economic conditions, the duration of the COVID-19 pandemic and the effects of COVID-19 on our business and operations and on the general economy, including effects on our sellers and customers, any regional or general economic downturn or crisis and any conditions that affect e-commerce growth or cross-border trade; the company’s ability to realize expected growth opportunities in payments intermediation and advertising; fluctuations in foreign currency exchange rates; the company’s need to successfully react to the increasing importance of mobile commerce and the increasing social aspect of commerce; an increasingly competitive environment for its business; changes to the company’s capital allocation, including the timing, declaration, amount and payment of any future dividends or levels of the company’s share repurchases, or management of operating cash; the company's ability to increase operating efficiency to drive margin improvements and enable reinvestments; the company’s ability to manage its indebtedness, including managing exposure to interest rates and maintaining its credit ratings; the company’s need to manage a large enterprise with a broad range of businesses of varying degrees of maturity and in many different geographies; the ability to successfully intermediate payments on our marketplace platform; the company’s need and ability to manage regulatory, tax, data security and litigation risks; the company’s ability to timely upgrade and develop its technology systems, infrastructure and customer service capabilities at reasonable cost while maintaining site stability and performance and adding new products and features; and the company’s ability to integrate, manage and grow businesses that have been acquired or may be acquired in the future.
The forward-looking statements in this release do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof.
More information about factors that could affect the company's operating results is included under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the company's most recent Annual Report on Form 10-K, a copy of which may be obtained by visiting the company's Investor Relations website at https://investors.ebayinc.com or the SEC's website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the company on the date hereof. The company assumes no obligation to update such statements.