Scott. Thanks,
flow enables to remarks a into to around our and moments home in are these times these shareholders. These our we strong to to dive comments presentation, in and robust the sheet business support directly support with are the model our withstand few cash hard We provide working who will customers, balance all support the financial working are at related world believe disruptions and culture begin the and that and COVID-XX. Before I prepared impacts are we unprecedented we us shines our of communities, stakeholders. backstop on and earnings highlights my seeing employees our and turn
QX, felt underlying full the In more above segments mid-March, impact began our business global of in tracking guidance impact the and our global the Late performance QX March, we earnings before of to our our better see COVID-XX, than pronounced high-end volume to was we revenue Through expectations. was pandemic. a and accelerating of were range. compared
of as further the our the sellers stepped to around world. buyers Our accelerated up needs increasing marketplace serve volume
in at programs in to of pressure support However, driven advertising Inc. Classifieds, relatively our margin roughly impact by part was pressure. X the significant points QX customers. came we while muted the under Overall, level, did experience revenue in of COVID-XX implementing
our resulting Motors in color dealers. buyer progressive continued support specifically, how we've decelerated a while responded, here up More growth coupled we've impact double-digit customers, shows on COVID-XX that little how our has our and taken more surge Marketplace has further advertising Classifieds the been is how based felt we revenue of results. by April, with the in have on seen in pressure actions demand In a to volume
advertisers pulling revenue First, Classifieds as stay-at-home rolled geographies, impacting Marketplace. out third-party began mandates across both and in advertising negatively spend,
these stay-at-home closed. quickly comply by dealers customers with mandates, fees dealers automotive eliminating while protect world to we subscription forced close are to their to as the were doors acted Second, around local our
critical customers in this across we several steps both Third, segments to additional time. assist took
items, and revenue having Some resulted conversion, the weeks these across in payment as volume in improved. traffic, buyers, such even reserves that bad our in sold saw all margins extending adjustments operating short-term terms debt to actions other on of last as are a acceleration March, and we of impact two more Marketplace Fourth, growth GMV, business.
of leisure by accessories video categories we've their indoor for and confinement were as fashion and the offices, products parts More was and in and as strength like shopping. home part equipment, activities expanding started the seen as first on buyers and March lift consoles. a April, games online buyers driven recently, gym other In categories focused such
in broad-based summary, in has total. and Marketplace favorable compared Classifieds far growth accelerated seeing The this growth of been thus global QX, is In impact near-term The in has nature. pressure. significantly QX with with net
financial them to extra While us short-term this even on time who need it's some pressure for put our do the clear of taking the thing the company stronger over make that taken during and some actions care we've our right help an is longer-term. of performance, will sellers
examples Slide and changing In environment, influence can discuss it's our actions our of guidance X this how on long of our section. taken will rest QX of You our unclear these the I'll for year see presentation. the stakeholders that dynamics in they earnings for outlook rapidly the we've last. how
revenue X, we of EPS an basis, X% of Non-GAAP up Turning in to organic delivered billion, FX-neutral up $X.X $X.XX, Slide XX%. was QX, the our guide. high-end above on
million margins incremental cash of were flow. expenses related and We at payment Non-GAAP free the of investments million managed $XXX investments inclusive to COVID-XX. generated and $XXX strong XX.X%, operating in ongoing of cash and
working In QX, sale $X.X we dividends. through to repurchases shareholders StubHub billion $X.X $X.X closed billion in subject and of returned of addition, on capital share net the we cash proceeds to In for and adjustments cash, billion.
by buyers Coming we expected growth, part million modest to saw buyers our were world. in driven growth engagement have eBay deceleration to representing place for March and completely QX. QX, as their Slide more in higher flat churn. as reduction on stay-at-home around buyer in the shopping by and buyer lower offset XXX X% with put came of Moving we needs acceleration mandates buyers into spend on year-on-year active buyers X, was This marketing planned with
Marketplace in half QX. versus X, accelerating five and of and that volume billion, COVID-XX in X points we the March. points from the $X.X year-on-year quarter, second Slide down mostly the for to QX, prior flat accelerating Moving $XX.X drove billion of of generated the X year-on-year We X% points U.S., acceleration estimate approximately enabled GMV, quarter. In we
is QX. the The The Internet time. approximately over tax X approximately points of COVID-XX, continued headwind impact upside of Please in acceleration a the U.S., point marketing QX sales driven the by impact refer I GMV impact line QX, improvements, experience the expectations year-on-year X same includes approximately to for was and X X the versus from by increased the factors growth point and of efficiency International leap of our points X and from from with from X accelerating same see sales point across as tax up the X%, U.S. product Internet figure appendix mentioned year. versus to driven points the the
point on billion point to up the billion, Moving up revenues $XXX revenue transaction of organically, downside. accelerating X%, Marketplace $X.X of X $X.X net for Slide other minimal we of revenue, from X, We from Classifieds the of QX. impact down and million upside revenue, brandsXfriends. X% X% marketing delivered company, generated of and X the headwind was offset inclusive with by quarter volume services net driven a sale The in COVID-XX of overall
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brandsXfriends, margin of impact to in payments year-on-year. offset was our mentioned decline as which flat marketing, of benefit from I in earlier. the segment third-party addition of on reduced XX The is by growth six related by the Korea grew ads, of impacts and cost sale were driven XX%, continued XX% and year-on-year discipline investment points the by our points business, over COVID-XX partially in Marketplace sale first-party brandsXfriends offset COVID-XX managed the pressure year-on-year of
a points display addition XX. to extended to QX advertising XX%, and driven growth. Slide revenue driven across year-on-year, by Segment decelerating was terms headwinds to in three Classifieds across related margin versus Moving continued margin which points flat COVID-XX pressure. continued six by as in markets down COVID-XX was horizontal Classifieds year-on-year for primarily reserves in pressured investment revenue In QX, period of verticals, markets related in payment lower we increased
divestiture QX, reduced Slide and increased to cost reserves cost, were and payments, year-on-year and down COVID-XX, our U.S. stronger XX major impact operating roughly XX.X%. scaling are delivered In managed of impact operating we margin of by drivers. the as partially XX offset a related inventory percentage non-GAAP program dollar. in by points expenses, is and Cost to revenue driven revenue in brandsXfriends by the investment first-party of the managed This basis of of as Korea. a Turning brandsXfriends, divesting expanding operating is payments of year-on-year offset flat
increasing Sales driven and marketing offset by in expense versus X over our is our partially was higher Japan, marketing our businesses the in in spend reductions business and growth year off-platform, by Marketplace U.S. Korea, prior investments point primarily and international which of comprised including down Turkey. business, in year-over-year promotional
XX operational increases payments. on grown basis our that efficiency, investment points have partially by Guarantee G&A added managed Product losses protection was transaction basis significant Transaction XX down Money investments reserves. QX. bad We've and offerings. in driven given our COVID-XX approximately Classifieds managed deferred a driven made due development and impact continued and to up were basis expand by in XXX offset seller Motors points from view eBay vertical payments investments costs our fees the debt by losses to points in Back
dollar. cost of primarily in non-GAAP growth, repurchase EPS, growth was quarter Non-GAAP our XX% ninth investment and driven U.S. expansion. non-GAAP revenue EPS program, the the our of year, Slide double-digit payments QX, delivered Turning improved our to up by of share by impact a managed EPS stronger consecutive on prior we In our XX. and versus partially $X.XX structure EPS offset
The GAAP GAAP is XX% EPS program, quarter our in share up $X.XX, repurchase a with lapping partially higher year. versus Adyen warrant. the by mostly by driven associated the for gain last offset EPS increase was
detailed always, financial As you can of non-GAAP presentation. reconciliation earnings find to in release press our measures GAAP and the
to XX. and QX, capital. working $XXX of the higher In free of driven timing flow, up Slide by capital million Moving and XX% cash generated earnings we expenditures
we cash $X.X Moving $X.X quarter investments of of billion ended XX, the sale debt in billion and with for Slide to the inclusive $X.X business the of received StubHub and billion. we
For we share XX billion in year. form and share plan nearly shares, of repurchase buybacks million the the repurchased this quarter, distributed that $X completed inclusive accelerated later of an be will
to approximately market buyback have billion on we that we this We remaining dynamics in the to on in expectation but the the will $X.X billion share buyback depend is second February. guided of that year, execute share hit in the our end $X.X before half. will time, that At
quarter $X.X and with million authorization of We in share ended billion the remaining repurchase we $XXX dividends. paid
XXXX of also we favorable come that to that use position. $X due debt acquired June October. at rates repay billion steps and our two liquidity to further We We our intend improve maturities to took in
We our revolver billion $X also renewed flexibility. to financial retain credit
of a balance XX, strategy credit and X.X debt X rating, changed. EBITDA debt to and tenets maintaining Slide have key Turning allocation cash approximately gross $X.X year-end and mid-term billion. net remain We our and approximately capital BBB+ to not times of committed our targets times below leverage
also our dividend. to We committed remain
Slide to and Turning XX QX guidance.
in basis. our grow Marketplace the and X% expect billion, high-single of and advertising on X% billion revenue. temporarily $X.XX of second growing we lower we In the which the total in year-on-year. FX-neutral significant we guidance, XX% to expect revenue mostly digits pressure revenue midpoint and driven between to pressure waiving organic revenue at the For contracting volume company quarter, year-on-year, X At level between projecting equates Classifieds, and points to by $X.XX XX% an fees, April, are approximately
or strength back this the in quarter. volume expect the assumes double-digit high-end April range. levels that trends by continues at this this Marketplace, at the be to to of pre-COVID-XX assumption, pace end a higher growth If than above we For
the assumes this our automotive with Classifieds, recovers revenue dealers largely For subscription re-opening May markets. in across
in It also level advertising. recovery assumes modest a of
how While will we long these it's difficult business. predict great prospects continue, long-term as the mentioned, about this feel dynamics Scott market for to
managed $X.XX lower and non-GAAP to in EPS benefit share, XX% of lower per We count, partially combined the share $X.XX the growth cost primarily offset to payments. by control, driven Classifieds XX% growth. expect is revenue of EPS and Marketplace representing by volume, investments
a addition, of and tax come approximately dollar, from X higher U.S. less In rate, income a cash on stronger headwind points balances. interest based non-GAAP lower
We are QX. range share in $X.XX share per expecting EPS per of the GAAP to in $X.XX
Turning environment, rest we estimates, EPS wanted with the revising are and revenue, year. we to provide are on given Slide margin, this little thinking XX, full-year we context to our dynamic how more not you the but a bit of about
environment with Yet, that on underlying our business managing a First, we creates than through uncertainty of outcomes COVID-XX, excluding measures. several line the the consumer behavior. wide a potential for disruptions potential range performing dynamic impact is Marketplace in buying to could better This slightly across impact are year. our of expectation
regressing improvement the in of weakness range we and/or what prolonged automotive consumer could disruption our guidance would Classifieds macroeconomic advertising. that the If volume dynamics early driven spending pressure dislocation. but showed continued revenue experiencing in we're to low-end The levels verticals Marketplace by below further and/or QX slower face recovery include in
The if improves us and permanent growth half effectively than buyers more and in second returning full-year revenue Classifieds levels. the above online stronger below pre-COVID-XX dynamics retain second the by driven to our ability the our shift higher-end marketplace original new that would include; quickly plan our or toward to sellers; would offline to shopping put and volumes range more half, but
remains but increased the X expansion our and of macroeconomic variability points revenue committed to dynamics, margin in could margin quarters, XXXX. of rates given of that coming We the previously communicated and expect cost by structure strong have we're some long-term our discipline
$X.X currency given our movements significant $X.XX have approximately million can current for compared expectation a and our revenue the global recorded of StubHub pressure on material related a billion also of the to discontinued guide. tax and we We of business, the impact would of payments our versus the of EPS solely February This $XXX billion our be cash volatile free $X $X.X If It's will based operations. guidance time is in on cash increase flow sale of to that hold, nature now have results. expect February billion. rates to
strong shape liquidity generate free business of is and in cash strong We scenarios. have any models a to sheet, flow above our great in continues the balance our
investors. In our employees, these for We remain challenging and for everyone. to continuing focused while are deliver closing, times communities, our on customers
growth on initiatives key payments Our of managed track. advertising and are
impacts tax the lower through on these spend entered and stronger exit fight the Internet and fronts. we'll lingering marketing year we of to continue We than sales
focus all, on platform to buyers our transact will providing Above and around sustainable we world. safety long-term returning of by for the the Marketplace trusted and a the sellers business on to to growth stakeholders continue
And now, would to happy questions, your be and I operator? answer Scott
