eBay Inc. (EBAY)

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eBay (EBAY)

Q3 2012 Earnings Call

October 17, 2012 5:00 pm ET


Tom Hudson

John J. Donahoe - Chief Executive Officer, President, Director and Interim President of Paypal

Robert H. Swan - Chief Financial Officer and Senior Vice President of Finance


Heath P. Terry - Goldman Sachs Group Inc., Research Division

Sanjay Sakhrani - Keefe, Bruyette, & Woods, Inc., Research Division

Ross Sandler - Deutsche Bank AG, Research Division

Mark S. Mahaney - Citigroup Inc, Research Division

Brian J. Pitz - Jefferies & Company, Inc., Research Division

Scott W. Devitt - Morgan Stanley, Research Division

Colin A. Sebastian - Robert W. Baird & Co. Incorporated, Research Division

Douglas Anmuth - JP Morgan Chase & Co, Research Division



Good day, ladies and gentlemen, and welcome to eBay's Third Quarter 2012 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to Mr. Tom Hudson, Vice President of Investor Relations. Sir, you may begin.

Tom Hudson

Good afternoon. Thank you for joining us, and welcome to eBay's Earnings Release Conference Call for the Third Quarter of 2012. Joining me today on the call are John Donahoe, our President and Chief Executive Officer; and Bob Swan, our Chief Financial Officer. We're providing a slide presentation to accompany Bob's commentary during the call. All growth rates mentioned in John and Bob's prepared remarks represent year-over-year comparisons unless they clarify otherwise.

This conference call is also being broadcast on the Internet, and both the presentation and call are available through the IR section of eBay's website at http://investor.ebayinc.com. In addition, an archive of the webcast will be accessible for 90 days through the same link.

Before we begin, I'd like to remind you that during the course of the conference call, we'll discuss some non-GAAP measures in talking about our company's performance. You can find a reconciliation of those measures to the nearest comparable GAAP measure in the slide presentation accompanying the call. In addition, management will make forward-looking statements relating to our future performance that are based on current expectations, forecasts, assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements regarding expected financial results for the fourth quarter and for the full year 2012 and future growth in Payments, Marketplaces and GSI businesses, mobile payments and mobile commerce. Our actual results may differ materially from those discussed in the call for a variety of reasons, including, but not limited to: changes in political, business and economic conditions; foreign exchange fluctuations; our need to successfully react to the increasing importance of mobile payments in commerce and increasingly social aspect of commerce; an increasingly competitive environment for our businesses; the complexities of managing an increasingly large enterprise with a broad range of businesses at different stages of maturity; our need to manage regulatory, tax and litigation risks, including risks specific to PayPal and Bill Me Later; our ability to integrate, manage and grow businesses recently acquired or that may be acquired in the future; our need to timely upgrade and develop our systems, infrastructure and customer service capabilities at reasonable costs while maintaining site stability and performance; and adding new products and features.

You may find more information about the factors that could affect our operating results in our most recent annual report on our Form 10-K and our subsequent quarterly reports on Form 10-Q available at http://investor.ebayinc.com. You should not rely on any forward-looking statements. All information in this presentation is as of October 17, 2012, and we do not intend and undertake no duty to update this information.

With that, let me turn the call over to John.

John J. Donahoe

Thanks, Tom, and good afternoon, everyone, and welcome to our Q3 earnings call. We had a great quarter with strong momentum across the company. Our third quarter revenue was up 15%, and non-GAAP EPS was up 14%. With our focus on enabling commerce, we've set bold goals for ourselves in our 3-year growth plan, and we're delivering.

I want to start out by briefly touching on 4 areas that are helping to generate momentum and create broader opportunities for our company. First, mobile continues to be a game changer, and we continue to be a clear leader in mobile commerce and mobile payments. Our mobile experiences are changing the way people shop and pay. Mobile is more deeply engaging our existing customers and attracting new ones. And now, we're focused on using mobile technology to drive innovative multichannel commerce experiences for local and national retailers.

Second, we're capitalizing on our global reach. Our platforms enable us to connect buyers and sellers anywhere in the world, and our core international businesses are strong. We have significant global presence, but we're only beginning to scratch the surface in emerging markets such as Brazil and Russia, which offer substantial long-term growth opportunities.

Third, we're investing in our brands. Our new eBay logo and site enhancements, as well as our recently updated PayPal look and feel, create a fresh, contemporary user experience for these businesses. We're investing in marketing in both eBay and PayPal, which this week launched its first integrated consumer marketing campaign online.

And last, we're leveraging our portfolio. In addition to growing our core businesses, we're also driving multichannel commerce innovation. We're focused on better integrating our technology capabilities to deliver innovative solutions for our consumers and retailers. And we're creating new long-term growth opportunities by extending our capabilities offline.

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