Financial Data and Key Metrics Changes - Gross merchandise volume (GMV) grew by 4% to $19.5 billion, with revenue increasing by over 4% to $2.73 billion [7][30] - Non-GAAP operating income rose by 8% to $775 million, and non-GAAP earnings per share increased by 16% year over year to $1.37 [7][30] - The take rate was 14%, showing a modest year-over-year increase, with advertising, shipping, and financial services contributing positively [38] Business Line Data and Key Metrics Changes - Focus categories experienced GMV growth of over 10%, significantly outpacing core categories [8][31] - Collectibles, particularly trading cards, were the largest contributors to growth, with triple-digit GMV growth for Pokémon cards [8][9] - Motors, Parts, and Accessories (P&A) contributed nearly one point of year-over-year GMV growth, driven by strength across major markets [11] Market Data and Key Metrics Changes - U.S. market GMV growth accelerated to 7%, driven by healthy consumer demand and strong performance in trading cards [33] - International GMV grew nearly 2% on an FX neutral basis, with foreign exchange providing a tailwind [34] - The U.K. and Germany investments helped navigate lower growth environments, with cross-border volume growth remaining stable [35] Company Strategy and Development Direction - The company is focused on enhancing the consumer-to-consumer (C2C) experience in the U.K. and expanding capabilities in live commerce [19][20] - Generative AI is being leveraged to optimize listings and personalize customer engagement, driving higher quality visits [14][15] - The company aims to maintain a disciplined balance between top and bottom line growth while investing in strategic initiatives for long-term value [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of trading card categories despite potential fluctuations in growth [9][86] - The company anticipates continued healthy consumer trends in the U.S. and plans to reinvest a portion of top-line upside into strategic initiatives [41][44] - The outlook for the remainder of the year considers potential disruptions from tariffs and the elimination of de minimis exemptions [42][46] Other Important Information - The company returned approximately $760 million to shareholders through repurchases and cash dividends [30] - eBay was recognized as one of Time's World's Most Sustainable Companies and Newsweek's World's Greenest Companies 2025 [27] - The company plans to target share repurchases of approximately $2.5 billion for the full year [47] Q&A Session Summary Question: Insights on marketing and AI positioning - Management highlighted a full funnel marketing approach and noted efficiencies in lower funnel marketing spend due to competitive dynamics [54][56] Question: Future category growth expectations - Management indicated that existing focus categories will continue to drive growth, with ongoing investments in both new and established categories [61][62] Question: U.S. market strength and strategic investments - Management noted favorable macro conditions in the U.S. and emphasized the importance of strategic investments in C2C initiatives and AI [68][70] Question: Sustainability of GMV growth and active buyer base - Management confirmed that active buyers are crucial for maintaining GMV growth, with a focus on converting active buyers to enthusiasts [90][92] Question: Trading cards market durability and margin outlook - Management acknowledged that trading card growth is not linear but remains optimistic about long-term potential, while also discussing the relationship between top-line growth and margins [85][87]