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eBay's (EBAY) CEO Devin Wenig on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Conference Call

April 26, 2016 5:00 PM ET

Executives

Selim Freiha – Vice President of Investor Relations

Devin Wenig – President and Chief Executive Officer

Scott Schenkel – Chief Financial Officer

Analysts

Carlos Kirjner-Neto – Alliance Bernstein

Mark May – Citi

Heath Terry – Goldman Sachs

Mark Mahaney – RBC Capital Markets

Eric Sheridan – UBS

Scott Devitt – Stifel

Justin Post – Merrill Lynch

Douglas Anmuth – JPMorgan

Brian Pitz – Jefferies

Richard Kramer – Arete Research

Operator

Welcome to the eBay First Quarter 2016 Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer section and instructions will be given at that time. [Operator Instructions]

I would now like to hand the conference over to Selim Freiha, Vice President of Investor Relations. Please go ahead.

Selim Freiha

Good afternoon. Thank you for joining us and welcome to eBay's earnings release conference call for the first quarter of 2016. Joining me today on the call are Devin Wenig, our President and Chief Executive Officer; and Scott Schenkel, our Chief Financial Officer.

We are providing a slide presentation to accompany both Devin's and Scott's commentary during the call. All revenue and GMV growth rates mentioned in Devin and Scott's prepared remarks represent FX-neutral 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 Investor Relations section of the eBay website at investors.ebayinc.com. You can visit our investor relations website for the latest company news and updates.

In addition, an archive of this webcast will be accessible for 90 days through the same link. Before begin I'd like to remind you that during the course of this conference call we will discuss some non-GAAP measures related to our performance. You can find the reconciliation of these measures to the nearest comparable GAAP measures in the slide presentation accompanying this conference call. In addition, management will make forward-looking statements that are based on our current expectations, forecasts and assumptions, and involve risks and uncertainties. These statements include, but are not limited to, statements regarding the future performance of EBay, Inc. and its consolidated subsidiaries including the expected financial results for the second quarter and full year 2016 and the future growth in our business.

Our actual results may differ materially from those discussed in this call for a variety of reasons. You can find more information about risks and uncertainties and other factors that could affect our operating results in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, copies of which may be contained by visiting the company's Investor Relations website at investors.ebayinc.com or the SEC's website at www.SEC.gov. You should not rely on any forward-looking statements. All information in this presentation is as of April 26, 2016, and we do not intend and undertake no duty to update this information.

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

Devin Wenig

Thanks, Selim, and good afternoon, everyone. In Q1 we delivered our third quarter in a row of solid results. Our business continues to consistently grow while we make progress against our key strategic objectives. Overall total GMV was up 5% for the quarter, while revenue was up 6%. We [indiscernible] by 4% year-over-year adding six million buyers for our platforms over the past year. GMV on our Marketplace platform grew 4% year-over-year and StubHub's and classified's both had strong performances, growing revenue at 34% and 17%, respectively. Finally, we continued to be good capital stewards, repurchasing $1 billion worth of our stock at attractive prices and acquiring new technology and talent to bolster our Motors vertical.