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Annual Report 2015

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Annual Report 2015 2015 ANNUAL REPORT To our Stockholders, In 2015, we completed the separation of PayPal from eBay Inc. and increased our efforts to innovate and grow our Marketplace, Classifieds and StubHub platforms. The business and financial achievements outlined in the CEO’s letter underscore the progress the company has made to execute its strategic priorities during a year of significant change. As we set up the new eBay for success, we also established a best-in-class Board of Directors, adding six new directors — Anthony Bates, Bonnie Hammer, Paul Pressler, Robert Swan, Perry Traquina and Devin Wenig. Collectively, these leaders bring significant management, technology, financial, retail and media experience to the eBay Board. Their skills and expertise, coupled with those of our existing Board members, lend the right level of stewardship to the company. Additionally, I was honored to assume the role of Chairman of the Board in 2015, succeeding the incomparable Pierre Omidyar, who remains a director of the Board. As eBay looks to complete its first full year as a standalone company, we believe our potential has never been greater. The Board believes deeply in eBay’s purpose of creating economic opportunity for all, and we are confident that we have the right strategy in place to bring this vision to life. I look forward to being a part of eBay’s bright future. Thank you, our stockholders, for your continued support and commitment to our company. Thomas Tierney Chairman of the Board To our Stockholders, 2015 was a remarkable year of change for eBay Inc. We completed the separation of PayPal and celebrated our 20th anniversary as an Internet pioneer. While doing this, we transitioned leadership and began executing a comprehensive long-term strategy to reposition our business. We believe the steps we are taking will make eBay more competitive by delivering a differentiated and compelling customer experience. We operate in a dynamic, fast-paced environment that requires companies to innovate and change in order to maintain their leadership positions. We embrace this dynamic and it guides our approach in everything that we do. Our Guiding Principles We have adopted an ethos that is the foundation of our culture and business strategy. • We will persistently reinvent our business. eBay is one of the great Internet success stories. It was a survivor of the dot-com boom and bust, and grew a highly profitable business when so many others could not. We are driven by the notion of persistent reinvention — that for a company to succeed over time and through generations, it must be resilient, embrace change and be willing to challenge its own conventional wisdom with courage and conviction. • We are running the company for the long-term. We are competing in a time of rapid transformation where the lines between technology and retail are increasingly blurring. Ecommerce is becoming simply commerce, and because of this shift, the stakes are very high. We recognize that we have to evolve our proposition for buyers and sellers and build sustainable services that will position us for the large shifts in consumer behavior that are underway. We will prioritize those investments and strategies that we believe create value and improve our competitive position, even if they may have a negative impact on short-term results. • We are a technology company and are builders at heart. eBay was created through the vision and hard work of a group of people who saw the potential to use the distribution of the Internet to create a closed-loop marketplace that would allow buyers and sellers to transact safely and effectively. That spirit of building remains in the business today. We get our energy from inventing new services for buyers and sellers, from building industry leading products and from leading the way for how people shop, sell and give. • We are purpose driven. Our purpose is to empower people and create opportunity through Connected Commerce. Our nearly 12,000 employees care deeply about the role that we play in the world. Our platform provides anyone with an Internet connection and a product to sell with access to the world’s markets. We are a business borne out of entrepreneurship, and we value and support entrepreneurs of all kinds that use eBay. Our View of the World and What it Means for eBay Over the next five years, we believe a number of powerful trends will further re-order the commerce landscape, and we have created a business plan designed to successfully position eBay as a continued leader in our space. We will experience a world in which trillions of screens and sensors are connected to one another and form an ecosystem of data that lives in the cloud. This influences how we are evolving eBay’s platforms, including the experience for consumers and our value proposition for sellers. Additionally, we are entering an era where “global commerce” is losing meaning as much commerce is already becoming truly global. Nonetheless, structural barriers remain. eBay will continue to advocate to help champion an external business environment that is supportive of the small- and medium-sized entrepreneurs who rely on our platform for their livelihoods. The way in which an emerging generation of consumers shops and thinks about consumption is also changing. Increasingly, consumers are seeing the benefit of secondary markets as a driver of sustainability. Millennials identify sustainability as an important principle, and we believe that for many people access takes precedence over ownership. This has fueled the growth of a new generation of services and marketplaces. eBay has long been a leader in this area, and we will continue to enhance our “flywheel,” which we believe will provide strong competitive advantages for us going forward. Our Strategic Priorities From our first seller in 1995, we have grown to tens of millions of sellers on eBay. Our community of buyers is now more than 160 million strong. The eBay of today has changed considerably since our early days, and the eBay of tomorrow will change even more. While eBay was once an auction site selling vintage items, today 80% of the items sold on eBay are new, and at any given time we have over 800 million live listings. Our marketplace has never been as big as it is now, and there are few companies currently in the commerce industry with the scale and reach of eBay. To deliver a more robust commerce platform, in 2015 we embarked on a significant, long-term effort to evolve our core eBay marketplace, moving away from a listings-based format toward a product-based format. As part of this, we began collecting product data from our sellers as they list their inventory, allowing us to offer greatly improved user experiences, and to build machine learning capabilities to process a global, accessible catalogue of things. During the year we also took steps to evolve eBay’s mobile experience, shifting toward a discovery-based experience for buyers that also enhances our simplified mobile selling experience. Moving forward, we will continue to iterate our mobile platform as we further enhance the user experience and drive increased adoption and usage on mobile. We also stepped up our engagement with the core buyers and sellers who create eBay’s vibrant marketplace. We reorganized our business along strong regional category lines, and we announced a number of significant changes to our seller policies. These changes, which include more objective standards, are intended to help small- and medium-sized sellers be more successful on our platform and better reward sellers who provide great service to eBay buyers. Financial and Business Highlights In 2015, we executed our plan and delivered on our financial and business commitments, meeting our targets for growth in Gross Merchandise Volume (“GMV”), revenue and net income. eBay Inc.’s total GMV was $81.7 billion, up 5% year-over-year on a foreign exchange (“FX”) neutral basis and down 1% on an as-reported basis, reflecting the impact of a strong U.S. dollar. Revenue was $8.6 billion, growing 5% annually on an FX-Neutral basis and down 2% on an as-reported basis. Net income from continuing operations was $1.9 billion or $1.60 per diluted share. In addition to this, eBay Inc.’s active buyer base grew by eight million, to 162 million total active buyers, representing 5% growth on a year-over-year basis. With respect to the Marketplace platform, GMV was $78.1 billion in 2015, representing a 5% increase year- over-year on an FX-Neutral basis and down 2% on an as-reported basis. Revenue was $7.2 billion, up 3% year- over-year on an FX-Neutral basis and down 4% on an as-reported basis. Our StubHub platform, the largest ticket marketplace in the U.S., accelerated year-over-year with GMV of $3.6 billion growing 13% and revenue of $725 million up 15%. During the year, we made a number of product and experience enhancements to the StubHub platform, which we believe contributed to StubHub’s strength. The Classifieds platform continued its strong momentum in 2015 with revenue of $703 million growing 15% year-over-year on an FX-Neutral basis, down 2% on an as-reported basis. The Right Strategy for the Future This is an exciting time for technology disruption and commerce specifically. We are actively embracing the trends that are impacting the lives of billions of people around the world. I am confident that we are transforming eBay to continue to be a leader, while driving eBay’s stable and profitable long-term growth. I am passionate about the opportunity ahead of us and eBay’s role in shaping the future of commerce.
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