 Okay, so eBay quarter three earnings report is finally in and there is a lot of information to go through. So stay till the end. There will be points throughout that will be focused to your business and your goals and your future strategies on the platform. So let's get straight into it and we'll start off with Jamie's opening statement and then we'll progress from there. Good afternoon everyone and thank you all for joining us today. Our team delivered solid results during the third quarter. We generated gross merchandise volume of approximately 18 billion dollars while revenue grew 4% to 2.5 billion dollars. We delivered non-gap earnings per share of $1.03 up 3% while returning over 780 million dollars of capital to shareholders. We achieved these results despite continued challenges in the global macro environment. Inflationary pressures and rising interest rates continue to weigh on consumer confidence and pressure demand for discretionary goods. As Steve will discuss in greater detail we've observed softening consumer trends to date in Q4 and particular challenges in Europe, suggesting we may see a more muted seasonal uptake over the holidays. We are focused on controlling what we can control, being prudent about our costs, lenient operational efficiencies and continuing to drive innovation for our customers. So let's just stop that for a moment and just look at that statement there. So we can see that Jamie is acknowledging that there is a pressure on the discretionary products that are being macro affected across the platforms. Now this is softening sales and is affecting many sellers as a high proportion of what is sold on eBay in the number of items sold as opposed to the value and the ASP is predominantly lower priced discretionary products. Now this, he will go on to explain, affects more highly the UK and Europe platforms but does also acknowledge that it is implementing an effect on the US platform as well. So where we are seeing a drop in sales for Q4 and as I've mentioned on yesterday's video that around Q4 saying where are the sales are they going to be improving and I stated that no this is what it is, it is in actual fact this is what it is. So we can expect a lower level of sales through Q4 unfortunately. There will be those of course that aren't affected there will be those that will be massively affected and may impact how they look forward and this is hopefully something we can all work together and within the community and find ways and ways to move forward and let's see how it goes from there. So yes so definitely good that Jamie has acknowledged this it's not obviously all of the impact but it obviously has a large impact on the platform and on us as sellers. So let's just move along and see where he's moving to the future of what they've been implementing over the last six months and what they expect to be doing going forward. Last quarter I discussed our vision of reinventing the future of e-commerce for enthusiasts which is focused on three strategic pillars relevant experiences scalable solutions and magical innovations and I'm pleased that we made meaningful progress against each of these pillars during Q3 which I'll discuss in greater detail. I'll start with our first pillar relevant experiences. Our relevance focus categories continues to drive underlying growth in our business and we've observed a meaningful improvement in our growth relative to the market in every category we've invested to date. Focus categories grew roughly seven points faster than the remainder of our marketplace in Q3. Year to date our focus categories have grown at approximately four percent year over year. For context we estimate market rates of growth in those same categories were in the low single digits on average during the first half of 2023 as several of these categories are comprised of highly discretionary goods which have been more acutely impacted by the challenging macro environment. We continue to push the envelope of innovation in motor parts and accessories or P&A by developing features that enhance our customer value proposition. The eBay guaranteed fit program has contributed to this momentum by delivering a game-changing level of trust. This program enables tens of millions of P&A shoppers to buy with confidence knowing their auto parts will fit or then receive their money back which is yielded a measurable uplift in conversion. Given the success this program has had in the U.S. we were incredibly excited to roll out similar programs in the UK and Germany during Q3 where unaided awareness among P&A shoppers is significantly higher than it is in the U.S. The guaranteed fit program is underpinned by multiple years of investment in P&A technology including our acquisition of My Fitment. We've been steadily onboarding sellers into the My Fitment toolkit to enhance their P&A listings with more robust fitment data which improves findability for parts and protects buyers from unnecessary returns. By the end of Q3 roughly two-thirds of large U.S. P&A sellers have adopted the toolkit. On average sellers are observing conversion uplift of double digits or higher for listings enhanced by this toolkit driving incremental GMV for eBay. So from that just this far we can see that eBay Motors is still one of their major major focused categories and they are expanding exponentially throughout the marketplace and increasing their revenue and this is well it can't be a bad thing it can't be a bad thing. This is not the only category they're expanding in but as we can see they've moved to UK and Germany being their second and largest platforms out there and obviously U.S. being the number one so we can see that they are still investing they're continuing to invest and they are expanding into other areas as we will see shortly. During Q3 we continue to deliver relevant experiences for the collectibles category across a number of areas. We generated over 10 billion dollars in GMV from collectibles over the last 12 months and more than one in four eBay buyers purchased at least one collectibles item over the past year. These buyers carry some of the highest conversion repurchase and retention rates on eBay and they are also among the heaviest cross category shoppers on our platform which supports our other categories. Our goal is to remain the world's most loved destination for passionate collectibles enthusiasts providing access to the most compelling assortment of inventory across multiple categories in a high trust environment. So we can tell from here that they're moving heavily more into collectibles. The enthusiast buyers as we are aware from the previous quarter earnings report was their next goal. So they're looking to do the same in this category as they did in the eBay motors. They're expanding, they're growing. They're not filtering out what they're doing is looking to improve the trust on the platform and to drive more enthusiasts to the app and the platform for their purchases and their collection growth. As they've quite clearly stated that the average enthusiast buyer additionally purchases a lot more from the platform outside of the scope of their collections as well. So they're growing from within is what they're looking to do here. They're looking to expand the collectibles, trust the specifics, the search results and increase the revenue from that side. So we can see now that the continuing investment in eBay motors, which is great for anybody that deals with reputable parts and accessories. I'm sure there will be teething issues along the way, but I'm at the same time. If you are dealing with this category, you will know the ins and outs of this side of the business already. In service of that vision, during Q3 we launched direct submissions to the eBay vault. This enables any US resident to send in trading cards valued at $250 or higher from their personal collections to the vault, even if they were not purchased on eBay. In July to coincide with the National Sports Collectors Convention, the industry's biggest event, we announced vault enhanced submissions, which now enables us to gather large amounts of high ASP trading cards in person at 10 pull events attended by top collectors. During Q3, we also wrote out a revamped condition grading system for trading cards, which greatly improves transparency for collectibles in this category. New listings now carry more precise details, including whether a card has been professionally graded and a numerical grade or one of several predefined card conditions. Existing listings will be also migrated to the new standard over the coming months. The collectibles is now their next target, should we say. So if you are looking at selling in the collectibles market, you can expect additional investment into the platform to get your products in front of more eyes. You've got, as they've mentioned, the eBay vault. You've got the grading system that they've implemented for the trading cards. So that seems to be the direction they're expanding heavily at the moment as well. So not affecting everybody else, but in these areas they are more focused. So you can only expect good things, positive things once they have got passed their teasing stages. In response to our growing community of collectors and enthusiasts, last year we introduced eBay Live, an interactive live shopping experience within eBay app. This feature marries eBay's unique scale with an engaging shopping experience that we believe enthusiasts across the collectibles, luxury, and fashion categories are increasingly seeking. Fires can interact with influential sellers and check out in real time without leaving the stream. And sellers have loved this tool as they can move items at scale and increase their sales velocity while listing items at fixed price or as extended auctions. eBay Live is currently in beta, but we continue to expand its availability to more sellers in categories. While you've been thoughtful about the pace of onboarding as we fine-tune the beta experience, Q3 market inflection point, as we hosted over 1,000 live events, saw our millionth buyer tune in and grew GMB from eBay Live by 4x quarter over quarter. So we can see from here that they're now going after the whatnot market. So they are really, really investing big time with this and we can see a massive growth spurt coming I feel in 2024 with this launch. I reckon definitely across US, if not across the UK and Europe as well. Obviously trying to pull the sellers back to the platform that are looking to list elsewhere because of the slowing down in sales. They're also looking at bringing the buyers in that are shall we say attracted to the shiny objects style of whatnot. And this is yet another example of eBay working in the background to pull people back to the platform, trying to bring the buyers in, appeal to the next gen shall we say as well of buyers and keeping the platform moving forward as a future proofed business. So yes, good stuff. I think there's a lot of scope in that. There could be a few teething issues, I think along the way, there may well be a process you need to go through to be authorized to do the eBay Live or they may just open it to all. But I think it's more likely to be the previous than the latter. So there is the Jamie intro to the earnings report. Now I want to kind of move over to the more nitty gritty areas that cover us as sellers. I'm not interested in percentage growth, etc. etc. We know eBay is going to be around for a long time to come. We know that they are making a profit. They have expendable income, which they have been using to buy up eBay stock. So that way it's not taxable. It also pulls that revenue back into the business where they are then able to push back out to the shareholders keeping them more happy than they may well have been. This could be more of a pulsating effect whilst they reinvest and wait for the generation of income from these new areas of investment. This could well be a good, good sign for the platform. We don't want to get bogged down by points up points down shareholder prices share prices blah blah blah. That's fine. That doesn't affect us. Doesn't matter how much eBay is making. That doesn't make us any money. What it does do is give us the comfortability knowing that eBay are looking to expand into areas that they have previously not been in or as strongly. They are reinvesting into the platform, which can only benefit us in the long run. There will be teething issues. We have to accept this. There's always going to be teething issues with change, but we can get through it working together. So let's have a look at the next part of the earnings report. This is going to be moving on to the Q&A section. I'm going to trim down financial jargon and things. We don't need that. I'm going to be more focusing, looking at what they're saying regarding us as sellers, how it's going to affect us going forward, what they're looking to implement and what we can see from that. And that is the point. We need to be looking forward to the future. We need to be looking at restructuring our strategies, our game plan for 2024. Okay, so let's get into that now. Thanks. Good afternoon. Appreciate the questions. I guess first off, Jamie, there was some discussion of the seller conference a few weeks back about extending focus categories to more verticals. I think home and electronics were a couple of those in discussion. I wonder how quickly we should see focus coverage grow in proportion to total listings. And if that's true, you know, is that something that could drive volume growth in, you know, through 2024? Yeah, Colin, thanks for the question. So as you know, with focus categories, we don't preannounce the next categories that we're going into for competitive reasons, etc. We do continue to roll out new areas as well as invest back into areas of the business. So have a look at this quarter. We launched UK authentication for jewelry in our UK business. We're actually opening up a authentication center in Japan to allow for cross border trade out of Japan, which is great. We launched or expanded in P&A our guaranteed fifth program. So that had launched just in the US. We've seen great results by creating a game changing level of trust in that category. And we've expanded that now to UK and Germany this quarter. And we're excited to see the impact of that on those markets. Our other categories like refurbished continue to do well. We've seen double digit growth from that perspective. We launched some new enhancements and trading cards. This quarter with the new classification system that we've put in place and new direct submission into vault. So we're going to continue to balance new focus category opportunities, expansion to other categories like we did with jewelry in the UK. And like we did recently with streetwear, as well as investing back in the focus categories and what's working because we like the ROI of those investments. So we can see that they're definitely looking at expanding into more categories with investment around expansion through the platform. As you can see, it was mentioned around household products, electronics. So that could well be the next area could be. There was also talk around by Steve with regards to how the current softening of sales in this quarter and the current quarter quarter four are being affected by the the financial environment, the economic environment across the world. Now, he stated that obviously, yes, there is a large softening in Europe and UK, as we all know, for us in the UK and Europe. But there was also a softening starting to appear at the moment in some degree on the US platform. Now, with that, he did say that CBT, the cross border trade from the Far East has actually helped lessen the impact of the softening of sales throughout the platform. So they have a lot of sellers that sell from the Far East. Now, there is controversial talk around, obviously, you're thinking drop shippers, cheap China crap, etc. You know, we're not talking that. But what we are talking about is quality products from the Far East coming in at a lower overhead cost. Therefore, the sale price is reduced. Therefore, it is a better value for the buyers. Now, this is down to the discretionary products. And this is fundamental, I think for as far as the platform, as far as eBay is concerned, which is soaking up some of that loss, because they're still getting the revenue from the buyers, or the portion of buyers that are either one time or long time eBay purchasers that now need to purchase at a better price. And this is where it gets competitive for us in the UK, the US, Europe, etc. Because if we're not sourcing at a lower price, we will find it difficult to compete against the Far East products, depending on how you source. And this is going to have an impact on sellers, especially resellers, you know. So yeah, there is room for discussion around here, obviously, keep some notes put aside, drop it in the comments if you have any questions later, we can discuss those and help the community grow that way. But with regards to the Far East products that everybody puts in speechmarks cheap, or low quality. Yes, we are aware there are those out there, but we will address that further on in the discussion on the video. So hang tight and we'll get to that shortly. So let's move along with the questions and see where he goes from here. But I definitely think we can see that they are expanding and they're looking to expand further. And that I think that's the key we need to remember is expanding. It's not looking to cut out sections of the existing business that they get unless they're looking to maybe trim the poor quality, the counterfeit, the products that fall under the Vero or branding issues that we've all faced along the years, especially in the last six months or so with the AI system. Obviously, we're aware they're implementing more and more things on the platform to counteract against counterfeit or Vero policy breaking products, rightly or wrongly. But yeah, so that could be something they're looking at. So that may be something worth taking into account. So yeah, let's carry on. Let's carry on. Hey, Steve, just to follow up on that macro comment. As you guys look across different discretionary categories and price points, do you think it's just mostly like the macro conditions you described with the consumer weakening around GDP, etc. Or are any of these new competitors like Kimu and Sheehan having an impact at the low end as some of your peers have flagged? And then the second question is pleasantly surprised and happy to hear about the operating margin increase next year. So can you just flush that out a little bit for us? Is that a function of lapping some of the international shipping investments and kind of discreet R&D investments? What other factors might drive that up margin increase next year? Thank you. Thanks, Ross. I'll kick off the macro one and then Jamie can add and then I'll cover the margin question. So from a macro basis, just to reiterate, we did see a macro level softening in September, seeing that continue through October, we described Europe as being softer from an overall perspective based on the macro data that we all see. The U.S., we have continued some softness across the board. It's really a function of discretionary spend. As consumers, consumer sentiment is down, inflation is up and obviously the impacts of interest rate. So Jamie, maybe Ross's question. Yeah, no, I don't think it's in particular any specific other competitive thing like your question on Timo. We have not seen a significant impact from Timo or Sheen on our business. When we look at our cross-border trade, as Steve talked about, it continues to remain healthy. We believe that because of our differentiated strategy and our approach, if you remember, we've been talking about this for a while. We've been strategically moving away from low quality, low ASP items and that hasn't been a focus for us for years. So I think it's very important to jump in here for a moment. This is fundamental importance. Now, many have already mentioned in previous content on the platform, on YouTube, around eBay not being interested in the smaller sellers, the lower ASP, and I think this is misunderstood what's being said. It could just be the interpretation and understanding of how they're wording it. So what I'm basically trying to get at is, as Jamie just mentioned there, that they're not interested in low quality, low ASP. Now, it's whether or not you break that into two things. Whether they're not interested in low quality and low ASP or do they mean low ASP, low quality products. So are they talking about poor quality, cheap products or are they talking about poor quality products and also cheap products? Now, you have to also read between the lines of what they were saying there is that the softening of the lack of sales has been soaked up partially by the discretionary products that people are buying that they are looking for value for their money. So they're not saying they're not interested in lower ASP products. That's not their concern for growth. I agree. So where they're expanding and covering other categories such as eBay Motors, the collectibles, the enthusiast buyer, etc. where they're expanding into streetwear, etc. etc. where they're expanding into those areas of investment as a micro level within the platform. Excuse me. Then no, they're not looking to invest specifically in lower ASP items but you have to understand that not everything that's bought in the world is a thousand pounds or ten thousand pounds or a million pounds or whatever. It's the entire platform covers all price brackets and they are still going to continue improving the platform globally as a platform for all selling strategies. So they are happy and continuing to improve the ability to list and sell products that are of a lower ASP and that's fine. But they're not looking to currently grow and reinvest specifically for those products. You've also got to remember that the the new AI algorithm or part of the new AI algorithm takes heavily into account your sell-through rate. So you could have a, as been mentioned, the the subject mentioned many times before, with regards to say phone charging cables. Okay, you have a high quality phone charging cable that sells a lot. So you have a low ASP but you have a high strike-through rate. Now obviously for the individual reseller you're looking to make the most money with the least effort necessary. I get that and that's fine but there is also always always going to be a market and a a business strategy that will cater for the lower ASP but higher sell-through rate product. Okay, so from that level the algorithm will take you into account and it will service you with more boosting capability within search capability if your self-strike-through rate, sell-through rate is higher. So they're not saying, they're not interested, they don't want you on the platform. What they're saying is that currently in order for them to grow and their future growth plans they are focusing, focusing on the higher ASP for their category investment. That's what they're saying. So dispel any worries about if you were more the, and I mean this in no disrespect, the James-style products and you know what I mean James are more my boring real-life seller. There's nothing wrong with that. Absolutely, it works. It's worked for 23 years for him and it will continue to work as long as he readjusts certain aspects within his business to fit the future, the future AI algorithmic searching system. He will see that grow again without having to put more mass products to soak up and build up that loss in sales. His plan has worked for 23 years and it will continue to work with just a few few tweaks. So there is always going to be room for the seller that does that style. It's just that they're not focusing on that category style for their reinvestment as a focus group. That's all. Okay, let's carry on. I think the other big difference for our platform Ross is that we're a vast vast majority of our traffic is organic so I think you know as others are implicated by kind of the paid search or other marketing spend out there in the market we're less so and more resilient just because so much of our traffic is driven organically on the platform. And then with regards to question Ross on 24 obviously that'll be a number of puts and takes that will impact 24. We're in the middle of planning at the moment. The thing I would say is we will continue to be very disciplined and get the balance right between growth and profitability. We've been making investments over the last few years which will we will continue to leverage and scale as we get into 2024. We are looking at every area of our cost structure. Obviously in terms of external spending with suppliers we've been very measured in terms of our approach to the structural cost program this year with the influx of AI that will really help us sort of lean in to support the operation next year and use the benefits of that as we go forward. And we can control our cost structure. I mean we we are operating in a rather dynamic macro environment and so we will lean in as we've said and make sure that our costs grow more slowly than revenue in 2024. As you think about prioritizing kind of the highest ROI investments next year you know what initiatives are really making that top of that list and which ones are you maybe more willing to push out a little bit if times get tougher. And then on the focus categories it's kind of nice to hear the market share stability. When you observe what's changed pre and post your improvements is this a function of conversion rates functionally improving or are you also now able to kind of drive better traffic to those focus categories. Yeah so first on the you know initiatives we're still obviously you know in planning for next year but I'd say a couple things you know as Steve talked about the cost structure one of the things we're looking at is how do we leverage AI and technologies so that our costs don't grow as our volume grows. So I'll give you the example of you know one of the areas we've been investing a lot in is our customer support and so if you look at like our GCX expenses our customer support expenses we've been rolling out conversational help bots over the course of the last few quarters really advancing what we're doing there so that we can you know focus a lot of our efforts into handling more calls and greater volume with higher customer satisfaction. As an example we just launched that as a trial in Germany we've had that live in some of our English markets an example of some of the initiatives that we're going to do next year to manage the business and make sure that as Steve said we're going after the growth opportunities in the business while being prudent about our expense structure. So yeah so they're basically saying that they're looking to improve the platform and the costings by introducing the help bot on the the assistant you know the ebay assistant which I'm sure you've all been aware when you try and get a call back or you try and speak to someone you end up having to ask for a few questions first they seem to be now and I have experienced this I think they stopped it and then reintroduced it keep testing it a little bit it's frustrating to say the least it's you can ask for a call back and then it'll ask you for details and then you give it some details and then it'll throw you in a different direction so it's actually negatively impacting getting through to someone to discuss an issue so from the seller's point of view I would find this a negative point from their financial point of view I can see where they're probably going the likelihood is to reduce the amount of staffing in call centers and focus more on possibly training higher training for the remaining staff and focusing their time freeing it up for more in-depth conversations where needed when you think about focus categories and what's driving the success there I would say it's a couple of things one is that you know if I look at like for P&A for example this is our third quarter of seeing mid single-digit growth which is in line with markets and we're just now launching guaranteed fit which is one of the big value propositions for us in that category to our markets our second and third largest markets in UK and Germany where we do have a leading marketing position from that standpoint and then when we bring them on we're having a better experience for them in converting them into sales and converting them into repeat buyers because the changes we've made in trust because the changes we've made in experience I mean think about like our luxury category this is the third quarter where we're seeing positive growth in luxury even in this market and you're seeing kind of what's happening and what others are saying and it's because of the customer value proposition that we're bringing to these categories that we're seeing those results so we're going to continue to innovate and push forward on that strategy because we like the results that we're seeing and the consumers responding and then we're enhancing the focus category work with a lot of site wide investments and those site wide investments not only help us in focus categories but they help us in our other core categories in the business so I'd use the example of magical listing it certainly helps sell a sneaker faster or a training card or watch or a handbag but it also helps sell a musical instrument faster or a board game or a book or all the things that people sell on eBay because we're taking so much time out of a listing process that we're looking to unlock more of what's in people's closets garages and basements with this technology and we think that those investments will help both focus categories and our other core categories on the business okay so there you have it right there now if you look into that and read it as it's being brought out Jamie's basically saying that even though they are focusing on these categories for things like magical listing etc and their focus groups the benefits of what they're implementing and investing and implementing across the platform the item description boxes the item specific information population etc the AI search tweaking the and learning that's happening at the moment with the algorithm all these things are to benefit the entire platform so there are going to be parts of each progressive change within a particular category that they're investing in that will actually be able to be rolled out or are rolled out across the other products across the platform and he specifically stated at the end there about taking items from your closets taking items from your garage or garage however you want to word it or taking items from where your basement whatever wherever you're sourcing your products from those products are going to benefit when listing through the use of the new technologies that they're implementing onto the platform through these category changes and investments so with that what he's basically getting at there is there is still a place for and there is still room to sell your products that are thrifted that are unwanted any more and there is definitely a place on the platform they're not at any point along the entire breakdown of the report are they saying we don't want the small seller we don't want the small products they are literally saying there is a place for everyone and you have to remember this there will be always a place for everyone whatever your strategy whatever your products price value there is always going to be the ability to sell it on ebay okay the additional investment the additional additional promotion that is a discussion for another day but at this point ebay has no intention of getting rid of small sellers so feel confident knowing that that is not an issue the issues are the learning curve the implementation of these new technologies and our learning curve to control what's controllable to learn how to use and how to benefit and use this system to work for us that's the area of concern and that is the area that I would say we need to focus more on going forward quicker rather than later into 2024 great thanks so much too if I could so you know the macro environment is obviously a massive challenge for the business at the moment but as we look at the next year can you maybe help us better understand what leverage do you think you have at your disposal to perhaps get volumes back to even modest growth if the macro environment proves to be persistently weak in the medium term and then you know just to contextualize some of the comments around slower cost growth into next year relative to revenue I think investors would be pleased to hear it but does this more cautious stance on investment impacting any way the pace at which you think you can roll focus category coverage out over the next 12 to 24 months or are those investments already fully baked and the pace shouldn't be intact in any way thanks so much yeah so I would say a couple things one is we're not going to get ahead of ourselves on 2024 and talk about that on this call you know we've laid out the strategy that we have for expanding focus categories for the site-wide investments that we're making and we feel really good about what we're driving and the underlying changes in the business on the expensive side I wouldn't think about it as pulling back in areas that we think will will drive growth in the business but more what I talked about earlier which is finding opportunities to create leverage out of the model when you think of things like cost of payments when you think of things like how we're going to use AI to enable our you know the efficiency of the organization you know the whole motto here is control we can control and you know that's why we we think we've planned for the architecture that Steve laid out and we're really not going to get ahead of ourselves on on anything more from 2024 but our our main goal and we've been doing this through the structured cost program is to drive efficiency in the organization without driving the key layers the key levers and the innovations that have driven growth on the platform so we can see from that that they are focusing on the AI they're not backing off on AI so that is going to be growing more so than ever before the platform is going to be data driven it's going to be analytically driven and that is the way forward whether we like it or not this is how it is this is the beast gone are the days of put a title put a picture no description putting your policies in and away she goes we now need to work harder you can like it or you could not like it you can do it or you cannot do it I absolutely I'm not telling anybody what to do but if you want to optimize your chances of getting that sale faster then you will need to start looking more data driven more analytical and more technical within your listing get it right first time you don't then have to go back and have this mammoth task of hundreds of listings that you need to tweak and change and do all these new changes to take a step back look at what you're doing and seeing where you can improve your process if you can improve the process it will become second nature when it becomes second nature you can work out a structured way of listing and selling that works better for the foreseeable future granted we can also from there can see that Jamie's not giving away any future categories and they're not giving any information forwards from there but you can guarantee there will be new implementations throughout the year there will be new category changes it happens every year expect it so don't throw all your cards up in the air and lose patience when these things happen we know they're coming expect it prepare for it and cover yourself ahead of time in order to progress forwards in a better way great thanks for taking the questions Jamie given that you know consumers are increasingly looking at deal shopping during this holiday season due to macro pressures and inflationary environment some of the other e-commerce platforms like SC are kind of incentivizing sellers to step up discounts and are also doing promos on their own to drive volume is that something that eBay can do do your buyers react to this and do you see opportunities to maybe mitigate some of these macro pressures with product initiatives if this kind of persists for a while next year yeah Deepak the only real couponing and promotion stuff we do we do it in conjunction with our sellers where they're kind of funding those coupons and and that does work and and that's in partnership with our sellers we sometimes also do that with the our external promoter listings product that we've been talking about one of our new ad products but we really moved away from the couponing that was unhealthy that we did back in 2019 and we have no plans to reintroduce that type of couponing because it wasn't driving the type of ROI that we wanted the bigger point for eBay overall has been the shift in strategy to focus on used non-nuoan season and refurbished because when when customers face these inflationary environments they're continuing to look at eBay for better value our refurbished business is up double digits because people are getting like new products for 40 off our used business is growing faster than our new business because the demand that people see and the values that they can get on eBay so you know we just did a survey and we found that 90% of consumers that responded to the survey said that they purchased pre-loved goods on eBay in the past year so our play on value is really the new strategy of what we're going after of driving those businesses and that's what's resonating with our customers Steve So what we can see there is Jamie acknowledging along with eBay as a platform that its buyers are always looking for lower prices looking for better value especially in the current economic climate and they're aware that there is no specific end date for this to happen to get beyond so they are planning forwards they are always innovating new ways on the platform to generate revenue and serve its buyers with good products high value high quality low cost products and the average day-to-day reseller like yourselves and myself we have those products and there is always going to be a place on the platform so we can take a breath in we can feel reassured knowing that they are aware that their bread and butter going forwards is us they are always looking to expand and they are always looking to grow and they are always making sure that they are legally covered for themselves when it comes to things like the branding the Vero and obviously with the authentication and with the implementation of AI growing exponentially across the world and specifically the platform they are investing heavily into this and we need to continue our knowledge growth of how this works how it can benefit ourselves and how we move into 2024 so if we successfully learn and take the time to implement these new selling styles into our business we can triumphantly come out the other side successful and profitable with this also said it wasn't mentioned anything really about promoted listings now promoted listings isn't going anywhere this has been mentioned many times and there are other YouTubers who have also stated it's not going anywhere and this is true it's not going anywhere how we utilize that is down to us the platform as a whole is generating a high proportion of profit margin through promoted impressions and promoted listings and they know that revenue is stabilizing their financial growth with this we need to understand that this is always going to be here and if you want to play the game you need to pay that is how it is strategy of not promoting won't work anymore too many of the players on the platform are promoting which is the goal that eBay always wanted it is now a pay-to-play sandbox and we need to get in the game if we want to survive we also need to take into account we've got too used to not promoting not paying for promotion for the newer sellers you may not or for the younger sellers you may not be aware but you've only got to go back 20 years and everything cost there was no such thing as free promotion we get free promotion with eBay to some degree with its implementing and indexing onto Google shop but we are now focusing back into a society on e-commerce where promotion is a necessity and we also need to structure that into our moving forward strategy if we find the the sweet spot for promoting we can take some of the money that we leave on the table for eBay and put it back into our profit but that will take some practice and it will take time and it will be individual to every individual seller so I highly strongly recommend taking the time and the effort to tweak you're promoted until you find that sweet spot for you as we can see there's a lot of growth there's a lot of platform implementation going on and there will be still going forward there's a lot of life left in reselling on eBay nobody is getting left behind there is always going to be a place for everyone we just need to move into the new era of selling on the platform so I'll leave a link below to the full earnings report for you in the description if you have found any of this to be insightful or helpful brilliant thank you if you could show the appreciation and help me spread this knowledge to other people if you could just hit the like button put a comment if you have something you'd like to discuss or you don't necessarily agree with anything I've said or something I've said by all means I'm happy to open to a healthy debate but yes at the end of the day let's keep it real and keep moving forward and make sure that 2024 is better for everyone take care