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eBay Inc (EBAY)’s Q4 2014 Earnings Call Transcript

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Below is the transcript of the eBay Inc (NASDAQ:EBAY)’s Q4 2014 Earnings Call, held on Wednesday, January 21, 2015, at 5:00 pm EST.


Most Expensive eBay Items


eBay Inc (NASDAQ:EBAY) is a global commerce leader, providing a robust platform where users, merchants, retailers and  brands of all sizes can compete and win. eBay is one of the world’s largest online marketplaces, and allows users to buy and sell in nearly every country on earth; PayPal enables individuals and businesses to securely, easily and quickly send and receive digital payments; and eBay Enterprise enables omni-channel commerce, multichannel retailing and digital marketing for global enterprises in the U.S. and internationally.


Tom Hudson – Vice President of Investor Relations


Company Representatives:
John Donahoe – President and Chief Executive Officer
Bob Swan – Chief Financial Officer


Eric Sheridan – UBS
Paul Vogel – Barclays
Ken Sena – Evercore
Colleen Sebastian – Robert Bird
Scott Devit – Stiefel
Heath TerI – Goldman Sacks
John Blackedge – Cowen and Company.


Good day, ladies and gentlemen and welcome to eBay’s Fourth Quarter 2014 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session and instructions will follow at that time. (Operator Instructions). As a reminder, this conference call is being recorded.
I would now like to introduce you to the host for today’s conference, Mr. Tom Hudson, Vice President of Investor Relations. Sir, you may begin.


Tom Hudson – Vice President of Investor Relations
Good afternoon. Thank you for joining us and welcome to eBay earnings release conference call for the fourth quarter of 2014. Joining me today on the call are John Donahoe, our President and Chief Executive Officer; and Bob Swan, our Chief Financial Officer.
We are 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. And all segments’ results are adjusted for the effects of foreign currency exchange. 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 You can visit our Investor Relations website for the latest company news and updates. 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 this conference call, we will discuss some non-GAAP measures in talking about our company’s performance. You can find a reconciliation of these measures to the nearest comparable GAAP measures in the slide presentation accompanying the call. In addition, management will make forward-looking statements relating to the planned separation of eBay Inc.’s Marketplaces and PayPal businesses and our future performance 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 expected financial results for the first quarter in full year 2015, the future growth in Payments, Market Places and eBay Enterprises businesses and the completion and timing of the planned separation and accompanying exploration of strategic alternatives for the enterprise 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, uncertainties and other factors that could affect our operating results in the most recent Annual Report and our Form 10-K and our subsequent quarterly reports on Form 10-Q available at our IR site. You should not rely on any forward-looking statements. All information in this presentation is as of January 21, 2014 and we do not intend and undertake no duty to update the information. With that, let me turn the call over to John.


John Donahoe – President and CEO
Thanks, Tom. Good afternoon, everyone and welcome to our Q4 Earnings Call. In a year marked by unexpected events and distractions, our double digit revenue, solid earnings growth and strong cash flow reflect the fundamental strengths of our company. We have some challenges, but overall our focus and operating discipline delivered solid company performance in the year that quite frankly we’re glad to see come to an end.

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