Good afternoon. Thank you for joining us, and welcome to eBay's Earnings Release Conference Call for the second quarter of 2021. Joining me today on the call are Jamie Iannone, our Chief Executive Officer, and Steve Priest, our Chief Financial Officer. We're providing a slide presentation to accompany Steve's commentary during the call, which is available through the Investor Relations section of the eBay website at investors.eBayInc.com. Before we 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. Additionally, all revenue and GMV growth rates mentioned in Jamie's and Steve's remarks represent FX-neutral year-over-year comparisons, unless they indicate otherwise. In this conference call, management will make forward-looking statements, including without limitation, statements regarding our future performance and expected financial results. These forward-looking statements involve known and unknown risks and uncertainties and our actual results may differ materially from our forecast for a variety of reasons. You can find more information about risks, uncertainties, and other factors that could affect our operating results in our most recent periodic reports on Form 10-K and Form-10-Q, in our Earnings release from earlier today. You should not rely on any forward-looking statements. All information in this presentation is as of August 11, 2021. And we do not intend and undertake no duty to update this information. With that, let me turn it over to Jamie.

Thanks, Joe. Good afternoon everyone, and thank you for joining us. Today I'll begin the call with key highlights from the second quarter. Then I will share some updates on the progress towards our strategic vision. At the end of my remarks, I will turn the call over to Steve, our new CFO, who will discuss our financial performance and outlook in greater detail. The second quarter of 2021 marked several important milestones in the ongoing transformation of eBay. I want to thank our team for making it happen. We've accelerated our pace of innovation while executing several complex transactions. Their dedication and focus have created tremendous value for our customers and shareholders. Let me start with a few of our portfolio enhancements. We completed the transition of eBay's classified business to Adevinta. This deal was originally valued at approximately $9.2 billion, but closing in June had appreciated to 13.3 billion. Shortly after closing, we announced the deal with [Indiscernible] to sell approximately 135 million of our [Indiscernible] shares for over $2.4 billion. This agreement fulfills regulatory commitments while returning value to eBay shareholders. We also increased our share buyback plan for the year from $2 billion to $5 billion. In June, we announced the sale of over 80% of our Korean business to Emart for approximately $3 billion, bringing together two meeting e-commerce and retail companies that can unlock significant potential in Korea. We anticipate the deal will close either later this year or in early 2022. These portfolio changes allow us to intensify our focus on the core eBay business moving forward. When I spoke to you last July, I outlined a renewed vision and strategic plan for the Company. We set out on a multi-year journey to become the best global marketplace for sellers and buyers through…

Thank you, Jamie. And thank you all for joining today. I would like to start by saying how excited and honored I am to be at eBay. I would also like to thank Andy for his leadership and guidance during my transition into the role. He has done an excellent job creating value for the Company and leading our finance team over the last couple of years. I'll start on Page 4 of our presentation. We have outlined the impact of moving our Korean business to discontinued operations and our guidance for Q2 Earnings. That's an aggregated level, this would have reduced guidance by approximately 2 points of GMV growth, $400 million of revenue, and $0.02 of EPS. The Q2 results purely reflect the performance of our continuing marketplace business. On July 13th, we published a Form 8-K that includes the [Indiscernible] historical financial statements back to the start of 2019. These figures provide an apples-to-apples comparison versus our actual results. Excluding Korea, the implied Q2 guidance was between $2.58 billion and $2.63 billion of revenue growing 8 to 10% on an organic FX-neutral basis. Non-GAAP EPS was between $0.89 and $0.94 per share, representing a decrease of 5 to 10% year-over-year. Turning to our highlights from the quarter on Slide 5, despite lapping an exceptional quarter last year, we delivered strong operational results. Revenue grew double-digits, driven by payments and ads. Non-GAAP EPS was $0.99 per share. and our operating margin was 33%. We generated $910 million of free cash flow while returning $1.6 billion to shareholders through share repurchases and cash dividends. We generated significant value from our Portfolio as we work to transform eBay. We announced the agreement to sell about 80% of our Korean business to Emart for approximately $3 billion. We completed the classified transaction…

[Operator Instruction] [Operator Instructions] Please, standby while we compile the Q&A roster. Your first question is from Tom Champion with Piper Sandler.

Hi, good afternoon, and thanks for taking the question, Jamie, I'm wondering if you could elaborate a little bit on your buyer strategy. It sounds like we should expect that maybe that metric is under pressure the next couple of quarters. But what sort of underlies that the strategy around focus, around that, that's 20% of the buyer base. And I guess relatedly with the portfolio improvements in streamlining the business, does this enhance your ability to execute more rapidly going forward? And maybe just the last one for Steve would love to hear a little bit more about your thought process and what -- what drove you to the business, given it's a little bit different from your prior background. Thanks very much.

Yes. So first on the buyer strategy, this is something that I laid out last July when we talked about the tech lead reimagination as being focused on turning buyers into lifelong enthusiasts on the platform. And moving away from the tactics that we had in 2019, where it was really just about the number of active buyers, even low-value buyers, or one and done buyers. I've got the whole organization pivoted to focusing on those high-value buyers, buyers that are buying over $800, buying 6 times a year, or buyers who sell, and so as you think about these buyers, they are so strong at EBITDA. 20% of them, they make up 75% of GMV. and the goal is, how do we turn more buyers into these lifelong enthusiasts? I've met a lot of these buyers, they wake up and they get a cup of coffee, and they turn to eBay and open the eBay app. And our focus is really not on just the total number, but really focused on how are we driving these buyers to become enthusiasts? The metrics that we show in the Board deck, are [Indiscernible] 12-month metric. So, we're obviously lapping the buyers that we acquired in Q2. But going forward, our focus will really be on these long-term enthusiasts. So, I'm excited to say that their GMV is growing. They're growing as a population, and more and more, you're going to see us doing things to drive that longevity because we know the things that move buyers up the cohort curve into long-term buyers. On your second question on the portfolio, absolutely. A huge part of the portfolio simplification is about being able to focus on the marketplace, and as Steve talked about, we generated $20 billion in value for shareholders starting with the StubHub transaction. But I think more importantly now, it enables us to focus all of our attention on the Marketplace business. As I've talked about, we see a lot of growth opportunities in that business. The strategy that we have is working. We're in year one of a multi-year re-imagination of eBay. But if you look at what we talked about a second ago with the 10% now about to reach 20% of categories. It's really working. Customer satisfaction is at 90, it's leading to a very strong GMV. And we see the same potential for this innovation playbook in every category on the site. And Steve, maybe you want to take the last one.

Thank you, Jamie. And thank you, Tom, for your question. It's good to meet you this afternoon. I suppose, I [Indiscernible] in two areas, I've [Indiscernible] from two Companies, which were leaders in an industry around customer-centricity and innovation. And coming over to eBay a Company that's got a real sense of purpose. An amazing team and our hearts around customer-centricity and innovation were some of the core facets that I looked at when I came out to eBay. Since I've been here, it's really clear about the sheer size and scale of the enterprise and what opportunities are ahead of us in terms of its growth. We really do have incredible durability of the financial model with a fortress balance sheet, best-in-class margins, incredible free cash flow. And even after a few weeks, I feel that the value of the enterprise is really misunderstood because of the potential that's ahead of us and the strategy that Jamie's laid out. So, I'm really excited to be here. I think there are huge opportunities for the enterprise and I'm looking for to my journey over here and eBay

Thank you, Doug.

Your next question is from Stephen Ju with Credit Suisse.

Okay. Thank you so much. So, Jamie, I know this question goes back away in terms of what we could be doing once the managed payments are fully deployed. But now we're pretty much at the goal line here, so there have to be pockets of the global demand base. You otherwise could not cater to before, because you just simply could not take their money. So, what are the prospects of opening up the buyer acquisition funnel to that audience a bit more in those regions? And I guess on the second point, recently, you've launched the fulfillment service in the U.K. with a partner. So, can you talk about what kind of improvement you think you may see to either conversion rates and the buyer experience as you step up the level of service for the buyers in the country? Thanks.

Thanks for the question. On the first one we're excited that as we get through managed payments, we announced that next quarter we'll be at 90%, that it opens up even more opportunities for us from a, how do we service our buyers and sellers? So, some examples of things that we've already launched, for example, is we launched a partnership with After pay as an additional form of payment in Australia, allowing people in that market to pay with installments. It's very strong in Australia, and that's certainly helped us in Australia business. In our U.K. business, we've launched a partnership that allows us to do seller financing and help sellers out there. And we'll continue to expand in different ways throughout the globe on more opportunities around managed payments. The other big one that I talked about earlier is that now that commerce and payments are one, and we can manage all of that on eBay, there's a lot of friction we can take out of the platform, so unpaid items are a great example where for 25 years since I was here the first time, sellers have had to face items where buyers wouldn't pay. We've now eliminated that in the 99% of options on our way to do that in best price -- I'm sorry, the best offer in auctions. We've eliminated fixed price on our way to do it, is the best offer in auctions. And two weeks ago, we had eBay open with thousands of sellers online and we announced this. And it was massive rejoicing from them because this has been a key pain point. So, the other thing I'm excited about is just eliminating those pain points. On your question on the fulfillment service, what we saw in the U.S. and especially in our cross-border trade, coming out of Greater China, for example, is the ability to forward-deployed inventory is a benefit because of the predictability that it gives to buyers from that standpoint. We're using it to help scale small businesses, to drive the ability to have for deployment. And basically, pass those savings onto the customer. So, we're just getting started with that program, but we've learned a lot about cross-border trade and, and we're excited that fulfillment services are going to help scale some of our small businesses and in their cross-border inventory.

Thank you.

Your next question is from Michael [Indiscernible] with Bank of America.

Hey guys, thanks for taking my question. Two, if I may, the first just on promoted listings, it looked like they were -- so the promoted listings revenue is on change quarter-on-quarter. So, there's a bit of a deceleration. I was just wondering if there was anything to call out specifically for that in Q2? And then secondly, looking at the decline in sold items, it looks like the sold items were down by more than the GMV was down. And looking back to last year, GMV grew more than sold items last year. So, it looked doesn't look to be driven by comps. So, is there anything to call out for the decline in sold items for Q2 as well? Thank you.

Yes. So, on the first one on Promoted Listings, no, that business is doing well, we frew it 8% in the quarter, despite the volume being down 11. And we actually are starting to scale up a couple of pilots that we launched in Q2. Specifically, ads for auctions, what we're calling Promoted Listings Express, which is a CBC business. And then -- and off eBay advertising business. So, we continue to see lots of potential in that business, and these 3 areas are just getting started. On the sold items, that's really a reflection of the purposeful decisions that we've made, to one is moving away from low-value items that weren't driving the type of return and low-value buyers specifically, as well as a shift to higher ASP in general because of the strategy to focus categories strategy working. So, we talked about the strength that we're seeing in trading cards and collectibles. Already having done $2 billion this year, the same as all of last year. Really driving our C2C business, and C2C tends to have a higher ASP. Our higher average selling price than our B2C business. And so that's also driving kind of that dynamic. so, it's actually in line with what -- with where we wanted to be, we think it's healthy for the ecosystem, and we think it's going to continue to be driven that way because C2C, as we look at it, we hope to continue to outpace B2C and lean in on these categories of value, like our luxury goods collectibles, et cetera.

Okay. That's great. Thank you.

Your next question is from Colin Sebastian with Baird

Thanks. Good afternoon, everyone. Welcome, Steve. I guess jimmy first just wanted to follow up on the buyer strategy. I'm just trying to figure out how we should think about that, ultimately translating into marketplace growth, and is there going to be, for example, an extended period of decay in those fewer active users before the marketplace essentially normalizes, and then you can show growth. And then, secondly, I guess more housekeeping, in terms of, what was behind the acceleration and the move to manage payment stream, Q2? It seems like you may be about a quarter or 2 ahead of plan there, if I have the metrics right Thank you.

Yeah. So, on your first question on the buyer strategy. Yes, we're purposely moving away from low-value buyers who are kind of low CLTV, low GMV per buyer. If you remember back in 2019, we talked about that strategy and because some of these are trailing 12-month metrics, some of those numbers are actually still in our numbers even from 2019. But the reason I'm focused on is if you look at that 50% of buyers, they only contribute 5% of GMV. And the top 20% contribute 75%. And so, by focusing the organization not on just how many buyers do we have on the platform, but how many of our buyers are we turning into these high-value buyers? We think that's much healthier for the growth of the platform in the long term, much healthier for sellers, et cetera. Jive's better with the marketing strategies that we're going after while we're really focused on the first 90 days of a customer and getting them up to their lifecycle. So, this is going to be a purposeful strategy you are going to see us on for years, walking away from the work that we did back in 2019, what when you ask about the managed payments, what I'm really happy about is the execution from the team. If you look at when we started, for example, enabling greater China, we got to 90% penetration within 10 weeks. And so, we took the learnings from what started two years ago with the U.S. and Germany, and we've learned a lot as we've rolled out all of the other countries. And that pace speaks to the -- the pace of execution of the team and what they're doing and another, a lot of questions of what we'd be able to even reach the targets we had for next year originally. And I'm just excited that we're ahead of schedule and we're starting to do things like the After pay and the seller financing because there's just a lot of potential for this business as we fully manage the payments by -- all through eBay.

Okay. Thanks, Jamie.

Your next question is from Edward Yruma with KeyBanc Capital Markets.

Hey guys, thanks for taking our questions today, I guess first you guys have made a big push into authentication as part of your focus on some of these vertical enthusiasts’ communities. And I know -- or we believe that a lot of this is done on an outsource basis, I guess at some point, you need to bring this in-house and kind of how scalable are your current authentication solutions. And then kind of broadly speaking, it seems like you guys have been fairly innovative with adding more functionality to eBay stores. What is the uptake been of the subscription product and kind of what does the product roadmap look like from here? Thanks.

Yes. So first on your question on authentication. Look, we're really excited at how we've been able to scale this program. We've now authenticated 1 million items on the platform. We've expanded that authentication too, for sneakers to U.K., Australia, and Canada. This quarter we announced that we're authenticating handbags over $500 in the U.S. And we're using a mixture of third-party and in-house resources to do so. But what we're seeing is that this authentication has a great ROI. What it's able to do in terms of driving GMV, driving new buyers into the site. I will just give you -- I'll reiterate the stat we talked about last quarter in sneakers, which is acquiring a Gen Z, they buy $500 in sneakers, but they buy $2,000 in other categories on the site. We're seeing the same thing in watches, where a luxury watch buyer is buying $8,000 in categories outside of watches, and that's over 50 items. And that's one of the benefits of eBay, is that cross-category shopping nature, and that's really hard for other competitors to replicate. On eBay stores, we talked about being the seller platform of choice and a big part of that is our strategy of really growing eBay stores. This quarter we announced a new program where it's much simpler to set up your eBay store. And I'm really excited by one of the features the team now -- announced, which was the ability for a seller to send coupons to repeat buyers. So, this is something that sellers have been asking for. We built it in as part of the store's platform. And in just a few short months since launch, that product already has 1 million buyers taking advantage of those coupons from sellers. So, another thing that -- as we had our big eBay open event 2 weeks ago, our sellers were really excited. And frankly, we're just getting started on that program. so, we're even continuing to make sellers aware of these new capabilities. So, you'll continue to see quarter-after-quarter and year-after-year innovation on eBay Stores because it's an important part of our strategy.

Thank you.

Your next question is from Ross Sandler with Barclays.

Hey guys, two questions on the model here. You've got about a 10-point easier comp for GMV on an [Indiscernible] basis. In the third quarter and you're calling for a little bit more? re-sell? from here. So, do we chalk that up to a kind of purging some of the low-quality buyers and that chunk of that 25% of GMV that they represent or is that just the macro is kind of dropping off any color on that would be great? And then your 33% operating margin for 2021, that's got the brunt [Indiscernible] payment ramp in there. So, as we look ahead to '22 and we expect GMV to start growing again, how should we think about that operating margin? Like what are the puts and takes on that going up or going down next year? Thanks a lot.

hey, we got Steve here. [Indiscernible] So I'll start off with -- the second quarter. And as it relates to everything else on an Apples -- Apple basis, we've obviously exceeded our expectations across all of the major metrics. We laid out our Q3 - third-quarter guidance, and obviously, that reflects the best view based on what we're seeing in our most recent trends in the first part of the quarter. And our latest outlook on my ability. And this is actually an unchanged view versus what we communicated when me [Indiscernible] in the second quarter and what we indicated was that we expected the second half GMV growth will be similar to Q2 as the Asia comps will be offset by lower macro benefits in 2021 as some mobility got back to normal and we are seeing some of that, in particular, a couple of our key markets in the lights of Germany and the U.K. That underpins that. And again, we still to -- when we look through that lens, we expect that to lead to a mid, low-to-mid teen volume declines year-over-year, which actually at the heart of it indicates modestly positive growth from the underlying business on the basis of us continuing to improve the customer experience and execute on the vision that Jamie has a light out. Specifically, with regards to your second question about the 33% operating margin for 2021, obviously, we're ramping payments up. We talked extensively about the fact that that's actually a lower margin part of the businesses sort of 25%, we've guided our expectations that 2021 will end with that 33%. With our recast financials ties a 150 basis stronger than 2019. So, we're right on track with the margin accretion from all of the initiatives that we're driving forward. We're not guiding 2022 at this point, but I'm very pleased with the trajectory that we're sitting on.

Your next question is from Richard Kramer with Arete Research.

Thanks very much. Jamie, first of all, you spoke about being the platform of choice for sellers, but you've also hit a record transaction take rate of 11.3%, you're suggesting that a rise year-on-year. What's your message to sellers with the notion that they are seeing in terms of their costs on eBay continued to go up as there's been a lot of issues and glitches with working on final value fees and tax and so forth. And then a couple of quick questions for Steve. Can you give us a bit more detail on the decline in gross margins you mentioned payments on authentication? And also, adjusting for the fair value of both warrants, and equity, and the investments, it looks like free cash flow would have been about a 1/3 lower. So, can you talk about what you're seeing in the underlying free cash flow of the business when we remove all these very noisy investment income and changes in fair value of warrants? Thanks.

On your first question, I think is important there is to think about the fact that there used to be a separate take rate associated with payments. And now what our sellers are seeing is a blended take rate. And in general, the vast majority of sellers will actually be paying lower fees when you look at the combined take rate that they pay, because they're no longer paying that separate piece, and it's one single rate. The reason you are still seeing a rise in intake rate and may continue to do so is just because of the ramp of payments. So as payments ramp up, that starts to get reflected in eBay's take rate. But the seller is no longer paying that PayPal or other forms of payment take rate. The second key -- the second key thing for us is making sure that we return the value to the sellers for the fees that we're charging. And so, when you think about the scaling demand that we can bring in terms of 159 million buyers, in terms of new capabilities that we're bringing to them on the platform, like the ability to go back to repeat sellers. There are areas where we've discounted our fees like sneakers, which has worked out really well in terms of growing those categories. We look in general at the value that we provide. And I would say in our core business, we actually feel really good about that. And what we're seeing in our advertising business is that the ROEs of the return on ad spend that our sellers are seeing, are actually higher than what they're getting on other platforms. Which also, I think speaks to the value of the demand that we're providing. I'll let Steve take the other questions.

Hi Richard, good to meet you remotely. I'll turn off the first question with regards to margins. So, I think about the 3 key areas that the underlying business, there are payments, and then there are the lights of authentication. And so, as a reminder, we laid out the strategy around payments a couple of years ago. With regards to $2 billion of incremental revenue, $500 million of incremental [Indiscernible] margin, and as Jamie alluded to, that is going very well, the momentum's going well, we've increased the full cost for 2021 to 1.8, [Indiscernible] on the revenue side. And as I said earlier, we are continuing to be on the path for the incremental 150 basis points over two years on our margin story. So, it's not necessarily driving any dilution in the margin story. It's great from a Net Income standpoint as we go forward. The second point on authentication, Jamie mentioned the return on investment that is providing, it rather de minimus when you look at the overall cost structure in terms of, in fact, less than the half of points of margin is where you go from authentication, but the amounts of stickiness that are providing for our customers when they are going to cost cross-category buying more than pays for itself, and it's an investment that we're really glad we're making as we think about the whole ecosystem and And then the ability for that to move [Indiscernible] -- across categories. With regard to our free cash flow at an underlying level which generated a free cash flow of $910 million in the quarter. The warrants are not achieved yet, and the free cash flow's investments. What I would say is that we continue to invest in the product as part of our core platform. In terms of the payment’s rollout, which is going extremely well, and other product investments with regards to moving this side forward in the categories that Jamie alluded to earlier. So, we're doing very well in terms of the organization and how we're moving forward, and very happy to follow offline if there are any further questions.

Your next question is from Deepak Mathivanan with Wolfe Research.

Hey guys, thanks for taking the question. To start off, just to follow up on Ross's question. Low-to-mid teens GMV decline in 3Q. Any way you can sort of giving us color on mobility assumptions behind that, should we expect some incremental deceleration in 4Q, or is 3Q sort of the reflection of all potential reversals due to mobility may [Indiscernible] that it's hard to forecast COVID dynamics. But I want to understand your guidance assumptions. And then the second one, you monetized some of your Adevinta stakes, how should we think about the approach with the rest? Is there any specific guidance or timeline that you have in mind? Thank you.

Good afternoon, Deepak. So, I'll address the first question as you laid an eye in terms of my ability, we have, as I said in my prepared comments, assume that we start to ramp off the significant lockdowns coming from 2020 through '21. We talked about the fact that mobility, in terms of people getting out and about would increase as we went through the second quarter. And so, as we got into the third, then that's rolling off. In fact, just -- if you look at, particularly, Germany, one of our biggest markets in the U.K., things are pretty much back to normal from my ability standpoint, travels going through the roof. If you look at Search, in terms of leisure activities in travel I think that's as it is going forward. Obviously, it feels a little different, maybe over here at the moment with regards to the Delta variant, but in that sense, we are missing things where we're expecting that going forward, I'm not going to get beyond quarter 3 Deepak you know because we chose not to guide further than that because of the uncertainty. But we are [Indiscernible] in the third quarter that things are starting to get back to some normality. And -- and we're not in the lockdown scenario. With regards to the Adevinta transaction, obviously, that was completed. When we think about Adyen and Korea, whilst we have a great [Indiscernible] transactions and not closed yet. And obviously, therefore we're not getting into any discussions about the proceeds of [Indiscernible] those transactions until those are closed. So obviously leading into the [Indiscernible] venture Very pleased that we were able to increase the share buyback from 2 billion to 5 billion this year in terms of driving those returns to shareholders. But it's too early to say with regard to the other transactions that have not closed yet.

Okay. Operator, I think we'll take one more, please.

Your final question is from Dan Solomon with BMO Capital Markets.

Hey, good afternoon, everyone. Jamie can come back and review the rollout of Promoted Listings Express and CPC pricing, whatever your key goals there, is it a greater advertiser base, deeper spend per advertiser, and bring more of your sellers in more deeply to the program, any more color on that would be great. And maybe an appropriate last comment for the call, you've mentioned eBay open a seller forum a couple of times here, and some of the pieces [Indiscernible] see back that you got. What would you say were the 2 to 3 most important that you heard from the sellers [Indiscernible]?

Yes. So first on the Promoted Listings, yeah, the rollout of CBC is really to have additional ad formats and additional capabilities, for sellers to drive visibility of their listings. So, we talked last quarter about how we're only at 1% of GMV. And if you look at other platforms, we think there's significant potential in the kind of low-to-mid single-digit percentage of GMV. The backs of the existing program, where we've already done over a billion dollars, grew 8% this quarter. We're really on a single type of advertising in a single format. So, it was all CPA on fixed price. So, as we expand now to auctions as we expand to a CPC where we introduce more bidding capabilities for our top spot and search, which just enables sellers to have more tools. So, we're in beta on that product right now, and I would just say in general, we're really excited by what we're seeing because our ROEs are really strong, meaning our buyer experience is performing well, and the return that the sellers are getting on that spend is productive and much more productive than they would get on other platforms. In terms of eBay Open, I think we had a lot of really positive feedback about the unpaid item noise. I've known sellers forever get frustrated when that happens to them, especially for a new seller. and so, they're really excited that we're tackling that as part of managed payments. I'd say they're really excited by what we're doing in stores and coupons because they want to build their brand on eBay. They want to drive repeat business. And so, I think they're really excited by that. I'd say the other form that was really well attended and -- and had a lot of excitement was the trading cards forum. The launch of computer vision, where we're driving 80% of the scans is really identifying what the product is and it's simplifying the listing flow. We launched this new my collections, which is a really popular feature for people because they can show up their collections. And we launched a price guide feature which -- eBay has this treasure trove of data in the 25 years of history, nobody has the data that we have. It's a really great asset for us. So, I'd say that area and those sellers that joined in particular, we're really excited by the innovation that we're making. I love those forums because this platform gets better by listening to our sellers and hearing their feedback. And they give us lots of ideas of things to continue to work on in the tech lead reimagination. So, a great interaction, despite being virtual, they all can't wait to be in person again, like we can, but it was a really good session.

Thanks, Jamie.

That concludes today's conference call. Thank you for participating. You may now disconnect. Goodbye.