Since March 2020, tens of thousands of small business sellers have been added to the platform.

These SMBs bring great selection and value for buyers to discover. Do you think it could be higher than say 1% to 1.5% of GMV and any signs that make you think the opportunity could be bigger over time? The health and safety of our employees and their communities is our top priority and I want to thank our team for their remarkable dedication during this difficult time. I know you mentioned you're sorting lots of conversations with sellers that you're trying to improve the selling process. Sales and marketing expense was down over 3 points versus the prior year as Marketplace volume leverage and Classifieds spend reductions were partially offset by reinvestments in the Marketplace segment. We do have a buy now, pay later option or monthly pay option that's in partnership with PayPal. Turning to Slide 17, given this dynamic environment, we are not revising our full-year revenue, margin, and EPS estimates, but we wanted to provide you with a little bit more context on how we are thinking about the rest of the year. We remain on track to realizing an incremental $2 billion in revenue and $0.5 billion of operating income in 2022. Please go ahead. Additionally, all revenue and GMV growth rates mentioned in Scott and Andy's remarks represent FX-neutral year-over-year comparisons, unless they indicate otherwise. For hundreds of thousands of small businesses worldwide, we offered to defer fees, provided store subscribers with more free listings, and protected seller performance standards. Buyers can pay with ease and convenience with more choices of popular local payment methods. The good news is that's in progress but we're accelerating even that work.

Fundamentally, nothing's changed other than it's performing basically exactly as we thought it would. Please go ahead.

Andy, do you want to take the first one? We're trying to activate them and so they'll go right into those cohorts and really we'll be working on things like getting them to sign up for the mobile app if they didn't come through the mobile app, getting them to fully register as a user, if they were only a guest, continuing to hammer them with emails and other value that's available on the site. In June, we released dark mode on iOS and dark theme on Android, which was the most requested feature by customers, particularly our Gen Z customers. And so I think that focus will also be good for the whole organization.

And so, what you see now is a broad-based expansion of the growth in other categories on eBay without really any being left behind per se and so from that perspective, it feels good. In this rapidly changing environment, it's unclear how long these dynamics will last. Factors that could cause or contribute to such differences include, but are not limited to: changes in political, business and economic conditions, the duration of the COVID-19 pandemic and the effects of COVID-19 on our business and operations and on the general economy, including effects on our sellers and customers, any regional or general economic downturn or crisis and any conditions that affect ecommerce growth or cross-border trade; the Company's ability to realize growth opportunities in payments intermediation and advertising; the outcome of the strategic portfolio reviews; fluctuations in foreign currency exchange rates; the Company's need to successfully react to the increasing importance of mobile commerce and the increasing social aspect of commerce; an increasingly competitive environment for its business; changes to the Company's capital allocation, including the timing, declaration, amount and payment of any future dividends or levels of the Company's share repurchases, or management of operating cash; the Company's ability to increase operating efficiency to drive margin improvements and enable reinvestments; the Company's ability to manage its indebtedness, including managing exposure to interest rates and maintaining its credit ratings; the Company's need to manage an increasingly large enterprise with a broad range of businesses of varying degrees of maturity and in many different geographies; the ability to successfully intermediate payments on the Company's marketplace platform; the Company's need and ability to manage regulatory, tax, data security and litigation risks; the Company's ability to timely upgrade and develop its technology systems, infrastructure and customer service capabilities at reasonable cost while maintaining site stability and performance and adding new products and features; and the Company's ability to integrate, manage and grow businesses that have been acquired or may be acquired in the future.

We plan to modernize and simplify the experience to drive more purchase frequency by leveraging AI teams to remove friction throughout the buying journey. Any change in your thinking there. Our Marketplace revenue was $2.7 billion, up 26%, accelerating 25 points from the prior quarter. It's also a volatile time for currency and given the global nature of our business, significant movements can have a material impact on our results. We haven't seen anything through April to suggest that they don't. Another great example is seller-initiated offers where sellers can send custom deals directly to buyers, which launched several new features in Q2 and is expected to drive over $1 billion in GMV in 2020. And then similarly in the US, yes, the growth rate is stronger than -- it's not stronger. Sir, the floor is yours.

Moving to Slide 6.

Margin dynamics are well above most peers in the market although margin contribution is significantly less than our on-platform markets in the rest of the world due to marketing spend differences and the first-party sales mix. And can you just talk about the Company's ability to retain and attract the right engineering and product talent to make this happen? Could you talk a little bit about the incentive team for the management team -- incentive structure? To drive demand for sellers, we continue to augment Promoted Listings capabilities. We've continued to strengthen our balance sheet and are leveraging the current market to improve the rates we're paying on our outstanding debt. StubHub results are presented as discontinued operations. Shares are down 1.6% since reporting last quarter Jamie Iannone, CEO. It’s currently too long and complicated and needs to be dramatically simplified. Great. I will walk through each priority in more detail. [Operator Instructions] The first question comes from Ed Yruma of KeyBanc Capital Markets. Moving to active buyers on Slide 6, we have 174 million buyers representing 2% year-on-year growth, flat with Q4. Consumer sellers are dedicated eBay customers who have a proven track record of spending more than double the amount of buyers that don’t sell on the platform. Non-GAAP EPS was $0.77, up 19%, substantially better than expected. The Company is deploying investments in order to support sellers during this time, including: eBay remains committed to living its purpose, empowering people and creating economic opportunity for all. [Phonetic]. We have a strong balance sheet, our liquidity is in great shape and our business models continues to generate strong free cash flow in any of the above scenarios. We'll have that and always have that. The last 90 days have been an incredibly exciting time for eBay. So both with kind of brand advertising talking about the small businesses, but also in a less competitive environment on the performance side of the business. Andy will go into further detail about recent trends in his remarks.

Investor Alerts. To subscribe, click on the button below and copy the URL into an RSS reader. Okay, thanks guys. In Q2, we were able to deploy incremental investments in the marketing and growth initiatives, while still delivering higher margins. Some of these actions such as extending payment terms resulted in adjustments to bad debt and other reserves that are having a short-term impact on operating margins across our business. This demonstrates the power of the eBay platform where sellers can connect to individual buyers. Now that without StubHub and now with Classifieds transferred to Adevinta, you've got the whole organization thinking about this overall tech-led reimagination from technology, marketing, product and these three kind of key focus areas. This is roughly flat year-on-year as reduced operating expenses, operating cost, and the impact of divesting brands4friends were offset by increased reserves related to COVID-19, our investment in managed payments, and the impact of a stronger U.S. dollar. This is what brought me back to eBay, and it's what the leadership team and I are committed to executing against. Investor Alerts.

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