Ladies and gentlemen, thank you for standing by and welcome to eBay's 2024 Annual Meeting of Stockholders. I would now like to turn the call over to your host, John Egbert, Vice President of Investor Relations. Mr. Egbert, please go ahead.
Good morning. I'm John Egbert, Vice President of Investor Relations at eBay. Thank you for joining us and welcome to eBay Inc.'s 2024 Annual Meeting of Stockholders. There will be two parts to today's meeting. First, we will convene the official Stockholders' Meeting. Second, management will provide an update, which will be followed by a Q&A session. In order to ensure the business of the meeting proceeds in an orderly fashion, we ask that you follow the meeting rules set forth in the Rules of Conduct, which are available on the meeting website. Available to answer questions today are Paul Pressler, Chair of the Board, Jamie Iannone, President and CEO, Steve Priest, CFO, and me.
You may submit up to 2 questions until the end of the management update by logging in using your control number, clicking the Q&A button, and entering your question via the text box on your screen in accordance with the Rules of Conduct. Time permitting, we will answer any relevant and appropriate questions as described in more detail in the Rules of Conduct. Stockholders, as of April 22nd, 2024, may vote online during this virtual meeting. After logging in using your control number, click the voting button on your screen. The polls are open for voting on all matters to be presented at this annual meeting. The polls will be closed after we complete the formal business of this meeting. If you experience technical difficulties during the meeting, please call the technical support numbers posted on the meeting login page.
If we experience a technological failure or other disruption that prevents the formal business of the meeting from being conducted during our scheduled meeting time for any reason, the Chair of this meeting has determined that we will adjourn and reconvene automatically at 8:00 AM. Pacific Time tomorrow, Friday, June 21st, 2024, via the same website and login credentials. I'd like to remind you that our remarks today may include forward-looking statements that involve known and unknown risks and uncertainties. Actual results may differ materially from the expectations, plans, intentions, or other forward-looking statements discussed in our remarks for a variety of reasons. More information about risks, uncertainties, and other factors that could affect the company's business and financial results is included in the company's SEC filings, including the company's annual report on Form 10-K, available on the virtual meeting website, and quarterly reports on Form 10-Q.
Please also note that we may discuss some non-GAAP financial measures when discussing the company's performance during the question-and-answer session. In accordance with SEC rules, we have provided a detailed explanation and reconciliation of any comparable non-GAAP financial measures in the quarterly earnings presentations on the Investor Relations portion of our website at investors.ebayinc.com. I will now turn the meeting over to Paul Pressler, Chair of the Board of Directors of eBay Inc. Paul?
Good morning and welcome to the 2024 Annual Meeting of Stockholders of eBay. I am Paul S. Pressler, Chair of the Board, and I will be acting as the Chair of this annual meeting. Before I call the annual meeting to order, I'd like to recognize the other members of the Board of Directors. They are Jamie Iannone, who also is our President and Chief Executive Officer; Adriane M. Brown; Aparna Chennapragada; Logan D. Green; E. Carol Hayles; Shripriya Mahesh; Zane Rowe; Mohau J. Pheko; and Perry M. Traquina. All of our directors are present. In addition to Mr. Iannone, the members of the management team of the company in attendance who will present today are John Egbert, our Vice President, Investor Relations; and Molly Finn, our Vice President, Deputy General Counsel, and Assistant Secretary, whom I have appointed to act as Secretary of the Meeting.
Other members of eBay's executive leadership team are also in attendance at today's meeting, including Steve Priest, our Chief Financial Officer. I would also like to recognize Christopher Stevens and Katie O’Carroll of PricewaterhouseCoopers LLP, the company's independent auditor, both of whom are present and available to respond to appropriate questions. I want to take this opportunity to note that as part of the Board's commitment to refreshment, in February, we recruited an additional independent director, Zane Roe. He further enhances the Board's composition and, with his extensive experience in corporate finance, investor relations, and strategy, brings skills and expertise complementary to eBay's strategic vision. We will now turn to the formal part of our meeting. The annual meeting will now officially come to order. We will proceed with the formal business of the annual meeting as set forth in our Notice of Annual Meeting and Proxy Statement.
A copy of the Rules of Conduct for this annual meeting is available through a link on the virtual meeting webpage. To conduct an orderly annual meeting, we require that participants comply with the Rules of Conduct. I will now ask the Secretary of the Meeting to deliver her report on this year's annual meeting. Molly?
Thank you, Paul. I have an affidavit from Broadridge Financial Solutions, Incorporated, establishing that notice of the annual meeting was duly given to stockholders of record as of the close of business on April 22nd, 2024. The affidavit of mailing and notice will be filed with the records of this annual meeting. Patricia Hodson, acting on behalf of Broadridge Financial Solutions, Incorporated, has been appointed to act as the Inspector of Election at this annual meeting. Ms. Hodson has taken and subscribed to the customary oath of office to execute her duties with strict impartiality. We will file this oath with the records of this annual meeting. I will now report on the existence of a quorum.
I have been informed by the Inspector of Election that a majority of the 506,621,266 shares of common stock outstanding on the record date of April 22nd, 2024, are represented by webcast or by proxy at today's virtual meeting. I hereby declare a quorum present, and this annual meeting is ready for official business as set forth in the Notice of Annual Meeting of Stockholders. Mr. Pressler, we can proceed with the formal business of the meeting.
I hereby declare this annual meeting to be duly constituted for the transactions of all business. Before we begin, I would like to remind you that stockholders, as of April 22, 2024, may vote online during this virtual meeting. After logging in using your control number, click the Vote Here button on your screen. The polls are open and will close after we complete the formal business of this meeting. If you have voted previously and do not wish to change your vote, your vote will be cast as previously instructed, and no further action is required. Since the company was not notified by any stockholder of their intention to present any other business at this annual meeting in accordance with the company's bylaws, there are three proposals to be considered by stockholders at this annual meeting.
The first item of business today is the election of 10 directors named in our proxy statement to serve a one-year term until our 2025 Annual Meeting of Stockholders and until their successors are duly elected and qualified. The 10 director nominees are Adrian M. Brown, Aparna Chennapragada, Logan D. Green, M. Mohan-Schroff, Jamie Iannone, Shripriya Mahesh, Paul S. Pressler, Zane Roe, M. Mohan-Schroff, and Perry M. Traquina. Information concerning the director nominees, including their principal occupations, skills, experiences, and qualifications, and other matters which may be of interest, is contained in the proxy statement. As described in the proxy statement, the Board recommends that stockholders vote in favor of each of the 10 directors. The second item of business today is the ratification of the appointment of PricewaterhouseCoopers LLP as the independent auditors of the company for the fiscal year ending December 31, 2024.
As described in the proxy statement, the Board recommends that stockholders vote in favor of this proposal. The third item of business today is to approve, on an advisory basis, named executive officer compensation. Information concerning the compensation of our named executive officers, including compensation tables and related narrative discussion of such compensation, is included in the proxy statement. As described in the proxy statement, the Board recommends that stockholders vote in favor of this proposal. That concludes the presentation of proposals for this annual meeting. Stockholders will have until the end of the reading of the preliminary voting results to vote before the polls close. The Secretary of the Meeting will now state preliminary voting results. Molly?
The preliminary report of the Inspector of Election covering the proposals presented at this annual meeting is as follows. Each of the company's 10 director nominees has been duly elected by stockholders. The ratification of the appointment of PricewaterhouseCoopers LLP as independent auditors of the company for fiscal year ending December 31st, 2024, has been approved. Named executive officer compensation has been approved on an advisory basis. The final voting results will be published in a current report on Form 8-K that we expect to file with the SEC within four business days of this annual meeting. Mr. Pressler, the floor is yours.
That concludes the formal business of the annual meeting, and the polls are now closed. This annual meeting is now adjourned. I want to thank our stockholders for their participation in considering the items on the agenda this year. I'll now turn the meeting over to our President and CEO, Jamie Iannone, after which we will have time for Q&A. Jamie?
Thank you, Paul and Molly, and thank you to our stockholders for joining us today. I appreciate the opportunity to speak with you about the progress we've made on our strategy at eBay. Since I returned as CEO four years ago, we have been on a transformational journey to build a stronger eBay for the future, one that delivers long-term, healthy GMV growth not only for our company and our customers, but for you, our stockholders. Year after year, we have continuously stepped up our efforts to deliver exceptional experiences on our marketplace, to provide meaningful choice and value, and to build trust with our community of sellers and buyers. In 2023, we delivered another year of solid results driven by our ambitious vision to reinvent the future of e-commerce for enthusiasts.
Over the past year, we continued to prioritize non-new-in-season products, expand our focus categories, and strengthen our work around ads and payments. We stayed focused on accelerating our pace of innovation to enhance the end-to-end journey for our millions of customers on eBay. Our strategy to deliver relevant experiences, scalable solutions, and magical innovations is all rooted in our customers' success. Thanks to the tremendous work and dedication of our employees, we are continuing to raise the bar in building a world-class marketplace for our customers, communities, and stockholders, all while navigating a dynamic macro environment. Now let me share more about our strategy. Every day, our platform brings enthusiasts together around billions of unique items worldwide. When we deliver an innovative, trusted, and frictionless platform, all of our customers win.
The first pillar of our strategy, relevant experiences, is dedicated to solving the specific and ever-changing needs of our sellers and buyers across all shopping occasions. Over the past year, we continued to lean into our focus category playbook, expanding our offerings to better support our enthusiast customers. For example, we launched Guaranteed Fit for parts and accessories in the U.S. and similar programs in the U.K. and Germany. These programs assure buyers that eBay will stand behind them if a part doesn't fit their vehicle. In 2023, gross merchandise volume from all focus categories in aggregate grew 4% year-over-year on an FX-neutral basis, outpacing the rest of our business by about 7 points. By the end of 2023, focus categories made up nearly 30% of our GMV, and we expect these categories to continue contributing positive growth for our overall marketplace in 2024.
We invested significantly in enhancing eBay for our international customers to better address their needs locally, starting with Germany, our third-largest market as measured by demand. We introduced a number of features, including local language enhancements, improvements in areas like search, SEO, recommendations, and shipping, and an overhaul of the local pickup experience. In addition to these enhancements, we eliminated final value fees for German C2C sellers on domestic transactions to bring more unique inventory to eBay, improve customer acquisition, and stimulate our sell-to-buy flywheel in the country. As a result of these changes, we saw sellers' customer satisfaction increase by 20+ points and generated hundreds of millions of dollars incremental GMV in 2023 relative to our prior trajectory, making our business much more resilient against the challenging macroeconomic environment in Germany. Now let's turn to our second pillar, scalable solutions.
eBay has nearly three decades of customer insights and data from tens of billions of cumulative listings, making our scale one of our most powerful assets. In 2023, we continued to invest in unlocking the power of our data assets to exceed our customers' expectations and set a new standard for the industry. Our advertising platform generated over $1.4 billion of revenue in 2023, up roughly 25% year-over-year on an FX-neutral basis, and more than double our ad revenue in 2019. By the end of 2023, we surpassed 900 million live promoted listings, helping sellers achieve greater velocity and price realization for their inventory. Promoted Listings Standard remains our largest contributor to ad revenue due to its simplicity and proven return on ad spend. Promoted Listings Advanced was among the fastest-growing products in our ads portfolio on a year-over-year basis.
Additionally, we're committed to ensuring a seamless transaction process for our millions of sellers and buyers. In 2023, nearly $70 billion worth of volume was processed through eBay's payments platform. With our financial services offerings, we are continuing to scale our efforts in areas like FX conversion and alternative methods to pay and to get paid. We've made meaningful improvements to our identity and risk management capabilities and enhanced the checkout experience on eBay, which has improved marketplace trust and reduced transactional friction. In aggregate, these risk and checkout enhancements contributed almost $1 billion in incremental GMV during 2023. Finally, our third pillar, magical innovations, focuses on transforming our marketplace to make it easier for customers to shop and sell, leveraging decades of insights to enrich our AI technology.
One example of the game-changing features we launched in 2023 was the first phase of our Magical Listing experience, which leverages Generative AI to create an item description within the listing flow based on known product attributes. Phase one rolled out to 100% of sellers in our top five markets in 2023 to strong customer satisfaction and adoption rates, with content acceptance rates at over 90%, including edits. Phase II, which uses AI to pre-populate additional item specifics and other key information needed for the listing just based on the image, is currently in beta with a subset of our users, and we are encouraged by the early feedback. For buyers, we're also applying Generative AI to multiple new and existing tools.
For example, we added Shop by Upgrade and Engine Code Lookup to the eBay Motors app, which helps surface fitment-enabled vehicle upgrade options and address the root cause of specific error codes. These features went from concept to launch in just a few weeks, exemplifying the speed at which we are working to improve the customer experience. Moving on to our financial results for fiscal year 2023. Last year, we delivered solid financial results demonstrating the progress we've made toward delivering long-term sustainable growth. Our marketplace ended 2023 with nearly 2 billion live listings and 16 million enthusiast buyers across 190 markets around the world. We generated over $73 billion in GMV, with organic year-over-year GMV growth improving during each quarter of 2023. Revenue was up 3% organically for the full year on an FX-neutral basis. We delivered $4.24 of non-GAAP earnings per share, up 3% year-over-year.
In addition, we generated approximately $2 billion of free cash flow and returned over $1.9 billion to stockholders through repurchases and dividends. These results demonstrate that we're on a path to building a stronger eBay. By combining a next-gen e-commerce experience and a world-class team with the depth and breadth of unique inventory on our marketplace, we're making meaningful strides towards achieving durable, sustainable GMV growth that will ensure eBay is a leading e-commerce destination for enthusiasts for years to come. Our mission is to connect people and build communities to create economic opportunity for all. As a partner to our sellers, we only succeed when our community succeeds. We've built one of the most trusted and sustainable community commerce platforms, connecting millions of sellers and buyers around the globe.
Our commitment to our customer communities is why we continue to advocate alongside our sellers for legislative initiatives in the U.S. and E.U. that will promote the growth of the circular economy and lower regulatory barriers for small businesses. In the U.S., we've been urging Congress to adjust the proposed threshold for the issuance of 1099-K tax forms to a more reasonable level that wouldn't place an unnecessary burden on sellers or discourage them from giving pre-owned products a second life and keeping them out of landfills. Our advocacy has helped persuade the IRS to twice delay the implementation of a lower reporting threshold, and we continue to work with the government on behalf of our community to get to a more reasonable outcome that better supports the circular economy. Our community outreach extends beyond our marketplace and into the communities where we live and work.
This past year marked eBay for Charity's 20th anniversary, celebrating the generosity of our customers who have raised over $1.3 billion for 225,000 nonprofits since the program's launch in 2003. Additionally, the eBay Foundation, which partners with nonprofit organizations that are addressing and removing barriers to entrepreneurship for people who identify with historically excluded groups, has awarded over $120 million to global nonprofits since 1998, granting over $19 million in 2023 to support historically excluded entrepreneurs and causes employees care about. As longtime champions of e-commerce, eBay remains committed to sustainability and the circular economy. Every day, we help extend the life of items through the selling and buying of pre-owned goods. It's a foundational element of our marketplace and one of the principal drivers of our sustainability efforts. In 2023, our marketplace generated nearly $4.9 billion in positive economic impact through the sale of pre-loved and refurbished goods.
As a result, we helped prevent around 1.6 million metric tons of carbon emissions that would typically be used in producing new goods and kept nearly 70,000 metric tons of waste from going into landfills. Our commitment to empowering the planet also means we are continuing to foster a culture of belonging and inclusivity at eBay, building a richly diverse, truly equitable, and fiercely inclusive community and marketplace. In 2023, we launched our inaugural Inclusion Index to better understand the employee experience, measure our progress in DE&I, and provide better employee support. Our strategy aims to bring diverse people together to execute our vision thoughtfully and with care. Over the past year, we made significant progress toward our vision and saw strong momentum from key areas, including focus categories, advertising, payments, and AI-powered innovations.
All of our accomplishments are a testament to the amazing team I have the privilege to lead and the inspiring community of sellers and buyers that we serve. I'm incredibly optimistic about the opportunities ahead to deliver even more game-changing experiences to our customers. Thank you for your continued support. With that, I'll conclude my remarks and turn it back to John for questions.
Mr. Egbert, you may begin the Q&A session.
Thanks, Jamie. We will now proceed to answer submitted questions. We will try to answer as many as possible in the 20 minutes set aside for the Q&A session. Only appropriate questions relevant to eBay's business or the business of this meeting will be addressed in accordance with the rules of conduct. If we do not get to your question, please reach out to us through the contact form at investors.ebayinc.com. The first question is, the company has in place a director resignation governance policy that provides the board post-election discretion to determine whether to accept or reject the resignation of an incumbent director who fails to be re-elected. Does the policy undermine the voting rights of shareholders by allowing the board to have final say on the unelected director's status?
I'll take that one, Jamie. Thank you for the question. Our bylaws were designed to protect our stockholders and the company. All of our incumbent directors have agreed to resign in the event that they do not receive a majority vote. If this happens, it's important to make sure that the board is able to continue to function in compliance with all of our bylaws. This discretion, in our belief, protects stockholders from any impairment in our ability to govern the company.
Thank you. No more relevant and appropriate questions have been submitted, so we'll now conclude the question and answer portion of our meeting. If you feel we skipped your question and error, please contact eBay Investor Relations so we can get back to you. eBay Inc.'s 2024 Annual Meeting of Stockholders is now completed. Thank you for joining us today.
This now concludes the meeting. Thank you for joining and have a pleasant day.
The host has ended this call. Goodbye.