Adjusted earnings per share exclude one-time items but include stock-based compensation expense. Management sounded upbeat and mentioned several initiatives including the collection of data from sellers, application of artificial intelligence for a better user experience, increased use of social media to drive traffic, and focus on discovery-based user experience to name a few. Therefore, the best way to understand the business is through its revenue/volume growth, customer growth, revenue per customer and cash flows. Revenues Gross revenue of 2.137 billion was up 3.7% on a year-over-year basis (up 6% on an Fx-neutral basis) and beat the Zacks Consensus Estimate of 2.081 billion. The Gross Merchandise Volume grew 5% year over year on an Fx-neutral basis.