Technology
eBay Inc. Reports Second Quarter 2024 Results
Published
2 years agoon
By
Revenue of $2.6 billion, up 1% on an as-reported basis and up 2% on an FX-Neutral basis Gross Merchandise Volume of $18.4 billion, up 1% on an as-reported and FX-Neutral basisGAAP and Non-GAAP earnings per diluted share of $0.45 and $1.18, respectivelyGAAP and Non-GAAP operating margin of 21.3% and 27.9%, respectivelyReturned $1.1 billion to stockholders in Q2, including $1.0 billion of share repurchases and $135 million paid in cash dividends
SAN JOSE, Calif., July 31, 2024 /PRNewswire/ — eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today reported financial results for its second quarter ended June 30, 2024.
“eBay’s strong Q2 results mark another step toward achieving sustainable, long-term growth,” said Jamie Iannone, Chief Executive Officer at eBay. “The continued momentum in Focus Categories contributed to our increase in GMV, while new AI capabilities are driving innovation across the platform and transforming the experience for eBay customers around the world.”
“Q2 was another strong quarter for eBay as we exceeded expectations across our key financial metrics,” said Steve Priest, Chief Financial Officer at eBay. “We achieved positive year-over-year GMV growth, driven by our execution against strategic initiatives, despite an uneven discretionary demand environment in our major markets.”
Second Quarter Financial Highlights
Revenue was $2.6 billion, up 1% on an as-reported basis and up 2% on a foreign exchange (FX) neutral basis.Gross Merchandise Volume (GMV) was $18.4 billion, up 1% on an as-reported and FX-Neutral basis.GAAP net income from continuing operations was $226 million, or $0.45 per diluted share.Non-GAAP net income from continuing operations was $602 million, or $1.18 per diluted share.GAAP and Non-GAAP operating margin was 21.3% and 27.9%, respectively.Generated $367 million of operating cash flow and $278 million of free cash flow.We completed the previously announced sale of Adevinta shares in exchange for $2.4 billion in cash and shares of a newly privatized entity, Aurelia, which are valued at $1.9 billion at the closing of the transactions.Returned $1.1 billion to stockholders, including $1.0 billion of share repurchases and $135 million paid in cash dividends.
Business Highlights
eBay closed a series of transactions with Collectors, including the acquisition of Goldin from Collectors, the sale of the eBay vault, and a commercial agreement for more streamlined grading, storage and selling experiences.eBay enabled Venmo as an additional payment method during the quarter. Known for its popularity among Gen Z and Millennials, Venmo gives eBay buyers in the U.S. even more choice and flexibility during the checkout experience.The company expanded its eBay Refurbished program to include refurbished golf clubs, bringing warranties and hassle-free returns to thousands of previously owned clubs from the world’s top brands.In June, the company announced a sustainability collaboration with Seagate, a global leader in data storage solutions. Seagate’s official storefront on eBay now offers direct sales of factory recertified hard drives, which can eliminate a significant amount of e-waste by extending the lifecycles of these products.The company launched a number of innovative product features to simplify and enhance the buying and selling experience for customers. In the U.S. and U.K., eBay introduced Shop the look, a generative-AI powered discovery feature for fashion buyers. The company also launched its AI-powered background enhancement tool to 100% of iOS and Android users in the U.S., U.K. and Germany, enabling even more sellers to apply a variety of backgrounds to their listing images.The company introduced improved selling and buying experiences for pre-owned apparel in the U.K. For sellers, these changes included a new selling flow that makes it considerably easier to list on eBay, with image guidance, simpler item aspect collection, and a streamlined shipping module. For buyers, we introduced new Generative AI-powered features, like Shop the look and Explore, which offer more inspirational shopping experiences for fashion enthusiasts.eBay and Certilogo launched a new ‘click-to-resell’ feature, making it easier for sellers to list pre-owned clothing on eBay and verify authenticity through Certilogo’s AI-based system. Italian outerwear brand Save The Duck is the first to pilot the new feature.eBay’s consignment service expanded in the U.S. to include luxury watches, footwear and fine jewelry. In partnership with Linda’s Stuff, this service gives casual sellers the opportunity to leverage experts to list and sell luxury items on their behalf.The company partnered with Condé Nast to spotlight pre-loved apparel at some of fashion’s biggest moments like the Met Gala and Vogue World in Paris.eBay became an Official Partner of the McLaren Formula 1 Team, enabling both brands to reach new audiences through unique storytelling opportunities with their respective fans and customers. As part of the multi-year collaboration, eBay branding is being featured on the race cars of drivers Lando Norris and Oscar Piastri for four races across the 2024 season: the Miami, British, United States and Las Vegas Grands Prix.
Impact
In May, eBay released its 2023 Impact Report showcasing how the company has leveraged its global marketplace to create economic opportunities, promote sustainable commerce, and foster a diverse and inclusive workforce.eBay also published its latest Recommerce Report highlighting the many benefits of shopping pre-loved items.eBay launched “Rocket Man Resale,” a partnership with Elton John, who released a personal collection of pre-loved fashion items exclusively on eBay through auctions and fixed-priced listings. The partnership included a pop-up shop in the West Village of New York City. All proceeds benefited the Elton John AIDS Foundation.During the quarter, eBay Foundation granted nearly $7 million to strategic nonprofit partners across the U.S., which are addressing and removing barriers to entrepreneurship for people who identify with historically excluded groups.eBay for Charity contributed more than $47 million globally in Q2, up 22% year-over-year.
Second Quarter 2024 Financial Highlights (presented in millions, except per share data and percentages)
Second Quarter
2024
2023
Change
eBay Inc.
Net revenues
$ 2,572
$ 2,540
$ 32
1 %
GAAP – Continuing Operations
Net income
$ 226
$ 172
$ 54
31 %
Earnings per diluted share
$ 0.45
$ 0.32
$ 0.13
39 %
Non-GAAP – Continuing Operations
Net income
$ 602
$ 555
$ 47
8 %
Earnings per diluted share
$ 1.18
$ 1.03
$ 0.15
15 %
Other Selected Financial and Operational Results
Operating margin – GAAP operating margin increased to 21.3% for the second quarter of 2024, compared to 20.4% for the same period last year. Non-GAAP operating margin increased to 27.9% for the second quarter of 2024, compared to 26.9% for the same period last year.Taxes – The GAAP effective tax rate for continuing operations for the second quarter of 2024 was 31.1%, compared to 39.7% for the second quarter of 2023. The non-GAAP effective tax rate for continuing operations for the second quarter of 2024 was 16.5%(1).Cash flow – The company generated $367 million of operating cash flow and $278 million of free cash flow during the second quarter of 2024.Capital returns – The company repurchased $1.0 billion of its common stock, or approximately 19 million shares, in the second quarter of 2024. The company’s total repurchase authorization remaining as of June 30, 2024 was approximately $1.9 billion. The company also paid cash dividends of $135 million during the second quarter of 2024.Cash and cash equivalents and non-equity investments – The company’s cash and cash equivalents and non-equity investments portfolio totaled $6.3 billion as of June 30, 2024.
Business Outlook
eBay is providing the following guidance for the third quarter 2024.
In billions, except per share data and percentages
Q3 2024 Guidance
Revenue
$2.50 – $2.56
FX-Neutral Y/Y Growth
1% – 3%
Diluted GAAP EPS
$0.82 – $0.87
Diluted Non-GAAP EPS
$1.15 – $1.20
Dividend Declaration
eBay’s Board of Directors has declared a cash dividend of $0.27 per share of the company’s common stock. The dividend is payable on September 13, 2024 to stockholders of record as of August 30, 2024.
(1) We use a non-GAAP effective tax rate for evaluating our operating results. Based on our current long-term projections, we are using a non-GAAP tax rate of 16.5%. This non-GAAP tax rate could change for various reasons including significant changes in our geographic earnings mix or fundamental tax law changes in major jurisdictions in which we operate.
Quarterly Conference Call and Webcast
eBay Inc. will host a conference call to discuss second quarter 2024 results at 2:30 p.m. Pacific Time today. Investors and participants can access the call by dialing (855) 761-5600 in the U.S. and (646) 307-1097 internationally. The passcode for the conference line is 7435074. A live webcast of the conference call, together with a slide presentation that includes supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, can be accessed through the company’s Investor Relations website at https://investors.ebayinc.com. In addition, an archive of the webcast will be accessible for at least three months through the same link.
eBay Inc. uses its Investor Relations website at https://investors.ebayinc.com as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor this website, in addition to following our press releases, SEC filings, public conference calls and webcasts.
About eBay
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world’s largest and most vibrant marketplaces for discovering great value and unique selection. In 2023, eBay enabled more than $73 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.
Presentation
All growth rates represent year-over-year comparisons, except as otherwise noted. All amounts in tables are presented in U.S. dollars, rounded to the nearest million, except as otherwise noted. As a result, certain amounts may not sum or recalculate using the rounded dollar amounts provided. References to “revenue” refer to “net revenues” as reported in the company’s consolidated statement of income.
Non-GAAP Financial Measures
This press release includes the following financial measures defined as “non-GAAP financial measures” by the Securities and Exchange Commission (SEC): non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating income and margin, non-GAAP effective tax rate, free cash flow and FX-Neutral basis. These non-GAAP financial measures are presented on a continuing operations basis. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with generally accepted accounting principles (GAAP). For a reconciliation of these non-GAAP financial measures, except for figures in this press release presented on an “FX-Neutral basis,” to the nearest comparable GAAP measures, see “Business Outlook,” “Non-GAAP Measures of Financial Performance,” “Reconciliation of GAAP Operating Income to Non-GAAP Operating Income,” “Reconciliation of GAAP Net Income to Non-GAAP Net Income and Reconciliation of GAAP Effective Tax Rate to Non-GAAP Effective Tax Rate” and “Reconciliation of Operating Cash Flow to Free Cash Flow” included in this press release. For figures in this press release reported “on an FX-Neutral basis,” we calculate the year-over-year impact of foreign currency movements using prior period foreign currency rates, excluding hedging activity, applied to current year transactional currency amounts.
Forward-Looking Statements
This press release contains forward-looking statements relating to, among other things, the future performance of eBay Inc. and its consolidated subsidiaries that are based on the company’s current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements regarding the future performance of eBay Inc. and its consolidated subsidiaries, including management’s vision for the future of eBay and our ability to accomplish our vision, expected financial results for the third quarter and full year 2024 and the future growth in our business, the effects and potential of current and contemplated strategic initiatives and offerings including with respect to artificial intelligence and partnership with other companies, the effects of new product features or programs, the effects of geopolitical events, foreign currency volatility, and inflationary pressure on our business and operations and our ability to respond to such effects, operating efficiency and margins, reinvestments, dividends and share repurchases. Actual results could differ materially from those expressed or implied and reported results should not be considered as an indication of future performance. Factors that could cause or contribute to such differences include, but are not limited to: fluctuations in, and our ability to predict, our results of operations and cash flows; our ability to convert visits into sales for our sellers, attract and retain sellers and buyers and execute on our business strategy; our ability to compete in the markets in which we participate; our ability to generate revenue from our foreign operations and expand in international markets; the impact of inflationary pressure, fluctuations in foreign currency exchange rates, changing interest rates and geopolitical events such as the ongoing wars in Ukraine and in Israel and Gaza, including the related disruptions to international shipping in the Red Sea; our ability to keep pace with rapid technological developments or continue to innovate and create new initiatives to provide new programs, products and services; our ability to operate and continuously develop our payments system and financial services offerings; the impact of evolving domestic and foreign government laws, regulations, rules and standards that affect us, our business and/or our industry; our reliance on third-party providers; our ability to protect or enforce our intellectual property rights; our ability to deal effectively with fraudulent activities on our platforms; the impact of any security breaches, cyberattacks or system failures and resulting interruptions; our ability to attract, retain and develop highly skilled employees; our ability to accomplish or accurately track and report results related to our environmental, social and governance goals; current and potential litigation and regulatory and government inquiries, investigations and disputes involving us or our industry; our ability to generate sufficient cash flow to service our indebtedness; the impact of evolving sales and other tax regimes in various jurisdictions and anticipated tax liabilities; and the success of our pending or potential acquisitions, dispositions, joint ventures, strategic partnerships and strategic investments.
The forward-looking statements in this release do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof.
More information about factors that could affect the company’s operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting the company’s Investor Relations website at https://investors.ebayinc.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the company on the date hereof. The company assumes no obligation to update such statements.
eBay Inc.
Unaudited Condensed Consolidated Balance Sheet
June 30,
2024
December 31,
2023
(In millions)
ASSETS
Current assets:
Cash and cash equivalents
$ 1,963
$ 1,985
Short-term investments
3,203
2,533
Equity investment in Adevinta
—
4,474
Customer accounts and funds receivable
1,071
1,013
Other current assets
1,032
1,011
Total current assets
7,269
11,016
Long-term investments
1,722
1,129
Equity investment in Aurelia
1,910
—
Property and equipment, net
1,285
1,243
Goodwill
4,285
4,267
Operating lease right-of-use assets
439
493
Deferred tax assets
3,011
3,089
Other assets
457
383
Total assets
$ 20,378
$ 21,620
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt
$ 1,551
$ 750
Accounts payable
319
267
Customer accounts and funds payable
1,113
1,054
Accrued expenses and other current liabilities
2,004
2,196
Income taxes payable
812
253
Total current liabilities
5,799
4,520
Operating lease liabilities
332
387
Deferred tax liabilities
1,814
2,408
Long-term debt
6,174
6,973
Other liabilities
734
936
Total liabilities
14,853
15,224
Total stockholders’ equity
5,525
6,396
Total liabilities and stockholders’ equity
$ 20,378
$ 21,620
eBay Inc.
Unaudited Condensed Consolidated Statement of Income
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(In millions, except per share amounts)
Net revenues
$ 2,572
$ 2,540
$ 5,128
$ 5,050
Cost of net revenues (1)
735
718
1,435
1,418
Gross profit
1,837
1,822
3,693
3,632
Operating expenses:
Sales and marketing (1)
577
566
1,118
1,077
Product development (1)
379
392
730
744
General and administrative (1)
241
251
479
548
Provision for transaction losses
86
90
177
174
Amortization of acquired intangible assets
5
5
9
13
Total operating expenses
1,288
1,304
2,513
2,556
Income from operations
549
518
1,180
1,076
Interest and other:
Loss on equity investments and warrant, net
(222)
(214)
(319)
(16)
Interest expense
(65)
(65)
(131)
(133)
Interest income and other, net
66
46
134
88
Income from continuing operations before income taxes
328
285
864
1,015
Income tax provision
(102)
(113)
(199)
(274)
Income from continuing operations
226
172
665
741
Loss from discontinued operations, net of income taxes
(2)
(1)
(3)
(3)
Net income
$ 224
$ 171
$ 662
$ 738
Income per share – basic:
Continuing operations
$ 0.45
$ 0.32
$ 1.31
$ 1.38
Discontinued operations
—
—
(0.01)
(0.01)
Net income per share – basic
$ 0.45
$ 0.32
$ 1.30
$ 1.37
Income per share – diluted:
Continuing operations
$ 0.45
$ 0.32
$ 1.30
$ 1.37
Discontinued operations
—
—
(0.01)
(0.01)
Net income per share – diluted
$ 0.45
$ 0.32
$ 1.29
$ 1.36
Weighted average shares:
Basic
503
534
509
536
Diluted
507
537
513
539
(1) Includes stock-based compensation as follows:
Cost of net revenues
$ 14
$ 14
$ 27
$ 27
Sales and marketing
25
25
48
45
Product development
77
74
141
133
General and administrative
38
41
84
77
$ 154
$ 154
$ 300
$ 282
eBay Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(In millions)
Cash flows from operating activities:
Net income
$ 224
$ 171
$ 662
$ 738
Loss from discontinued operations, net of income taxes
2
1
3
3
Adjustments:
Provision for transaction losses
86
90
177
174
Depreciation and amortization
77
101
153
208
Stock-based compensation
154
154
300
282
Loss on investments and other, net
132
34
138
44
Deferred income taxes
(563)
(111)
(523)
(78)
Change in fair value of warrant
174
(31)
25
(69)
Change in fair value of equity investment in Adevinta
(84)
210
156
36
Changes in assets and liabilities, net of acquisition effects
165
(14)
(109)
108
Net cash provided by continuing operating activities
367
605
982
1,446
Net cash used in discontinued operating activities
—
(4)
—
(4)
Net cash provided by operating activities
367
601
982
1,442
Cash flows from investing activities:
Purchases of property and equipment
(89)
(113)
(232)
(245)
Purchases of investments
(4,601)
(4,144)
(7,913)
(7,687)
Maturities of investments
2,996
3,978
6,699
8,382
Proceeds from sale of shares in Adevinta
2,417
—
2,417
—
Other
(71)
2
(69)
(26)
Net cash provided (used in) by investing activities
652
(277)
902
424
Cash flows from financing activities:
Proceeds from issuance of common stock
55
48
55
48
Repurchases of common stock
(1,030)
(250)
(1,483)
(492)
Payments for taxes related to net share settlements of restricted stock units and awards
(45)
(68)
(96)
(160)
Payments for dividends
(135)
(133)
(274)
(267)
Repayment of debt
—
—
—
(1,150)
Net funds receivable and payable activity
35
333
7
563
Other
1
—
(14)
—
Net cash used in financing activities
(1,119)
(70)
(1,805)
(1,458)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(6)
(11)
(17)
(6)
Net increase (decrease) in cash, cash equivalents and restricted cash
(106)
243
62
402
Cash, cash equivalents and restricted cash at beginning of period
2,661
2,431
2,493
2,272
Cash, cash equivalents and restricted cash at end of period
$ 2,555
$ 2,674
$ 2,555
$ 2,674
eBay Inc.
Unaudited Summary of Consolidated Net Revenues
Three Months Ended
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
June 30,
2023
(In millions, except percentages)
Total net revenues (1)(2)
$ 2,572
$ 2,556
$ 2,562
$ 2,500
$ 2,540
Current quarter vs prior year quarter
1 %
2 %
2 %
5 %
5 %
Percent from international
50 %
49 %
50 %
50 %
50 %
(1) Hedge gain/(loss)
$ (10)
$ (10)
$ 11
$ 2
$ 14
(2) Foreign currency impact
$ (11)
$ 14
$ 63
$ 43
$ (9)
eBay Inc.
Unaudited Supplemental Operating Data
Three Months Ended
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
June 30,
2023
(In millions, except percentages)
Active Buyers (1)
132
132
132
132
132
Current quarter vs prior year quarter
0 %
(1) %
(2) %
(3) %
(4) %
Active Buyers excluding GittiGidiyor, TCGplayer and Goldin (2)
131
131
131
131
131
Current quarter vs prior year quarter
0 %
0 %
(1) %
(1) %
(3) %
Gross Merchandise Volume (3)
U.S.
$ 8,798
$ 8,974
$ 8,891
$ 8,638
$ 8,702
Current quarter vs prior year quarter
1 %
0 %
0 %
(1) %
(3) %
International
$ 9,620
$ 9,649
$ 9,700
$ 9,353
$ 9,512
Current quarter vs prior year quarter
1 %
3 %
4 %
4 %
(1) %
Total Gross Merchandise Volume
$ 18,418
$ 18,623
$ 18,591
$ 17,991
$ 18,214
Current quarter vs prior year quarter
1 %
1 %
2 %
2 %
(2) %
(1)
Active Buyers consist of all buyers who paid for a transaction on our platforms within the previous 12-month period. Buyers may register more than once, and as a result, may have more than one account.
(2)
On June 20, 2022 we announced the closure of our marketplace business in Turkey, GittiGidiyor. On October 31, 2022, we completed the acquisition of TCGplayer. On May 16, 2024, we completed the acquisition of Goldin.
(3)
Gross Merchandise Volume consists of the total value of all paid transactions between users on our platforms during the applicable period inclusive of shipping fees and taxes.
eBay Inc.
Business Outlook
The guidance figures provided below and elsewhere in this press release are forward-looking statements, reflect a number of estimates, assumptions and other uncertainties, and are approximate in nature because the company’s future performance is difficult to predict. Such guidance is based on information available on the date of this press release, and the company assumes no obligation to update it.
The company’s future performance involves risks and uncertainties, and the company’s actual results could differ materially from the information below and elsewhere in this press release. Some of the factors that could affect the company’s operating results are set forth under the caption “Forward-Looking Statements” above in this press release. More information about factors that could affect the company’s operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting eBay’s investor relations website at https://investors.ebayinc.com or the SEC’s website at www.sec.gov.
eBay Inc.
Three Months Ending
September 30, 2024
(In billions, except per share amounts)
GAAP
Non-GAAP (a)
Net revenues
$2.50 – $2.56
$2.50 – $2.56
Diluted EPS
$0.82 – $0.87
$1.15 – $1.20
(a) Estimated non-GAAP amounts above for the three months ending September 30, 2024 reflect adjustments that exclude the estimated amortization of
acquired intangible assets of approximately $9 – $11 million, estimated stock-based compensation expense and associated employer payroll tax expense
of approximately $140 – $150 million, and estimated adjustment between our GAAP and non-GAAP tax rate of approximately $25 – $35 million. The estimated
GAAP diluted EPS above does not assume any gains or losses on our equity investments.
eBay Inc.
Non-GAAP Measures of Financial Performance
To supplement the company’s condensed consolidated financial statements presented in accordance with generally accepted accounting principles, or GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating income and margin, non-GAAP effective tax rate, free cash flow and figures in this press release presented on an “FX-Neutral basis.” These non-GAAP financial measures are presented on a continuing operations basis.
These non-GAAP measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the company’s results of operations as determined in accordance with GAAP. These measures should only be used to evaluate the company’s results of operations in conjunction with the corresponding GAAP measures.
Reconciliation to the nearest GAAP measure of all non-GAAP measures included in this press release, except for figures in this press release presented on an “FX-Neutral basis,” can be found in the tables included in this press release. For figures in this press release reported on an “FX-Neutral basis,” the company calculates the year-over-year impact of foreign currency movements using prior period foreign currency rates, excluding hedging activity, applied to current year transactional currency amounts.
These non-GAAP measures are provided to enhance investors’ overall understanding of the company’s current financial performance and its prospects for the future. Specifically, the company believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses, or net purchases of property and equipment, as the case may be, that may not be indicative of its core operating results and business outlook. In addition, because the company has historically reported certain non-GAAP results to investors, the company believes that the inclusion of non-GAAP measures provides consistency in the company’s financial reporting.
For its internal budgeting process, and as discussed further below, the company’s management uses financial measures that do not include stock-based compensation expense, employer payroll taxes on stock-based compensation, amortization or impairment of acquired intangible assets, impairment of goodwill, amortization of deferred tax assets associated with the realignment of its legal structure and related foreign exchange effects, significant gains or losses from the disposal/acquisition of a business, certain gains and losses on investments including changes in fair value, changes in foreign currency exchange rates and the impact of any related foreign exchange derivative instruments, gains or losses associated with a warrant agreement that the company entered into with Adyen, restructuring-related charges and the income taxes associated with the foregoing. In addition to the corresponding GAAP measures, the company’s management also uses the foregoing non-GAAP measures in reviewing the financial results of the company.
The company excludes the following items from non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating income and margin and non-GAAP effective tax rate:
Stock-based compensation expense and related employer payroll taxes. This expense consists of expenses for stock options, restricted stock and employee stock purchases. The company excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash expenses that management does not believe are reflective of ongoing operating results. The related employer payroll taxes are dependent on the company’s stock price and the vesting of restricted stock by employees and the timing and size of stock option exercises, over which management has limited to no control, and as such management does not believe it correlates to the company’s operation of the business.
Amortization or impairment of acquired intangible assets, impairment of goodwill, certain amortization of deferred tax assets and related foreign exchange effects, significant gains or losses and transaction expenses from the acquisition or disposal of a business and certain gains or losses on investments. The company incurs amortization or impairment of acquired intangible assets and goodwill in connection with acquisitions and may incur significant gains or losses from the acquisition or disposal of a business and therefore excludes these amounts from its non-GAAP measures. The company also excludes certain gains and losses on investments. The company excludes the non-cash amortization of deferred tax assets associated with the realignment of its legal structure, which is not reduced by the effects of the Tax Cuts and Jobs Act, and related foreign exchange effects. The company excludes these items because management does not believe they correlate to the ongoing operating results of the company’s business.
Restructuring. These charges consist of expenses for employee severance and other exit and disposal costs. The company excludes significant restructuring charges primarily because management does not believe they are reflective of ongoing operating results.
Other certain significant gains, losses, or charges that are not indicative of the company’s core operating results. These are significant gains, losses, or charges during a period that are the result of isolated events or transactions which have not occurred frequently in the past and are not expected to occur regularly or be repeated in the future. The company excludes these amounts from its results primarily because management does not believe they are indicative of its current or ongoing operating results. These amounts include changes in fair value and the related change in foreign currency exchange rates of equity securities with readily determinable fair values, globally.
Change in fair market value of warrant. These are gains or losses associated with a warrant agreement that the company entered into with Adyen, which are attributable to changes in fair value during the period.
Income tax effects and adjustments. We use a non-GAAP tax rate for evaluating our operating results. Based on our current long-term projections, we are using a non-GAAP tax rate of 16.5%. This non-GAAP tax rate could change for various reasons including significant changes in our geographic earnings mix or fundamental tax law changes in major jurisdictions in which we operate.
In addition to the non-GAAP measures discussed above, the company also uses free cash flow. Free cash flow represents operating cash flows less purchases of property and equipment. The company considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases of property, buildings, and equipment, which can then be used to, among other things, invest in the company’s business, make strategic acquisitions, repurchase stock and pay dividends. A limitation of the utility of free cash flow as a measure of financial performance is that it does not represent the total increase or decrease in the company’s cash balance for the period and does not exclude certain non-discretionary expenditures, such as mandatory debt service requirements.
eBay Inc.
Reconciliation of GAAP Operating Income to Non-GAAP Operating Income*
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(In millions, except percentages)
GAAP operating income
$ 549
$ 518
$ 1,180
$ 1,076
Stock-based compensation expense and related employer payroll taxes
158
158
308
290
Amortization of acquired intangible assets within cost of net revenues and operating expenses
9
8
17
18
Restructuring
3
—
(6)
42
Non-recurring legal matters
—
—
(6)
—
Other general and administrative expenses
1
—
1
2
Total non-GAAP operating income adjustments
171
166
314
352
Non-GAAP operating income
$ 720
$ 684
$ 1,494
$ 1,428
GAAP operating margin
21.3 %
20.4 %
23.0 %
21.3 %
Non-GAAP operating margin
27.9 %
26.9 %
29.1 %
28.3 %
*Presented on a continuing operations basis
Reconciliation of GAAP Net Income to Non-GAAP Net Income and
GAAP Effective Tax Rate to Non-GAAP Effective Tax Rate
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(In millions, except per share amounts and percentages)
GAAP income from continuing operations before income taxes
$ 328
$ 285
$ 864
$ 1,015
GAAP provision for income taxes
(102)
(113)
(199)
(274)
GAAP net income from continuing operations
$ 226
$ 172
$ 665
$ 741
Non-GAAP adjustments to net income from continuing operations:
Non-GAAP operating income from continuing operations adjustments (see table above)
$ 171
$ 166
$ 314
$ 352
Change in fair value of equity investment in Adevinta
—
210
234
36
Realized change in fair value of shares sold in Adevinta
(84)
—
(78)
—
Change in fair market value of warrant
174
(31)
25
(69)
Change in fair market value of other equity investments
23
35
29
49
Fair value of Aurelia option
109
—
109
—
Income tax effects and adjustments
(17)
3
(48)
46
Non-GAAP net income from continuing operations
$ 602
$ 555
$ 1,250
$ 1,155
Diluted net income from continuing operations per share:
GAAP
$ 0.45
$ 0.32
$ 1.30
$ 1.37
Non-GAAP
$ 1.18
$ 1.03
$ 2.43
$ 2.14
Shares used in GAAP diluted net income per share calculation
507
537
513
539
Shares used in non-GAAP diluted net income per share calculation
507
537
513
539
GAAP effective tax rate – Continuing operations
31.1 %
39.7 %
23.0 %
27.0 %
Income tax effects and adjustments to net income from continuing operations
(14.6) %
(23.2) %
(6.5) %
(10.5) %
Non-GAAP effective tax rate – Continuing operations
16.5 %
16.5 %
16.5 %
16.5 %
Reconciliation of Operating Cash Flow to Free Cash Flow
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(In millions)
Net cash provided by operating activities
$ 367
$ 605
$ 982
$ 1,446
Less: Purchases of property and equipment
(89)
(113)
(232)
(245)
Free cash flow
$ 278
$ 492
$ 750
$ 1,201
View original content to download multimedia:https://www.prnewswire.com/news-releases/ebay-inc-reports-second-quarter-2024-results-302211340.html
SOURCE eBay Inc.
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PartsSource Names Nick Marzotto to Lead Artificial Intelligence Strategy
Published
40 minutes agoon
September 1, 2026By
Former Epic AI executive joins PartsSource as company expands investment in AI, data and healthcare IT to transform clinical technology management
CLEVELAND, Sept. 1, 2026 /PRNewswire/ — PartsSource, the leading performance platform for clinical technology, today announced that Nick Marzotto has joined the company as Vice President of AI and Data, with responsibility for leading PartsSource’s artificial intelligence strategy and accelerating the company’s investment in data, AI and enterprise healthcare technology.
Marzotto comes to PartsSource after 15 years at Epic Systems, the leading electronic health record (EHR) company, where his leadership experience bridged artificial intelligence, clinical applications, product strategy and large-scale health system technology implementations. His appointment reflects a broader strategic evolution at PartsSource as the company builds the next generation of its platform for clinical technology designed to connect data across assets, vendors, service organizations and health system workflows. The platform will increasingly apply AI to help healthcare organizations make faster, more predictive decisions about the technology on which patient care depends.
“Over the past two decades, the EHR has transformed healthcare by bringing previously fragmented patient information and clinical workflows into a connected digital environment,” said Philip Settimi, MSE, MD, President and CEO of PartsSource. “We believe a similar transformation is now possible for the clinical asset environment and we’re excited to have Nick lead that effort. Health systems operate enormous fleets of increasingly connected medical technology, but the data surrounding those assets remains fragmented across systems, vendors and workflows. Our opportunity is to create the data and intelligence layer that turns those signals into decisions and action at enterprise scale.”
As Epic’s Vice President of Clinical Applications and Artificial Intelligence since 2020, Marzotto led enterprise initiatives to operationalize generative AI, bringing more than 50 product teams together around common approaches to AI development and adoption. The GenAI initiative that he led produced a 32x increase in adoption across 500 health systems. Importantly, he also partnered with health system customers to build the governance infrastructure needed to monitor, understand, and responsibly leverage AI.
“The integrated EHR and the data that it captured created the connective tissue that gave providers and patients a more holistic understanding of the patient’s needs. PartsSource has the opportunity to build the same kind of connected intelligence around the clinical assets that make care possible,” said Marzotto. “By bringing together asset data across vendors, modalities and sites of care, and applying AI to that data, we can move from understanding what happened to anticipating what is likely to happen. This will fundamentally transform teams into a proactive mindset instead of reactive.”
Marzotto will work across PartsSource’s product and technology organization to advance the use of AI, machine learning, data science and intelligent workflow automation throughout the company’s clinical technology platform.
“AI will not be a feature bolted onto our platform,” Settimi said. “It will increasingly be part of the foundation for how PartsSource turns data into better decisions, better workflows and ultimately greater clinical capacity for our customers.”
About PartsSource
PartsSource (www.partssource.com) is the leading performance platform for clinical technology, helping healthcare organizations maximize asset availability, operational readiness and clinical capacity through AI-enabled insights, enterprise workflows and evidence-based decision support. Trusted by more than 5,000 hospitals and 15,000 clinical sites, PartsSource combines software, service intelligence, benchmarking data and operational expertise into a single integrated platform spanning parts, service, asset and workforce solutions. The PartsSource Logo, Ensuring Healthcare is Always On and Precision Procurement are registered trademarks of PartsSource, Inc.
View original content to download multimedia:https://www.prnewswire.com/news-releases/partssource-names-nick-marzotto-to-lead-artificial-intelligence-strategy-302865394.html
SOURCE PartsSource
Technology
THE NEW 2027 LEXUS NX: ADVANCING HYBRID & PLUG-IN PERFORMANCE, REFINED DESIGN, AND ELEVATED IN-CABIN EXPERIENCE
Published
40 minutes agoon
September 1, 2026By
Lexus NX Will Now Be 100% Electrified With a Choice of Hybrid Electric Vehicle (HEV) or Plug-in Hybrid Electric Vehicle (PHEV) PowertrainsThe NX Lineup is Planned to Include Four Grade Choices in Either Powertrain: Premium, Premium+, F SPORT and LuxuryNX PHEV Features a Newly Developed Lithium-ion Battery with a Manufacturer Estimated Over 40 Miles of EV Range on Select Grades*DC Fast Charging Capability and Power Charge Port Door are Standard on NX PHEV GradesImproved Driving Dynamics Due to Updates Throughout Including: Suspension, Steering System, Accelerator, Braking System and Chassis RigidityLexus Interface With 14-inch Touchscreen Display Is Now Standard on All GradesAvailable Sensory Concierge on Luxury and F SPORT Grades Personalizes the Cabin Experience Through a Combination of Lighting, Sound, and FragranceLexus Safety System+ 4.0 Delivers Peace of Mind With Enhanced Detection Capabilities, Broader Situational Awareness, and Expanded Driver Assistance Technologies
*Official EPA ratings available closer to on-sale date
PLANO, Texas, Sept. 1, 2026 /PRNewswire/ — Lexus debuts the new and greatly enhanced Lexus NX compact crossover for the 2027 model year, a model which has continued to enjoy popularity with legions of luxury customers globally. Since its debut in 2014, the Lexus NX has earned acclaim from customers around the world for its agile urban driving performance, stylish design, and other distinctive qualities. For the 2027 model year, Lexus NX will move to a 100% electrified lineup with a choice of Hybrid or Plug-in Hybrid grades.
Some of the highlights of the new NX include interior and exterior design elements, improved structural rigidity and driving dynamics, next-generation hybrid technology, and the inclusion of Sensory Concierge on select grades. In addition to this, the Lexus Interface 14-inch screen is now standard across all grades and acts as the central hub for navigation, entertainment, vehicle information, and connected technologies. This extensively updated new model is expected to be made available across global markets by the end of 2026.
Next-Generation Hybrid Drivetrain Technology
The new Lexus NX aims to elevate the compact crossover experience by deploying the latest, most advanced Lexus hybrid drivetrain technology. Since 2005, when Lexus introduced hybrid-electric technology into the luxury space in the U.S., generation over generation advances in the drivetrain systems have yielded power improvements and efficiency enhancements that have been applied to this latest iteration of the NX Hybrid system.
Key System Enhancements for Hybrid and Plug-In Hybrid NX
The new system uses an e-Axle assembly integrating the transaxle, motor, and PCU (Power Control Unit). The result is a more compact, lightweight package, helping lower the vehicle’s center-of-gravity. Further efficiency gains are achieved through improved drivetrain electronics and the adoption of SiC (silicon carbide) power semiconductors in the inverter.
The NX 450h+ is equipped with a newly developed Lithium-ion battery that delivers an 8% increase in output and a 30% increase in capacity. PHEV grades also now come standard with DC fast charging and the addition of a Power Charge Port Door.
By changing the battery cell layout from the conventional longitudinal arrangement to a transverse one, lateral rigidity across the entire body has been increased, while the lower battery mounting position achieves a lower center of gravity.
The redesigned hybrid system also features enhanced battery power management. Greater use of battery power during acceleration suppresses excessive engine speed, allowing engine rpm to rise more in sync with vehicle speed for a more linear acceleration feel.
Along with this, the redesigned engine block casting includes reinforced areas that increase rigidity between the engine and transaxle. The improved block rigidity helps shift resonance away from engine combustion frequencies, reducing unpleasant noise and vibration.
Updated Electronic Control Unit (ECU) programming improves the coordination between the motor and engine when transitioning from EV to HEV driving. The NX PHEV retains essential driving feedback to provide a driving experience that fosters intuitive, confident communication between driver and vehicle.
The new NX offers an E-Four electronic all-wheel-drive system featuring revised rear motor control that enables continuous AWD operation not only during launch, wheel slip and cornering, but also in straight-line driving. This always-on AWD system delivers more stable, confidence-inspiring handling with an enhanced sense of road contact, while also improving stability on low-traction surfaces such as snow.
Evolving the “Lexus Driving Signature” Through Enhanced Performance and Extensive Refinement
To further evolve the Lexus Driving Signature, the uniquely Lexus driving character defined by its clear, responsive, and linear feeling of the vehicle control surfaces, Lexus engineers continuously enhance the fundamental performance of every model through uncompromising and relentless vehicle refinement. The new NX improves on the vehicle’s core fundamentals through measures such as increased body rigidity and the placement of major mass components help enhance the NX’s sporty dynamic nature and ride comfort.
The new model’s performance was then rigorously honed and tuned on the demanding test courses at Toyota Technical Center Shimoyama (TTC-S), Lexus’ vehicle development center. Development also continued at Germany’s Nürburgring, the inspiration behind TTC-S and home to even more demanding road conditions. Through exhaustive testing and repeated tuning, the new NX was refined to deliver Lexus’ hallmark comfort and refinement while pursuing a driving experience that enables intuitive communication between driver and vehicle.
For the new NX, aspects of the chassis and vehicle control systems have been carefully tuned to deliver an even more linear and refined driving feel.
Body rigidity, which forms the foundation of a vehicle’s core structure, is continuously enhanced across all NX grades. For the new NX, in addition to reinforcing the front and rear of the unibody, a new floor cross member and additional reinforcement along the tunnel ridge have been adopted, increasing floor rigidity. The suspension towers have also been redesigned with integrated structural components, improving their rigidity. These enhancements contribute not only to sharper handling, and reduced road noise but also to greater ride comfort due to improved suspension performance.
On NX grades that don’t include an Adaptive Variable Suspension System, the newly adopted shock absorbers with ultra-low-speed valves generate damping force with high responsiveness even to minute suspension movements, achieving a ride that is both responsive and refined. The system helps keep the vehicle body flatter over road undulations, contributing to both sporty handling and ride comfort. Suspension tuning was carried out not only on the various test courses at TTC-S, but also repeatedly at the Nürburgring. The suspension was refined across a wide range of road surfaces and conditions to deliver handling and ride comfort that feel natural and inspire confidence.
The steering wheel diameter has been reduced by 0.4 inches to 14.2 inches, and a Variable Rack Gear with a more responsive variable steering ratio has been adopted across all grades, further improving maneuverability. The electric power steering system was also thoroughly re-tuned to complement these changes. By delivering light, linear steering feedback, the new NX achieves a more natural and confidence-inspiring steering feel, even with its quick handling characteristics.
Advancements in accelerator control deliver lighter, more linear acceleration response. Improvements to the accelerator pedal assembly also reduce friction throughout the pedal stroke, allowing more linear pedal movement and more precise control of vehicle speed.
A new brake control system applies subtle braking during cornering to help stabilize yaw and roll motions during abrupt maneuvers, such as sudden lane changes. This delivers greater vehicle stability and enhanced ease of control.
The driving position was optimized using big data analysis to determine seat and steering wheel positions. Based on the results, the steering wheel’s telescopic adjustment range has been expanded to provide a more optimal driving position. The pedals and steering wheel have also been redesigned to deliver precise, intuitive control across a wide range of driving situations, from sporty driving to everyday urban driving.
Aerodynamic performance has also been enhanced through increased rigidity of the side grille ducts, which helps stabilize airflow around the tires for improved handling stability. Fins integrated into the wheel housings further improve airflow management by efficiently evacuating air and reducing pressure build-up. The result is a greater sense of road contact and enhanced straight-line stability.
A Sportier Exterior with a Refined and Comfortable Interior
The new NX further refines and evolves the “Vital Tech” design theme inherited from previous generations. While retaining its sporty form and side silhouette, the exterior has evolved to express a more dynamic and active character. The seamless integration of function and form embodies the functional beauty unique to Lexus. Inside, the cabin offers a spacious sense of openness and a relaxing atmosphere, providing comfort for occupants in every seat.
Proportions That Signal Performance
A wide, low stance creates simple, clean proportions, while the seamless integration of the headlamps, cornering lamps, and other functional elements into the grille reinforces the vehicle’s sporty character. The design has been updated with a more modern look by seamlessly integrating functional elements, while a mesh grille enhances aerodynamic and cooling performance expressing Lexus’ signature fusion of form and function.
The outer mirrors and moldings have been updated from chrome finishes to predominantly black accents. The more cohesive appearance accentuates the NX’s distinctive sense of solid, sculpted sportiness and creates a powerful stance.
The headlamps integrate the turn signals and daytime running lights (DRLs) into a distinctive dual-line lighting signature that gives the NX a sharp, unmistakable look while balancing design with functionality.
The rear combination lamps feature Lexus’ first Double L Signature. The illuminated double L-shaped elements at each end, together with the illuminated Lexus logo, reinforce the vehicle’s wide, low stance.
Nine exterior colors are available for body color, including two new additions. Shaded Ivy, an ash tone, conveys a modern character while harmonizing with nature, while the sharp and cool Incognito is newly available for F SPORT grades.
An Interior that Inspires
The instrument panel horizontally aligns the 12.3-inch digital meter and 14-inch touchscreen navigation/multimedia display to help support driver attention on the roadway. The layout combines excellent visibility with intuitive operability, creating a driving environment that feels both open and relaxing.
A redesigned steering wheel and Responsive Hidden Switches with translucent surface panels further enhance functionality while strengthening the consistency of the Lexus brand identity.
Linear and ambient illumination create a tranquil, refined atmosphere. A continuous line of light extending from the instrument panel to the door trim reinforces the horizontal theme, creating a simple, clean aesthetic and enhancing the cabin’s sense of width and openness.
On NX grades with the available Mark Levinson® audio system, perforated metal speaker grilles create a sophisticated, high-tech appearance. A circular illuminated ring surrounding the door speakers shines through the grilles, creating an elegant lighting signature.
The interior is available in five color options, including two new colors: Abalos and the F SPORT-exclusive Radiant Red. Inspired by the sand dunes of Mars’ northern hemisphere, Abalos is a vibrant yet composed color that evokes the energy of the landscape. The F SPORT-only Radiant Red is even more vivid, further accentuating the model’s sporty and active character.
The Sporty Side
F SPORT grades receive exclusive front under spoilers, side pontoons, and rear corner devices that heighten the sense of dynamic performance. Piano Black finishes on the roof side rails, roof spoiler, and rocker panels create a more cohesive, sporty appearance.
Exclusive lightweight, high-rigidity 20-inch aluminum wheels and red brake calipers further distinguish the F SPORT model. The interior features an all-black instrument panel to create a more driver-focused cockpit, while contrast stitching provides a distinctive accent.
Sensory Concierge: A Multisensory Cabin Experience
Available on Luxury and F SPORT grades, Sensory Concierge is designed to provide all occupants with a space as relaxing as their own living room, delivering an experience based on Lexus’ “Performing Arts” concept, and immersing occupants through the interplay of space and sensory effects. By coordinating illumination, music, climate control, seat temperature, and fragrance across three modes, the system tailors the cabin environment to occupants’ moods, helping them feel relaxed or energized depending on the moment.
INSPIRE is designed to energize and uplift through coordinated illumination, engaging audio, refreshing airflow, and tailored comfort settings.RADIANCE is designed to promote focus and clarity through a balanced coordination of lighting, fragrance, sound, and comfort settings that foster a more engaged and comfortable daily travel experience.REVITALIZE is designed to encourage relaxation and renewal through calming ambient sounds, soothing illumination, and comfort-focused settings.
The new NX offers multiple fragrance experiences, each representing the Lexus design philosophy of “Time.” In addition to the three Sensory Concierge modes, occupants can select each fragrance independently, allowing them to personalize the cabin atmosphere based on their preference. Fragrances can also be experienced together with visuals, music, and illumination coordinated specifically with the scent.
Shinmei — A pure citrus fragrance inspired by the sense of new beginnings at dawn, expressing clarity, optimism and the promise of a new day.Seiyo — A gentle white floral fragrance inspired by abundant spring sunlight, evoking warmth, comfort and natural openness.Hanya — A soft, mysterious musk inspired by the quiet stillness of night, creating a calming atmosphere intended to encourage relaxation and reflection.
Updated Safety and Convenience Features with Lexus Safety System+ 4.0
Lexus is committed to advancing safety and convenience technologies to assist in the reduction of certain traffic accidents The new NX features Lexus Safety System+ 4.0, delivering enhanced detection capabilities, broader situational awareness, and expanded driver-assistance technologies to help provide greater confidence and peace of mind behind the wheel. Expanded operating capabilities and sensor coverage provide additional driver support in certain scenarios, while helping to enhance confidence and convenience. In addition, clearer visualization of the vehicle’s surroundings on the meter display helps support confident driving.
All 2027 Lexus NX grades come standard with LSS+ 4.0. This system includes:
Pre-Collision System (PCS) with Pedestrian Detection
Pre-Collision System (PCS) with Pedestrian Detection is designed to help detect a vehicle, pedestrian, bicyclist or motorcyclist and provide an audio/visual forward collision warning under certain circumstances. If the driver does not react, the system is designed to provide automatic emergency braking. PCS uses a camera and millimeter-wave radar for enhanced performance and reliability. Features for LSS+ 4.0 include:
Risk Avoidance Emergency Steer Assist
Designed to provide additional steering torque during an emergency maneuver initiated by the driver, enhancing vehicle stability and helping prevent lane departure. This steering support function is designed to operate when the Pre-Collision System is turned ON, the turn signal is not being operated, the speed of the vehicle is between 25-50 mph and the relative speed to the detected object is between 25-50 mph.
Intersection Turn Assist
Designed to detect vehicles, motorcycles, bicycles, and pedestrians crossing at certain intersections, supporting the driver with audible and visible warnings along with automatic braking when turning left for an oncoming vehicle or turning right for when a pedestrian is detected.
Full-Speed Range Dynamic Radar Cruise Control (DRCC)
Full-Speed Dynamic Radar Cruise Control helps maintain a preset distance from the vehicle ahead of you at various speeds.
Lane Tracing Assist (LTA)
When Full-Speed Range Dynamic Radar Cruise Control (DRCC) is enabled and lane markers are detected, Lane Tracing Assist (LTA) uses the lines on the road and/or preceding vehicles to provide active driving assistance and help keep the vehicle centered within its lane.
Lane Departure Alert with Steering Assist (LDA w/SA)
When lane markings or certain road edge boundary lines are detected at speeds above 30 mph, LDA w/SA is designed to issue an audio/visual lane departure warning if an inadvertent lane departure is detected. If the driver does not take corrective action, the system is also designed to provide gentle corrective steering for lane keeping assistance.
Road Sign Assist (RSA)
Using an intelligent camera, RSA is designed to detect speed limit signs, stop signs, and certain warning signs, and display an icon of the sign on the Multi-Information Display.
Automatic High Beams
Automatic High Beams can automatically toggle between high and low beams based on the vehicle’s surroundings.
Proactive Driving Assist (PDA)
Uses the vehicle’s camera and radar, when operating conditions are met, to provide gentle braking and/or steering to support driving tasks such as distance control between your vehicle and a preceding vehicle.
Additional safety and convenience features available on the Lexus NX include:
Lexus Interface with 14-inch touchscreen display
The latest generation of the Lexus Interface multimedia system offers faster operation, deeper levels of personalization, and new technologies that include a standard drive recorder, split-screen viewing capabilities, and so much more. Its intuitive, smartphone-like design brings navigation, entertainment, vehicle information, connected technologies, and available services together through an experience designed around convenience and personalization.
Drive Recorder
The standard Drive Recorder provides integrated dashcam functionality without noticeable in-cabin camera placement. Using the vehicle’s exterior cameras, the system is designed to record and save video clips associated with manual or triggered events, adding practical convenience without requiring a separate aftermarket device.
Digital Key
Available Digital Key allows compatible smart devices to function as a vehicle key, supporting vehicle access, start, and operation while also allowing owners to share access with other drivers through compatible digital wallets. Digital Key requires an active Remote Connect trial or subscription. A 5-year Remote Connect trial is included for MY27. 5G network dependent.
Safety Connect
Find more peace of mind at the touch of a button with an active Safety Connect trial or subscription. For help in emergency or urgent situations, simply press the in-vehicle SOS button to connect with our 24/7 response center. 5G network dependent. 5-year trial included.
Service Connect
An active Service Connect trial or subscription allows you to access Vehicle Health/Alerts, schedule maintenance services at your preferred Lexus dealer and more—all from your preferred connected device. 5G network dependent. 5-year trial included.
Remote Connect
Optimized for even quicker access, an active Remote Connect trial or subscription allows you to remotely start your Lexus, lock and unlock doors, check vehicle status and more—all through the Lexus app on your compatible smartphone. 5G network dependent. 5-year trial included.
Wi-Fi Connect
Now everyone can stay connected. An active Wi-Fi Connect trial or subscription allows you to connect up to five Wi-Fi—enabled devices to your vehicle’s onboard 5G hotspot. And, depending on your existing mobile provider, you can add the Wi-Fi Connect trial or subscription to your current mobile plan. A 30-day trial with unlimited hotspot data is included. 5G network dependent.
Intelligent Assistant
You speak. And the enhanced Intelligent Assistant quickly responds. Just say “Hey Lexus” to adjust temperature, navigation, audio and more. Requires an active Drive Connect trial or subscription. 5G network dependent. 3-month trial included.
Destination Assist
Get 24-hour access to a live agent who can help direct you to addresses, restaurants, hotels and more—and send directions to your Cloud Navigation. Requires an active Drive Connect trial or subscription. 5G network dependent. 3-month trial included.
Cloud Navigation
Optimized to provide faster, more intuitive results, Cloud Navigation real-time data to provide you with more precise turn-by-turn directions. Requires an active Drive Connect trial or subscription. 5G network dependent. 3-month trial included.
Traffic Jam Assist
Traffic Jam Assist technology (requires Drive Connect subscription; 3-month trial included, and 5G network dependent) is designed to monitor surrounding traffic in condensed, low-speed driving situations on limited access roadways and to keep a set following distance behind the preceding vehicle. In addition to providing temporary hands-free steering assistance (provided the driver remains alert and ready to resume immediate control), this system can automatically bring the vehicle to a complete stop then resume its path of travel as forward traffic begins to move.
Lane Change Assist (LCA)
An extension of Lane Tracing Assist (LTA), Lane Change Assist (LCA) can automatically perform a lane change under certain conditions while using the camera and millimeter-wave radar to monitor the surrounding environment and determine a smooth trajectory.
Rear Pedestrian Detection
Designed to alert the driver if a pedestrian is detected at the rear of the vehicle and apply the brakes if needed.
Front Cross-Traffic Alert (FCTA)
FCTA is designed to detect the approach of crossing vehicles when the vehicle enters an intersection at low speed and alerts the driver via an audible alert and, on trims so equipped, the Head-Up Display (HUD).
NX Grade Lineup
For 2027, the Lexus NX is planned to include four grades: Premium, Premium+, F SPORT, and Luxury. With the Hybrid Electric Vehicle (HEV) powertrain, Premium and Premium+ grades are available with the choice of either all-wheel drive or front-wheel drive, while F SPORT and Luxury grades will exclusively be offered in all-wheel drive. The Plug-in Hybrid Electric Vehicle (PHEV) powertrain is available on all grades but is paired exclusively with all-wheel drive.
Model Code
Model Name
9849
NX 350h Premium FWD
9845
NX 350h Premium
9856
NX 350h Premium+ FWD
9857
NX 350h Premium+
9847
NX 350h F SPORT
9846
NX 350h Luxury
9855
NX 450h+ Premium
9858
NX 450h+ Premium+
9854
NX 450h+ F SPORT
9852
NX 450h+ Luxury
Additional grade details and pricing info for the 2027 Lexus NX will be available closer to the on-sale date.
Lexus and the DISCOVER Ethos
Since its founding in 1989, LEXUS has remained committed to a spirit of innovation. At the 2025 Japan Mobility Show, LEXUS introduced its brand message, “DISCOVER — Imitate No One,” declaring its commitment to further transforming the brand to deliver unique experiences for every customer. Guided by the theme “DISCOVER YOUR EDGE,” the new NX was developed to bring fresh inspiration to customers’ everyday lives, broaden their horizons, and unlock new possibilities. While staying true to the balance of sportiness and utility that has defined generations of NX, the model has been transformed utilizing a new hybrid system that elevates driving performance, complemented by refreshed exterior and interior designs. The dynamic exterior heightens anticipation and excitement for the drive even before stepping inside, while the simple, horizontal themed interior creates an open, relaxed atmosphere for all occupants.
About Lexus
Lexus’ passion for brave design, imaginative technology, and exhilarating performance enables the luxury lifestyle brand to create amazing experiences for its customers. Lexus began its journey in 1989 with two luxury sedans and a commitment to pursue perfection. Since then, Lexus has developed its lineup to meet the needs of global luxury customers in more than 90 countries. In the United States, Lexus vehicles are sold through 244 dealers offering a full lineup of luxury vehicles. Lexus is committed to being a visionary brand that anticipates the future for luxury customers.
Media Contacts
Brett Miles
brett.p.miles@lexus.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/the-new-2027-lexus-nx-advancing-hybrid–plug-in-performance-refined-design-and-elevated-in-cabin-experience-302865665.html
SOURCE Lexus
Technology
Brain Aneurysm Foundation Marks Brain Aneurysm Awareness Month with National Research, Education and Community Initiatives
Published
40 minutes agoon
September 1, 2026By
20th Annual Research Grant Symposium in Louisville anchors month of activities as Foundation awards record $650,000 to advance brain aneurysm research
HANOVER, Mass., Sept. 1, 2026 /PRNewswire/ — The Brain Aneurysm Foundation (BAF), the leading advocacy organization supporting education, research and policy to transform the treatment of brain aneurysms, will mark Brain Aneurysm Awareness Month this September with a broad range of activities across the country, led by its 20th Annual Research Grant Symposium in Louisville, Kentucky, and extending to community events, public awareness initiatives and advocacy efforts nationwide.
On September 17, BAF will bring together leading brain aneurysm researchers from across the United States and Canada for its annual scientific symposium and Research Grant Awards Dinner. This year, the Foundation is awarding a record $650,000 to support 18 research projects spanning genetics, artificial intelligence, diagnostics, imaging and new treatment strategies. Since launching its research grant program in 2007, BAF has invested more than $7 million to advance understanding of how brain aneurysms form and rupture and support new approaches to detection, risk assessment and treatment.
“Brain Aneurysm Awareness Month brings together every part of our mission, from researchers working to change what is possible and clinicians caring for patients, to survivors and families advocating for greater awareness and communities across the country raising funds to support continued progress,” said Christine Buckley, Executive Director of the Brain Aneurysm Foundation. “Our goal is to translate greater awareness into earlier detection, more research, better treatments and, ultimately, fewer lives lost or permanently changed by brain aneurysm rupture.”
An estimated one in 50 people in the United States is living with an unruptured brain aneurysm, and approximately 30,000 Americans suffer a rupture each year. Of those who survive a rupture, more than 70 percent will suffer long-term neurologic challenges.
The month also reflects BAF’s longstanding leadership in bringing greater national attention to brain aneurysms. Beginning more than 15 years ago, the Foundation led a multi-year advocacy effort that resulted in U.S. Senate recognition of September as National Brain Aneurysm Awareness Month. BAF has since continued working with policymakers across the country to increase federal funding for brain aneurysm research, including the bipartisan bill known as Ellie’s Law, which aims to provide additional funds to the National Institutes of Health.
“Few organizations have had a more consequential impact on the brain aneurysm field than the Brain Aneurysm Foundation,” said Walter Koroshetz, M.D., a leading neurologist and neuroscientist and former director of the National Institute of Neurological Disorders and Stroke. “Promising early research funded by the BAF has often led to larger NIH grants, and the organization has been instrumental in bringing together investigators and clinicians from leading institutions, educating patients and medical professionals, and giving survivors and families a national voice. There simply is no other organization that brings these pieces together at this scale, and that leadership has been instrumental in moving the field forward.”
Throughout September, BAF will bring that mission to communities across the country through activities including:
The 20th Annual Research Grant Symposium in Louisville on September 17, bringing together leading researchers to share findings, foster collaboration and recognize BAF’s 2026 grant recipients;BAF runs and walks in Long Island and Louisville on September 19; Philadelphia on September 20; New York City and Fredericksburg, Virginia on September 26; and Chicago on September 27;The illumination of landmarks across the country in recognition of Brain Aneurysm Awareness Month, including Louisville’s Big Four Bridge on September 21 and buildings and bridges throughout Boston on September 25, with additional cities expected to participate;National education, advocacy and social media initiatives focused on brain aneurysm risk factors, warning signs, early detection and the experiences of survivors and families;Ongoing engagement with federal lawmakers and their staffs to advocate for “Ellie’s Law,” which aims to increase NIH funding for brain aneurysm research;A webinar on September 24, in collaboration with the Massachusetts Health & Hospital Association, to help primary care clinicians and first responders recognize key signs and symptoms, understand risk factors and treatment options, and provide timely support for patients and families; andOn September 26, the BAF will host its first global Virtual Community Support Group for survivors and caregivers. This is in addition to the dozens of hospital-led, in-person support groups nationwide that will offer programs in September.
The BAF works throughout the year to increase understanding of brain aneurysm warning signs and risk factors, encourage early detection among those at increased risk, advocate for greater federal research funding, and provide education and support to individuals and families affected by the disease.
About the Brain Aneurysm Foundation
The Brain Aneurysm Foundation (BAF) is the leading advocacy organization supporting education, research, and policy to transform the treatment of brain aneurysms, and is the largest private funder of brain aneurysm research. Through its strategic grant program, BAF fuels breakthroughs in early detection, prevention, treatment, and technology, advancing the standard of care and improving outcomes for patients. To learn more, visit bafound.org.
Media Contact:
Lynn Nuttall
Director of Marketing and Communications
Brain Aneurysm Foundation
781-826-5556 x 208
lynn@bafound.org
View original content to download multimedia:https://www.prnewswire.com/news-releases/brain-aneurysm-foundation-marks-brain-aneurysm-awareness-month-with-national-research-education-and-community-initiatives-302865719.html
SOURCE Brain Aneurysm Foundation
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Brain Aneurysm Foundation Marks Brain Aneurysm Awareness Month with National Research, Education and Community Initiatives
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