eBay 2003 Annual Report Download - page 2
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we will continue to expand into new international markets, while further investing in technology and
infrastructure in the U.S. And, in eBay's North American business, we will continue to give our members
more online tools that help them pursue their own success.
A year of investment does not mean, however, a year of lower proÑt or cash Öow generation. In 2004,
we plan to continue to apply Ñnancial discipline in balancing investment with returns and operating margin
expansion as we seek to achieve record Ñnancial performance.
These results are not achieved easily or alone. We would like to express our gratitude to eBay's
partners, employees, and shareholders for their continued support. And, we also acknowledge the
contributions of our community, whose passion and entrepreneurial spirit are the true drivers of eBay's
success. We are extremely proud of the unique partnership we have with our community and look forward
to even greater achievements together in the years ahead.
Pierre Omidyar Meg Whitman
Founder and Chairman of the Board President and CEO