A little more on eBay's Q1: Both 55% of PayPal and Marketplaces' revenue was international. PayPal's take rate was 3.77% vs. 3.72% in Q4 and 3.87% in Q1 '12. Transaction expense (worth watching) was 1.05%, up from 1.03% in Q4. PayPal's eBay transaction volume rose 13% Y/Y, and was 32% of total volume. 3rd-party volume rose 25%. Bill Me Later payment volume +31% Y/Y to $849M (same growth rate as Q4), charge-off rate even Q/Q at 5.3%. Marketplaces sold items +11.7% (a little below rev. growth). Capex 8% of revenue. Marketplaces segment margin 42.1%, much higher than PayPal's 24.1%. EBAY -2.6% AH.