81c2b5004a43f0f14287628ca1b2e5a7cb6a20ed2731ec28ac60374f656b8d94

Marketplace

- Net Transaction Revenues

- Marketing Services and Other Revenues

Payments

Enterprise

StubHub

Classifieds

Elimination of Inter-Segment Net Revenue

Advertising Revenues

Total Revenue

a90e783d59971b1617437e7870166f835d111e39445b742cfcbe01260b016fce

Gross Merchandise Volume – As reported (USD millions)

Gross Merchandise Volume – FX-Neutral (USD millions)

Take rate (percentage)

6f960bd1717a92ce615b7db12f7cf5716d598a05384bc60d03bebe817b2dcbb8

United States

United Kingdom

China

Germany

Rest of World

South Korea

International

83dd6fb33d425b347722594ee27e8f948209b4cb2afdfb84046e93ec489df948

13fb53e9b378d4f738df9166a5cb90311dad0e90ade60164cf1e54a4ef14b009

04308962feb66a09c66c048039ee9f9a16db1e56b1d15521bb94796ed824fc6a

528240b58d9fe55adff5cd5b6be95e2d2989945482283a15bd322ee044e0fe2a

The **Operating Cash Flow was so low** in Q4 2023 primarily due to **unfavorable changes in working capital**, with a **negative impact of $473 million** compared to just **$11 million** in the prior year, coupled with **increases in deferred income taxes (from $27 million to $160 million)**. Additionally, higher **provisions for transaction losses (rising to $101 million from $81 million)** and elevated **stock-based compensation (increasing to $149 million from $128 million)** further contributed to the decline, along with other adjustments related to the fair value of equity investments and warrants.  **[0001065088-24-000033_exhibit991erebayq42023.htm:7]** 

Why was Operating Cash Flow so low in Q4 2023?

The noticeable dip in Operating Cash Flow in Q2 2024 was primarily due to **working capital movements** that negatively affected cash flows, along with **non-cash adjustments**. These adjustments included a significant negative swing in **deferred income taxes** (from a minor negative adjustment in the previous period to a much larger negative adjustment in Q2 2024) and a **change in the fair value of the equity investment in Adevinta** (which shifted from providing positive cash flow in the prior period to a negative impact in Q2 2024). Additionally, there was a minor decrease in the **provision for transaction losses**. This combination of factors collectively contributed to the decrease in operating cash flow.  **[0001065088-24-000145_ebay-20240630.htm:45]** **[0001065088-24-000143_exhibit991erebayq22024.htm:7]** 

What caused the noticeable dip in Operating Cash Flow in Q2 2024?

The spike in income tax payments in Q4 2023 was driven by a combination of factors. **First**, a higher GAAP effective tax rate for continuing operations of **29.4%** compared to **19.1%** in Q4 2022 significantly increased the tax burden. **Second**, an increase in pre-tax income, with GAAP net income from continuing operations at **$728 million**, further contributed to the heightened tax liability. **Finally**, changes in the timing of tax payments—including settlements or adjustments from prior periods—also played a role in the overall increase in cash paid for income taxes.  **[0001065088-24-000033_exhibit991erebayq42023.htm:2]** 

What factors drove the spike in income tax payments in Q4 2023?

dc267f5345b4aa12081249709ccd3cd86173274b9d6d85b4fcb7895df05af2cd

eBay’s cash and cash equivalents dropped significantly in Q3 2024 mainly due to substantial **investing and financing outflows** that outweighed the operating cash inflows. Although the company generated strong operating cash of **$1,737 million**, large outlays—particularly the **$11,472 million** spent on investments and additional purchases of property and equipment—combined with significant financing activities such as **$2,238 million** in share repurchases, **$405 million** in dividends, and **$750 million** in debt repayments, led to a net decrease in cash. These factors contributed to the reduction from **$1,985 million** to **$1,589 million** during the period.  **[20241030SF43922:5]** **[0001065088-24-000196_exhibit991erebayq32024.htm:6]** 

Why did Cash and cash equivalents drop so significantly in Q3 2024?

The decline in Total Assets in Q3 2024 was primarily driven by a significant reduction in the equity investment in Adevinta, which dropped from **$4,474 million** to **$0** due to the sale of shares that generated **$2,410 million in proceeds**. Additionally, there was a decrease in cash and cash equivalents from **$1,985 million** to **$1,589 million**, largely resulting from cash outflows for share repurchases (**$2,238 million**), dividend payments (**$405 million**), and debt repayment (**$750 million**). Other contributing factors include changes in various asset components, such as an increase in other current assets and a decrease in deferred tax assets, all of which collectively led to a **$1,705 million** reduction in total assets for Q3 2024.  **[20241030SF43922:5]** **[0001065088-24-000196_exhibit991erebayq32024.htm:6]** **[0001065088-24-000199_ebay-20240930.htm:27]** **[20241030SF43922:2]** 

What factors led to the decline in Total assets in Q3 2024?

The documents confirm that eBay's short-term debt increased sharply from **$750 million** in Q4 2023 to **$1,551 million** in Q1 2024, but they do not provide specific details on what triggered this increase.  **[20240501SF02529:5]** **[0001065088-24-000073_exhibit991erebayq12024.htm:6]** 

What triggered the sharp increase in Short-term debt in Q1 2024?

The documents note that **eBay's long-term debt decreased** from **$6,973 million** at the end of Q4 2023 to **$6,174 million** in Q1 2024, but they do not provide specific reasons for this notable decrease.  **[20240501SF02529:5]** **[0001065088-24-000073_exhibit991erebayq12024.htm:6]** **[0001065088-24-000076_ebay-20240331.htm:2]** 

Why did Long-term debt decrease notably in Q1 2024?

18fe609d0fd3a50d43b703e185f3b7464e8e9878561310511439ee1f39736df3

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

fe234a24f97efa3b9553b845b04f26261da2dd3403ab4cab59b84fd38a55d47f

eBay Inc (EBAY)

Financials