Financial Performance - For the three months ended September 30, 2023, net revenues increased to $2,500 million, up from $2,380 million in the same period of 2022, representing a growth of 5.04%[16] - Gross profit for the nine months ended September 30, 2023, was $5,427 million, compared to $5,286 million for the same period in 2022, reflecting an increase of 2.67%[16] - The company reported a net income of $1,305 million for the three months ended September 30, 2023, compared to a net loss of $69 million in the same period of 2022[18] - Basic income per share from continuing operations for the three months ended September 30, 2023, was $2.47, a significant improvement from a loss of $0.13 per share in the same period of 2022[16] - eBay reported a net income of $2,043 million for the nine months ended September 30, 2023, compared to a net loss of $1,941 million in the same period of 2022[22] - Net income for Q3 2023 was $1,305 million, compared to a net loss of $69 million in Q3 2022, marking a significant turnaround[47] - Total net revenues for Q3 2023 reached $2,500 million, a 5% increase from $2,380 million in Q3 2022[57] - U.S. revenues for Q3 2023 were $1,259 million, up from $1,187 million in Q3 2022, reflecting a growth of 6%[57] Assets and Liabilities - Total assets as of September 30, 2023, amounted to $21,184 million, an increase from $20,850 million as of December 31, 2022[13] - Total liabilities decreased to $15,285 million as of September 30, 2023, down from $15,697 million as of December 31, 2022[13] - The company’s cash and cash equivalents increased to $2,550 million as of September 30, 2023, compared to $2,154 million as of December 31, 2022[13] - eBay's total stockholders' equity increased to $5,899 million as of September 30, 2023, compared to $4,853 million a year earlier[20] - As of September 30, 2023, total debt amounted to $7.723 billion, a decrease from $8.871 billion as of December 31, 2022, reflecting a reduction of approximately 13%[122] Cash Flow and Investments - The company generated net cash provided by continuing operating activities of $2,308 million for the nine months ended September 30, 2023, up from $1,941 million in the prior year[22] - Cash, cash equivalents, and restricted cash at the end of the period stood at $3,009 million, an increase from $2,106 million at the end of September 2022[23] - eBay's cash flows from investing activities yielded a net cash inflow of $520 million for the nine months ended September 30, 2023, compared to $3,755 million in the same period of 2022[22] - The company repurchased $1,160 million of common stock during the nine months ended September 30, 2023, compared to $3,031 million in the same period of 2022[20] - Cash flow from continuing operating activities was $862 million during the three months ended September 30, 2023, compared to $735 million in the same period in 2022[187] Expenses and Costs - Operating expenses for the three months ended September 30, 2023, totaled $1,340 million, up from $1,165 million in the same period of 2022, indicating an increase of 15.03%[16] - The effective interest expense for senior notes was approximately $65 million for the three months ended September 30, 2023, compared to $54 million for the same period in 2022, representing an increase of about 20%[131] - Total stock-based compensation expense for the three months ended September 30, 2023, was $144 million, an increase from $118 million in the same period of 2022[168] - Restructuring charges amounted to $42 million, primarily related to workforce reduction and exit costs[179] Equity Investments - The company reported a gain on equity investments of $1,212 million for the three months ended September 30, 2023, compared to a loss of $593 million in the same period of 2022[16] - The total estimated fair value of investments classified as available-for-sale debt securities and restricted cash is $2,886 million as of September 30, 2023[65] - The total equity investments increased from $3,377 million as of December 31, 2022, to $4,633 million as of September 30, 2023[66] - The equity investment in Adevinta is valued at $4,023 million as of September 30, 2023, reflecting an unrealized gain of $1,367 million for the quarter[71] - For the three months ended September 30, 2023, net gains on equity investments were $1,321 million, a significant recovery from a loss of $566 million in the same period of 2022[85] Legal and Regulatory Matters - The company is under examination by tax authorities for the 2010 to 2021 tax years, with potential adjustments to gross unrecognized tax benefits being reasonably possible in the next 12 months[171] - Legal and regulatory proceedings are inherently unpredictable, and unfavorable outcomes could materially impact the company's operating results or financial condition[149] - The company is responding to inquiries from the U.S. Department of Justice regarding potential liability for products sold on its Marketplace platforms, with a civil complaint filed against it alleging violations of environmental laws[154] - The company expects to incur significant costs related to ongoing legal disputes and regulatory inquiries, which could divert operational resources and impact business practices[152] Market and Operational Insights - The company experienced reduced traffic due to geopolitical events, inflationary pressure, and lower consumer confidence, impacting discretionary spending[184] - The take rate for Q3 2023 was 13.90%, up from 13.43% in Q3 2022, indicating improved monetization[199] - Gross Merchandise Volume (GMV) for Q3 2023 was $17,991 million, a 2% increase from $17,715 million in Q3 2022[199] - Operating margin decreased to 18.2% for the three months ended September 30, 2023, down from 23.9% in the same period in 2022[186]

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Financial Data and Key Metrics - Gross merchandise volume (GMV) was $18.2 billion, down 1% year-over-year, an improvement from a 3% decline in Q1 [32] - Revenue grew 5% to $2.54 billion, outpacing GMV growth by 6 points [17][32] - Non-GAAP earnings per share (EPS) was $1.03, up 5% year-over-year [17][32] - Free cash flow was $492 million, up 6% year-over-year [39] - Advertising revenue reached 2% penetration of GMV, with total ads growing 35% and first-party ad revenue growing 49% [25][36] Business Line Data and Key Metrics - Focus categories grew roughly 7 points faster than the remainder of the marketplace, led by motors, parts, and accessories (P&A), which grew mid-single digits year-over-year [18][33] - eBay Refurbished maintained double-digit growth, contributing significantly to focus category outperformance [33] - The company launched Authenticity Guarantee for streetwear in the U.S., expanding to brands like Adidas, Jordan, and Nike, with plans to include luxury brands like Gucci and Louis Vuitton later in the year [19] - The Certified by Brand program, with over 20 participating brands, enhanced trust in listings for watches, jewelry, and handbags [19][20] Market Data and Key Metrics - U.S. GMV was down 4% organically, while international GMV grew 1% on an FX-neutral basis, benefiting from cross-border trade [33][34] - Active buyers were 132 million, down 1 million quarter-over-quarter, but new and reactivated buyers grew year-over-year for the fourth straight quarter [34][35] - Enthusiast buyers remained stable at 16 million, with average annual spend per enthusiast at $3,000 [35] Company Strategy and Industry Competition - The company is focusing on three key pillars: relevant experiences, scalable solutions, and magical innovation, aiming to reinvent e-commerce for enthusiasts [7][8][15] - Investments in AI and machine learning are driving innovations like Magical Listing, which simplifies the listing process for sellers and has seen high customer satisfaction rates [21][22] - The company is expanding its eBay International Shipping program, which simplifies cross-border trade and has shown positive early results [13][60] - The advertising business is a key growth driver, with Promoted Listings Standard and Advanced contributing significantly to ad revenue growth [26][27] Management Commentary on Operating Environment and Future Outlook - Management highlighted the success of focus categories and the advertising business, despite macroeconomic uncertainty [17][31] - The company expects GMV growth between -2% and -1% for the full year 2023, with revenue outpacing GMV by approximately 4.5 points [40][41] - Non-GAAP operating margin is expected to be between 27% and 27.4% for the full year, with headwinds from eBay International Shipping and M&A [41] - The company plans to continue investing in innovation and full-funnel marketing to drive sustainable growth [43] Other Important Information - The company returned $383 million to shareholders through share repurchases and dividends in Q2, with $2.3 billion remaining under the current buyback authorization [39][43] - The acquisition of Certilogo is expected to enhance the company's capabilities in fashion authentication and support the circular economy [20][73] Q&A Session Summary Question: How do the three strategic pillars (relevant experiences, scalable solutions, magical innovation) impact the P&L? - The pillars are expected to drive buyer growth, increase spend per buyer, and amplify ROI on the platform. Relevant experiences have already shown improvements in customer satisfaction and GMV, while scalable solutions like eBay International Shipping are opening up cross-border trade opportunities. Magical innovations, such as AI-driven features, are enhancing customer experiences and unlocking more inventory for sellers [45][46][47] Question: What is driving the margin decline, and are these factors temporary or structural? - The margin decline is driven by eBay International Shipping, M&A, FX fluctuations, and reinvestments in the business. While some factors like FX and M&A are temporary, others like reinvestments are structural and aimed at driving long-term growth [50][52][53] Question: How is the company addressing non-focus categories to ensure stability? - The company is leveraging its focus category strategy to lift overall marketplace performance, including non-focus categories. Investments in scalable solutions like eBay International Shipping and AI-driven features like Magical Listing are benefiting all categories [55][56][57] Question: What is the impact of eBay International Shipping on U.S. GMV? - The program is still ramping up in the U.S., but early results show positive reception from sellers, with improvements in shippable listings and conversion rates. The program is expected to open up more cross-border trade opportunities [59][60] Question: How is the company performing in attracting millennials and Gen Z buyers? - The company is seeing success in attracting younger buyers through initiatives like Authenticity Guarantee for streetwear and full-funnel marketing. New and reactivated buyer growth has been positive, particularly in categories like P&A [61][62] Question: How is the company navigating the competitive environment, especially with China drop shippers? - The company is leveraging its platform's value proposition, with used goods growing faster than new. Cross-border trade is also showing strength, supported by initiatives like eBay International Shipping and payments infrastructure improvements [64][65][66] Question: What is driving the strong performance in first-party ads, and what is the M&A strategy? - First-party ad growth is driven by product innovation and seller adoption, with Promoted Listings Standard and Advanced contributing significantly. The company is focused on strategic M&A to support long-term growth, such as the acquisition of Certilogo to enhance fashion authentication [69][70][72][73] Question: What is the outlook for GMV growth in 2024? - The company is confident in its strategy and expects to return to positive GMV growth in 2024, driven by focus categories and continued investments in innovation [75][78] Question: Why is the company being more reserved with buybacks, and will it monetize the Adevinta stake? - The company remains committed to returning 125% of free cash flow to shareholders through buybacks and dividends. Specific details on the Adevinta stake were not disclosed, but the company will continue to prioritize shareholder value [80] Question: What is the supply situation in the P&A category? - Supply is strong in the P&A category, with over 500 million listings. The company is focused on improving the buyer experience through features like fitment guarantees and AI-driven tools [82][83]

Financial Performance - Net revenues for Q2 2023 were $2,540 million, an increase of 4.9% compared to $2,422 million in Q2 2022[13]. - Gross profit for the first half of 2023 reached $3,632 million, up from $3,553 million in the same period last year, reflecting a growth of 2.2%[13]. - The company reported a net income of $171 million for Q2 2023, a significant recovery from a net loss of $531 million in Q2 2022[16]. - Basic earnings per share for continuing operations were $0.32 in Q2 2023, compared to a loss of $0.96 in Q2 2022[13]. - eBay reported a net income of $738 million for the six months ended June 30, 2023, compared to a net loss of $1,872 million for the same period in 2022[20]. - The company generated $1,442 million in net cash provided by operating activities for the six months ended June 30, 2023, an increase from $841 million in the prior year[20]. - Net revenues increased by 5% to $2,540 million for the three months ended June 30, 2023, compared to the same period in 2022, primarily due to investments in focus categories and higher take rates[195]. - For the first half of 2023, net revenues reached $5,050 million, up 3% from $4,905 million in the same period of 2022[202]. Assets and Liabilities - Total assets decreased to $19,956 million as of June 30, 2023, down from $20,850 million at the end of 2022[11]. - Total liabilities were $14,688 million as of June 30, 2023, a decrease from $15,697 million at the end of 2022[11]. - The company’s total stockholders' equity increased to $5,268 million as of June 30, 2023, from $5,153 million at the end of 2022[11]. - Cash and cash equivalents increased to $2,268 million as of June 30, 2023, compared to $2,154 million at the end of 2022[11]. - As of June 30, 2023, total long-term debt amounted to $7,721 million, a decrease from $8,871 million as of December 31, 2022[123]. Stockholder Activities - The company repurchased $503 million of common stock during the six months ended June 30, 2023, compared to $2,730 million in the same period of 2022[20]. - The company declared dividends of $140 million in the second quarter of 2023, compared to $124 million in the same quarter of 2022[18]. - The company paid a total of $133 million in cash dividends during the three months ended June 30, 2023, compared to $121 million in the same period of 2022[170]. - A quarterly cash dividend of $0.25 per share was declared in July 2023, to be paid on September 15, 2023[197]. Investment and Equity - The company experienced a loss of $214 million on equity investments in Q2 2023, compared to a loss of $1,221 million in Q2 2022[13]. - The company reported unrealized losses of $210 million for the three months ended June 30, 2023, compared to $829 million for the same period in 2022, related to equity investments[72]. - The fair value of the equity investment in Adevinta was $2,656 million as of June 30, 2023, down from $2,692 million as of December 31, 2022[72]. - The company’s equity investments totaled $3,308 million as of June 30, 2023, a decrease from $3,377 million as of December 31, 2022[67]. Operational Metrics - Operating expenses for Q2 2023 totaled $1,304 million, slightly higher than $1,234 million in Q2 2022, reflecting a 5.6% increase[13]. - Operating margin decreased to 20.4% for the three months ended June 30, 2023, down from 21.7% in the same period in 2022[195]. - Cash flow from continuing operating activities was $605 million for the three months ended June 30, 2023, compared to $577 million in the same period in 2022[196]. Legal and Regulatory Matters - The company is involved in ongoing legal and regulatory proceedings, with potential liabilities that could materially impact its financial results[151]. - The company accrued for probable losses of approximately $64 million in connection with ongoing government inquiries and civil actions[162]. - The company is under examination by tax authorities for the 2010 to 2021 tax years, with potential adjustments that could significantly change in the next 12 months[176]. Currency and Foreign Exchange - Foreign currency movements had an unfavorable impact of $9 million on net revenues in Q2 2023, compared to an unfavorable impact of $95 million in Q2 2022[206]. - The strengthening of the U.S. dollar against the British pound and euro has impacted financial results, with expectations of continued foreign currency volatility throughout 2023[205]. - The company actively monitors foreign currency volatility through hedging programs to mitigate risks associated with international revenues[205].

eBay Inc. (NASDAQ:EBAY) Bernstein's 39th Annual Strategic Decisions Conference 2023 June 1, 2023 11:00 AM ET Company Participants Steve Priest - Chief Financial Officer Conference Call Participants Nikhil Devnani - Bernstein Nikhil Devnani Good morning, everybody. Thank you for joining. My name is Nikhil Devnani, I'm Bernstein's U.S. midcap Internet analyst; And it's a pleasure to have Steve Priest, eBay’s CFO with me on stage today. Steve took over as CFO in June of 2021, and it's been obviously a very dyn ...

eBay Inc. (NASDAQ:EBAY) 51st Annual J.P. Morgan Global Technology, Media and Communications Conference Call May 22, 2023 11:15 AM ET Company Participants Stephen Priest - Chief Financial Officer Conference Call Participants Douglas Anmuth - J.P. Morgan Douglas Anmuth All right. We're going to go ahead and get started. I'm Doug Anmuth, J.P. Morgan's Internet Analyst. We're pleased to have with us today Steve Priest, CFO of eBay. So eBay, everybody knows, one of the world's largest and most vibrant marketplac ...

Q1’23 | “ || | April 26,2023 Disclosures This GAAP provided currency This presentation contains forward-looking statements relating to, among other things, the future performance of eBay Inc., and its consolidated subsidiaries that are based on our expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements regarding the future performance of eBay consolidated subsidiaries, including management’s vision for the future of eBay and ...

eBay Inc. (NASDAQ:EBAY) Q1 2023 Earnings Conference Call April 26, 2023 5:30 PM ET Company Participants John Egbert - Senior Director, IR Jamie Iannone - CEO Stephen Priest - CFO Conference Call Participants Nikhil Devnani - Bernstein Eric Sheridan - Goldman Sachs Wesley Sanford - JPMorgan Michael Morton - MoffettNathanson. Deepak Mathivanan - Wolfe Research Trevor Young - Barclays Lauren Schenk - Morgan Stanley Stephen Ju - Credit Suisse Lee Horowitz - Deutsche Bank Ygal Arounian - Citigroup Operator Good ...

FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 001-37713 eBay Inc. (Exact name of registrant as specified in its charter) Delaware 77-0430924 (State or other jurisdiction of ...