eBay(EBAY) - 2024 Q4 - Annual Results

Revenue and Earnings - Revenue for Q4 2024 was $2.6 billion, up 1$680 million, or $1.40 per diluted share, a decrease of 7$607 million, or $1.25 per diluted share, an increase of 8$2,579 million, a slight increase from $2,562 million in Q4 2023, resulting in a year-over-year growth of 0.7$1,975 million, down from $2,767 million in 2023, representing a decrease of about 28.6$3.94, down from $5.19 in 2023, reflecting a decline of approximately 24.1$2,445 million, up 8.2% from $2,260 million in 2023[60]. - Non-GAAP diluted net income per share for Q4 2024 was$1.25, an increase of 16.8% from $1.07 in Q4 2023[60]. Gross Merchandise Volume (GMV) - Gross Merchandise Volume (GMV) for Q4 2024 was$19.3 billion, representing a 4% increase on an as-reported basis and a 3% increase on an FX-Neutral basis[5]. - Gross Merchandise Volume (GMV) for the U.S. was $9,043 million, a 2$10,277 million, a 6% increase[36]. - Total Gross Merchandise Volume for the quarter was $19,320 million, representing a 4$2,493 million at the end of Q4 2023 to $3,286 million at the end of Q4 2024, marking a rise of 31.8$560 million, a significant increase from a negative $3 million in Q4 2023[63]. - The company reported a change in fair value of equity investments, with a realized gain of$57 million from shares sold in Adyen for the year ended December 31, 2024[60]. - The company experienced a significant change in fair value of equity investments in Adevinta, with a loss of $451 million recorded in Q4 2023[60]. - Total purchases of property and equipment for the year ended December 31, 2024, were$458 million, compared to $456 million in 2023[63]. Operating Performance - eBay achieved a GAAP operating margin of 21.1$543 million, compared to $410 million in the prior year[58]. - Non-GAAP operating income for the same period was$698 million, reflecting a slight increase from $686 million year-over-year[58]. - Operating expenses for the year ended December 31, 2024, totaled$5,085 million, down from $5,338 million in 2023, showing a reduction of approximately 4.7$1.0 billion to stockholders in Q4 2024, including $900 million in share repurchases and$128 million in cash dividends[6]. Guidance and Projections - eBay's guidance for Q1 2025 projects revenue between $2.52 billion and$2.56 billion, with GMV expected between $18.3 billion and$18.6 billion[12]. - The company provided guidance for net revenues between $2.52 billion and$2.56 billion for the three months ending March 31, 2025[43]. - The projected Gross Merchandise Volume for the same period is estimated to be between $18.3 billion and$18.6 billion[43]. Tax and Liabilities - The company expects a non-GAAP effective tax rate of 16.5% based on current long-term projections[56]. - The effective tax rate for continuing operations was 10.3% in Q4 2024, compared to 29.4% in Q4 2023[60]. - The company’s total liabilities decreased from $15,224 million in 2023 to$14,207 million in 2024, a reduction of about 6.7%[26].