Core Points - eBay has introduced free returns for qualifying parts and accessories (P&A) purchases, allowing buyers to return items at no cost for any reason, enhancing consumer confidence [1][2][3] Group 1: New Offering Details - The new free return policy applies to most P&A, enabling returns within 30 days after delivery without any cost [5] - Buyers can print free shipping labels and schedule pickups or drop-offs for returns, streamlining the return process [5] - The policy is designed to reduce uncertainty and extra costs associated with purchasing vehicle parts online, encouraging more consumers to engage in DIY projects [3] Group 2: Buyer Protection Enhancements - The free returns initiative builds on eBay's existing Guaranteed Fit program, which protects buyers against fitment issues, providing additional buyer protection across various P&A categories [3] - Accelerated refund processing is part of the offering, including the option for buyers to receive eBay credit for quick resumption of shopping [5]

Indian immigrants Gurmer and Dashmeet Chopra started their careers reselling phone cases on eBay. Today, their fitness-inspired streetwear brand sells out every two weeks online—and is about to launch its first store. (Photo: Ethan Pines for Forbes) https://t.co/sy4t7bq0QX https://t.co/H0L4x0gCa4 ...

Company Overview - YoungLA, a fitness-inspired streetwear brand, was founded by Indian immigrants Gurmer and Dashmeet Chopra [1] - The company initially started by reselling phone cases on eBay [1] - YoungLA's online products sell out every two weeks [1] - The brand is preparing to launch its first physical store [1]

Indian immigrants Gurmer and Dashmeet Chopra started their careers reselling phone cases on eBay. Today, their fitness-inspired streetwear brand sells out every two weeks online—and is about to launch its first store. (Photo: YoungLA) https://t.co/VCp7bp9JgG https://t.co/8mjUOTFhoN ...

Core Insights - eBay has introduced new seller tools and an open banking-powered financing solution aimed at enhancing seller experience and efficiency [1][6] Group 1: New Seller Tools - The new tools for U.S. sellers include an AI assistant for messaging that drafts suggested replies based on listing descriptions and order details [2] - An Inventory Mapping API has been introduced to optimize titles and descriptions for seller items using AI [2] - Additional features include an Offers in Messaging tool for negotiation, a "Your cost" field for pricing inventory, enhanced protections for items not received, and automated feedback for sellers using tracked services [4] Group 2: AI Integration and Impact - eBay emphasized its focus on innovation through AI to make selling smarter and more efficient while prioritizing community feedback [5] - AI tools launched in 2024 have assisted sellers in generating product listings, enhancing images, and automating social media posts, while also improving buyer shopping experiences and employee productivity [6] Group 3: Open Banking and Financing Solutions - The integration of open banking into eBay's Seller Capital program facilitates easier access to working capital for sellers [6] - By sharing real-time cash flow and financial data, sellers enable eBay's lending partners to make more informed lending decisions [7] - This approach reduces administrative burdens for sellers applying for financing and allows for faster, more competitive financing offers [8]

Core Insights - eBay has emerged as one of the top-performing stocks in the tech sector despite a challenging macroeconomic environment that has affected consumer spending [1] Company Analysis - eBay is primarily known for its online auction platform but has evolved to become a significant player in the e-commerce space [1] - The company has benefited from trends in the technology industry, as highlighted by the experience of analysts who cover technology companies and startups [1] Industry Context - The current macroeconomic backdrop is tough, with consumer spending being particularly sensitive, which makes eBay's performance noteworthy [1]

Indian immigrants Gurmer and Dashmeet Chopra started their careers reselling phone cases on eBay. Today, their fitness-inspired streetwear brand sells out every two weeks online—and is about to launch its first store. (Photo: YoungLA) https://t.co/disRrGJWzW https://t.co/3l3ZrcTVUz ...

Core Insights - eBay reported Q2 2025 results that exceeded Wall Street expectations, with GAAP revenue of $2.73 billion and non-GAAP earnings per share of $1.37, reflecting a 6% and 16% year-over-year increase respectively [1][2][5] Financial Performance - GAAP revenue was $2.73 billion, surpassing the analyst consensus of $2.64 billion, and up from $2.57 billion in Q2 2024 [2][5] - Non-GAAP earnings per share reached $1.37, beating the estimate of $1.30 and representing a 16% increase from $1.18 in the previous year [2][5] - Free cash flow turned negative at ($441 million), a decline of $719 million from $278 million in the prior year [2][10] - Operating margin (non-GAAP) improved slightly to 28.4%, while GAAP operating margin decreased to 17.7% from 21.3% year-over-year [2][9] Business Model and Strategy - eBay operates a global online marketplace, generating revenue primarily from transaction fees, advertising services, and payments-related activities [3] - The company is focusing on technology advancements, particularly through AI features, to enhance the buying and selling experience [4] - Key strategic priorities include growing advertising revenue, maintaining a healthy marketplace ecosystem, and expanding targeted categories like pre-owned fashion and collectibles [4] Quarterly Highlights - Gross Merchandise Volume (GMV) reached $19.5 billion, a 6% increase year-over-year, with U.S. GMV growing 7% and international GMV increasing 5% [5][6] - Active buyers rose to 134 million, a 1% increase from the previous year [6] - Advertising revenue totaled $482 million, contributing 2.5% of GMV, with first-party advertising products generating $455 million, up 19% from the prior year [6] Technological Developments - eBay launched "eBay Live" shopping in the UK and expanded the "eBay Live on Tour" initiative in the U.S. [7] - The company introduced an AI shopping agent and a generative AI video tool for sellers [7] - The Authenticity Guarantee program expanded, authenticating over 1 million items in a single quarter [7] Sustainability and Regulatory Engagement - eBay was recognized on TIME's World's Most Sustainable Companies 2025 list and Newsweek's America's Greenest Companies 2025 list [8] - The platform raised $47 million for charity and contributed to the formation of the bipartisan Recommerce Caucus in the U.S. Congress [8] Future Guidance - For Q3 2025, eBay expects revenue between $2.69 billion and $2.74 billion, indicating 3% to 5% year-over-year growth [11] - Non-GAAP earnings per share outlook is between $1.29 and $1.34, with GMV projected between $19.2 billion and $19.6 billion [11] - Management maintains a cautious outlook due to uneven international demand, particularly in the UK and Germany [11]

Company Overview - eBay, Inc. has reached all-time highs in stock price due to improved earnings performance [1] - The company is not projecting significant growth despite a 20% increase in stock value [1] Growth Strategies - eBay is leveraging artificial intelligence (AI) and live services as key drivers for future growth [1]

PART I: FINANCIAL INFORMATION [Item 1: Financial Statements (unaudited)](index=6&type=section&id=Item%201%3A%20Financial%20Statements%20(unaudited)) This section presents the company's unaudited condensed consolidated financial statements for Q2 2025 Condensed Consolidated Statement of Income Highlights (Three Months Ended June 30) | Financial Metric | 2025 (in millions) | 2024 (in millions) | Change | | :--- | :--- | :--- | :--- | | Net Revenues | $2,730 | $2,572 | +6.1% | | Gross Profit | $1,954 | $1,837 | +6.4% | | Income from Operations | $484 | $549 | -11.8% | | Net Income | $368 | $224 | +64.3% | | Diluted EPS | $0.79 | $0.45 | +75.6% | Condensed Consolidated Balance Sheet Highlights | Balance Sheet Item | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | | :--- | :--- | :--- | | Total Current Assets | $5,919 | $7,567 | | Total Assets | $17,961 | $19,365 | | Total Current Liabilities | $5,940 | $6,098 | | Total Liabilities | $13,212 | $14,207 | | Total Stockholders' Equity | $4,749 | $5,158 | [Note 1 — The Company and Summary of Significant Accounting Policies](index=13&type=section&id=Note%201%20%E2%80%94%20The%20Company%20and%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the company's business, basis of presentation, and significant accounting policies - eBay is a global commerce leader with marketplace platforms that empower millions of buyers and sellers in over 190 markets[27](index=27&type=chunk) - Effective January 1, 2024, the company changed its estimate of the **useful lives for servers and networking equipment from three to four years**, citing improvements in hardware, software, and data center designs[30](index=30&type=chunk) - The company adopted new accounting standards (ASU 2023-07 for Segment Reporting and ASU 2023-08 for Crypto Assets) with **no material impact** on its financial statements[37](index=37&type=chunk)[38](index=38&type=chunk) [Note 2 — Net Income Per Share](index=15&type=section&id=Note%202%20%E2%80%94%20Net%20Income%20Per%20Share) This note provides a detailed computation of basic and diluted net income per share for Q2 2025 and 2024 Net Income Per Share Calculation (Three Months Ended June 30) | Per Share Data | 2025 | 2024 | | :--- | :--- | :--- | | **Basic** | | | | Continuing Operations | $0.80 | $0.45 | | Net Income | $0.80 | $0.45 | | **Diluted** | | | | Continuing Operations | $0.79 | $0.45 | | Net Income | $0.79 | $0.45 | | **Weighted-Average Shares (in millions)** | | | | Basic | 461 | 503 | | Diluted | 470 | 507 | [Note 3 — Goodwill and Intangible Assets](index=16&type=section&id=Note%203%20%E2%80%94%20Goodwill%20and%20Intangible%20Assets) This note details changes in goodwill and intangible assets, including an increase from the Caramel acquisition - **Goodwill increased by $117 million to $4.386 billion** in the first six months of 2025, mainly from the acquisition of Caramel ($72 million) and foreign currency adjustments ($45 million)[45](index=45&type=chunk) - Expected future amortization of intangible assets is projected to be **$25 million for the remainder of 2025** and **$42 million for 2026**[47](index=47&type=chunk) Intangible Assets (Net Carrying Amount, in millions) | Asset Type | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Customer lists and user base | $43 | $46 | | Marketing related | $36 | $38 | | Developed technologies | $51 | $34 | | Total | $131 | $119 | [Note 4 — Segments](index=17&type=section&id=Note%204%20%E2%80%94%20Segments) This note clarifies that eBay operates as a single reportable segment and breaks down revenue by activity and geography - The company operates as **one reportable segment**, and performance is assessed by the CEO based on consolidated net income[49](index=49&type=chunk) Net Revenues by Activity (Six Months Ended June 30, in millions) | Revenue Type | 2025 | 2024 | | :--- | :--- | :--- | | Marketplace revenues | $4,391 | $4,346 | | Advertising revenues | $924 | $782 | | **Total net revenues** | **$5,315** | **$5,128** | Net Revenues by Geography (Six Months Ended June 30, in millions) | Geography | 2025 | 2024 | | :--- | :--- | :--- | | United States | $2,743 | $2,595 | | United Kingdom | $712 | $782 | | China | $611 | $566 | | Germany | $483 | $489 | | Rest of world | $766 | $696 | | **Total net revenues** | **$5,315** | **$5,128** | [Note 5 — Investments](index=18&type=section&id=Note%205%20%E2%80%94%20Investments) This note details the company's investment portfolio, highlighting a $225 million cash distribution from Aurelia - In Q2 2025, eBay received a **$225 million cash distribution** from its equity investment in Aurelia, which was treated as a return of capital[66](index=66&type=chunk) - The carrying value of the investment in Aurelia was **$653 million** as of June 30, 2025, down from $867 million at year-end 2024, primarily due to the cash distribution[67](index=67&type=chunk) Fair Value of Investments (in millions) | Investment Type | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Short-term investments | $1,706 | $3,457 | | Long-term investments (debt) | $1,608 | $1,309 | | Total equity investments | $912 | $1,130 | [Note 6 — Derivative Instruments](index=22&type=section&id=Note%206%20%E2%80%94%20Derivative%20Instruments) This note explains the use of derivatives to mitigate risk and notes the expiration of the Adyen warrant - The company uses foreign currency and interest rate contracts to hedge against volatility in cash flows from forecasted revenues, expenses, and intercompany balances[78](index=78&type=chunk)[79](index=79&type=chunk) - The warrant agreement with Adyen N.V. **expired on January 31, 2025**[85](index=85&type=chunk) Notional Amounts of Outstanding Derivatives (in millions) | Derivative Type | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Foreign exchange contracts (cash flow hedges) | $1,859 | $1,329 | | Foreign exchange contracts (not designated) | $1,847 | $1,667 | | Interest rate contracts (cash flow hedges) | $200 | $150 | | **Total** | **$3,906** | **$3,146** | [Note 7 — Fair Value Measurement of Assets and Liabilities](index=26&type=section&id=Note%207%20%E2%80%94%20Fair%20Value%20Measurement%20of%20Assets%20and%20Liabilities) This note details the three-level hierarchy used for fair value measurement of financial assets and liabilities - The Adyen warrant, previously a Level 3 derivative, had its **balance reduced to zero** by December 31, 2024, following exercise and expiration[104](index=104&type=chunk)[105](index=105&type=chunk) Financial Assets Measured at Fair Value (June 30, 2025, in millions) | Asset Category | Total Fair Value | Level 1 | Level 2 | Level 3 | | :--- | :--- | :--- | :--- | :--- | | Cash, cash equivalents & restricted cash | $3,231 | $3,231 | $— | $— | | Derivatives | $69 | $— | $54 | $15 | | Short-term investments | $1,706 | $— | $1,706 | $— | | Long-term investments | $1,608 | $— | $1,608 | $— | | **Total Financial Assets** | **$6,614** | **$3,231** | **$3,368** | **$15** | [Note 8 — Supplemental Consolidated Financial Information](index=29&type=section&id=Note%208%20%E2%80%94%20Supplemental%20Consolidated%20Financial%20Information) This note provides additional detail on specific financial statement line items like accrued expenses - For the six months ended June 30, 2024, the 'Loss on equity investments and warrant, net' of **$319 million** was driven by unrealized losses on Adevinta shares, changes in the fair value of the Adyen warrant, and the Aurelia option[117](index=117&type=chunk) Accrued Expenses and Other Current Liabilities (June 30, 2025, in millions) | Expense Type | Amount | | :--- | :--- | | Accrued indirect tax expense | $495 | | Accrued compensation and related benefits | $438 | | Accrued marketing expenses | $222 | | Other current tax liabilities | $191 | | **Total** | **$2,288** | [Note 9 — Debt](index=31&type=section&id=Note%209%20%E2%80%94%20Debt) This note outlines the company's $6.75 billion debt structure and recent repayment of $800 million in senior notes - In March 2025, eBay **repaid the $800 million principal amount** of its 1.900% senior notes due 2025 upon maturity[121](index=121&type=chunk) - The company has a **$2.0 billion revolving credit facility** maturing in January 2029, which was undrawn as of June 30, 2025[127](index=127&type=chunk)[128](index=128&type=chunk) Total Debt Summary (in millions) | Debt Category | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Long-Term Debt | $5,002 | $5,752 | | Short-Term Debt | $1,746 | $1,673 | | **Total Debt** | **$6,748** | **$7,425** | [Note 10 — Commitments and Contingencies](index=33&type=section&id=Note%2010%20%E2%80%94%20Commitments%20and%20Contingencies) This note discusses legal proceedings, including a deferred prosecution agreement and a dismissed DOJ complaint - A civil complaint filed by the DOJ regarding alleged violations of environmental acts was **dismissed by the District Court**, and the government's subsequent appeal was voluntarily dismissed in April 2025[136](index=136&type=chunk) - The company is under a **three-year deferred prosecution agreement (DPA)** related to a 2019 stalking incident, which requires an independent compliance monitor[135](index=135&type=chunk) - Accrued amounts for legal and regulatory proceedings were **not material** as of June 30, 2025, and the company believes reasonably possible losses in excess of accruals are also not material[138](index=138&type=chunk) [Note 11 — Stockholders' Equity](index=35&type=section&id=Note%2011%20%E2%80%94%20Stockholders'%20Equity) This note covers changes in stockholders' equity, focusing on stock repurchases and dividend payments - During the six months ended June 30, 2025, the company paid **$268 million in cash dividends**[147](index=147&type=chunk) - In July 2025, the Board declared a cash dividend of **$0.29 per share**, payable in September 2025[147](index=147&type=chunk) Stock Repurchase Activity (Six Months Ended June 30, 2025) | Metric | Value | | :--- | :--- | | Shares Repurchased (millions) | 18 | | Average Price per Share | $68.64 | | Value of Shares Repurchased (millions) | $1,250 | | Remaining Authorization (millions) | $2,048 | [Note 12 — Employee Benefit Plans](index=36&type=section&id=Note%2012%20%E2%80%94%20Employee%20Benefit%20Plans) This note details stock-based compensation expense and outstanding restricted stock units (RSUs) - As of June 30, 2025, there were **24 million restricted stock units (RSUs) outstanding**[149](index=149&type=chunk) Stock-Based Compensation Expense (in millions) | Period | Expense | | :--- | :--- | | Three Months Ended June 30, 2025 | $165 | | Six Months Ended June 30, 2025 | $301 | | Three Months Ended June 30, 2024 | $154 | | Six Months Ended June 30, 2024 | $300 | [Note 13 — Income Taxes](index=37&type=section&id=Note%2013%20%E2%80%94%20Income%20Taxes) This note discusses ongoing tax examinations and the expected reduction of unrecognized tax benefits - The company is under examination by tax authorities in the U.S. and other material jurisdictions for **tax years from 2010 to 2023**[152](index=152&type=chunk) - eBay expects the gross amount of unrecognized tax benefits to **decrease by at least $210 million** within the next 12 months[153](index=153&type=chunk) - New U.S. tax legislation, the 'One Big Beautiful Bill Act,' was enacted on July 4, 2025, and the company is **evaluating its potential impact** on its effective tax rate and deferred tax liabilities[155](index=155&type=chunk) [Note 14 — Accumulated Other Comprehensive Income](index=38&type=section&id=Note%2014%20%E2%80%94%20Accumulated%20Other%20Comprehensive%20Income) This note provides a detailed reconciliation of the changes in Accumulated Other Comprehensive Income (AOCI) Changes in AOCI (Six Months Ended June 30, 2025, in millions) | AOCI Component | Beginning Balance (Dec 31, 2024) | Net Change | Ending Balance (June 30, 2025) | | :--- | :--- | :--- | :--- | | Unrealized (Losses) on Derivatives | $75 | $(114) | $(39) | | Unrealized Gains on Investments | $(7) | $18 | $11 | | Foreign Currency Translation | $130 | $64 | $194 | | **Total AOCI** | **$206** | **$(11)** | **$195** | [Note 15 — Restructuring](index=40&type=section&id=Note%2015%20%E2%80%94%20Restructuring) This note details the completion of a 2023 workforce reduction plan and the remaining accrued liability - A workforce reduction plan from Q4 2023 was **substantially completed in Q2 2024**[161](index=161&type=chunk) - As of June 30, 2025, the remaining accrued restructuring liability was **$5 million**, down from $10 million at the beginning of the year[161](index=161&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%202%3A%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on financial performance, revenue trends, and capital resources [Overview](index=41&type=section&id=Overview) This subsection provides a high-level overview of business performance, including GMV growth and macroeconomic pressures - **GMV grew in H1 2025** due to strategy execution in Focus Categories, but was partially offset by pressures from geopolitical events, inflation, and interest rates[167](index=167&type=chunk) - For Q2 2025, **net revenues increased 6% to $2.73 billion**, while operating margin decreased to 17.7% from 21.3% YoY, primarily due to higher non-recurring G&A expenses[169](index=169&type=chunk)[170](index=170&type=chunk) - In Q2 2025, the company **repurchased $625 million of common stock**, paid $134 million in dividends, and received a $225 million cash distribution from its Aurelia investment[171](index=171&type=chunk) [Results of Operations](index=43&type=section&id=Results%20of%20Operations) This subsection analyzes operational results, including revenue growth drivers and increased operating expenses - GMV growth was driven by strategic initiatives, improved consumer demand, and strong performance in **Focus Categories like Collectibles, Motors Parts & Accessories, and Luxury goods**[186](index=186&type=chunk) - **General and administrative expenses increased 53%** in Q2 2025 YoY, primarily due to a $57 million increase related to legal matters and a $55 million increase for senior leader transitions and restructuring[194](index=194&type=chunk)[202](index=202&type=chunk) - The **effective tax rate for Q2 2025 was 22.5%**, down from 31.1% in Q2 2024, mainly due to higher excess tax benefits on stock-based compensation[209](index=209&type=chunk) Key Operating Metrics (Three Months Ended June 30) | Metric | 2025 | 2024 | % Change (As Reported) | % Change (FX-Neutral) | | :--- | :--- | :--- | :--- | :--- | | Net Revenues (in millions) | $2,730 | $2,572 | 6% | 4% | | GMV (in millions) | $19,514 | $18,418 | 6% | 4% | | Take Rate | 13.99% | 13.96% | +0.03% | N/A | [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) This subsection details the company's liquidity, cash flows, and capital allocation, including stock repurchases - **Cash from operations decreased** primarily due to a $682 million increase in cash paid for taxes[213](index=213&type=chunk) - During the first six months of 2025, the company **repurchased $1.3 billion of its common stock** and had $2.0 billion remaining under its authorization as of June 30, 2025[228](index=228&type=chunk) Cash Flow Summary (Six Months Ended June 30, in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $480 | $982 | | Net cash provided by investing activities | $1,379 | $902 | | Net cash used in financing activities | $(1,964) | $(1,805) | [Item 3: Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203%3A%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section outlines the company's exposure to interest rate, equity price, and foreign currency risks - A hypothetical **1% (100 basis point) increase in interest rates** would result in a $38 million decrease in the fair value of the company's investments as of June 30, 2025[235](index=235&type=chunk) - As of June 30, 2025, the company held **$912 million in equity investments**, primarily in privately-held companies, exposing it to equity price risk[237](index=237&type=chunk) - The company uses foreign exchange contracts to hedge its global revenue and cost exposures, resulting in an **immaterial impact on pre-tax income** from a hypothetical 20% adverse change in foreign exchange rates[240](index=240&type=chunk)[243](index=243&type=chunk)[245](index=245&type=chunk) [Item 4: Controls and Procedures](index=57&type=section&id=Item%204%3A%20Controls%20and%20Procedures) This section confirms the effectiveness of the company's disclosure controls and internal financial reporting - The Principal Executive Officer and Principal Financial Officer concluded that the company's **disclosure controls and procedures were effective** as of June 30, 2025[246](index=246&type=chunk) - There were **no material changes in internal control** over financial reporting during the most recently completed fiscal quarter[247](index=247&type=chunk) PART II: OTHER INFORMATION [Item 1: Legal Proceedings](index=58&type=section&id=Item%201%3A%20Legal%20Proceedings) This item references Note 10 for details on legal proceedings - Information regarding legal proceedings is detailed in **Note 10** to the condensed consolidated financial statements[250](index=250&type=chunk) [Item 1A: Risk Factors](index=58&type=section&id=Item%201A%3A%20Risk%20Factors) This section states no material changes to risk factors from the 2024 Annual Report - There have been **no material changes** to the Company's risk factors from those disclosed in the 2024 Form 10-K[251](index=251&type=chunk) [Item 2: Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details common stock repurchases of $625 million during Q2 2025 - For the three months ended June 30, 2025, eBay **repurchased $625 million of its common stock**, with $2.048 billion remaining available for future repurchases[253](index=253&type=chunk) Issuer Purchases of Equity Securities (Q2 2025) | Period Ended | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 30, 2025 | 3,039,668 | $65.32 | | May 31, 2025 | 2,996,252 | $70.85 | | June 30, 2025 | 2,793,308 | $76.67 | | **Total** | **8,829,228** | **N/A** | [Item 3: Defaults Upon Senior Securities](index=58&type=section&id=Item%203%3A%20Defaults%20Upon%20Senior%20Securities) This item is not applicable as there were no defaults on senior securities - Not applicable[256](index=256&type=chunk) [Item 4: Mine Safety Disclosures](index=58&type=section&id=Item%204%3A%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[257](index=257&type=chunk) [Item 5: Other Information](index=59&type=section&id=Item%205%3A%20Other%20Information) This section discloses the adoption of Rule 10b5-1 trading plans by two senior executives - On May 22, 2025, **Cornelius Boone, SVP, Chief People Officer**, adopted a 10b5-1 trading plan for the potential sale of up to 32,661 shares and the gifting of 1,471 shares[258](index=258&type=chunk) - On June 13, 2025, **Mazen Rawashdeh, SVP, Chief Technology Officer**, adopted a 10b5-1 trading plan for the potential sale of up to 41,558 shares[259](index=259&type=chunk) [Item 6: Exhibits](index=60&type=section&id=Item%206%3A%20Exhibits) This item lists all exhibits filed as part of the Quarterly Report on Form 10-Q - This section provides an index of all exhibits filed with the Form 10-Q, including **CEO/CFO certifications and Inline XBRL documents**[260](index=260&type=chunk)[262](index=262&type=chunk)