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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
OR
☐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
 ebaynotma03.jpg
eBay Inc.
(Exact name of registrant as specified in its charter)
Delaware77-0430924
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
2025 Hamilton Avenue
San Jose,California95125
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:
(408) 376-7108
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of exchange on which registered
Common stockEBAYThe Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  ☐  No  ☒
As of July 24, 2023, there were 532,157,390 shares of the registrant’s common stock, $0.001 par value, outstanding, which is the only class of common or voting stock of the registrant issued.



eBay Inc.
TABLE OF CONTENTS

2
PART I: FINANCIAL INFORMATION

Item 1:    Financial Statements (unaudited)

Index
Page
3
eBay Inc.
CONDENSED CONSOLIDATED BALANCE SHEET
 June 30,
2023		December 31,
2022
 (In millions, except par value)
 (Unaudited)
ASSETS
Current assets:  
Cash and cash equivalents$2,268 $2,154 
Short-term investments2,208 2,625 
Equity investment in Adevinta2,656 2,692 
Customer accounts and funds receivable 789 763 
Other current assets796 1,056 
Total current assets8,717 9,290 
Long-term investments1,499 1,797 
Property and equipment, net1,227 1,238 
Goodwill4,244 4,262 
Operating lease right-of-use assets470 513 
Deferred tax assets3,143 3,169 
Other assets656 581 
Total assets$19,956 $20,850 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt$— $1,150 
Accounts payable294 261 
Customer accounts and funds payable833 768 
Accrued expenses and other current liabilities1,790 1,866 
Income taxes payable638 226 
Total current liabilities3,555 4,271 
Operating lease liabilities378 418 
Deferred tax liabilities2,137 2,245 
Long-term debt7,721 7,721 
Other liabilities897 1,042 
Total liabilities14,688 15,697 
Commitments and Contingencies (Note 11)
Stockholders’ equity:
Common stock, $0.001 par value; 3,580 shares authorized; 533 and 539 shares outstanding
2 2 
Additional paid-in capital17,529 17,279 
Treasury stock at cost, 1,197 and 1,186 shares
(47,205)(46,702)
Retained earnings34,775 34,315 
Accumulated other comprehensive income167 259 
Total stockholders’ equity5,268 5,153 
Total liabilities and stockholders’ equity$19,956 $20,850 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4
eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
 (In millions, except per share amounts)
 (Unaudited)
Net revenues$2,540 $2,422 $5,050 $4,905 
Cost of net revenues718 663 1,418 1,352 
Gross profit1,822 1,759 3,632 3,553 
Operating expenses:
Sales and marketing566 566 1,077 1,044 
Product development392 344 744 645 
General and administrative251 237 548 463 
Provision for transaction losses90 86 174 182 
Amortization of acquired intangible assets5 1 13 2 
Total operating expenses1,304 1,234 2,556 2,336 
Income from operations518 525 1,076 1,217 
Gain (loss) on equity investments and warrant, net(214)(1,221)(16)(3,512)
Interest and other, net(19)(31)(45)(81)
Income (loss) from continuing operations before income taxes285 (727)1,015 (2,376)
Income tax benefit (provision)(113)191 (274)501 
Income (loss) from continuing operations172 (536)741 (1,875)
Income (loss) from discontinued operations, net of income taxes(1)5 (3)3 
Net income (loss)$171 $(531)$738 $(1,872)
Income (loss) per share - basic:  
Continuing operations$0.32 $(0.96)$1.38 $(3.28)
Discontinued operations— 0.01 (0.01)0.01 
Net income (loss) per share - basic$0.32 $(0.95)$1.37 $(3.27)
Income (loss) per share - diluted:
Continuing operations$0.32 $(0.96)$1.37 $(3.28)
Discontinued operations— 0.01 (0.01)0.01 
Net income (loss) per share - diluted$0.32 $(0.95)$1.36 $(3.27)
Weighted-average shares:  
Basic534 556 536 571 
Diluted537 556 539 571 

The accompanying notes are an integral part of these condensed consolidated financial statements.


5
eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
 (In millions)
 (Unaudited)
Net income (loss)$171 $(531)$738 $(1,872)
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation gains (losses)(37)(85)(36)(119)
Unrealized gains (losses) on investments, net— (17)19 (68)
Tax benefit (expense) on unrealized gains (losses) on investments, net2 2 (4)15 
Unrealized gains (losses) on hedging activities, net(37)105 (90)125 
Tax benefit (expense) on unrealized gains (losses) on hedging activities, net8 (24)19 (28)
Other comprehensive income (loss), net of tax(64)(19)(92)(75)
Comprehensive income (loss)$107 $(550)$646 $(1,947)

The accompanying notes are an integral part of these condensed consolidated financial statements.


6
eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
 (In millions, except per share amounts)
(Unaudited)
Common stock:
Balance, beginning of period$2 $2 $2 $2 
Common stock issued— — — — 
Common stock repurchased— — — — 
Balance, end of period2 2 2 2 
Additional paid-in-capital:
Balance, beginning of period17,364 16,904 17,279 16,659 
Common stock and stock-based awards issued48 54 48 55 
Tax withholdings related to net share settlements of restricted stock units and awards(40)(37)(88)(98)
Stock-based compensation154 137 282 248 
Forward contract for share repurchases— — — 188 
Other3 1 8 7 
Balance, end of period17,529 17,059 17,529 17,059 
Treasury stock at cost:
Balance, beginning of period(46,954)(44,809)(46,702)(43,371)
Common stock repurchased(251)(1,292)(503)(2,730)
Balance, end of period(47,205)(46,101)(47,205)(46,101)
Retained earnings:
Balance, beginning of period34,744 34,615 34,315 36,090 
Net income (loss)171 (531)738 (1,872)
Dividends and dividend equivalents declared(140)(124)(278)(258)
Balance, end of period34,775 33,960 34,775 33,960 
Accumulated other comprehensive income:
Balance, beginning of period231 342 259 398 
Foreign currency translation adjustment(37)(85)(36)(119)
Change in unrealized gains (losses) on investments— (17)19 (68)
Change in unrealized gains (losses) on derivative instruments(37)105 (90)125 
Tax benefit (provision) on above items10 (22)15 (13)
Balance, end of period167 323 167 323 
Total stockholders’ equity$5,268 $5,243 $5,268 $5,243 
Dividends and dividend equivalents declared per share or restricted stock unit$0.25 $0.22 $0.50 $0.44 

The accompanying notes are an integral part of these condensed consolidated financial statements.


7
eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
 Six Months Ended
June 30,
 20232022
 (In millions)
 (Unaudited)
Cash flows from operating activities:  
Net income (loss)$738 $(1,872)
(Income) loss from discontinued operations, net of income taxes3 (3)
Adjustments:
Provision for transaction losses174 182 
Depreciation and amortization208 231 
Stock-based compensation282 248 
Loss (gain) on investments and other, net(3)7 
Deferred income taxes(78)(695)
Change in fair value of warrant(69)219 
Change in fair value of equity investment in Adevinta36 2,472 
Change in fair value of equity investment in Adyen— 285 
Change in fair value of equity investment in Gmarket40 259 
Change in fair value of equity investment in KakaoBank7 271 
Changes in assets and liabilities, net of acquisition effects108 (398)
Net cash provided by continuing operating activities1,446 1,206 
Net cash used in discontinued operating activities(4)(365)
Net cash provided by operating activities1,442 841 
Cash flows from investing activities:  
Purchases of property and equipment(245)(194)
Purchases of investments(7,687)(10,146)
Maturities and sales of investments8,382 13,181 
Proceeds from the sale of shares in Adyen— 680 
Proceeds from the sale of shares in KakaoBank— 287 
Other(26)(44)
Net cash provided by investing activities424 3,764 
Cash flows from financing activities:  
Proceeds from issuance of common stock48 55 
Repurchases of common stock(492)(2,542)
Payments for taxes related to net share settlements of restricted stock units and awards(160)(98)
Payments for dividends(267)(250)
Repayment of debt(1,150)(1,355)
Net funds receivable and payable activity562 8 
Other1 — 
Net cash used in financing activities(1,458)(4,182)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(6)(57)
Net increase in cash, cash equivalents and restricted cash402 366 
Cash, cash equivalents and restricted cash at beginning of period2,272 1,406 
Cash, cash equivalents and restricted cash at end of period$2,674 $1,772 

8
eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS—(Continued)
Six Months Ended
June 30,
20232022
(In millions)
(Unaudited)
Supplemental cash flow disclosures:
Cash paid for:
Interest$143 $134 
Income taxes$84 $282 

The accompanying notes are an integral part of these condensed consolidated financial statements.

9
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 — The Company and Summary of Significant Accounting Policies

The Company

eBay Inc. is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection.

When we refer to “we,” “our,” “us,” the “Company” or “eBay” in this Quarterly Report on Form 10-Q, we mean the current Delaware corporation (eBay Inc.) and its consolidated subsidiaries, unless otherwise expressly stated or the context otherwise requires.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction losses, legal contingencies, income taxes, revenue recognition, stock-based compensation, investments including level 3 investments in Gmarket Global LLC (“Gmarket”), warrants and the recoverability of goodwill and intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.

Principles of Consolidation and Basis of Presentation

The accompanying financial statements are consolidated and include the financial statements of eBay Inc., our wholly and majority-owned subsidiaries and variable interest entities (“VIE”) where we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Minority interests are recorded as a noncontrolling interest. A qualitative approach is applied to assess the consolidation requirement for VIEs. Generally, investments in entities where we hold at least a 20% ownership interest and have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting, including those in which the fair value option has been elected.

For equity method investments, our share of the investees’ results of operations is included in gain (loss) on equity investments and warrant, net and investment balances are included in long-term investments. For equity investments under the fair value option, the change in fair value of the investment is included in gain (loss) on equity investments and warrant, net and investment balances are included in long-term investments, other than our equity interest in Adevinta ASA (“Adevinta”) which is included in the short-term assets section on the condensed consolidated balance sheet. Investments in entities where we hold less than a 20% ownership interest are generally accounted for as equity investments to be measured at fair value or, under an election, at cost if it does not have readily determinable fair value, in which case the carrying value would be adjusted upon the occurrence of an observable price change in an orderly transaction for identical or similar instruments or impairment.

Upon the transfer of our Classifieds business to Adevinta in 2021, shares in Adevinta were included as part of total consideration received under the definitive agreement. The equity interest in Adevinta is accounted for under the fair value option. Additionally, upon completion of the sale of 80.01% of the outstanding equity interests of eBay Korea LLC (“eBay Korea”) to Emart Inc. (“Emart”) in 2021, we retained 19.99% of the outstanding equity interests of the new entity, Gmarket, which is accounted for under the fair value option. Subsequent changes in fair value for these equity investments are included in gain (loss) on equity investments and warrant, net on our consolidated statement of income.


10
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2022. We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial position, results of operations and cash flows for these interim periods.

Significant Accounting Policies

There were no significant changes to our significant accounting policies disclosed in “Note 1 — The Company and Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2022, except for our policy related to revenue recognition to reflect the expansion of promoted listing services offered to sellers beginning in the second quarter of 2023, as noted below.

Revenue Recognition

We recognize revenue when we transfer control of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Revenue is recognized net of any taxes collected, which are subsequently remitted to governmental authorities.

Our net revenues primarily include final value fees and promoted listing fees from sellers on our platforms. Our net revenues also include store subscription and other fees often from large enterprise sellers as well revenues from the sale of advertisements and revenue sharing arrangements. Our net revenues are reduced by incentives, including discounts, coupons and rewards, provided to our customers.

We identified one performance obligation to sellers on our Marketplace platform, which is to connect buyers and sellers on our secure and trusted Marketplace platforms, including payment processing activities. Final value fees are recognized when an item is sold on a Marketplace platform, satisfying this performance obligation. Services may also be provided to sellers to promote their listings through on-site or off-site sponsored ads that are a distinct performance obligation for which revenue is recognized when (or over the period) these services are performed.

Store subscription and other nonstandard listing contracts may contain multiple performance obligations, including discounts on future services. Determining whether performance obligations should be accounted for separately or combined may require significant judgment. The transaction price is allocated to each performance obligation based on its stand-alone selling price (“SSP”). In instances where SSP is not directly observable, we generally estimate selling prices based on when they are sold to customers of a similar nature and geography. These estimates are generally based on pricing strategies, market factors, strategic objectives and observable inputs. Store subscription revenues are recognized over the subscription period, and discounts offered through store subscription or nonstandard listing contracts are recognized when the options are exercised or when the options expire.

Further, to drive traffic to our platforms, we provide incentives to buyers and sellers in various forms including discounts on fees, discounts on items sold, coupons and rewards. Evaluating whether a promotion or incentive is a payment to a customer may require significant judgment. Promotions and incentives which are consideration payable to a customer are recognized as a reduction of revenue at the later of when revenue is recognized or when we pay or promise to pay the incentive. Promotions and incentives to most buyers on our Marketplace platforms, to whom we have no performance obligation, are recognized as sales and marketing expense. In addition, we may provide credits to customers when we refund certain fees. Credits are accounted for as variable consideration at contract inception when estimating the amount of revenue to be recognized when a performance obligation is satisfied to the extent that it is probable that a significant reversal of revenue will not occur and updated as additional information becomes available.



11
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Advertising revenue is derived principally from the sale of online advertisements which are based on “impressions” (i.e., the number of times that an advertisement appears in pages viewed by users of our platforms) or “clicks” (which are generated each time users on our platforms click through our advertisements to an advertiser’s designated website) delivered to advertisers. We use the output method and apply the practical expedient to recognize advertising revenue in the amount to which we have a right to invoice. For contracts with target advertising commitments with rebates, estimated payout is accounted for as a variable consideration to the extent it is probable that a significant reversal of revenue will not occur.

Revenues related to revenue sharing arrangements are recognized based on whether we are the principal and are responsible for fulfilling the promise to provide the specified services or whether we are an agent arranging for those services to be provided by our partners. Determining whether we are a principal or agent in these contracts may require significant judgment. If we are the principal, we recognize revenue in the gross amount of consideration received from the customer, whereas if we are an agent, we recognize revenue net of the consideration due to our partners at a point in time when the services are provided. Our most significant revenue share arrangements are with shipping service providers. We are primarily acting as an agent in these contracts and revenues are recognized at a point in time when we have satisfied our promise of connecting the shipping service provider to our customer.

Recent Accounting Pronouncements Not Yet Adopted

In June 2022, the Financial Accounting Standards Board issued new guidance to clarify the fair value measurement guidance for equity securities subject to contractual restrictions that prohibit the sale of an equity security. Further, the guidance introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The standard will be effective for annual reporting periods beginning after December 15, 2023, including interim reporting periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

12
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 2 — Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. The dilutive effect of outstanding options and equity incentive awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) per share excludes all anti-dilutive shares of common stock.

The following table presents the computation of basic and diluted net income (loss) per share for the periods indicated (in millions, except per share amounts):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Numerator:
Income (loss) from continuing operations$172 $(536)$741 $(1,875)
Income (loss) from discontinued operations, net of income taxes(1)5 (3)3 
Net income (loss)$171 $(531)$738 $(1,872)
Denominator:
Weighted average shares of common stock - basic534 556 536 571 
Dilutive effect of equity incentive awards3 — 3 — 
Weighted average shares of common stock - diluted537 556 539 571 
Income (loss) per share - basic:
Continuing operations$0.32 $(0.96)$1.38 $(3.28)
Discontinued operations— 0.01 (0.01)0.01 
Net income (loss) per share - basic$0.32 $(0.95)$1.37 $(3.27)
Income (loss) per share - diluted:
Continuing operations$0.32 $(0.96)$1.37 $(3.28)
Discontinued operations— 0.01 (0.01)0.01 
Net income (loss) per share - diluted$0.32 $(0.95)$1.36 $(3.27)
Common stock equivalents excluded from income (loss) per diluted share because their effect would have been anti-dilutive12 16 12 16 


13
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Note 3 — Business Combinations

Acquisition of TCGplayer

In 2022, we completed the acquisition of TCGplayer, a trusted marketplace for collectible card game enthusiasts. In the first quarter of 2023, we recorded measurement period adjustments related to the revised valuation of the intangible assets acquired. The following table presents the revised allocation of the aggregate purchase consideration (in millions):
TCGplayer
Goodwill$148 
Purchased intangible assets109 
Deferred taxes(18)
Total$239 

The goodwill recognized is primarily attributable to expected synergies and the assembled workforce of TCGplayer. We generally do not expect goodwill to be deductible for income tax purposes.

Our consolidated financial statements include the operating results of the acquired business from the date of acquisition. Separate operating results and pro forma results of operations for the acquisition above have not been presented as the effect of this acquisition is not material to our financial results.

14
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 4 — Goodwill and Intangible Assets

Goodwill

The following table presents goodwill activity for the period indicated (in millions):
 December 31,
2022		Goodwill
Acquired		 Adjustments June 30,
2023
Goodwill$4,262 $20 $(38)$4,244 

Goodwill acquired during the six months ended June 30, 2023 relates to the first quarter acquisition of 3PM Shield, a provider of AI-based marketplace compliance solutions, and the revised valuation of the intangible assets acquired from the 2022 acquisition of TCGplayer. The adjustments to goodwill during the six months ended June 30, 2023 were primarily due to foreign currency translation.

Intangible Assets

Intangible assets are reported within other assets in our condensed consolidated balance sheet. The following table presents components of identifiable intangible assets as of the dates indicated (in millions, except years):
 June 30, 2023December 31, 2022
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Useful Life (Years)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Useful Life (Years)
Intangible assets:        
Customer lists and user base$244 $(195)$49 8$190 $(190)$— 0
Marketing related80 (56)24 668 (53)15 7
Developed technologies235 (183)52 4275 (177)98 5
All other159 (157)2 3159 (157)2 3
Total$718 $(591)$127  $692 $(577)$115 

Amortization expense for intangible assets was $8 million and $18 million for the three and six months ended June 30, 2023, respectively, compared to $1 million and $2 million during the same periods in 2022.

The following table presents expected future intangible asset amortization as of the date indicated (in millions):
June 30, 2023
Remaining 2023$17 
202433 
202530 
202621 
Thereafter26 
Total$127 

15
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 5 — Segments

We have one operating and reportable segment. Our reportable segment is Marketplace, which includes our online marketplace located at www.ebay.com, its localized counterparts and the eBay suite of mobile apps. Our management and our chief operating decision maker review financial information presented on a consolidated basis for purposes of allocating resources and evaluating performance and do not evaluate using asset information.

The accounting policies of our segment are the same as those described in “Note 1 — The Company and Summary of Significant Accounting Policies.”

The following table summarizes the allocation of net revenues based on geography for the periods indicated (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
U.S.$1,265 $1,199 $2,526 $2,425 
United Kingdom413 410 794 828 
China263 214 500 429 
Germany244 259 496 532 
Rest of world355 340 734 691 
Total net revenues$2,540 $2,422 $5,050 $4,905 

Net revenues, inclusive of the effects of foreign exchange during each period, are attributed to U.S. and international geographies primarily based upon the country in which the seller, platform that displays advertising, other service provider or customer, as the case may be, is located.

16
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 6 — Investments

The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale debt securities and restricted cash as of the dates indicated (in millions):
 June 30, 2023
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Short-term investments:
Restricted cash$22 $— $— $22 
Corporate debt securities1,945 — (9)1,936 
Government and agency securities156 — (3)153 
$2,123 $— $(12)$2,111 
Long-term investments:
Restricted cash$4 $— $— $4 
Corporate debt securities403 — (25)378 
Government and agency securities604   —   (42) 562 
$1,011 $— $(67)$944 
 December 31, 2022
 Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Short-term investments:
Restricted cash$36 $— $— $36 
Corporate debt securities2,355 — (5)2,350 
Government and agency securities141 — (6)135 
$2,532 $— $(11)$2,521 
Long-term investments:
Restricted cash$13 $— $— $13 
Corporate debt securities686 — (40)646 
Government and agency securities604   —   (47) 557 
$1,303 $— $(87)$1,216 

We consider cash to be restricted when withdrawal or general use is legally restricted. Restricted cash is held in interest bearing accounts for letters of credit related to our global sabbatical program and for certain amounts related to other compensation arrangements held in escrow. Our fixed-income investments consist of predominantly investment grade corporate debt securities and government and agency securities. The corporate debt and government and agency securities that we invest in are generally deemed to be low risk based on their credit ratings from the major rating agencies.

The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As interest rates increase, those securities purchased at a lower yield show a mark-to-market unrealized loss. The unrealized losses are primarily due to changes in credit spreads and interest rates. We regularly review investment securities for other-than-temporary impairment using both qualitative and quantitative criteria. Investments classified as available-for-sale debt securities are carried at fair value with changes reflected in other comprehensive income. Where there is an intention or a requirement to sell an impaired available-for-sale debt security, the entire impairment is recognized in earnings with a corresponding adjustment to the amortized cost basis of the security. From time to time, we sell available-for-sale debt securities in an unrealized loss position and recognize an immaterial loss.


17
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
We regularly review investment securities for credit impairment using both qualitative and quantitative criteria. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded through interest and other, net for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. We did not recognize any credit-related impairment through an allowance for credit losses as of June 30, 2023.

Investment securities in a continuous loss position for less than 12 months had an estimated fair value of $1.6 billion and unrealized losses of $2 million as of June 30, 2023, and an estimated fair value of $2.8 billion and unrealized losses of $32 million as of December 31, 2022. Investment securities in a continuous loss position for greater than 12 months had an estimated fair value of $1.3 billion and unrealized losses of $77 million as of June 30, 2023, and an estimated fair value of $952 million and unrealized losses of $66 million as of December 31, 2022. Refer to “Note 15 — Accumulated Other Comprehensive Income” for amounts reclassified to earnings from unrealized gains and losses.

The following table presents estimated fair values of our short-term and long-term investments classified as available-for-sale debt securities and restricted cash by date of contractual maturity as of the date indicated (in millions):
 June 30, 2023
One year or less (including restricted cash of $22)
$2,111 
One year through two years (including restricted cash of $4)
645 
Two years through three years227 
Three years through four years72 
Total$3,055 

Equity Investments

The following table summarizes our equity investments as of the dates indicated (in millions):
 Balance Sheet LocationJune 30, 2023December 31, 2022
Equity investments with readily determinable fair valuesShort-term investments$97 $104 
Equity investment in AdevintaEquity investment in Adevinta2,656 2,692 
Equity investments under the fair value optionLong-term investments431 461 
Equity investments under the equity method of accountingLong-term investments34 34 
Equity investments without readily determinable fair valuesLong-term investments90 86 
Total equity investments$3,308 $3,377 

Equity investment in Adevinta

We account for equity investments through which we exercise significant influence but do not have control over the investee under the fair value option or under the equity method. Our equity investment in Adevinta is accounted for under the fair value option.



18
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Upon completion of the transfer of our Classifieds business to Adevinta in 2021, we received an equity investment of 44% in Adevinta valued at $10.8 billion at the close of the transfer. In the fourth quarter of 2021, we completed the sale of approximately 135 million of our voting shares in Adevinta to Permira, inclusive of the option exercised by Permira to purchase additional voting shares, for total cash consideration of approximately $2.3 billion which reduced our ownership in Adevinta to 33%. We have a contractual requirement to retain at least 25% of the total number of issued and outstanding equity securities of Adevinta until October 14, 2023, subject to certain exceptions specified in the agreement. As of December 31, 2022 and June 30, 2023, our equity investment in Adevinta is reported in the short-term assets section on the condensed consolidated balance sheet since our contractual requirement ends within twelve months of the balance sheet date.

At the initial recognition of the equity investment, we elected the fair value option where subsequent changes in fair value are recognized in earnings. The investment is classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets. The fair value of the equity investment is measured based on Adevinta’s closing stock price and prevailing foreign exchange rate at each balance sheet date and the changes in fair value are reflected in gain (loss) on equity investments and warrant, net in the condensed consolidated statement of income. We believe the fair value option election creates more transparency of the current value in the equity investment in Adevinta.

For the three and six months ended June 30, 2023, unrealized losses of $210 million and $36 million, respectively, were recorded in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income related to the change in fair value of the investment compared to $829 million and $2,472 million of unrealized losses recorded during the same periods in 2022. The fair value of the investment was $2,656 million and $2,692 million as of June 30, 2023 and December 31, 2022, respectively.

Equity investments with readily determinable fair values

Equity investments with readily determinable fair values are classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets. Subsequent changes in fair value are reflected in gain (loss) on equity investments and warrant, net in the condensed consolidated statement of income.

The fair value of the equity investment in KakaoBank Corp. (“KakaoBank”) is measured based on closing stock price and prevailing foreign exchange rate at each balance sheet date. For the three and six months ended June 30, 2023, unrealized losses of $4 million and $7 million, respectively, were recorded in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income related to the change in fair value of the investment compared to $105 million and $196 million of unrealized losses recorded during the same periods in 2022. During the three and six months ended June 30, 2022, we sold a portion of our shares in KakaoBank for $242 million and $287 million, respectively, and recorded realized losses on the change in fair value of shares sold of $67 million and $75 million, respectively, in gain (loss) on equity investments and warrant, net. The fair value of the investment was $97 million and $104 million as of June 30, 2023 and December 31, 2022, respectively, and is reported within short-term investments in our condensed consolidated balance sheet.

We entered into a warrant agreement in conjunction with a commercial agreement with Adyen that vests in a series of four tranches, at a specified price per share upon meeting processing volume milestone targets on a calendar year basis. When a relevant milestone is reached, the warrant becomes exercisable with respect to the corresponding tranche of warrant shares up until the warrant expiration date of January 31, 2025. We met the processing volume milestone target to vest the first tranche of the warrant and in the third quarter of 2022, we sold the remainder of our shares in Adyen. Refer to “Note 7 — Derivative Instruments” for more information about the warrant.


19
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Equity investments under the fair value option

We account for equity investments through which we exercise significant influence but do not have control over the investee under the fair value option or under the equity method. Our equity investment in Gmarket and certain other immaterial equity investments are accounted for under the fair value option.

In the fourth quarter of 2021, we completed the sale of 80.01% of the outstanding equity interests of eBay Korea to Emart. Upon completion of the sale, we retained 19.99% of the outstanding equity interest of the new entity, Gmarket, over whom we are able to exercise significant influence based on the terms of the securities purchase agreement, including through our board representation. Our equity investment in Gmarket was valued at $728 million as of the transaction close date. At the initial recognition of this equity investment, we elected the fair value option where subsequent changes in fair value are recognized in gain (loss) on equity investments and warrant, net in the condensed consolidated statement of income. We believe the fair value option election creates more transparency of the current value in the equity investment in Gmarket. Our retained investment in Gmarket is subject to a two year right held by Emart to purchase the remaining interest at or near the closing price of the sale.

For the three and six months ended June 30, 2023, unrealized losses of $29 million and $40 million, respectively, were recorded in gain (loss) on equity investments and warrant, net on our condensed consolidated statement of income related to the change in fair value of the investment compared to $77 million and $259 million of unrealized losses recorded during the same periods in 2022. As of June 30, 2023 and December 31, 2022, the fair value of the investment was $391 million and $431 million, respectively, and is reported within long-term investments in our condensed consolidated balance sheet.

The investment is classified as Level 3 in the fair value hierarchy as the valuation reflects management’s estimate of assumptions that market participants would use in pricing the equity investment. Certain other immaterial equity investments aggregating to $40 million and $30 million as of June 30, 2023 and December 31, 2022, respectively, are measured at fair value using the net asset value per share (or its equivalent) practical expedient, and have not been classified in the fair value hierarchy. Refer to “Note 8 — Fair Value Measurement of Assets and Liabilities” for more information.

Other equity method investments

We account for equity investments through which we exercise significant influence but do not have control over the investee under the fair value option or under the equity method. For equity investments accounted for under the equity method, our consolidated results of operations include, as a component of interest and other, net, our share of the net income or loss of the equity investments. For equity investments accounted for under the fair value option, the change in fair value is included in our consolidated results of operations as a component of gain (loss) on equity investments and warrant, net.


20
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Equity investments without readily determinable fair values

The following table summarizes the change in total carrying value related to equity investments without readily determinable fair values held for the periods indicated (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Carrying value, beginning of period$86 $78 $86 $85 
Additions5 — 5 — 
Downward adjustments for observable price changes and impairment— — — (7)
Foreign currency translation and other(1)(2)(1)(2)
Carrying value, end of period$90 $76 $90 $76 

For the three and six months ended June 30, 2023, no downward adjustments to the carrying value of our equity investments without readily determinable fair values in gain (loss) on equity investments and warrant, net were recorded on our condensed consolidated statement of income.

For such equity investments held as of June 30, 2023, the cumulative upward adjustment for observable price changes was $41 million and cumulative downward adjustment for observable price changes and impairments was $298 million.

The following table summarizes unrealized gains and losses related to equity investments held as of June 30, 2023 and presented within gain (loss) on equity investments and warrant, net for the periods indicated (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Net gains (losses) recognized during the period on equity investments$(246)$(1,116)$(85)$(3,293)
Less: Net gains (losses) recognized during the period on equity investments sold during the period— (68)— (242)
Total unrealized gains (losses) on equity investments held, end of period
$(246)$(1,048)$(85)$(3,051)

21
eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 7 — Derivative Instruments

Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates and interest rates. These hedging contracts reduce, but do not entirely eliminate, the impact of adverse foreign exchange rate and interest rate movements. We do not use any of our derivative instruments for trading purposes.

We use foreign currency exchange contracts to reduce the volatility of cash flows related to forecasted revenues, expenses, assets and liabilities, including intercompany balances denominated in foreign currencies. These contracts are generally one month to one year in duration but with maturities up to 24 months. The objective of the foreign exchange contracts is to ensure that ultimately the U.S. dollar-equivalent cash flows are not adversely affected by changes in the applicable U.S. dollar/foreign currency exchange rate. We evaluate the effectiveness of our foreign exchange contracts designated as cash flow or net investment hedges on a quarterly basis.

In 2022, we entered into derivative instruments to hedge the variability of forecasted interest payments on anticipated debt issuance using forward-starting interest rate swaps. These interest rate swaps effectively fixed the benchmark interest rate and had the economic effect of hedging the variability of forecasted interest payments for up to ten years on an anticipated debt issuance. Similar to other cash flow hedges, we recorded changes in the fair value of these interest rate swaps in accumulated other comprehensive income (“AOCI”) until the anticipated debt issuance. As described in “Note 9 — Debt,” in 2022, we issued $1.2 billion of senior unsecured notes, which consisted of notes maturing in 2025, 2027 and 2032. As a result, we terminated the interest rate swaps and the gain associated with the termination of approximately $25 million is amortized to interest expense over the term of our notes due in November 2032.

Cash Flow Hedges

For derivative instruments that are designated as cash flow hedges, the derivative’s gain or loss is initially reported as a component of AOCI and subsequently reclassified into earnings in the same period the forecasted hedged transaction affects earnings. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Unrealized gains and losses in AOCI associated with such derivative instruments are immediately reclassified into earnings. As of June 30, 2023, we have estimated that approximately $16 million of net derivative losses related to our foreign exchange cash flow hedges and $8 million of net derivative gains related to our interest rate cash flow hedges included in AOCI will be reclassified into earnings within the next 12 months. We classify cash flows related to our cash flow hedges as operating activities in our condensed consolidated statement of cash flows.

Non-Designated Hedges

Our derivatives not designated as hedging instruments consist of foreign currency forward contracts that we primarily use to hedge monetary assets or liabilities, including intercompany balances and equity investments denominated in non-functional currencies. The gains and losses on our derivatives not designated as hedging instruments are recorded in interest and other, net, which are offset by the foreign currency gains and losses on the related assets and liabilities that are also recorded in interest and other, net. We classify cash flows related to our non-designated hedging instruments in the same line item as the cash flows of the related assets or liabilities, which is generally within operating activities in our condensed consolidated statement of cash flows. Cash flows related to the settlement of non-designated hedging instruments related to equity investments are classified within investing activities in our condensed consolidated statement of cash flows.









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eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Warrant

We entered into a warrant agreement in conjunction with a commercial agreement with Adyen that, subject to meeting certain conditions, entitles us to acquire a fixed number of shares up to 5% of Adyen’s fully diluted issued and outstanding share capital at a specific date. The warrant has a term of seven years and vests in a series of four tranches, at a specified price per share (fixed for the first two tranches) upon meeting processing volume milestone targets on a calendar year basis. When or if a relevant milestone is reached, the warrant becomes exercisable with respect to the corresponding tranche of warrant shares up until the warrant expiration date of January 31, 2025. The maximum number of tranches that can vest in one calendar year is two.
 
The warrant is accounted for as a derivative under ASC Topic 815, Derivatives and Hedging. We report the warrant at fair value within other assets in our condensed consolidated balance sheet and changes in the fair value of the warrant are recognized in gain (loss) on equity investments and warrant, net in our condensed consolidated statement of income. The day-one value attributable to the other side of the warrant, which was recorded as a deferred credit, is reported within other liabilities in our condensed consolidated balance sheet and is amortized over the life of the commercial arrangement. See “Note 8 — Fair Value Measurements” for information about the fair value measurement of the warrant.

Fair Value of Derivative Contracts

The following table presents fair values of our outstanding derivative instruments as of the dates indicated (in millions):
 Balance Sheet LocationJune 30,
2023		December 31,
2022
Derivative Assets:
Foreign exchange contracts designated as cash flow hedgesOther current assets$26 $89 
Foreign exchange contracts not designated as hedging instrumentsOther current assets29 18 
Interest rate contracts designated as cash flow hedgesOther current assets— 2 
WarrantOther assets283 214 
Foreign exchange contracts designated as cash flow hedgesOther assets14 13 
Total derivative assets$352 $336 
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedgesOther current liabilities$8 $12 
Foreign exchange contracts not designated as hedging instrumentsOther current liabilities22 34 
Foreign exchange contracts designated as cash flow hedgesOther liabilities— 1 
Total derivative liabilities$30 $47 
Total fair value of derivative instruments$322 $289 

Under the master netting agreements with the respective counterparties to our derivative contracts, subject to applicable requirements, we are allowed to net settle transactions of the same type with a single net amount payable by one party to the other. However, we have elected to present the derivative assets and derivative liabilities on a gross basis on our condensed consolidated balance sheet. As of June 30, 2023, the potential effect of rights of set-off associated with the foreign exchange contracts would be an offset to both assets and liabilities by $26 million, resulting in net derivative assets of $43 million and net derivative liabilities of $4 million. As of June 30, 2023, there was no potential effect of rights of set-off associated with the interest rate contracts as there were no asset positions.


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eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Effect of Derivative Contracts on Accumulated Other Comprehensive Income

The following tables present the activity of derivative instruments designated as cash flow hedges gross of tax as of June 30, 2023 and December 31, 2022, and the impact of these derivative contracts on AOCI for the periods indicated (in millions): 
 December 31, 2022Amount of Gain (Loss) Recognized in Other Comprehensive IncomeLess: Amount of Gain (Loss) Reclassified From AOCI to EarningsJune 30, 2023
Foreign exchange contracts designated as cash flow hedges$52 $(41)$43 $(32)
Interest rate contracts designated as cash flow hedges62 — 6 56 
Total
$114 $(41)$49 $24 
 December 31, 2021Amount of Gain (Loss) Recognized in Other Comprehensive IncomeLess: Amount of Gain (Loss) Reclassified From AOCI to EarningsJune 30, 2022
Foreign exchange contracts designated as cash flow hedges$25 $140 $16 $149 
Interest rate contracts designated as cash flow hedges40 — (2)42 
Total
$65 $140 $14 $191 

Effect of Derivative Contracts on Condensed Consolidated Statement of Income

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our foreign exchange derivative contracts by location for the periods indicated (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Foreign exchange contracts designated as cash flow hedges recognized in net revenues$14 $9 $43 $15 
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues— — (1)— 
Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net10 25 6 40 
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income$24 $34 $48 $55 

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income from our interest rate derivative contracts by location for the periods indicated (in millions): 
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net$3 $