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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 March 31, 2022
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
 ebay-20220331_g1.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:
(408376-7108
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 filerAccelerated filer
Non-accelerated filerSmaller 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 May 2, 2022, there were 559,842,135 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
 March 31,
2022
December 31,
2021
 (In millions, except par value)
 (Unaudited)
ASSETS
Current assets:  
Cash and cash equivalents$1,798 $1,379 
Short-term investments3,771 5,944 
Customer accounts and funds receivable 626 681 
Other current assets1,154 1,107 
Total current assets7,349 9,111 
Long-term investments2,213 2,575 
Property and equipment, net1,192 1,236 
Goodwill4,141 4,178 
Operating lease right-of-use assets570 289 
Deferred tax assets3,224 3,255 
Equity investment in Adevinta3,748 5,391 
Other assets543 591 
Total assets$22,980 $26,626 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt$1,755 $1,355 
Accounts payable245 262 
Customer accounts and funds payable652 707 
Accrued expenses and other current liabilities1,851 1,927 
Income taxes payable479 371 
Total current liabilities4,982 4,622 
Operating lease liabilities481 200 
Deferred tax liabilities2,701 3,116 
Long-term debt6,578 7,727 
Other liabilities1,184 1,183 
Total liabilities15,926 16,848 
Commitments and Contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.001 par value; 3,580 shares authorized; 571 and 594 shares outstanding
2 2 
Additional paid-in capital16,904 16,659 
Treasury stock at cost, 1,146 and 1,121 shares
(44,809)(43,371)
Retained earnings34,615 36,090 
Accumulated other comprehensive income342 398 
Total stockholders’ equity7,054 9,778 
Total liabilities and stockholders’ equity$22,980 $26,626 

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

4

eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
 Three Months Ended
March 31,
 20222021
 (In millions, except per share amounts)
 (Unaudited)
Net revenues$2,483 $2,638 
Cost of net revenues689 606 
Gross profit1,794 2,032 
Operating expenses:
Sales and marketing478 546 
Product development301 304 
General and administrative226 246 
Provision for transaction losses96 88 
Amortization of acquired intangible assets1 7 
Total operating expenses1,102 1,191 
Income from operations692 841 
Gain (loss) on equity investments and warrant, net(2,291)(36)
Interest and other, net(50)(81)
Income (loss) from continuing operations before income taxes(1,649)724 
Income tax benefit (provision)310 (156)
Income (loss) from continuing operations(1,339)568 
Income (loss) from discontinued operations, net of income taxes(2)73 
Net income (loss)$(1,341)$641 
Income (loss) per share - basic:
Continuing operations$(2.28)$0.83 
Discontinued operations 0.11 
Net income (loss) per share - basic$(2.28)$0.94 
Income (loss) per share - diluted:
Continuing operations$(2.28)$0.82 
Discontinued operations 0.10 
Net income (loss) per share - diluted$(2.28)$0.92 
Weighted-average shares:
Basic587 681 
Diluted587 693 

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
March 31,
 20222021
 (In millions)
 (Unaudited)
Net income (loss)$(1,341)$641 
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation gains (losses)(34)(117)
Unrealized gains (losses) on investments, net(51)(3)
Tax benefit (expense) on unrealized gains (losses) on investments, net13  
Unrealized gains (losses) on hedging activities, net20 74 
Tax benefit (expense) on unrealized gains (losses) on hedging activities, net(4)(17)
Other comprehensive income (loss), net of tax(56)(63)
Comprehensive income (loss)$(1,397)$578 

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
March 31,
 20222021
 (In millions, except per share amounts)
(Unaudited)
Common stock:
Balance, beginning of period$2 $2 
Common stock issued  
Common stock repurchased  
Balance, end of period2 2 
Additional paid-in-capital:
Balance, beginning of period16,659 16,497 
Common stock and stock-based awards issued1 1 
Tax withholdings related to net share settlements of restricted stock units and awards(61)(69)
Stock-based compensation111 116 
Forward contract for share repurchases188  
Other6 1 
Balance, end of period16,904 16,546 
Treasury stock at cost:
Balance, beginning of period(43,371)(36,515)
Common stock repurchased(1,438)(292)
Balance, end of period(44,809)(36,807)
Retained earnings:
Balance, beginning of period36,090 22,961 
Net income (loss)(1,341)641 
Dividends and dividend equivalents declared(134)(126)
Balance, end of period34,615 23,476 
Accumulated other comprehensive income:
Balance, beginning of period398 616 
Foreign currency translation adjustment(34)(117)
Change in unrealized gains (losses) on investments(51)(3)
Change in unrealized gains (losses) on derivative instruments20 74 
Tax benefit (provision) on above items9 (17)
Balance, end of period342 553 
Total stockholders’ equity$7,054 $3,770 
Dividends and dividend equivalents declared per share or restricted stock unit$0.22 $0.18 

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


7

eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
 Three Months Ended
March 31,
 20222021
 (In millions)
 (Unaudited)
Cash flows from operating activities:  
Net income (loss)$(1,341)$641 
Income (loss) from discontinued operations, net of income taxes2 (73)
Adjustments:
Provision for transaction losses96 88 
Depreciation and amortization118 134 
Stock-based compensation111 103 
Loss (gain) on investments, net14 (1)
Deferred income taxes(376)103 
Change in fair value of warrant115 36 
Change in fair value of equity investment in Adevinta1,643  
Change in fair value of equity investment in Gmarket182  
Unrealized change in fair value of equity investment in KakaoBank91  
Unrealized change in fair value of equity investment in Adyen80  
Realized change in fair value of shares sold in Adyen166  
Loss (gain) on extinguishment of debt 10 
Changes in assets and liabilities, net of acquisition effects(272)(93)
Net cash provided by continuing operating activities629 948 
Net cash provided by (used in) discontinued operating activities(16)94 
Net cash provided by operating activities613 1,042 
Cash flows from investing activities:  
Purchases of property and equipment(83)(83)
Purchases of investments(5,475)(3,424)
Maturities and sales of investments6,827 3,772 
Proceeds from the sale of shares in Adyen473  
Proceeds from the sale of shares in KakaoBank27  
Other3 2 
Net cash provided by continuing investing activities1,772 267 
Net cash provided by (used in) discontinued investing activities (2)
Net cash provided by investing activities1,772 265 
Cash flows from financing activities:  
Proceeds from issuance of common stock1  
Repurchases of common stock(1,069)(304)
Payments for taxes related to net share settlements of restricted stock units and awards(61)(20)
Payments for dividends(129)(122)
Repayment of debt(750)(1,156)
Net borrowings under commercial paper program 400 
Net funds receivable and payable activity56 97 
Other 4 
Net cash used in continuing financing activities(1,952)(1,101)
Net cash provided by (used in) discontinued financing activities (68)
Net cash used in financing activities(1,952)(1,169)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(18)(11)
Net increase in cash, cash equivalents and restricted cash415 127 
Cash, cash equivalents and restricted cash at beginning of period1,406 1,594 
Cash, cash equivalents and restricted cash at end of period$1,821 $1,721 
Less: Cash, cash equivalents and restricted cash of discontinued operations 199 
Cash, cash equivalents and restricted cash of continuing operations at end of period$1,821 $1,522 

8

eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS—(Continued)
Three Months Ended
March 31,
20222021
(In millions)
(Unaudited)
Supplemental cash flow disclosures:
Cash paid for:
Interest$80 $104 
Income taxes$35 $75 

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, which includes our Marketplace platforms. 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. Collectively, we connect millions of buyers and sellers around the world, empowering people and creating opportunity for all. Our technologies and services are designed to give buyers choice and a breadth of relevant inventory and to enable sellers worldwide to organize and offer their inventory for sale, virtually anytime and anywhere. 

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 and warrant, 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 condensed 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 VIE’s. Equity investments in entities where we have not elected the fair value option and where we hold at least a 20% ownership interest or have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. For such investments, our share of the investees’ results of operations is included in gain (loss) on equity investments and warrant, net and our equity investment balance is included in long-term investments. Equity 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 ASA (“Adevinta”) on June 24, 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. As of March 31, 2022, our ownership in Adevinta was 33%. Subsequent changes in fair value are included in gain (loss) on equity investments and warrant, net.

Additionally, upon completion of the sale of 80.01% of the outstanding equity interests of eBay Korea LLC, a limited liability company incorporated under the laws of Korea and a wholly owned subsidiary of eBay KTA (“eBay Korea”) to E-mart Inc. and one of its wholly owned subsidiaries (together, “Emart”) on November 14, 2021, we retained 19.99% of the outstanding equity interests of the new entity, Gmarket Global LLC (“Gmarket”) formerly known as Apollo Korea, which is accounted for under the fair value option. Subsequent changes in fair value are included in gain (loss) on equity investments and warrant, net and our equity investment balance is included in long-term investments.

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, 2021. 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” of our Annual Report on Form 10-K for the year ended December 31, 2021.

Recent Accounting Pronouncements Not Yet Adopted

In March 2022, the Financial Accounting Standards Board issued new guidance to expand the scope of financial assets that can be included in a closed portfolio hedged using the portfolio layer method to allow consistent accounting for similar hedges. The expanded scope permits the application of the same portfolio hedging method to both prepayable and nonprepayable financial assets. The standard will be effective for annual reporting periods beginning after December 15, 2022, 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.



11

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 common shares 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 common shares.

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
March 31,
 20222021
Numerator:
Income (loss) from continuing operations$(1,339)$568 
Income (loss) from discontinued operations, net of income taxes(2)73 
Net income (loss)$(1,341)$641 
Denominator:
Weighted average shares of common stock - basic587 681 
Dilutive effect of equity incentive awards 12 
Weighted average shares of common stock - diluted587 693 
Income (loss) per share - basic:
Continuing operations$(2.28)$0.83 
Discontinued operations 0.11 
Net income (loss) per share - basic$(2.28)$0.94 
Income (loss) per share - diluted:
Continuing operations$(2.28)$0.82 
Discontinued operations 0.10 
Net income (loss) per share - diluted$(2.28)$0.92 
Common stock equivalents excluded from income (loss) per diluted share because their effect would have been anti-dilutive7 1 


12

eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 3 — Discontinued Operations

Classifieds

On June 24, 2021, we completed the previously announced transfer of our Classifieds business to Adevinta for $2.5 billion in cash, subject to certain adjustments, and approximately 540 million shares in Adevinta which represented an equity interest of 44%. Together, the total consideration received under the definitive agreement was valued at approximately $13.3 billion, based on the closing trading price of Adevinta’s outstanding shares at the Oslo Stock Exchange on June 24, 2021. The transfer resulted in a pre-tax gain of $12.5 billion and related income tax expense of $2.1 billion, both within income from discontinued operations. The results of our Classifieds business have been presented as discontinued operations in our consolidated statement of income for all periods presented through June 24, 2021 as the transfer represented a strategic shift in our business that had a major effect on our operations and financial results.

In addition, upon closing we entered into a transition service agreement (“TSA”) with Adevinta to support the operations of Classifieds after the divestiture for fees of $29 million. This agreement commenced with the close of the transaction and has minimum initial terms ranging from 6 to 12 months and can be extended for a maximum of six months.

eBay Korea

On November 14, 2021, we completed the previously announced sale of 80.01% of the outstanding equity interests of eBay Korea to Emart, pursuant to the terms and conditions of the securities purchase agreement, in exchange for approximately $3.0 billion of gross cash proceeds as of the transaction close date, subject to certain adjustments. The sale resulted in a pre-tax gain of $3.2 billion inclusive of a $81 million currency translation adjustment and a $44 million gain on the net investment hedge settled in the fourth quarter of 2021, as well as income tax expense of $369 million. The results of our eBay Korea business have been presented as discontinued operations in our condensed consolidated statement of income for all periods presented through November 14, 2021 as the transfer represented a strategic shift in our business that had a major effect on our operations and financial results.

In addition, upon closing we entered into a transition service agreement with eBay Korea to support the operations of eBay Korea after the divestiture for immaterial fees. This agreement commenced with the close of the transaction and has minimum initial terms of 6 months and can be extended for a maximum of 3 months.

Discontinued operations

The following table presents financial results from discontinued operations, net of income taxes in our condensed consolidated statement of income for the periods indicated (in millions):
 Three Months Ended
March 31,
 20222021
Classifieds income (loss) from discontinued operations, net of income taxes$ $72 
eBay Korea income (loss) from discontinued operations, net of income taxes(2)1 
Income (loss) from discontinued operations, net of income taxes$(2)$73 


13

eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table presents cash flows for discontinued operations for the periods indicated (in millions):
 Three Months Ended
March 31,
 20222021
Classifieds net cash provided by (used in) discontinued operating activities
$(1)$104 
eBay Korea net cash provided by (used in) discontinued operating activities
(15)(10)
Net cash provided by (used in) discontinued operating activities$(16)$94 
Classifieds net cash used in discontinued investing activities
$ $(1)
eBay Korea net cash used in discontinued investing activities
 (1)
Net cash used in discontinued investing activities $ $(2)
Classifieds net cash provided by (used in) discontinued financing activities
$ $ 
eBay Korea net cash used in discontinued financing activities
 (68)
Net cash used in discontinued financing activities$ $(68)

Classifieds

The financial results of Classifieds are presented as income from discontinued operations, net of income taxes on our condensed consolidated statement of income through June 24, 2021, when the transfer of Classifieds was completed. Each period presented below includes the impact of intercompany revenue agreements through June 24, 2021. The impact of these intercompany revenue agreements to net revenues and cost of net revenues was $2 million for the three months ended March 31, 2021. The continuing revenue and cash flows are not considered to be material.

The following table presents the financial results of Classifieds for the periods indicated (in millions):
 Three Months Ended
March 31,
 20222021
Net revenues$ $276 
Cost of net revenues 30 
Gross profit 246 
Operating expenses:
Sales and marketing 87 
Product development 43 
General and administrative 27 
Provision for transaction losses 2 
Amortization of acquired intangible assets  
Total operating expenses 159 
Income (loss) from operations of discontinued operations 87 
Interest and other, net 1 
Income (loss) from discontinued operations before income taxes 88 
Income tax provision (16)
Income (loss) from discontinued operations, net of income taxes$ $72 


14

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

The financial results of eBay Korea are presented as income from discontinued operations, net of income taxes on our condensed consolidated statement of income. The following table presents the financial results of eBay Korea (in millions):
 Three Months Ended
March 31,
 20222021
Net revenues$ $385 
Cost of net revenues 217 
Gross profit 168 
Operating expenses:
Sales and marketing 141 
Product development 14 
General and administrative2 12 
Total operating expenses2 167 
Income (loss) from operations of discontinued operations(2)1 
Interest and other, net  
Income (loss) from discontinued operations before income taxes(2)1 
Income tax benefit (provision)  
Income (loss) from discontinued operations, net of income taxes$(2)$1 

StubHub, PayPal and Enterprise

For the three months ended March 31, 2022 and 2021, the discontinued operations activity related to our former StubHub, PayPal and Enterprise businesses was immaterial.


15

eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 4 — 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.

During the second quarter of 2021, we classified the results of our eBay Korea business which was part of our Marketplace segment as discontinued operations in our consolidated statement of income for the periods presented. See “Note 3 — Discontinued Operations” for additional 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 net revenues by type for the periods indicated (in millions):
 Three Months Ended
March 31,
 20222021
Net revenues by type:
Net transaction revenues$2,355 $2,476 
Marketing services and other revenues128 162 
Total net revenues$2,483 $2,638 

The following table summarizes the allocation of net revenues based on geography for the periods indicated (in millions):
 Three Months Ended
March 31,
 20222021
U.S.$1,226 $1,296 
United Kingdom418 503 
Germany273 344 
Rest of world566 495 
Total net revenues$2,483 $2,638 

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 5 — 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):
 March 31, 2022
 Gross
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Short-term investments:
Restricted cash$20 $ $ $20 
Corporate debt securities2,907   2,907 
Government and agency securities40   40 
$2,967 $ $ $2,967 
Long-term investments:
Corporate debt securities$812 $ $(28)$784 
Government and agency securities798      (28) 770 
$1,610 $ $(56)$1,554 
 December 31, 2021
 Gross
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Short-term investments:
Restricted cash$22 $ $ $22 
Corporate debt securities4,151 1  4,152 
Government and agency securities25   25 
$4,198 $1 $ $4,199 
Long-term investments:
Corporate debt securities$954 $1 $(5)$950 
Government and agency securities779      (2) 777 
$1,733 $1 $(7)$1,727 

We consider cash to be restricted when withdrawal or general use is legally restricted. Restricted cash is held primarily in interest bearing accounts primarily related to our global sabbatical program. 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 due primarily 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. We presently do not intend to sell any of the available-for-sale debt securities in an unrealized loss position and expect to realize the full value of all these investments upon maturity or sale.


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 March 31, 2022.

Investment securities in a continuous loss position for less than 12 months had an estimated fair value of $3.8 billion and unrealized losses of $55 million as of March 31, 2022, and an estimated fair value of $3.1 billion and an immaterial amount of unrealized losses as of December 31, 2021. Investment securities in a continuous loss position for greater than 12 months had an estimated fair value of $22 million and an immaterial amount of unrealized losses as of March 31, 2022, and there were no investment securities in a continuous loss position for greater than 12 months as of December 31, 2021. Refer to “Note 14 — 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):
 March 31, 2022
One year or less (including restricted cash of $20)
$2,967 
One year through two years427 
Two years through three years663 
Three years through four years329 
Four years through five years135 
$4,521 

Equity Investments

The following table summarizes our equity investments as of the dates indicated (in millions):
 Balance Sheet LocationMarch 31, 2022December 31, 2021
Equity investments with readily determinable fair valuesShort-term investments$804 $1,745 
Equity investment in AdevintaEquity investment in Adevinta3,748 5,391 
Equity investment under the fair value optionLong-term investments543 725 
Equity investments under the equity method of accountingLong-term investments38 38 
Equity investments without readily determinable fair valuesLong-term investments78 85 
Total equity investments$5,211 $7,984 

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 on June 24, 2021, we received an equity investment of 44% in Adevinta valued at $10.8 billion at the close of the transfer. On November 18, 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%. Following the close of the share sale in November 2021, our equity investment in Adevinta is reported in the long-term assets section on the condensed consolidated balance sheet to reflect our 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.

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. Our non-voting shares are convertible to voting shares on a one-to-one basis, subject to a limitation of 33% voting interest. For the three months ended March 31, 2022, an unrealized loss of $