Company Quick10K Filing
eBay
Price38.37 EPS2
Shares870 P/E17
MCap33,382 P/FCF14
Net Debt6,841 EBIT2,350
TEV40,223 TEV/EBIT17
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-01-31
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-18
10-Q 2019-03-31 Filed 2019-04-24
10-K 2018-12-31 Filed 2019-01-30
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-07-19
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-05
10-Q 2017-09-30 Filed 2017-10-20
10-Q 2017-06-30 Filed 2017-07-21
10-Q 2017-03-31 Filed 2017-04-20
10-K 2016-12-31 Filed 2017-02-06
10-Q 2016-09-30 Filed 2016-10-20
10-Q 2016-06-30 Filed 2016-07-21
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-02-01
10-Q 2015-09-30 Filed 2015-10-28
10-Q 2015-06-30 Filed 2015-07-21
10-Q 2015-03-31 Filed 2015-04-23
10-K 2014-12-31 Filed 2015-02-06
10-Q 2014-09-30 Filed 2014-10-16
10-Q 2014-06-30 Filed 2014-07-18
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-01-31
10-Q 2013-09-30 Filed 2013-10-18
10-Q 2013-06-30 Filed 2013-07-19
10-Q 2013-03-31 Filed 2013-04-19
10-K 2012-12-31 Filed 2013-02-01
10-Q 2012-09-30 Filed 2012-10-19
10-Q 2012-06-30 Filed 2012-07-19
10-Q 2012-03-31 Filed 2012-04-20
10-K 2011-12-31 Filed 2012-01-31
10-Q 2011-09-30 Filed 2011-10-21
10-Q 2011-06-30 Filed 2011-07-22
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-01-28
10-Q 2010-09-30 Filed 2010-10-21
10-Q 2010-06-30 Filed 2010-07-23
10-Q 2010-03-31 Filed 2010-04-28
10-K 2009-12-31 Filed 2010-02-17
8-K 2020-04-29 Earnings, Exhibits
8-K 2020-04-11 Officers, Exhibits
8-K 2020-04-08 Regulation FD, Exhibits
8-K 2020-03-06 Enter Agreement, Leave Agreement, Other Events, Exhibits
8-K 2020-02-13 Enter Agreement, Regulation FD, Exhibits
8-K 2020-02-13 M&A, Exhibits
8-K 2020-01-28 Earnings, Exhibits
8-K 2019-11-24 Enter Agreement, Other Events, Exhibits
8-K 2019-10-23 Earnings, Exhibits
8-K 2019-10-11 Officers
8-K 2019-09-24 Officers, Exhibits
8-K 2019-07-17 Earnings, Exhibits
8-K 2019-05-30 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-05-14 Officers
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-02-28 Other Events, Exhibits
8-K 2019-02-14 Officers, Regulation FD, Exhibits
8-K 2019-01-29 Earnings, Regulation FD, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-07-18 Earnings, Exhibits
8-K 2018-06-13 Officers
8-K 2018-05-30 Shareholder Vote
8-K 2018-05-14 Amend Bylaw, Exhibits
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-04-05 Officers
8-K 2018-01-31 Earnings, Exhibits

EBAY 10Q Quarterly Report

Part I: Financial Information
Item 1: Financial Statements
Note 1 - The Company and Summary of Significant Accounting Policies
Note 2 - Net Income per Share
Note 3 - Business Combinations
Note 5 - Goodwill and Intangible Assets
Note 6 - Segments
Note 7 - Investments
Note 8 - Derivative Instruments
Note 9 - Fair Value Measurement of Assets and Liabilities
Note 10 - Debt
Note 11 - Balance Sheet Components
Note 12 - Commitments and Contingencies
Note 13 - Stockholders' Equity
Note 14 - Employee Benefit Plans
Note 15 - Income Taxes
Note 16 - Accumulated Other Comprehensive Income
Note 17 - Restructuring
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosures About Market Risk
Item 4: Controls and Procedures
Part Ii: Other Information
Item 1: Legal Proceedings
Item 1A: Risk Factors
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Item 3: Defaults Upon Senior Securities
Item 4: Mine Safety Disclosures
Item 5: Other Information
Item 6: Exhibits
EX-10.02 ebayciti-2020asrmaster.htm
EX-10.03 ebayms-2020asrmasterco.htm
EX-10.04 ebay-hsbc2020asrmaster.htm
EX-10.05 petethompsonofferlette.htm
EX-10.06 kristinyettoletterfina.htm
EX-31.01 ebay033120ex3101.htm
EX-31.02 ebay033120ex3102.htm
EX-32.01 ebay033120ex3201.htm
EX-32.02 ebay033120ex3202.htm

eBay Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
504030201002012201420172020
Assets, Equity
10.07.54.92.4-0.2-2.72012201420172020
Rev, G Profit, Net Income
2.31.20.2-0.9-1.9-3.02012201420172020
Ops, Inv, Fin

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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, 2020
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-20200331_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:
(408376-7008
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
6.00% Notes due 2056EBAYLThe 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 April 27, 2020, there were 700,853,258 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.


1


PART I: FINANCIAL INFORMATION
Item 1: Financial Statements
eBay Inc.
CONDENSED CONSOLIDATED BALANCE SHEET
 March 31,
2020
December 31,
2019
 (In millions, except par value)
 (Unaudited)
ASSETS
Current assets:  
Cash and cash equivalents$880  $923  
Short-term investments3,550  1,850  
Accounts receivable, net of allowance for doubtful accounts of $127 and $100
635  691  
Other current assets1,183  1,101  
Current assets of discontinued operations  141  
Total current assets6,248  4,706  
Long-term investments1,077  1,305  
Property and equipment, net1,409  1,484  
Goodwill4,850  4,929  
Intangible assets, net50  62  
Operating lease right-of-use assets598  599  
Deferred tax assets4,287  4,369  
Other assets410  414  
Long-term assets of discontinued operations  306  
Total assets$18,929  $18,174  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt$1,015  $1,022  
Accounts payable268  251  
Accrued expenses and other current liabilities2,175  2,189  
Deferred revenue108  135  
Income taxes payable1,107  210  
Current liabilities of discontinued operations  259  
Total current liabilities4,673  4,066  
Operating lease liabilities456  472  
Deferred tax liabilities2,619  2,646  
Long-term debt7,724  6,738  
Other liabilities1,342  1,356  
Long-term liabilities of discontinued operations  26  
Total liabilities16,814  15,304  
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.001 par value; 3,580 shares authorized; 701 and 796 shares outstanding
2  2  
Additional paid-in capital15,723  16,126  
Treasury stock at cost, 995 and 897 shares
(34,946) (31,396) 
Retained earnings21,051  17,754  
Accumulated other comprehensive income285  384  
Total stockholders’ equity2,115  2,870  
Total liabilities and stockholders’ equity$18,929  $18,174  

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

2


eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
 Three Months Ended
March 31,
 20202019
 (In millions, except per share amounts)
 (Unaudited)
Net revenues$2,374  $2,413  
Cost of net revenues526  539  
Gross profit1,848  1,874  
Operating expenses:
Sales and marketing607  647  
Product development267  272  
General and administrative234  284  
Provision for transaction losses102  67  
Amortization of acquired intangible assets9  11  
Total operating expenses1,219  1,281  
Income from operations629  593  
Interest and other, net2  64  
Income from continuing operations before income taxes631  657  
Income tax provision(146) (141) 
Income from continuing operations485  516  
Income from discontinued operations, net of income taxes2,927  2  
Net income$3,412  $518  
Income per share - basic:  
Continuing operations$0.64  $0.58  
Discontinued operations3.89    
Net income per share - basic$4.53  $0.58  
Income per share - diluted:
Continuing operations$0.64  $0.57  
Discontinued operations3.87    
Net income per share - diluted$4.51  $0.57  
Weighted-average shares:  
Basic753  900  
Diluted757  908  

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


3


eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Three Months Ended
March 31,
 20202019
 (In millions)
 (Unaudited)
Net income$3,412  $518  
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation gains (losses)(113) (32) 
Unrealized gains (losses) on investments, net(31) 40  
Tax benefit (expense) on unrealized gains (losses) on investments, net8  (10) 
Unrealized gains (losses) on hedging activities, net47  (41) 
Tax benefit (expense) on unrealized gains (losses) on hedging activities, net(10) 9  
Other comprehensive income (loss), net of tax(99) (34) 
Comprehensive income (loss)$3,313  $484  

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


4


eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
 
 Three Months Ended
March 31,
 20202019
 (In millions)
(Unaudited)
Common stock:
Balance, beginning of period$2  $2  
Common stock issued    
Common stock repurchased/forfeited    
Balance, end of period2  2  
Additional paid-in-capital:
Balance, beginning of period16,126  15,716  
Common stock and stock-based awards issued4  3  
Tax withholdings related to net share settlements of restricted stock units and awards(40) (54) 
Stock-based compensation94  121  
Forward contract for share repurchase(450)   
Other(11) (1) 
Balance, end of period15,723  15,785  
Treasury stock at cost:
Balance, beginning of period(31,396) (26,394) 
Common stock repurchased(3,550) (1,501) 
Balance, end of period(34,946) (27,895) 
Retained earnings:
Balance, beginning of period17,754  16,459  
Net income3,412  518  
Dividends and dividend equivalents declared(115) (130) 
Balance, end of period21,051  16,847  
Accumulated other comprehensive income:
Balance, beginning of period384  498  
Foreign currency translation adjustment(113) (32) 
Change in unrealized gains (losses) on investments(31) 40  
Change in unrealized gains (losses) on derivative instruments47  (41) 
Tax benefit (provision) on above items(2) (1) 
Balance, end of period285  464  
Total stockholders’ equity$2,115  $5,203  
Dividends and dividend equivalents declared per share or restricted stock unit$0.16  $0.14  

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


5


eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
 Three Months Ended
March 31,
 20202019
 (In millions)
 (Unaudited)
Cash flows from operating activities:  
Net income$3,412  $518  
(Income) loss from discontinued operations, net of income taxes(2,927) (2) 
Adjustments:
Provision for transaction losses102  67  
Depreciation and amortization147  162  
Stock-based compensation100  112  
(Gain) loss on investments, net(38) 1  
Deferred income taxes52  21  
Change in fair value of warrant(12) (113) 
Changes in assets and liabilities, net of acquisition effects(134) (194) 
Net cash provided by continuing operating activities702  572  
Net cash provided by (used in) discontinued operating activities(110) (22) 
Net cash provided by operating activities592  550  
Cash flows from investing activities:      
Purchases of property and equipment(98) (180) 
Purchases of investments(10,705) (11,915) 
Maturities and sales of investments9,195  12,747  
Acquisitions, net of cash acquired  (93) 
Other39  12  
Net cash provided by (used in) continuing investing activities(1,569) 571  
Net cash provided by (used in) discontinued investing activities4,075  (13) 
Net cash provided by investing activities2,506  558  
Cash flows from financing activities:      
Proceeds from issuance of common stock5  5  
Repurchases of common stock(3,997) (1,431) 
Payments for taxes related to net share settlements of restricted stock units and awards(40) (54) 
Payments for dividends(114) (125) 
Proceeds from issuance of long-term debt, net994    
Other(9)   
Net cash provided by (used in) continuing financing activities(3,161) (1,605) 
Net cash provided by (used in) discontinued financing activities    
Net cash used in financing activities(3,161) (1,605) 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(34) (10) 
Net increase (decrease) in cash, cash equivalents and restricted cash(97) (507) 
Cash, cash equivalents and restricted cash at beginning of period996  2,219  
Cash, cash equivalents and restricted cash at end of period$899  $1,712  
Less: Cash, cash equivalents and restricted cash of discontinued operations  31  
Cash, cash equivalents and restricted cash of continuing operations at end of period$899  $1,681  
Supplemental cash flow disclosures:
Cash paid for:
Interest$90  $107  
Interest on finance lease obligations$3  $  
Income taxes$63  $93  

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

6


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 and Classifieds 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. 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.

On February 13, 2020, we completed the previously announced sale of our StubHub business to an affiliate of viagogo. Beginning in the first quarter of 2020, StubHub’s financial results for periods prior to the sale have been reflected in our condensed consolidated statement of income as discontinued operations. Additionally, the related assets and liabilities associated with the discontinued operations in the prior year are classified as discontinued operations in our condensed consolidated balance sheet. See “Note 4 – Discontinued Operations” for additional information.

We have two reportable segments to reflect the way management and our chief operating decision maker (“CODM”) review and assess performance of the business. During the first quarter of 2020, we classified the results of our previously reported StubHub segment as discontinued operations in our condensed consolidated statement of income for all prior periods presented. Our two reportable segments are Marketplace and Classifieds. Marketplace includes our online marketplace located at www.ebay.com, its localized counterparts and the eBay suite of mobile apps. Classifieds includes a collection of brands such as mobile.de, Kijiji, Gumtree, Marktplaats, eBay Kleinanzeigen and others. For further information on our segments, refer to “Note 6 – Segments”. Prior period segment information has been reclassified to conform to the current period segment presentation.

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, goodwill and the recoverability of 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 VIEs. 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. For such investments, our share of the investees’ results of operations is included in interest and other, net and our investment balance is included in long-term investments. 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

7


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

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, 2019. 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

Notwithstanding the addition of policies below for allowance for credit losses, 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, 2019.

Credit losses – Financial assets measured at amortized cost

We are exposed to credit losses primarily through our receivables from sellers or advertisers on our Marketplace and Classifieds platforms, respectively. We develop estimates to reflect the risk of credit loss which are based on historical loss trends adjusted for asset specific attributes, current conditions and reasonable and supportable forecasts of the economic conditions that will exist through the contractual life of the financial asset. Our receivables are recovered over a period of 0-180 days, therefore, forecasted changes to economic conditions are not expected to have a significant effect on the estimate of the allowance for doubtful accounts, except in extraordinary circumstances. We write off the asset when it is no longer deemed collectible or when it goes past due 180 days whichever is earlier, with certain limited exceptions. We monitor our ongoing credit exposure through an active review of collection trends. Our activities include monitoring the timeliness of payment collection, managing dispute resolution and performing timely account reconciliations. We may employ collection agencies to pursue recovery of defaulted receivables. At March 31, 2020, we reported allowances for doubtful accounts of $127 million reflecting an increase of $27 million, net of write-offs of $32 million for the three months ended March 31, 2020.

We are also exposed to credit losses from customer accounts and funds receivable balances held by third party financial institutions. These balances are either held by financial institutions associated with payment intermediation activity and awaiting settlement, or are installment collections from financial institutions. We assess these balances for credit loss based on a review of the average period for which the funds are held, credit ratings of the financial institutions and by assessing the probability of default and loss given default models. At March 31, 2020, we did not record any credit-related loss.

Credit losses – Available-for-sale debt securities

We periodically assess our portfolio of debt investments for impairment. For debt securities in an unrealized loss position, this assessment first takes into account our intent to sell, or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria are met, the debt security’s amortized cost basis is written down to fair value through interest and other, net.

For debt securities in an unrealized loss position that do not meet the aforementioned criteria, we assess whether the decline in fair value has resulted from credit losses or other factors. 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, and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss may exist, 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, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive income.

8


eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Recently Adopted Accounting Pronouncements

In 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance that requires credit losses on financial assets measured at amortized cost basis to be presented at the net amount expected to be collected, not based on incurred losses. Further, credit losses on available-for-sale debt securities should be recorded through an allowance for credit losses limited to the amount by which fair value is below amortized cost. This standard impacts the Company’s accounting for allowances for doubtful accounts, available-for-sale securities and other assets subject to credit risk. In preparation for the adoption of this standard, we have updated our credit loss models as needed. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. We adopted this guidance in the first quarter of 2020 with no material impact on our condensed consolidated financial statements.

In 2017, the FASB issued new guidance to simplify the subsequent measurement of goodwill by removing the requirement to perform a hypothetical purchase price allocation to compute the implied fair value of goodwill to measure impairment. Instead, any goodwill impairment will equal the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Further, the guidance eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. This standard is effective for annual or any interim goodwill impairment test in fiscal years beginning after December 15, 2019. We adopted this guidance in the first quarter of 2020 with no material impact on our condensed consolidated financial statements.

In 2018, the FASB issued new guidance on a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor (i.e., a service contract). Under the new guidance, customers will apply the same criteria for capitalizing implementation costs as they would for an arrangement that has a software license. This standard is effective for annual reporting periods beginning after December 15, 2019, including interim reporting periods within those fiscal years. We adopted this guidance prospectively in the first quarter of 2020 with no material impact on our condensed consolidated financial statements.

In 2018, the FASB issued new guidance to clarify the interaction between Collaborative Arrangements and Revenue from Contracts with Customers standards. The guidance (1) clarifies that certain transactions between collaborative arrangement participants should be accounted for under revenue guidance; (2) adds unit of account guidance to the collaborative arrangement guidance to align with the revenue standard; and (3) clarifies presentation guidance for transactions with a collaborative arrangement participant that is not accounted for under the revenue standard. The guidance is effective for annual reporting periods beginning after December 15, 2019, including interim reporting periods within those annual reporting periods. We adopted this guidance in the first quarter of 2020 with no material impact on our condensed consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In 2019, the FASB issued new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles and also simplification of areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes. The standard will be effective for annual reporting periods beginning after December 15, 2020, including interim reporting periods within those fiscal years. We are evaluating the impact of adopting this new accounting guidance on our condensed consolidated financial statements.

In 2019, the FASB issued new guidance to decrease diversity in practice and increase comparability for the accounting of certain equity securities and investments under the equity method of accounting. The standard will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. We are evaluating the impact of adopting this new guidance on our condensed consolidated financial statements.


9


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

Basic net income per share is computed by dividing net income for the period by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income 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 per share by application of the treasury stock method. The calculation of diluted net income per share excludes all anti-dilutive common shares. The following table sets forth the computation of basic and diluted net income per share for the three months ended March 31, 2020 and 2019 (in millions, except per share amounts):
 Three Months Ended
March 31,
 20202019
Numerator:
Income from continuing operations$485  $516  
Income from discontinued operations, net of income taxes2,927  2  
Net income$3,412  $518  
Denominator:
Weighted average shares of common stock - basic753  900  
Dilutive effect of equity incentive awards4  8  
Weighted average shares of common stock - diluted757  908  
Income per share - basic:
Continuing operations$0.64  $0.58  
Discontinued operations3.89    
Net income per share - basic$4.53  $0.58  
Income per share - diluted:
Continuing operations$0.64  $0.57  
Discontinued operations3.87    
Net income per share - diluted$4.51  $0.57  
Common stock equivalents excluded from income per diluted share because their effect would have been anti-dilutive15  11  


10


eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 3 — Business Combinations

Motors.co.uk

In February 2019, we completed our acquisition of the U.K.-based classifieds site, Motors.co.uk, for $93 million in cash. We believe the acquisition will increase our international presence and give buyers access to more listings.

The aggregate purchase consideration was allocated as follows (in millions):
Motors.co.uk
Goodwill$65  
Purchased intangible assets30  
Net liabilities(2) 
Total$93  

We assigned the goodwill to our Classifieds segment. The goodwill recognized is primarily attributable to expected synergies and the assembled workforce of Motors.co.uk. We generally do not expect goodwill to be deductible for income tax purposes.

Our condensed consolidated financial statements include the operating results of Motors.co.uk from the date of acquisition. Separate post acquisition operating results and pro forma results of operations for this acquisition have not been presented as the effect of the acquisition is not material to our financial results.

Note 4 — Discontinued Operations

StubHub

On February 13, 2020, we completed the previously announced sale of our StubHub business to an affiliate of viagogo for a purchase price of $4.05 billion in cash, subject to certain adjustments specified in the purchase agreement, including adjustments for indebtedness, cash, working capital and transaction expenses of StubHub at the closing of the transaction. The sale was completed for $4.1 billion in proceeds ($3.2 billion, net of income taxes of $900 million) and a pre-tax gain of $3.9 billion upon closing within income from discontinued operations, both subject to working capital adjustments.

At December 31, 2019, our StubHub segment did not meet the criteria for assets held for sale due to uncertainty that closing conditions of the sale, such as the buyer obtaining debt and equity financing, would be met on a timely basis. Upon the completion of the sale in the first quarter of 2020, we classified the results of our previous StubHub segment as discontinued operations in our condensed consolidated statement of income, condensed consolidated balance sheet and condensed consolidated statement of cash flows for all prior periods presented.

In connection with the sale of StubHub, we entered into a transition service agreement (“TSA”) with viagogo pursuant to which we will provide services, including, but not limited to, business support services for StubHub after the divestiture for fees of $40 million. These agreements commenced with the close of the transaction and have minimum initial terms ranging from 12 to 18 months and can be extended by viagogo for a maximum of 12 months.


11


The financial results of StubHub are presented as income from discontinued operations, net of income taxes in our condensed consolidated statement of income. The following table presents financial results from discontinued operations (in millions):

 Three Months Ended
March 31,
 
2020 (1)
2019
StubHub income from discontinued operations, net of income taxes$2,928  $5  
PayPal and Enterprise (loss) from discontinued operations, net of income taxes(1) (3) 
Income from discontinued operations, net of income taxes2,927  2  
(1) Includes StubHub financial results from January 1, 2020 to February 13, 2020, in addition to the gain on sale recorded during the three months ended March 31, 2020.


The following table presents cash flows for StubHub (in millions):
 Three Months Ended
March 31,
 
2020 (1)
2019
Net cash (used in) discontinued operating activities$(110) $(22) 
Net cash provided by (used in) discontinued investing activities $4,075  $(13) 
(1) Includes StubHub financial results from January 1, 2020 to February 13, 2020, in addition to the gain on sale recorded during the three months ended March 31, 2020.


The financial results of StubHub 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 StubHub (in millions):
 Three Months Ended
March 31,
 
2020(1)
2019
Net revenues$100  $230  
Cost of net revenues31  62  
Gross profit69  168  
Operating expenses:
Sales and marketing51  95  
Product development29  25  
General and administrative33  25  
Provision for transaction losses3  5  
Amortization of acquired intangible assets1  2  
Total operating expenses117  152  
Income (loss) from operations of discontinued operations(48) 16  
Pre-tax gain on sale3,876    
Income from discontinued operations before income taxes3,828  16  
Income tax provision(900) (11) 
Income from discontinued operations, net of income taxes$2,928  $5  
(1) Includes StubHub financial results from January 1, 2020 to February 13, 2020, in addition to the gain on sale recorded during the three months ended March 31, 2020.

For the three months ended March 31, 2020 and 2019, the loss from discontinued operations related to PayPal and Enterprise was immaterial.