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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, 2024
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:
(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 April 29, 2024, there were 506 million 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

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements that involve expectations, plans or intentions (including but not limited to, those relating to future business, future results of operations or financial condition, inflationary pressure, foreign exchange rate volatility and geopolitical events, new or planned features or services, or management strategies). You can generally identify these forward-looking statements by words such as “anticipate,” “believe,” “commit,” “continue,” “could,” “design,” “develop,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “may,” “ongoing,” “opportunity,” “plan,” “possible,” “potential,” “seek,” “should,” “strategy,” “target,” “will,” “would” and other similar expressions. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Such risks and uncertainties include, among others:

fluctuations in, and our ability to predict, our results of operations and cash flows;
our ability to convert visits into sales for our sellers, attract and retain sellers and buyers, and execute on our business strategy;
our ability to compete in the markets in which we participate;
our ability to generate revenue from our foreign operations and expand in international markets;
the impact of inflationary pressure, fluctuations in foreign currency exchange rates, increasing interest rates and geopolitical events such as the ongoing wars in Ukraine and in Israel and Gaza, including the related disruptions to international shipping in the Red Sea;
our ability to keep pace with rapid technological developments or continue to innovate and create new initiatives to provide new programs, products and services;
our ability to operate and continuously develop our payments system and financial services offerings;
the impact of evolving domestic and foreign government laws, regulations, rules and standards that affect us, our business and/or our industry;
our reliance on third-party providers;
our ability to protect or enforce our intellectual property rights;
our ability to deal effectively with fraudulent activities on our platforms;
the impact of any security breaches, cyberattacks or system failures and resulting interruptions;
our ability to attract, retain and develop highly skilled employees;
our ability to accomplish or accurately track and report results related to our environmental, social and governance goals;
current and potential litigation and regulatory and government inquiries, investigations and disputes involving us or our industry;
our ability to generate sufficient cash flow to service our indebtedness;
the impact of evolving sales and other tax regimes in various jurisdictions and anticipated tax liabilities; and
the success of our potential acquisitions, dispositions, joint ventures, strategic partnerships and strategic investments.

A more complete description of these risks and uncertainties is included in “Item 1A: Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”), as well as in our condensed consolidated financial statements, related notes, and the other information appearing elsewhere in this report and our other filings with the Securities and Exchange Commission (“SEC”). We do not intend, and undertake no obligation, to update any of our forward-looking statements after the date of this report to reflect actual results or future events or circumstances. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

3

Item 1:    Financial Statements (unaudited)

Index
Page
4

eBay Inc.
CONDENSED CONSOLIDATED BALANCE SHEET
 March 31,
2024
December 31,
2023
 (In millions, except par value)
 (Unaudited)
ASSETS
Current assets:  
Cash and cash equivalents$2,130 $1,985 
Short-term investments1,743 2,533 
Equity investment in Adevinta4,240 4,474 
Customer accounts and funds receivable 1,108 1,013 
Other current assets1,185 1,011 
Total current assets10,406 11,016 
Long-term investments1,546 1,129 
Property and equipment, net1,281 1,243 
Goodwill4,235 4,267 
Operating lease right-of-use assets469 493 
Deferred tax assets3,052 3,089 
Other assets429 383 
Total assets$21,418 $21,620 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt$1,551 $750 
Accounts payable300 267 
Customer accounts and funds payable1,145 1,054 
Accrued expenses and other current liabilities1,929 2,196 
Income taxes payable308 253 
Total current liabilities5,233 4,520 
Operating lease liabilities362 387 
Deferred tax liabilities2,417 2,408 
Long-term debt6,174 6,973 
Other liabilities959 936 
Total liabilities15,145 15,224 
Commitments and Contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.001 par value; 3,580 shares authorized; 509 and 517 shares outstanding
2 2 
Additional paid-in capital17,891 17,792 
Treasury stock at cost, 1,228 and 1,218 shares
(48,617)(48,114)
Retained earnings36,826 36,531 
Accumulated other comprehensive income171 185 
Total stockholders’ equity6,273 6,396 
Total liabilities and stockholders’ equity$21,418 $21,620 

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

5

eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
 Three Months Ended
March 31,
 20242023
 (In millions, except per share amounts)
 (Unaudited)
Net revenues$2,556 $2,510 
Cost of net revenues700 700 
Gross profit1,856 1,810 
Operating expenses:
Sales and marketing541 511 
Product development351 352 
General and administrative238 297 
Provision for transaction losses91 84 
Amortization of acquired intangible assets4 8 
Total operating expenses1,225 1,252 
Income from operations631 558 
Interest and other:
Gain (loss) on equity investments and warrant, net(97)198 
Interest expense
(66)(68)
Interest income and other, net
68 42 
Income from continuing operations before income taxes
536 730 
Income tax provision
(97)(161)
Income from continuing operations
439 569 
Loss from discontinued operations, net of income taxes
(1)(2)
Net income
$438 $567 
Income per share - basic:
Continuing operations$0.85 $1.06 
Discontinued operations  
Net income per share - basic
$0.85 $1.06 
Income per share - diluted:
Continuing operations$0.85 $1.05 
Discontinued operations  
Net income per share - diluted
$0.85 $1.05 
Weighted-average shares:
Basic516 537 
Diluted519 541 

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


6

eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Three Months Ended
March 31,
 20242023
 (In millions)
 (Unaudited)
Net income
$438 $567 
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation gains (losses)(37)1 
Unrealized gains (losses) on investments, net8 19 
Tax benefit (expense) on unrealized gains (losses) on investments, net(3)(6)
Unrealized gains (losses) on hedging activities, net22 (53)
Tax benefit (expense) on unrealized gains (losses) on hedging activities, net(4)11 
Other comprehensive income (loss), net of tax(14)(28)
Comprehensive income
$424 $539 

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


7

eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
 Three Months Ended
March 31,
 20242023
 (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 period17,792 17,279 
Tax withholdings related to net share settlements of restricted stock units and awards(51)(48)
Stock-based compensation146 128 
Other4 5 
Balance, end of period17,891 17,364 
Treasury stock at cost:
Balance, beginning of period(48,114)(46,702)
Common stock repurchased(503)(252)
Balance, end of period(48,617)(46,954)
Retained earnings:
Balance, beginning of period36,531 34,315 
Net income
438 567 
Dividends and dividend equivalents declared(143)(138)
Balance, end of period36,826 34,744 
Accumulated other comprehensive income:
Balance, beginning of period185 259 
Foreign currency translation adjustment(37)1 
Change in unrealized gains (losses) on investments8 19 
Change in unrealized gains (losses) on derivative instruments22 (53)
Tax benefit (provision) on above items(7)5 
Balance, end of period171 231 
Total stockholders’ equity$6,273 $5,387 
Dividends and dividend equivalents declared per share or restricted stock unit$0.27 $0.25 

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


8

eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

 Three Months Ended
March 31,
 20242023
 (In millions)
 (Unaudited)
Cash flows from operating activities:  
Net income
$438 $567 
Loss from discontinued operations, net of income taxes
1 2 
Adjustments:
Provision for transaction losses91 84 
Depreciation and amortization76 107 
Stock-based compensation146 128 
Loss (gain) on investments and other, net11 10 
Deferred income taxes40 33 
Change in fair value of warrant(149)(38)
Change in fair value of equity investment in Adevinta234 (174)
Changes in assets and liabilities, net of acquisition effects(273)122 
Net cash provided by operating activities615 841 
Cash flows from investing activities:  
Purchases of property and equipment(143)(132)
Purchases of investments(3,312)(3,543)
Maturities of investments
3,703 4,404 
Other2 (28)
Net cash provided by investing activities250 701 
Cash flows from financing activities:  
Repurchases of common stock(453)(242)
Payments for taxes related to net share settlements of restricted stock units and awards(51)(92)
Payments for dividends(139)(134)
Repayment of debt (1,150)
Net funds receivable and payable activity(28)230 
Other(15) 
Net cash used in financing activities(686)(1,388)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(11)5 
Net increase in cash, cash equivalents and restricted cash
168 159 
Cash, cash equivalents and restricted cash at beginning of period
2,493 2,272 
Cash, cash equivalents and restricted cash at end of period
$2,661 $2,431 

9

eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS—(Continued)
Three Months Ended
March 31,
20242023
(In millions)
(Unaudited)
Supplemental cash flow disclosures:
Cash paid for:
Interest$48 $60 
Income taxes$30 $29 

The following table reconciles cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheet to the total of the same amounts presented in the condensed consolidated statement of cash flows as of the dates indicated:
March 31,
20242023
(In millions)
(Unaudited)
Cash and cash equivalents$2,130 $2,082 
Customer accounts (including restricted cash of $75 and $0, respectively)
448 303 
Restricted cash included in other current assets
79 41 
Restricted cash included in other assets
4 5 
Cash, cash equivalents and restricted cash$2,661 $2,431 

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

10

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. Our Marketplace platforms, including our online marketplace located at www.ebay.com and its localized counterparts, our off-platform businesses in Japan and the United States, and our suite of mobile apps, together, create 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.

We review the useful lives of equipment on an ongoing basis, and effective January 1, 2024 we changed our estimate of the useful lives for our servers and networking equipment from three years to four years. The longer useful lives are due to continuous improvements in our hardware, software, and data center designs. The effect of this change in estimate for the three months ended March 31, 2024, based on servers and network equipment that were included in “Property and equipment, net” as of December 31, 2023 and those acquired during the three months ended March 31, 2024, was a reduction in depreciation expense of $26 million and an increase to net income of $21 million, or $0.04 per basic share and $0.04 per diluted share.

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. 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 variable interest entities. 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 interest income and other, net and investment balances are included in long-term investments. For equity method 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, under an election, or 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.


11

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, 2023. 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.

Effective January 1, 2024, certain immaterial prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes. Specifically, immaterial restricted cash balances previously reported as components of short-term and long-term investments are now reported within the other current assets and other assets sections, respectively, in our condensed consolidated balance sheet.

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, 2023, except customer accounts and funds receivable and cash, cash equivalents and restricted cash resulting from a change in our approach to safeguarding customer funds beginning in the first quarter of 2024, as noted below.

Customer accounts and funds receivable

Customer accounts represent cash received from buyers that is held by financial institutions. Due to safeguarding requirements in certain regions, a portion of this balance is considered restricted. Funds receivable represents customer cash in transit and held by payment processors. These balances are associated with marketplace activity and are awaiting payment to sellers.

We are exposed to credit losses from customer accounts and funds receivable balances held by third party financial institutions and payment processors. We assess these balances for credit loss based on a review of the average period for which the funds are held, current credit ratings and our assessment of the probability of default and loss given default models. In the first quarter of 2024 and 2023, no credit-related losses were recorded.

Cash, cash equivalents and restricted cash

Cash and cash equivalents are short-term, highly liquid investments with original maturities of three months or less when purchased, which may include bank deposits, U.S. Treasury securities, time deposits, and certificates of deposit.

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. We also hold restricted cash in segregated bank accounts for purposes of safeguarding customer funds.













12

eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Recent Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segments Disclosures. The new guidance is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses enabling investors to better understand an entity’s overall performance and assess potential future cash flows. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The standard will be effective for annual reporting periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-08—Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. The new guidance addresses the accounting and disclosure requirements for certain crypto assets and requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in net income in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. The standard is effective for annual reporting periods beginning after December 15, 2024, 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.

In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The new guidance is intended to further standardize income tax disclosures primarily related to the presentation of the effective tax rate reconciliation and income taxes paid information in our financial statements and disclosures. The standard is effective for annual reporting periods beginning after December 15, 2024. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.


13

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 shares of common stock 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 shares of common stock.

The following table presents the computation of basic and diluted net income per share for the periods indicated (in millions, except per share amounts):
 Three Months Ended
March 31,
 20242023
Numerator:
Income from continuing operations
$439 $569 
Loss from discontinued operations, net of income taxes
(1)(2)
Net income
$438 $567 
Denominator:
Weighted average shares of common stock - basic516 537 
Dilutive effect of equity incentive awards3 4 
Weighted average shares of common stock - diluted519 541 
Income per share - basic:
Continuing operations$0.85 $1.06 
Discontinued operations  
Net income per share - basic
$0.85 $1.06 
Income per share - diluted:
Continuing operations$0.85 $1.05 
Discontinued operations  
Net income per share - diluted
$0.85 $1.05 
Common stock equivalents excluded from income per diluted share because their effect would have been anti-dilutive
9 12 


14

eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 3 — Goodwill and Intangible Assets

Goodwill

The following table presents goodwill activity for the period indicated (in millions):
 December 31,
2023
Goodwill
Acquired
 Adjustments March 31,
2024
Goodwill$4,267 $ $(32)$4,235 

The adjustments to goodwill during the three months ended March 31, 2024 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):
 March 31, 2024December 31, 2023
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$241 $(202)$39 8$245 $(203)$42 8
Marketing related79 (58)21 679 (58)21 6
Developed technologies239 (195)44 4240 (191)49 4
All other158 (156)2 3159 (157)2 3
Total$717 $(611)$106  $723 $(609)$114 

Amortization expense for intangible assets was $8 million for the three months ended March 31, 2024 compared to $10 million during the same period in 2023.

The following table presents expected future intangible asset amortization as of the date indicated (in millions):
March 31, 2024
Remaining 2024$27 
202532 
202622 
202725 
Total$106 


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 and its localized counterparts, our off-platform businesses in Japan and the United States, and our 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
March 31,
 20242023
U.S.$1,302 $1,261 
United Kingdom390 381 
China275 237 
Germany242 252 
Rest of world347 379 
Total net revenues$2,556 $2,510 

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 is located or the service is provided.


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 as of the dates indicated (in millions):
 March 31, 2024
 Gross
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Short-term investments:
Corporate debt securities$1,276 $ $(6)$1,270 
Government and agency securities481  (8)473 
$1,757 $ $(14)$1,743 
Long-term investments:
Corporate debt securities$582 $ $(7)$575 
Government and agency securities462      (16) 446 
$1,044 $ $(23)$1,021 
 December 31, 2023
 Gross
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Short-term investments:
Corporate debt securities$2,170 $ $(8)$2,162 
Government and agency securities382  (11)371 

$2,552 $ $(19)$2,533 
Long-term investments:
Corporate debt securities$338 $ $(10)$328 
Government and agency securities287      (16) 271 
$625 $ $(26)$599 

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 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, 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 income 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, 2024.

Investment securities in a continuous loss position for less than 12 months had an estimated fair value of $1.7 billion and unrealized losses of $1 million as of March 31, 2024 compared to an estimated fair value of $1.5 billion and unrealized losses of $2 million as of December 31, 2023. Investment securities in a continuous loss position for greater than 12 months had an estimated fair value of $1.0 billion and unrealized losses of $36 million as of March 31, 2024 compared to an estimated fair value of $1.1 billion and unrealized losses of $43 million as of December 31, 2023. 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 by date of contractual maturity as of the date indicated (in millions):
 March 31,
2024
One year or less
$1,743 
One year through two years
437 
Two years through three years551 
Three years through four years29 
Thereafter
4 
Total$2,764 

Equity Investments

The following table summarizes our equity investments as of the dates indicated (in millions):
 Balance Sheet LocationMarch 31,
2024
December 31,
2023
Equity investment in AdevintaEquity investment in Adevinta$4,240 $4,474 
Equity investments under the fair value optionLong-term investments376 382 
Equity investments under the equity method of accountingLong-term investments56 55 
Equity investments without readily determinable fair valuesLong-term investments93 93 
Total equity investments$4,765 $5,004 


18

eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Equity Investment in Adevinta

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%.

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. The investment is reported within the short-term assets section in our condensed consolidated balance sheet and is classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets based on Adevinta’s closing stock price and prevailing foreign exchange rate at each balance sheet date. We believe the fair value option election creates more transparency of the current value in the equity investment in Adevinta. Refer to “Note 7 — Fair Value Measurement of Assets and Liabilities” for more information.

The following table presents a reconciliation of the opening to closing balance of our equity investment in Adevinta as of the date indicated (in millions):
March 31,
2024
Opening balance at beginning of period$4,474 
Unrealized change in fair value of equity investment in Adevinta(234)
Closing balance at end of period$4,240 

We recorded $234 million of unrealized losses within gain (loss) on equity investments and warrant, net during the three months ended March 31, 2024 compared to $174 million of unrealized gains during the same period in 2023.

On November 21, 2023, we announced our support for the voluntary tender offer led by Permira and Blackstone to acquire all the publicly traded shares of Adevinta (the “Adevinta Transaction”). As part of the Adevinta Transaction, eBay agreed to sell 50% of its shares for an estimated $2.2 billion and to exchange the remaining shares for an equity stake of approximately 20% in the newly privatized company. On April 24, 2024, it was announced that all required regulatory approvals have been obtained and that the completion of the Adevinta Transaction is expected to occur on May 29, 2024, subject to the satisfaction or waiver of customary closing conditions.

Other equity investments under the fair value option

Equity investment in Gmarket

In 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. The investment is reported within the long-term assets section in our condensed consolidated balance sheet and is classified within 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. We believe the fair value option election creates more transparency of the current value in the equity investment in Gmarket. Refer to “Note 7 — Fair Value Measurement of Assets and Liabilities” for more information.

19

eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table presents a reconciliation of the opening to closing balance of our equity investment in Gmarket as of the date indicated (in millions):
March 31,
2024
Opening balance at beginning of period$335 
Unrealized change in fair value of equity investment in Gmarket
(6)
Closing balance at end of period$329 

We recorded $6 million and $11 million of unrealized losses within gain (loss) on equity investments and warrant, net during the three months ended March 31, 2024 and 2023, respectively.

Other investments

Certain other individually immaterial equity investments aggregating to $47 million as of both March 31, 2024 and December 31, 2023 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 7 — Fair Value Measurement of Assets and Liabilities” for more information.

Other equity method investments

We account for certain other individually immaterial equity investments through which we exercise significant influence but do not have control over the investee under the equity method. Our consolidated results of operations include, as a component of interest income and other, net, our share of the net income or loss of the equity investments. Equity method investments are presented within long-term investments in our condensed consolidated balance sheet. Our share of the net income or loss of equity method investments for each of the three-month periods ended March 31, 2024 and 2023 was immaterial both individually and in the aggregate.

Equity investments without readily determinable fair values

Equity investments without readily determinable fair values are non-marketable equity securities, which are investments in privately-held companies for which we do not exercise significant influence and are accounted for under the measurement alternative. Under the measurement alternative, the carrying value is measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Changes in value and impairments of equity investments without readily determinable fair values are recognized in gain (loss) on equity investments and warrant, net in our condensed consolidated statement of income. Equity investments without readily determinable fair values are presented within long-term investments in our condensed consolidated balance sheet. The change in value of our equity method investments without readily determinable fair values for each of the three-month periods ended March 31, 2024 and 2023 was immaterial both individually and in the aggregate.

Gains and losses on equity investments

The following table summarizes unrealized gains and losses on equity investments held as of March 31, 2024 and presented within gain (loss) on equity investments and warrant, net for the periods indicated (in millions):
 Three Months Ended
March 31,
20242023
Net gains (losses) recognized during the period on equity investments$(246)$160 
Less: Net gains (losses) recognized during the period on equity investments sold during the period  
Total unrealized gains (losses) on equity investments held, end of period
$(246)$160 

20

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

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 accumulated other comprehensive income (“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 March 31, 2024, we have estimated that approximately $30 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 income 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 income 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.

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 current 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 7 — Fair Value Measurement of Assets and Liabilities” for information about the fair value measurement of the warrant.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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 LocationMarch 31,
2024
December 31,
2023
Derivative Assets:
Foreign exchange contracts designated as cash flow hedgesOther current assets$14 $10 
Foreign exchange contracts not designated as hedging instrumentsOther current assets7 13 
WarrantOther current assets513 364 
Foreign exchange contracts designated as cash flow hedgesOther assets8 9 
Total derivative assets$542 $396 
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedgesOther current liabilities$2 $14 
Foreign exchange contracts not designated as hedging instrumentsOther current liabilities5 19 
Total derivative liabilities$7 $33 
Total fair value of derivative instruments$535 $363 

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 in our condensed consolidated balance sheet. As of March 31, 2024, the potential effect of rights of set-off associated with the foreign exchange contracts would be an offset to both assets and liabilities by $4 million, resulting in net derivative assets of $25 million and immaterial net derivative liabilities. As of March 31, 2024, there was no potential effect of rights of set-off associated with the interest rate contracts as there were no asset positions.

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 March 31, 2024 and December 31, 2023, and the impact of these derivative contracts on AOCI as of the dates indicated (in millions): 
 December 31, 2023Amount of Gain (Loss) Recognized in Other Comprehensive IncomeLess: Amount of Gain (Loss) Reclassified From AOCI to EarningsMarch 31, 2024
Foreign exchange contracts designated as cash flow hedges$(64)$14 $(10)$(40)
Interest rate contracts designated as cash flow hedges51  2 49 
Total
$(13)$14 $(8)$9 
 December 31, 2022Amount of Gain (Loss) Recognized in Other Comprehensive IncomeLess: Amount of Gain (Loss) Reclassified From AOCI to EarningsMarch 31, 2023
Foreign exchange contracts designated as cash flow hedges$52 $(21)$28 $3 
Interest rate contracts designated as cash flow hedges62  4 58 
Total
$114 $(21)$32 $61 


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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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
March 31,
 20242023
Foreign exchange contracts designated as cash flow hedges recognized in net revenues$(10)$29 
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues (1)
Foreign exchange contracts not designated as hedging instruments recognized in interest income and other, net
8 (4)
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income$(2)$24 

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
March 31,
 20242023
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest expense
$2 $4 
Gain (loss) from interest rate contracts designated as fair value hedges recognized in interest expense
1  
Total gain (loss) recognized from interest rate derivative contracts in the condensed consolidated statement of income$3 $4 

The following table summarizes the total gain (loss) recognized in the condensed consolidated statement of income due to changes in the fair value of the warrant for the periods indicated (in millions): 
Three Months Ended
March 31,
 20242023
Gain (loss) attributable to changes in the fair value of warrant recognized in gain (loss) on equity investments and warrant, net$149 $38 

Notional Amounts of Derivative Contracts

Derivative transactions are measured in terms of the notional amount, but this amount is not recorded in our condensed balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged, but is used only as the basis on which the value of foreign exchange payments under these contracts are determined. The following table presents the notional amounts of our outstanding derivatives as of the dates indicated (in millions):
March 31,
2024
December 31,
2023
Foreign exchange contracts designated as cash flow hedges$1,561 $1,699 
Foreign exchange contracts not designated as hedging instruments1,547 2,225 
Total$3,108 $3,924 


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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Credit Risk

Our derivatives expose us to credit risk to the extent that the counterparties may be unable to meet the terms of the arrangement. We seek to mitigate such risk by limiting our counterparties to, and by spreading the risk across, major financial institutions. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on an ongoing basis. To further limit credit risk, we also enter into collateral security arrangements related to certain interest rate derivative instruments whereby collateral is posted between counterparties if the fair value of the derivative instrument exceeds certain thresholds. Additional collateral would be required in the event of a significant credit downgrade by either party. We are not required to pledge, nor are we entitled to receive, collateral related to our foreign exchange derivative transactions.


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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 7 — Fair Value Measurement of Assets and Liabilities

The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated (in millions):
March 31, 2024
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:   
Cash, cash equivalents and restricted cash
Cash and cash equivalents$2,130 $2,130 $ $ 
Customer accounts448 448   
Restricted cash included in other current assets79 79   
Restricted cash included in other assets4 4   
Total cash, cash equivalents and restricted cash
2,661 2,661   
Equity investment in Adevinta4,240 4,240   
Derivatives542  29 513 
Short-term investments:
Corporate debt securities1,270  1,270  
Government and agency securities473  473  
Total short-term investments1,743  1,743  
Long-term investments:
Corporate debt securities575  575  
Government and agency securities446  446  
Equity investment under the fair value option329   329 
Total long-term investments1,350  1,021 329 
Total financial assets$10,536 $6,901 $2,793 $842 
Liabilities:
Derivatives$7 $ $7 $ 


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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
December 31, 2023
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:   
Cash, cash equivalents and restricted cash
Cash and cash equivalents$1,985 $1,985 $ $ 
Customer accounts481 481   
Restricted cash included in other current assets23 23   
Restricted cash included in other assets4 4   
Total cash, cash equivalents and restricted cash
2,493 2,493   
Equity investment in Adevinta4,474 4,474   
Derivatives396  32 364 
Short-term investments:
Corporate debt securities2,162  2,162  
Government and agency securities371  371  
Total short-term investments2,533  2,533  
Long-term investments:
Corporate debt securities328  328  
Government and agency securities271  271  
Equity investment under the fair value option335   335 
Total long-term investments934  599 335 
Total financial assets$10,830 $6,967 $3,164 $699 
Liabilities:
Other liabilities$10 $ $ $10 
Derivatives$33 $ $33 $ 

Our financial assets and liabilities are valued using market prices on both active markets (Level 1), less active markets (Level 2) and little or no market activity (Level 3). Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. We did not have any transfers of financial instruments between valuation levels during the three months ended March 31, 2024.

Other financial instruments, including accounts receivable, funds receivable, accounts payable and funds payable, are carried at cost, which approximates their fair value because of the short-term nature of these instruments.


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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Fair value measurement of derivative instruments

The majority of our derivative instruments are valued using pricing models that take into account the contract terms as well as multiple inputs where applicable, such as equity prices, interest rate yield curves, option volatility and currency rates. Our warrant, which is accounted for as a derivative instrument, is valued using a Black-Scholes model. Key assumptions used in the valuation include risk-free interest rates, Adyen’s common stock price, equity volatility and common stock outstanding, exercise price, and details specific to the warrant. The value is also probability adjusted for management’s assumptions with respect to vesting of the remaining three tranches which are each subject to meeting processing volume milestone targets. These assumptions and the probability of meeting processing volume milestone targets may have a significant impact on the value of the warrant. Refer to “Note 6 — Derivative Instruments” for further details on our derivative instruments.

The following table presents a reconciliation of the opening to closing balance of assets measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
March 31,
2024
December 31,
2023
Opening balance at beginning of period$364 $214 
Change in fair value149 150 
Closing balance at end of period$513 $364 

The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the warrant as of March 31, 2024 (in millions, except percentages):
Fair value Valuation technique
Unobservable Input (1)
Range (weighted average)
Warrant$513 Black-Scholes and Monte CarloProbability of vesting
0.0% - 95.0% (81.2%)
Equity volatility
(38%)
(1) Probability of vesting was weighted by the unadjusted value of the tranches. For volatility, the average represents the arithmetic average of the points within the range and is not weighted by the relative fair value or notional amount.

Fair value measurement of equity investments

Certain equity investments are measured at fair value on a recurring basis, including our equity investment in Adevinta and equity investments under the fair value option.

Our equity investment in Adevinta is accounted for under the fair value option and classified within Level 1 in the fair value hierarchy as the fair value is measured based on Adevinta’s closing stock price and prevailing foreign exchange rate at each balance sheet date.

Our equity investment in Gmarket is accounted for under the fair value option.

The following table presents a reconciliation of the opening to closing balance of the equity investment in Gmarket measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
March 31,
2024
December 31,
2023
Opening balance at beginning of period$335 $431 
Change in fair value(6)(96)
Closing balance at end of period$329 $335 


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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
This investment is classified within Level 3 in the fair value hierarchy as valuation of the investment reflects management’s estimate of assumptions that market participants would use in pricing the asset. The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the equity investment in Gmarket as of March 31, 2024 that may have a significant impact on the overall valuation (in millions, except multiples):
Fair value Valuation technique
Unobservable Input (1)
Range
Equity investment in Gmarket$329 Market multiplesRevenue multiple — GPC method
0.6x — 1.8x
Revenue multiple — GMAC method
1.0x — 3.2x
(1) The primary unobservable inputs used in the fair value measurement of our equity investment in Gmarket under the fair value option, when using the Guideline Public Company (GPC) method and the Guideline Merged and Acquired Company (GMAC) method under the market multiple approach, are the respective revenue multiples. Significant increases (decreases) in the revenue multiples in isolation would result in significantly higher (lower) fair value measurement. The market multiples are derived from respective groups of guideline public companies and guideline merged and acquired companies.

Certain other immaterial equity investments under the fair value option aggregating to $47 million as of both March 31, 2024 and December 31, 2023 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 5 — Investments” for further details about our equity investments.



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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 8 — Debt

The following table summarizes the carrying value of our outstanding debt as of the dates indicated (in millions, except percentages):
 Coupon Rate
March 31, 2024
Effective Interest Rate
December 31, 2023
Effective Interest Rate
Long-Term Debt
Senior Notes:
Senior notes due 20243.450 %$750 3.531 %$750 3.531 %
Senior notes due 20251.900 %800 1.803 %800 1.803 %
Senior notes due 20255.900 %425 6.036 %425 6.036 %
Senior notes due 20261.400 %750 1.252 %750 1.252 %
Senior notes due 20273.600 %850 3.689 %850 3.689