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 2020-09-30 Filed 2020-10-29
10-Q 2020-06-30 Filed 2020-07-29
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 2020-10-28 Earnings, Exhibits
8-K 2020-10-01 Regulation FD, Exhibits
8-K 2020-09-08 Officers
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-07-20 Regulation FD, Exhibits
8-K 2020-07-20 Enter Agreement, Exhibits
8-K 2020-07-01 Officers, Exhibits
8-K 2020-06-29 Shareholder Vote, Exhibits
8-K 2020-06-22
8-K 2020-06-15
8-K 2020-06-04
8-K 2020-04-29
8-K 2020-04-11
8-K 2020-04-08
8-K 2020-03-06
8-K 2020-02-13
8-K 2020-02-13
8-K 2020-01-28
8-K 2019-11-24
8-K 2019-10-23
8-K 2019-10-11
8-K 2019-09-24
8-K 2019-07-17
8-K 2019-05-30
8-K 2019-05-14
8-K 2019-04-23
8-K 2019-02-28
8-K 2019-02-14
8-K 2019-01-29
8-K 2018-10-30
8-K 2018-07-18
8-K 2018-06-13
8-K 2018-05-30
8-K 2018-05-14
8-K 2018-04-25
8-K 2018-04-05
8-K 2018-01-31

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 4 - Goodwill and Intangible Assets
Note 5 - Segments
Note 6 - Investments
Note 7 - Derivative Instruments
Note 8 - Fair Value Measurement of Assets and Liabilities
Note 9 - Debt
Note 10 - Balance Sheet Components
Note 11 - Commitments and Contingencies
Note 12 - Stockholders' Equity
Note 13 - Employee Benefit Plans
Note 14 - Income Taxes
Note 15 - Accumulated Other Comprehensive Income
Note 16 - 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-10.1 andycringtransitionlet.htm
EX-31.1 ebay093020ex3101.htm
EX-31.2 ebay093020ex3102.htm
EX-32.1 ebay093020ex3201.htm
EX-32.2 ebay093020ex3202.htm

eBay Earnings 2020-09-30

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 September 30, 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-20200930_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 October 26, 2020, there were 689,338,530 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
 September 30,
2020
December 31,
2019
 (In millions, except par value)
 (Unaudited)
ASSETS
Current assets:  
Cash and cash equivalents$963 $901 
Short-term investments2,697 1,850 
Accounts receivable, net of allowance for doubtful accounts of $105 and $82
477 555 
Other current assets1,486 1,064 
Current assets of discontinued operations 141 
Current assets held for sale1,116 195 
Total current assets6,739 4,706 
Long-term investments663 1,275 
Property and equipment, net1,301 1,460 
Goodwill4,537 4,533 
Intangible assets, net19 39 
Operating lease right-of-use assets499 583 
Deferred tax assets3,749 3,980 
Other assets914 414 
Long-term assets of discontinued operations 306 
Long-term assets held for sale 878 
Total assets$18,421 $18,174 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt$17 $1,020 
Accounts payable307 229 
Accrued expenses and other current liabilities2,536 2,097 
Deferred revenue105 129 
Income taxes payable379 169 
Current liabilities of discontinued operations 259 
Current liabilities held for sale496 163 
Total current liabilities3,840 4,066 
Operating lease liabilities379 461 
Deferred tax liabilities2,280 2,355 
Long-term debt7,738 6,738 
Other liabilities1,264 1,353 
Long-term liabilities of discontinued operations 26 
Long-term liabilities held for sale 305 
Total liabilities15,501 15,304 
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock, $0.001 par value; 3,580 shares authorized; 689 and 796 shares outstanding
2 2 
Additional paid-in capital16,373 16,126 
Treasury stock at cost, 1,013 and 897 shares
(36,096)(31,396)
Retained earnings22,230 17,754 
Accumulated other comprehensive income411 384 
Total stockholders’ equity2,920 2,870 
Total liabilities and stockholders’ equity$18,421 $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
September 30,
Nine Months Ended
September 30,
 2020201920202019
 (In millions, except per share amounts)
 (Unaudited)
Net revenues$2,606 $2,083 $7,403 $6,400 
Cost of net revenues656 530 1,731 1,580 
Gross profit1,950 1,553 5,672 4,820 
Operating expenses:
Sales and marketing660 577 1,835 1,731 
Product development287 243 788 735 
General and administrative258 250 750 756 
Provision for transaction losses60 68 245 194 
Amortization of acquired intangible assets6 7 20 21 
Total operating expenses1,271 1,145 3,638 3,437 
Income from operations679 408 2,034 1,383 
Interest and other, net95 (142)277 (128)
Income from continuing operations before income taxes774 266 2,311 1,255 
Income tax provision(153)(56)(550)(208)
Income from continuing operations621 210 1,761 1,047 
Income from discontinued operations, net of income taxes43 100 3,061 183 
Net income$664 $310 $4,822 $1,230 
Income per share - basic:  
Continuing operations$0.89 $0.25 $2.46 $1.21 
Discontinued operations0.06 0.12 4.26 0.22 
Net income per share - basic$0.95 $0.37 $6.72 $1.43 
Income per share - diluted:
Continuing operations$0.88 $0.25 $2.43 $1.20 
Discontinued operations0.06 0.12 4.22 0.22 
Net income per share - diluted$0.94 $0.37 $6.65 $1.42 
Weighted-average shares:  
Basic696 830 717 863 
Diluted708 837 725 870 

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
September 30,
Nine Months Ended
September 30,
 2020201920202019
 (In millions)
 (Unaudited)
Net income$664 $310 $4,822 $1,230 
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation gains (losses)121 (133)57 (185)
Unrealized gains (losses) on investments, net 3 1 59 
Tax benefit (expense) on unrealized gains (losses) on investments, net   (15)
Unrealized gains (losses) on hedging activities, net(41)35 (41)5 
Tax benefit (expense) on unrealized gains (losses) on hedging activities, net10 (8)10 (1)
Other comprehensive income (loss), net of tax90 (103)27 (137)
Comprehensive income $754 $207 $4,849 $1,093 

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
September 30,
Nine Months Ended
September 30,
 2020201920202019
 (In millions, except per share amounts)
(Unaudited)
Common stock:
Balance, beginning of period$2 $2 $2 $2 
Common stock issued    
Common stock repurchased/forfeited    
Balance, end of period2 2 2 2 
Additional paid-in-capital:
Balance, beginning of period15,844 15,911 16,126 15,716 
Common stock and stock-based awards issued5 2 54 57 
Tax withholdings related to net share settlements of restricted stock units and awards(48)(43)(131)(162)
Stock-based compensation122 116 332 376 
Forward contract for share repurchase450    
Other 2 (8)1 
Balance, end of period16,373 15,988 16,373 15,988 
Treasury stock at cost:
Balance, beginning of period(34,946)(29,396)(31,396)(26,394)
Common stock repurchased(1,150)(1,000)(4,700)(4,002)
Balance, end of period(36,096)(30,396)(36,096)(30,396)
Retained earnings:
Balance, beginning of period21,681 17,125 17,754 16,459 
Net income664 310 4,822 1,230 
Dividends and dividend equivalents declared(115)(120)(346)(374)
Balance, end of period22,230 17,315 22,230 17,315 
Accumulated other comprehensive income:
Balance, beginning of period321 464 384 498 
Foreign currency translation adjustment121 (133)57 (185)
Change in unrealized gains (losses) on investments 3 1 59 
Change in unrealized gains (losses) on derivative instruments(41)35 (41)5 
Tax benefit (provision) on above items10 (8)10 (16)
Balance, end of period411 361 411 361 
Total stockholders’ equity$2,920 $3,270 $2,920 $3,270 
Dividends and dividend equivalents declared per share or restricted stock unit$0.16 $0.14 $0.48 $0.42 

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


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eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
 Nine Months Ended
September 30,
 20202019
 (In millions)
 (Unaudited)
Cash flows from operating activities:  
Net income$4,822 $1,230 
(Income) loss from discontinued operations, net of income taxes(3,061)(183)
Adjustments:
Provision for transaction losses245 194 
Depreciation and amortization471 474 
Stock-based compensation311 321 
(Gain) loss on sale of business 52 
(Gain) loss on investments, net1 1 
Deferred income taxes169 (22)
Change in fair value of warrant(496)(56)
Changes in assets and liabilities, net of acquisition effects(199)(122)
Net cash provided by continuing operating activities2,263 1,889 
Net cash provided by (used in) discontinued operating activities(602)414 
Net cash provided by operating activities1,661 2,303 
Cash flows from investing activities:  
Purchases of property and equipment(326)(394)
Purchases of investments(28,897)(37,390)
Maturities and sales of investments28,740 40,483 
Equity investment in Paytm Mall (160)
Other39 15 
Net cash provided by (used in) continuing investing activities(444)2,554 
Net cash provided by (used in) discontinued investing activities4,024 (125)
Net cash provided by investing activities3,580 2,429 
Cash flows from financing activities:  
Proceeds from issuance of common stock55 59 
Repurchases of common stock(4,710)(3,971)
Payments for taxes related to net share settlements of restricted stock units and awards(131)(162)
Payments for dividends(337)(360)
Proceeds from issuance of long-term debt, net1,765  
Repayment of debt(1,771)(1,550)
Other(12)1 
Net cash used in continuing financing activities(5,141)(5,983)
Net cash provided by (used in) discontinued financing activities(2) 
Net cash used in financing activities(5,143)(5,983)
Effect of exchange rate changes on cash, cash equivalents and restricted cash25 (59)
Net increase (decrease) in cash, cash equivalents and restricted cash123 (1,310)
Cash, cash equivalents and restricted cash at beginning of period996 2,219 
Cash, cash equivalents and restricted cash at end of period$1,119 $909 
Less: Cash, cash equivalents and restricted cash of held for sale business30 41 
Less: Cash, cash equivalents and restricted cash of discontinued operations 23 
Cash, cash equivalents and restricted cash of continuing operations at end of period$1,089 $845 
Supplemental cash flow disclosures:
Cash paid for:
Interest$243 $260 
Interest on finance lease obligations$1 $1 
Income taxes$376 $188 

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

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eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 — The Company and Summary of Significant Accounting Policies

The Company

eBay Inc. is a global commerce leader, which includes our Marketplace platforms. Founded in 1995 in San Jose, California, eBay is one of the world’s largest and most vibrant marketplaces for discovering great value and unique selection. Collectively, we connect millions of buyers and sellers around the world, empowering people and creating opportunity. 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 3 – Discontinued Operations” for additional information.

On July 20, 2020, we entered into a definitive agreement with Adevinta ASA (“Adevinta”) to transfer our Classifieds business to Adevinta for $2.5 billion in cash, subject to certain adjustments, and 540 million shares in Adevinta. Together, the total consideration payable under the definitive agreement is valued at approximately $9.2 billion, based on the closing trading price of Adevinta’s outstanding shares on the Oslo Stock Exchange on July 17, 2020. The transaction is expected to close by the first quarter of 2021. Completion of the sale is subject to certain conditions, including regulatory approvals and the approval of the transaction by the requisite number of Adevinta’s shareholders as set forth in the definitive agreement, and other risks and uncertainties, including general industry and economic conditions outside our control. If the conditions to the closing of the sale of Classifieds are neither satisfied nor, where permissible, waived on a timely basis or at all, we may be unable to complete the sale of Classifieds or such completion may be delayed beyond our expected timeline. As result of entering into a definitive agreement, we have classified the related assets and liabilities associated with our Classifieds business as held for sale in our condensed consolidated balance sheet. The results of our Classifieds business have been presented as discontinued operations in our condensed consolidated statement of income for the periods presented as the transfer represents a strategic shift in our business that has a major effect on our operations and financial results. See “Note 3 – Discontinued Operations” for additional information.

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. In addition, during the third quarter of 2020, we classified the results of our Classifieds segment as discontinued operations in our condensed consolidated statement of income for the periods presented. We have one reportable segment, to reflect the way management and our chief operating decision maker (“CODM”) review and assess performance of the business. Our reportable segment is Marketplace, which includes our online marketplace located at www.ebay.com, its localized counterparts and the eBay suite of mobile apps. For further information on our segments, refer to “Note 5 – Segments”. Prior period segment information has been reclassified to conform to the current period segment presentation.


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eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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 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. 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 September 30, 2020, we reported allowances for doubtful accounts of $105 million reflecting an increase of $23 million, net of write-offs of $80 million for the nine months ended September 30, 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

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eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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 September 30, 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.

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

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eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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 do not expect the adoption of this standard to have a material impact on our condensed consolidated financial statements.

In 2020, 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 15, 2020. We are evaluating the impact of adopting this new guidance on our condensed consolidated financial statements.

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 and nine months ended September 30, 2020 and 2019 (in millions, except per share amounts):
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Numerator:
Income from continuing operations$621 $210 $1,761 $1,047 
Income from discontinued operations, net of income taxes43 100 3,061 183 
Net income$664 $310 $4,822 $1,230 
Denominator:
Weighted average shares of common stock - basic696 830 717 863 
Dilutive effect of equity incentive awards12 7 8 7 
Weighted average shares of common stock - diluted708 837 725 870 
Income per share - basic:
Continuing operations$0.89 $0.25 $2.46 $1.21 
Discontinued operations0.06 0.12 4.26 0.22 
Net income per share - basic$0.95 $0.37 $6.72 $1.43 
Income per share - diluted:
Continuing operations$0.88 $0.25 $2.43 $1.20 
Discontinued operations0.06 0.12 4.22 0.22 
Net income per share - diluted$0.94 $0.37 $6.65 $1.42 
Common stock equivalents excluded from income per diluted share because their effect would have been anti-dilutive 6 1