Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Financial results of discontinued operations

The following table presents financial results from discontinued operations, net of income taxes in our condensed consolidated statement of income for the periods indicated (in millions):

	Three Months Ended March 31,
	2022		2021
Classifieds income (loss) from discontinued operations, net of income taxes	$	—	$	72
eBay Korea income (loss) from discontinued operations, net of income taxes	(2)		1
Income (loss) from discontinued operations, net of income taxes	$	(2)	$	73

The following table presents cash flows for discontinued operations for the periods indicated (in millions):

	Three Months Ended March 31,
	2022		2021
Classifieds net cash provided by (used in) discontinued operating activities	$	(1)	$	104
eBay Korea net cash provided by (used in) discontinued operating activities	(15)		(10)
Net cash provided by (used in) discontinued operating activities	$	(16)	$	94
Classifieds net cash used in discontinued investing activities	$	—	$	(1)
eBay Korea net cash used in discontinued investing activities	—		(1)
Net cash used in discontinued investing activities	$	—	$	(2)
Classifieds net cash provided by (used in) discontinued financing activities	$	—	$	—
eBay Korea net cash used in discontinued financing activities	—		(68)
Net cash used in discontinued financing activities	$	—	$	(68)

Classifieds

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

The following table presents the financial results of Classifieds for the periods indicated (in millions):

	Three Months Ended March 31,
	2022		2021
Net revenues	$	—	$	276
Cost of net revenues	—		30
Gross profit	—		246
Operating expenses:
Sales and marketing	—		87
Product development	—		43
General and administrative	—		27
Provision for transaction losses	—		2
Amortization of acquired intangible assets	—		—
Total operating expenses	—		159
Income (loss) from operations of discontinued operations	—		87
Interest and other, net	—		1
Income (loss) from discontinued operations before income taxes	—		88
Income tax provision	—		(16)
Income (loss) from discontinued operations, net of income taxes	$	—	$	72

eBay Korea

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

	Three Months Ended March 31,
	2022		2021
Net revenues	$	—	$	385
Cost of net revenues	—		217
Gross profit	—		168
Operating expenses:
Sales and marketing	—		141
Product development	—		14
General and administrative	2		12
Total operating expenses	2		167
Income (loss) from operations of discontinued operations	(2)		1
Interest and other, net	—		—
Income (loss) from discontinued operations before income taxes	(2)		1
Income tax benefit (provision)	—		—
Income (loss) from discontinued operations, net of income taxes	$	(2)	$	1