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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 June 30, 2022
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______

Commission file number 001-37713
 ebay-20220630_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:
(408) 376-7108
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 filer☒Accelerated filer☐
Non-accelerated filer☐Smaller 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 August 1, 2022, there were 549,367,835 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

Page
PART I: FINANCIAL INFORMATION
PART II: OTHER INFORMATION
2
Table of Contents
PART I: FINANCIAL INFORMATION

Item 1:    Financial Statements (unaudited)

Index
Page
3
Table of Contents
eBay Inc.
CONDENSED CONSOLIDATED BALANCE SHEET
 June 30,
2022		December 31,
2021
 (In millions, except par value)
 (Unaudited)
ASSETS
Current assets:  
Cash and cash equivalents$1,742 $1,379 
Short-term investments1,483 5,944 
Customer accounts and funds receivable 605 681 
Other current assets1,237 1,107 
Total current assets5,067 9,111 
Long-term investments2,146 2,575 
Property and equipment, net1,173 1,236 
Goodwill4,113 4,178 
Operating lease right-of-use assets541 289 
Deferred tax assets3,227 3,255 
Equity investment in Adevinta2,919 5,391 
Other assets467 591 
Total assets$19,653 $26,626 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt$1,149 $1,355 
Accounts payable249 262 
Customer accounts and funds payable604 707 
Accrued expenses and other current liabilities1,735 1,927 
Income taxes payable235 371 
Total current liabilities3,972 4,622 
Operating lease liabilities448 200 
Deferred tax liabilities2,400 3,116 
Long-term debt6,579 7,727 
Other liabilities1,011 1,183 
Total liabilities14,410 16,848 
Commitments and Contingencies (Note 11)
Stockholders’ equity:
Common stock, $0.001 par value; 3,580 shares authorized; 549 and 594 shares outstanding
2 2 
Additional paid-in capital17,059 16,659 
Treasury stock at cost, 1,171 and 1,121 shares
(46,101)(43,371)
Retained earnings33,960 36,090 
Accumulated other comprehensive income323 398 
Total stockholders’ equity5,243 9,778 
Total liabilities and stockholders’ equity$19,653 $26,626 

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

4
Table of Contents
eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2022202120222021
 (In millions, except per share amounts)
 (Unaudited)
Net revenues$2,422 $2,668 $4,905 $5,306 
Cost of net revenues663 672 1,352 1,278 
Gross profit1,759 1,996 3,553 4,028 
Operating expenses:
Sales and marketing566 559 1,044 1,105 
Product development344 350 645 654 
General and administrative237 250 463 496 
Provision for transaction losses86 103 182 191 
Amortization of acquired intangible assets1 2 2 9 
Total operating expenses1,234 1,264 2,336 2,455 
Income from operations525 732 1,217 1,573 
Gain (loss) on equity investments and warrant, net(1,221)(273)(3,512)(309)
Interest and other, net(31)(58)(81)(139)
Income (loss) from continuing operations before income taxes(727)401 (2,376)1,125 
Income tax benefit (provision)191 (107)501 (263)
Income (loss) from continuing operations(536)294 (1,875)862 
Income (loss) from discontinued operations, net of income taxes5 10,440 3 10,513 
Net income (loss)$(531)$10,734 $(1,872)$11,375 
Income (loss) per share - basic:  
Continuing operations$(0.96)$0.44 $(3.28)$1.27 
Discontinued operations0.01 15.48 0.01 15.52 
Net income (loss) per share - basic$(0.95)$15.92 $(3.27)$16.79 
Income (loss) per share - diluted:
Continuing operations$(0.96)$0.43 $(3.28)$1.25 
Discontinued operations0.01 15.25 0.01 15.27 
Net income (loss) per share - diluted$(0.95)$15.68 $(3.27)$16.52 
Weighted-average shares:  
Basic556 674 571 678 
Diluted556 685 571 689 

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


5
Table of Contents
eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Three Months Ended
June 30,		Six Months Ended
June 30,
 2022202120222021
 (In millions)
 (Unaudited)
Net income (loss)$(531)$10,734 $(1,872)$11,375 
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation gains (losses)(85)10 (119)(107)
Unrealized gains (losses) on investments, net(17)(1)(68)(4)
Tax benefit (expense) on unrealized gains (losses) on investments, net2 1 15 1 
Unrealized gains (losses) on hedging activities, net105 (4)125 70 
Tax benefit (expense) on unrealized gains (losses) on hedging activities, net(24)1 (28)(16)
Other comprehensive income (loss), net of tax(19)7 (75)(56)
Comprehensive income (loss)$(550)$10,741 $(1,947)$11,319 

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


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CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2022202120222021
 (In millions, except per share amounts)
(Unaudited)
Common stock:
Balance, beginning of period$2 $2 $2 $2 
Common stock issued— — — — 
Common stock repurchased— — — — 
Balance, end of period2 2 2 2 
Additional paid-in-capital:
Balance, beginning of period16,904 16,546 16,659 16,497 
Common stock and stock-based awards issued54 57 55 58 
Tax withholdings related to net share settlements of restricted stock units and awards(37)(59)(98)(128)
Stock-based compensation137 140 248 256 
Forward contract for share repurchases— — 188 — 
Other1 (8)7 (7)
Balance, end of period17,059 16,676 17,059 16,676 
Treasury stock at cost:
Balance, beginning of period(44,809)(36,807)(43,371)(36,515)
Common stock repurchased(1,292)(1,501)(2,730)(1,793)
Balance, end of period(46,101)(38,308)(46,101)(38,308)
Retained earnings:
Balance, beginning of period34,615 23,476 36,090 22,961 
Net income (loss)(531)10,734 (1,872)11,375 
Dividends and dividend equivalents declared(124)(124)(258)(250)
Balance, end of period33,960 34,086 33,960 34,086 
Accumulated other comprehensive income:
Balance, beginning of period342 553 398 616 
Foreign currency translation adjustment(85)10 (119)(107)
Change in unrealized gains (losses) on investments(17)(1)(68)(4)
Change in unrealized gains (losses) on derivative instruments105 (4)125 70 
Tax benefit (provision) on above items(22)2 (13)(15)
Balance, end of period323 560 323 560 
Total stockholders’ equity$5,243 $13,016 $5,243 $13,016 
Dividends and dividend equivalents declared per share or restricted stock unit$0.22 $0.18 $0.44 $0.36 

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


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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
 Six Months Ended
June 30,
 20222021
 (In millions)
 (Unaudited)
Cash flows from operating activities:  
Net income (loss)$(1,872)$11,375 
Income (loss) from discontinued operations, net of income taxes(3)(10,513)
Adjustments:
Provision for transaction losses182 191 
Depreciation and amortization231 261 
Stock-based compensation248 238 
Loss (gain) on investments and other, net7 (44)
Deferred income taxes(695)106 
Change in fair value of warrant219 (72)
Change in fair value of equity investment in Adevinta2,472 422 
Change in fair value of equity investment in Gmarket259 — 
Unrealized change in fair value of equity investment in KakaoBank196 — 
Unrealized change in fair value of equity investment in Adyen118 — 
Realized change in fair value of shares sold in Adyen167 — 
Realized change in fair value of shares sold in KakaoBank75 — 
Loss (gain) on extinguishment of debt— 10 
Changes in assets and liabilities, net of acquisition effects(398)(17)
Net cash provided by continuing operating activities1,206 1,957 
Net cash provided by (used in) discontinued operating activities(365)152 
Net cash provided by operating activities841 2,109 
Cash flows from investing activities:  
Purchases of property and equipment(194)(182)
Purchases of investments(10,146)(9,676)
Maturities and sales of investments13,181 6,765 
Proceeds from the sale of shares in Adyen680 — 
Proceeds from the sale of shares in KakaoBank287 — 
Other(44)4 
Net cash provided by (used in) continuing investing activities3,764 (3,089)
Net cash provided by (used in) discontinued investing activities— 2,444 
Net cash provided by (used in) investing activities3,764 (645)
Cash flows from financing activities:  
Proceeds from issuance of common stock55 57 
Repurchases of common stock(2,542)(1,733)
Payments for taxes related to net share settlements of restricted stock units and awards(98)(128)
Payments for dividends(250)(243)
Proceeds from issuance of long-term debt, net— 2,482 
Repayment of debt(1,355)(1,156)
Net funds receivable and payable activity8 30 
Other— 6 
Net cash used in continuing financing activities(4,182)(685)
Net cash provided by (used in) discontinued financing activities— (62)
Net cash used in financing activities(4,182)(747)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(57)(5)
Net increase in cash, cash equivalents and restricted cash366 712 
Cash, cash equivalents and restricted cash at beginning of period1,406 1,594 
Cash, cash equivalents and restricted cash at end of period$1,772 $2,306 
Less: Cash, cash equivalents and restricted cash of discontinued operations— 162 
Cash, cash equivalents and restricted cash of continuing operations at end of period$1,772 $2,144 

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS—(Continued)
Six Months Ended
June 30,
20222021
(In millions)
(Unaudited)
Supplemental cash flow disclosures:
Cash paid for:
Interest$134 $121 
Income taxes$282 $313 
Non-cash investing activities:
Equity investment in Adevinta$— $10,776 

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


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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 — The Company and Summary of Significant Accounting Policies

The Company

eBay Inc. is a global commerce leader, which includes our Marketplace platforms. Founded in 1995 in San Jose, California, eBay is one of the world’s largest and most vibrant marketplaces for discovering great value and unique selection. Collectively, we connect millions of buyers and sellers around the world, empowering people and creating opportunity for all. Our technologies and services are designed to give buyers choice and a breadth of relevant inventory and to enable sellers worldwide to organize and offer their inventory for sale, virtually anytime and anywhere. 

When we refer to “we,” “our,” “us,” the “Company” or “eBay” in this Quarterly Report on Form 10-Q, we mean the current Delaware corporation (eBay Inc.) and its consolidated subsidiaries, unless otherwise expressly stated or the context otherwise requires.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction losses, legal contingencies, income taxes, revenue recognition, stock-based compensation, investments including level 3 investments in Gmarket and warrant, the recoverability of goodwill and intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.

Principles of Consolidation and Basis of Presentation

The accompanying condensed financial statements are consolidated and include the financial statements of eBay Inc., our wholly and majority-owned subsidiaries and variable interest entities (“VIE”) where we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Minority interests are recorded as a noncontrolling interest. A qualitative approach is applied to assess the consolidation requirement for VIE’s. Equity investments in entities where we have not elected the fair value option and where we hold at least a 20% ownership interest or have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. For such investments, our share of the investees’ results of operations is included in gain (loss) on equity investments and warrant, net and our equity investment balance is included in long-term investments. Equity investments in entities where we hold less than a 20% ownership interest are generally accounted for as equity investments to be measured at fair value or, under an election, at cost if it does not have readily determinable fair value, in which case the carrying value would be adjusted upon the occurrence of an observable price change in an orderly transaction for identical or similar instruments or impairment.

Upon the transfer of our Classifieds business to Adevinta ASA (“Adevinta”) on June 24, 2021, shares in Adevinta were included as part of total consideration received under the definitive agreement. The equity interest in Adevinta is accounted for under the fair value option. As of June 30, 2022, our ownership in Adevinta was 33%. Subsequent changes in fair value are included in gain (loss) on equity investments and warrant, net.

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

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

These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2021. We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial position, results of operations and cash flows for these interim periods.

Significant Accounting Policies

There were no significant changes to our significant accounting policies disclosed in “Note 1 — The Company and Summary of Significant Accounting Policies” of our Annual Report on Form 10-K for the year ended December 31, 2021.

Recent Accounting Pronouncements Not Yet Adopted

In March 2022, the FASB issued new guidance to expand the scope of financial assets that can be included in a closed portfolio hedged using the portfolio layer method to allow consistent accounting for similar hedges. The expanded scope permits the application of the same portfolio hedging method to both prepayable and nonprepayable financial assets. The standard will be effective for annual reporting periods beginning after December 15, 2022, including interim reporting periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

In June 2022, the Financial Accounting Standards Board (“FASB”) issued new guidance to clarify the fair value measurement guidance for equity securities subject to contractual restrictions that prohibit the sale of an equity security. Further, the guidance introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The standard will be effective for annual reporting periods beginning after December 15, 2023, 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.

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

Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. The dilutive effect of outstanding options and equity incentive awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) per share excludes all anti-dilutive common shares.

The following table presents the computation of basic and diluted net income (loss) per share for the periods indicated (in millions, except per share amounts):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2022202120222021
Numerator:
Income (loss) from continuing operations$(536)$294 $(1,875)$862 
Income (loss) from discontinued operations, net of income taxes5 10,440 3 10,513 
Net income (loss)$(531)$10,734 $(1,872)$11,375 
Denominator:
Weighted average shares of common stock - basic556 674 571 678 
Dilutive effect of equity incentive awards— 11 — 11 
Weighted average shares of common stock - diluted556 685 571 689 
Income (loss) per share - basic:
Continuing operations$(0.96)$0.44 $(3.28)$1.27 
Discontinued operations0.01 15.48 0.01 15.52 
Net income (loss) per share - basic$(0.95)$15.92 $(3.27)$16.79 
Income (loss) per share - diluted:
Continuing operations$(0.96)$0.43 $(3.28)$1.25 
Discontinued operations0.01 15.25 0.01 15.27 
Net income (loss) per share - diluted$(0.95)$15.68 $(3.27)$16.52 
Common stock equivalents excluded from income (loss) per diluted share because their effect would have been anti-dilutive16 8 16 9 


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

Classifieds

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

In addition, upon closing we entered into a transition service agreement (“TSA”) with Adevinta to support the operations of Classifieds after the divestiture for fees of $29 million. This agreement terminated during the second quarter of 2022.

eBay Korea

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

In addition, upon closing we entered into a transition service agreement with eBay Korea to support the operations of eBay Korea after the divestiture for immaterial fees. This agreement commenced with the close of the transaction and is currently expected to terminate during the fourth quarter of 2022.

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
June 30,		Six Months Ended
June 30,
 2022
2021 (1)
2022
2021 (1)
Classifieds income from discontinued operations, net of income taxes$5 $10,428 $5 $10,500 
eBay Korea income (loss) from discontinued operations, net of income taxes— 3 (2)4 
StubHub income from discontinued operations, net of income taxes
— 9 — 9 
Income (loss) from discontinued operations, net of income taxes$5 $10,440 $3 $10,513 
(1) Includes Classifieds financial results through the transaction close on June 24, 2021 and includes the gain on sale recorded for the Classifieds transaction.



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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table presents cash flows for discontinued operations for the periods indicated (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2022
2021 (1)
2022
2021 (1)
Classifieds net cash provided by (used in) discontinued operating activities
$— $41 $(1)$145 
eBay Korea net cash provided by (used in) discontinued operating activities
(349)17 (364)7 
Net cash provided by (used in) discontinued operating activities$(349)$58 $(365)$152 
Classifieds net cash provided by discontinued investing activities
$— $2,454 $— $2,453 
eBay Korea net cash used in discontinued investing activities
— (8)— (9)
Net cash provided by (used in) discontinued investing activities$— $2,446 $— $2,444 
eBay Korea net cash provided by (used in) discontinued financing activities
$— $6 $— $(62)
Net cash provided by (used in) discontinued financing activities$— $6 $— $(62)
(1) Includes Classifieds financial results through the transaction close on June 24, 2021 and includes the gain on sale recorded for the Classifieds transaction.

During the three and six months ended June 30, 2022, we paid income taxes of $348 million related to discontinued operating activities of eBay Korea.

Classifieds

The financial results of Classifieds were presented as income (loss) 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. The periods presented below include 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 $3 million and $5 million for the three and six months ended June 30, 2021, respectively. 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
June 30,		Six Months Ended
June 30,
 2022
2021 (1)
2022
2021 (1)
Net revenues$— $289 $— $565 
Cost of net revenues— 33 — 63 
Gross profit— 256 — 502 
Operating expenses:
Sales and marketing— 96