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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:        
Net income $ 224 $ 171 $ 662 $ 738
Loss from discontinued operations, net of income taxes 2 1 3 3
Adjustments:        
Provision for transaction losses 86 90 177 174
Depreciation and amortization     153 208
Stock-based compensation     300 282
Loss on investments and other, net     138 44
Deferred income taxes     (523) (78)
Change in fair value of warrant 174 (31) 25 (69)
Change in fair value of equity investment in Adevinta     156 36
Changes in assets and liabilities, net of acquisition effects     (109) 108
Net cash provided by continuing operating activities     982 1,446
Net cash used in discontinued operating activities     0 (4)
Net cash provided by operating activities     982 1,442
Cash flows from investing activities:        
Purchases of property and equipment     (232) (245)
Purchases of investments     (7,913) (7,687)
Maturities of investments     6,699 8,382
Proceeds from sale of shares in Adevinta     2,417 0
Other     (69) (26)
Net cash provided by investing activities     902 424
Cash flows from financing activities:        
Proceeds from issuance of common stock     55 48
Repurchases of common stock     (1,483) (492)
Payments for taxes related to net share settlements of restricted stock units and awards     (96) (160)
Payments for dividends (135) (133) (274) (267)
Repayment of debt     0 (1,150)
Net funds receivable and payable activity     7 563
Other     (14) 0
Net cash used in financing activities     (1,805) (1,458)
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (17) (6)
Net increase in cash, cash equivalents and restricted cash     62 402
Cash, cash equivalents and restricted cash at beginning of period     2,493 2,272
Cash, cash equivalents and restricted cash at end of period 2,555 2,674 2,555 2,674
Cash paid for:        
Interest     131 143
Income taxes     438 84
Cash and cash equivalents 1,963 2,268 1,963 2,268
Customer accounts (including restricted cash of $122 and $0, respectively) 478 380 478 380
Restricted cash included in other current assets 112 22 112 22
Restricted cash included in other assets 2 4 2 4
Cash, cash equivalents and restricted cash $ 2,555 $ 2,674 $ 2,555 $ 2,674