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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, 2021
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-20210930_G1.JPG
eBay Inc.
(Exact name of registrant as specified in its charter)
Delaware 77-0430924
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
2025 Hamilton Avenue
San Jose , California 95125
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:
(408) 376-7008
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol Name of exchange on which registered
Common stock EBAY The 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 October 25, 2021, there were 626,003,781 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


eBay Inc.
CONDENSED CONSOLIDATED BALANCE SHEET
  September 30,
2021
December 31,
2020
  (In millions, except par value)
  (Unaudited)
ASSETS
Current assets:    
Cash and cash equivalents $ 1,244  $ 1,101 
Short-term investments 4,038  2,392 
Equity investment in Adevinta 9,279  — 
Accounts receivable, net of allowance for doubtful accounts of $66 and $97
93  362 
Customer accounts and funds receivable 567  290 
Other current assets 965  780 
Current assets held for sale 1,570  1,077 
Current assets of discontinued operations —  1,188 
Total current assets 17,756  7,190 
Long-term investments 933  833 
Property and equipment, net 1,225  1,292 
Goodwill 4,138  4,285 
Intangible assets, net 12 
Operating lease right-of-use assets 338  430 
Deferred tax assets 3,297  3,537 
Warrant asset 1,434  1,051 
Other assets 133  131 
Long-term assets held for sale —  549 
Total assets $ 29,257  $ 19,310 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt $ 1,355  $
Accounts payable 265  278 
Customer accounts and funds payable 621  379 
Accrued expenses and other current liabilities 1,864  1,767 
Deferred revenue 85  98 
Income taxes payable 176  167 
Current liabilities held for sale 930  855 
Current liabilities of discontinued operations —  452 
Total current liabilities 5,296  4,002 
Operating lease liabilities 224  316 
Deferred tax liabilities 3,904  2,368 
Long-term debt 7,727  7,740 
Other liabilities 1,161  1,260 
Long-term liabilities held for sale —  63 
Total liabilities 18,312  15,749 
Commitments and Contingencies (Note 11)
Stockholders’ equity:
Common stock, $0.001 par value; 3,580 shares authorized; 633 and 684 shares outstanding
Additional paid-in capital 16,750  16,497 
Treasury stock at cost, 1,081 and 1,021 shares
(40,559) (36,515)
Retained earnings 34,230  22,961 
Accumulated other comprehensive income 522  616 
Total stockholders’ equity 10,945  3,561 
Total liabilities and stockholders’ equity $ 29,257  $ 19,310 
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,
  2021 2020 2021 2020
  (In millions, except per share amounts)
  (Unaudited)
Net revenues $ 2,501  $ 2,258  $ 7,807  $ 6,416 
Cost of net revenues 678  478  1,956  1,249 
Gross profit 1,823  1,780  5,851  5,167 
Operating expenses:
Sales and marketing 496  528  1,601  1,445 
Product development 334  271  988  745 
General and administrative 219  253  715  737 
Provision for transaction losses 112  60  303  245 
Amortization of acquired intangible assets —  20 
Total operating expenses 1,161  1,118  3,616  3,192 
Income from operations 662  662  2,235  1,975 
Interest and other, net (228) 94  (676) 276 
Income from continuing operations before income taxes 434  756  1,559  2,251 
Income tax provision (151) (151) (414) (536)
Income from continuing operations 283  605  1,145  1,715 
Income (loss) from discontinued operations, net of income taxes (19) 59  10,494  3,107 
Net income $ 264  $ 664  $ 11,639  $ 4,822 
Income (loss) per share - basic:    
Continuing operations $ 0.44  $ 0.87  $ 1.72  $ 2.39 
Discontinued operations (0.03) 0.08  15.72  4.33 
Net income per share - basic $ 0.41  $ 0.95  $ 17.44  $ 6.72 
Income (loss) per share - diluted:
Continuing operations $ 0.43  $ 0.86  $ 1.69  $ 2.37 
Discontinued operations (0.03) 0.08  15.47  4.28 
Net income per share - diluted $ 0.40  $ 0.94  $ 17.16  $ 6.65 
Weighted-average shares:    
Basic 647  696  667  717 
Diluted 658  708  678  725 

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,
  2021 2020 2021 2020
  (In millions)
  (Unaudited)
Net income $ 264  $ 664  $ 11,639  $ 4,822 
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation gains (losses) (85) 121  (192) 57 
Unrealized gains (losses) on investments, net —  —  (4)
Tax benefit (expense) on unrealized gains (losses) on investments, net —  —  — 
Unrealized gains (losses) on hedging activities, net 60  (41) 130  (41)
Tax benefit (expense) on unrealized gains (losses) on hedging activities, net (13) 10  (29) 10 
Other comprehensive income (loss), net of tax (38) 90  (94) 27 
Comprehensive income $ 226  $ 754  $ 11,545  $ 4,849 

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,
  2021 2020 2021 2020
  (In millions, except per share amounts)
(Unaudited)
Common stock:
Balance, beginning of period $ $ $ $
Common stock issued —  —  —  — 
Common stock repurchased —  —  —  — 
Balance, end of period
Additional paid-in-capital:
Balance, beginning of period 16,676  15,844  16,497  16,126 
Common stock and stock-based awards issued 59  54 
Tax withholdings related to net share settlements of restricted stock units and awards (58) (48) (186) (131)
Stock-based compensation 130  122  386  332 
Forward contract for share repurchases —  450  —  — 
Other —  (6) (8)
Balance, end of period 16,750  16,373  16,750  16,373 
Treasury stock at cost:
Balance, beginning of period (38,308) (34,946) (36,515) (31,396)
Common stock repurchased (2,251) (1,150) (4,044) (4,700)
Balance, end of period (40,559) (36,096) (40,559) (36,096)
Retained earnings:
Balance, beginning of period 34,086  21,681  22,961  17,754 
Net income 264  664  11,639  4,822 
Dividends and dividend equivalents declared (120) (115) (370) (346)
Balance, end of period 34,230  22,230  34,230  22,230 
Accumulated other comprehensive income:
Balance, beginning of period 560  321  616  384 
Foreign currency translation adjustment (85) 121  (192) 57 
Change in unrealized gains (losses) on investments —  —  (4)
Change in unrealized gains (losses) on derivative instruments 60  (41) 130  (41)
Tax benefit (provision) on above items (13) 10  (28) 10 
Balance, end of period 522  411  522  411 
Total stockholders’ equity $ 10,945  $ 2,920  $ 10,945  $ 2,920 
Dividends and dividend equivalents declared per share or restricted stock unit $ 0.18  $ 0.16  $ 0.54  $ 0.48 

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


5


eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
  Nine Months Ended
September 30,
  2021 2020
  (In millions)
  (Unaudited)
Cash flows from operating activities:    
Net income $ 11,639  $ 4,822 
Income from discontinued operations, net of income taxes (10,494) (3,107)
Adjustments:
Provision for transaction losses 303  245 
Depreciation and amortization 380  452 
Stock-based compensation 365  301 
(Gain) loss on investments, net (39)
Deferred income taxes 41  177 
Change in fair value of warrant (383) (496)
Change in fair value of equity investment in Adevinta 1,497  — 
Gain on equity investment in KakaoBank (595) — 
(Gain) loss on extinguishment of debt 10  — 
Changes in assets and liabilities, net of acquisition effects (106) (221)
Net cash provided by continuing operating activities 2,618  2,174 
Net cash used in discontinued operating activities (254) (513)
Net cash provided by operating activities 2,364  1,661 
Cash flows from investing activities:    
Purchases of property and equipment (341) (308)
Purchases of investments (15,103) (28,897)
Maturities and sales of investments 13,866  28,740 
Other 13  39 
Net cash used in continuing investing activities (1,565) (426)
Net cash provided by discontinued investing activities 2,443  4,006 
Net cash provided by (used in) investing activities 878  3,580 
Cash flows from financing activities:    
Proceeds from issuance of common stock 57  55 
Repurchases of common stock (3,966) (4,710)
Payments for taxes related to net share settlements of restricted stock units and awards (186) (131)
Payments for dividends (359) (337)
Proceeds from issuance of long-term debt, net 2,478  1,765 
Repayment of debt (1,156) (1,771)
Net funds receivable and payable activity (109) — 
Other (6) (5)
Net cash used in continuing financing activities (3,247) (5,134)
Net cash provided by (used in) discontinued financing activities (9)
Net cash used in financing activities (3,245) (5,143)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 30  25 
Net increase in cash, cash equivalents and restricted cash 27  123 
Cash, cash equivalents and restricted cash at beginning of period 1,594  996 
Cash, cash equivalents and restricted cash at end of period $ 1,621  $ 1,119 
Less: Cash, cash equivalents and restricted cash of held for sale business 352  278 
Less: Cash, cash equivalents and restricted cash of discontinued operations —  30 
Cash, cash equivalents and restricted cash of continuing operations at end of period $ 1,269  $ 811 


6


eBay Inc.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS—(Continued)
Nine Months Ended
September 30,
2021 2020
(In millions)
(Unaudited)
Supplemental cash flow disclosures:
Cash paid for:
Interest $ 203  $ 243 
Income taxes $ 435  $ 355 
Non-cash investing activities:
Equity investment in Adevinta $ 10,776  $ — 

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


7


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 for all through our technology. 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 June 24, 2021, we completed the previously announced transfer of our Classifieds business to Adevinta ASA (“Adevinta”) for $2.5 billion in cash, subject to certain adjustments, and approximately 540 million shares in Adevinta which represent an equity interest of 44%, comprised of approximately 33% of voting shares and 11% of non-voting shares. 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 on the Oslo Stock Exchange on June 24, 2021. The equity interest received is accounted for under the fair value option. We have classified the related assets and liabilities associated with our Classifieds business as discontinued operations 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 all periods presented through June 24, 2021 as the transfer represented 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.
On June 30, 2021, we entered into a securities purchase agreement with E-mart Inc. and one of its wholly owned subsidiaries (together, “Emart”), to sell 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”), pursuant to the terms and conditions of the securities purchase agreement, in exchange for KRW 3.44 trillion, or approximately $3.0 billion as of the agreement date, subject to certain adjustments specified for indebtedness, cash, working capital, transaction expenses and certain taxes. We will retain 19.99% of the outstanding equity interests of eBay Korea. The transaction is expected to close within one year of the signing date, subject to certain conditions, including receipt of regulatory approvals. Beginning in the second quarter of 2021, we classified the related assets and liabilities associated with our eBay Korea business as held for sale in our condensed consolidated balance sheet. The results of our eBay Korea business have been presented as discontinued operations in our condensed consolidated statement of income for all 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.
On July 14, 2021, we entered into a share purchase agreement with Astinlux Finco S.à r.l. (“Permira”) to sell approximately 125 million of our voting shares in Adevinta for total consideration of $2.25 billion based on an implied purchase price of approximately $18.02. The price represents an approximate 7% discount to the 10-day volume weighted average price (“VWAP”) of Adevinta shares as of July 12, 2021 and a 5% discount to the 30-day VWAP as of July 12, 2021. In addition, we granted Permira an option, exercisable within 30 days after the date of the purchase agreement, to purchase approximately 10 million additional voting shares for $180 million in consideration based on an implied purchase price of approximately $18.02. On July 29, 2021, Permira exercised the option. At the close of both transactions, our ownership in Adevinta will be reduced to 33%. The transactions are expected to close in the fourth quarter of 2021, subject to the receipt of required regulatory approvals.


8



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. Equity investments in entities where we have not elected the fair value option and where we hold at least a 20% ownership interest, 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, 2020. 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 updates to our policies below to include intermediation of managed payments, to include equity investments with readily determinable fair values in our investments policy, and to add our accounting policy for our equity investment in Adevinta, 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, 2020.

Revenue recognition

We recognize revenue when we transfer control of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Revenue is recognized net of any taxes collected, which are subsequently remitted to governmental authorities.

Net transaction revenues

Our net transaction revenues primarily include final value fees, feature fees, including fees to promote listings, and listing fees from sellers in our Marketplace. Our net transaction revenues also include store subscription and other fees often from large enterprise sellers. Our net transaction revenues are reduced by incentives provided to our customers.


9



eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
We identified one performance obligation to sellers on our Marketplace platform, which is to connect buyers and sellers on our secure and trusted Marketplace platforms, including payment processing activities. Final value fees are recognized when an item is sold on a Marketplace platform, satisfying this performance obligation. There may be additional services available to Marketplace sellers, mainly to promote or feature listings, that are not distinct within the context of the contract. Accordingly, fees for these additional services are recognized when the single performance obligation is satisfied. Promoted listing fees are recognized when the item is sold and feature and listing fees are recognized when an item is sold, or when the contract expires.

Store subscription and other nonstandard listing contracts may contain multiple performance obligations, including discounts on future services. Determining whether performance obligations should be accounted for separately or combined may require significant judgment. The transaction price is allocated to each performance obligation based on its stand-alone selling price (“SSP”). In instances where SSP is not directly observable, we generally estimate selling prices based on when they are sold to customers of a similar nature and geography. These estimates are generally based on pricing strategies, market factors, strategic objectives and observable inputs. Store subscription revenues are recognized over the subscription period, and discounts offered through store subscription or nonstandard listing contracts are recognized when the options are exercised or when the options expire.

Further, to drive traffic to our platforms, we provide incentives to buyers and sellers in various forms including discounts on fees, discounts on items sold, coupons and rewards. Evaluating whether a promotion or incentive is a payment to a customer may require significant judgment. Promotions and incentives which are consideration payable to a customer are recognized as a reduction of revenue at the later of when revenue is recognized or when we pay or promise to pay the incentive. Promotions and incentives to most buyers on our Marketplace platforms, to whom we have no performance obligation, are recognized as sales and marketing expense. In addition, we may provide credits to customers when we refund certain fees. Credits are accounted for as variable consideration at contract inception when estimating the amount of revenue to be recognized when a performance obligation is satisfied to the extent that it is probable that a significant reversal of revenue will not occur and updated as additional information becomes available.

Marketing services and other revenues

Our marketing services and other revenues are derived principally from the sale of advertisements and revenue sharing arrangements. Advertising revenue is derived principally from the sale of online advertisements which are based on “impressions” (i.e., the number of times that an advertisement appears in pages viewed by users of our platforms) or “clicks” (which are generated each time users on our platforms click through our advertisements to an advertiser’s designated website) delivered to advertisers. We use the output method and apply the practical expedient to recognize advertising revenue in the amount to which we have a right to invoice. For contracts with target advertising commitments with rebates, estimated payout is accounted for as a variable consideration to the extent it is probable that a significant reversal of revenue will not occur.

Revenues related to revenue sharing arrangements are recognized based on whether we are the principal and are responsible for fulfilling the promise to provide the specified services or whether we are an agent arranging for those services to be provided by our partners. Determining whether we are a principal or agent in these contracts may require significant judgment. If we are the principal, we recognize revenue in the gross amount of consideration received from the customer, whereas if we are an agent, we recognize revenue net of the consideration due to our partners at a point in time when the services are provided. Our most significant revenue share arrangements are with shipping service providers. We are primarily acting as an agent in these contracts and revenues are recognized at a point in time when we have satisfied our promise of connecting the shipping service provider to our customer.



10



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

Short-term investments are primarily comprised of corporate debt securities, commercial paper, and agency securities. Short-term investments are investments with original maturities of less than one year when purchased, are classified as available-for-sale and reported at fair value using the specific identification method. Short-term investments also include equity securities with readily determinable fair values that can be sold in active markets.

Long-term investments are primarily comprised of corporate debt securities, agency securities, equity investments without readily determinable fair values and equity investments under the equity method of accounting. Debt securities are classified as available-for-sale and are reported at fair value using the specific identification method.

Unrealized gains and losses on our available-for-sale debt securities are excluded from earnings and reported as a component of other comprehensive income (loss), net of related estimated income tax provisions or benefits. 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. These changes are recorded in interest and other, net.

Our equity investments include equity investments with readily determinable fair values, equity investments without readily determinable fair values and equity investments under the equity method of accounting.

Equity investments with readily determinable fair values are investments in publicly-traded companies for which we do not exercise significant influence and are measured at fair value based on the respective closing stock price and prevailing foreign exchange rate, as applicable, at the period end date. Equity investments with readily determinable fair values are classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets. Subsequent changes in fair value are recognized in interest and other, net.

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. We perform a qualitative fair value assessment on a quarterly basis over our equity investments without readily determinable fair values to identify any changes in basis or impairments. Equity investments without readily determinable fair values are considered impaired when there is an indication that the fair value of our interest is less than the carrying amount. Changes in basis and impairments of equity investments without readily determinable fair values are recognized in interest and other, net.



11



eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
We account for equity investments through which we exercise significant influence but do not have control over the investee under the equity method. Our condensed consolidated results of operations include, as a component of interest and other, net, our share of the net income or loss of the equity investments accounted for under the equity method of accounting. Our share of investees’ results of operations is not material for any period presented. We perform a qualitative impairment assessment on a quarterly basis over our equity method investments. Equity method investments are considered impaired when there is an indication of an other-than-temporary decline in value below the carrying amount. We also perform a fair value assessment whenever events or circumstances may indicate that a change in fair value has occurred. Impairments and any other adjustments to equity method investments are recorded in interest and other, net.

We describe our accounting policy for our equity investment in Adevinta in a separate section under “Equity investment in Adevinta.”

Refer to “Note 8 — Fair Value Measurement of Assets and Liabilities” for additional details.

Equity investment in Adevinta

As of September 30, 2021, our equity investment in Adevinta represented a 44% equity interest. Our ownership will be reduced to 33% when our share purchase agreement with Permira closes, inclusive of the option exercised to purchase additional shares, which is expected to occur in the fourth quarter of 2021. At the initial recognition of the equity investment, we elected the fair value option where subsequent changes in fair value are recognized in interest and other, net in the condensed consolidated statement of income. We report the investment at fair value within equity investment in Adevinta in our condensed consolidated balance sheet. The investment is classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets. The fair value of the equity investment is measured based on Adevinta’s closing stock price and prevailing foreign exchange rate. We believe the fair value option election creates more transparency of the current value of our shares in the equity investment for Adevinta. Refer to “Note 8 — Fair Value Measurement of Assets and Liabilities” for additional details.

Refer to “Note 8 — Fair Value Measurement of Assets and Liabilities” for additional details.

Customer accounts and funds receivable

These balances represent payments in transit and cash received and held by financial institutions and payment processors associated with marketplace activity and awaiting settlement or are installment collections from financial institutions.

We are exposed to credit losses from customer accounts and funds receivable balances held by third party 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, 2021, we did not record any credit-related loss.

Payment processor advances

Payment processor advances represent amounts prefunded to and held by payment processors in order to fund outflows in the normal course of the transaction lifecycle, including but not limited to payment processor fees, seller account payouts, and incentives such as coupons or gift cards. Payment processor advances are recorded within other current assets in our condensed consolidated balance sheet. Other accounts are used to collect and remit indirect taxes from the buyer to the local tax authorities and to transfer shipping label proceeds from the seller to the relevant shipping service providers. Generally, changes in balances that impact the determination of net income, such as payment processor fees and incentives are presented within operating activities in our condensed consolidated statement of cash flows. Changes in balances that pertain solely to payment intermediation activities (e.g. seller pay-out services) are presented within financing activities in our condensed consolidated statement of cash flows.



12



eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Customer accounts and funds payable

These balances primarily represent the Company’s liability towards its customers to settle the funds from the completed transactions on the platform associated with marketplace activity.

Recently Adopted Accounting Pronouncements

In 2019, the Financial Accounting Standards Board (“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 is effective for annual reporting periods beginning after December 15, 2020, including interim reporting periods within those fiscal years. We adopted this guidance in the first quarter of 2021 with no 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 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We adopted this guidance in the first quarter of 2021 with no material impact on our condensed 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 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 presents the computation of basic and diluted net income per share for the periods indicated (in millions, except per share amounts):
  Three Months Ended
September 30,
Nine Months Ended
September 30,
  2021 2020 2021 2020
Numerator:
Income from continuing operations $ 283  $ 605  $ 1,145  $ 1,715 
Income (loss) from discontinued operations, net of income taxes (19) 59  10,494  3,107 
Net income $ 264  $ 664  $ 11,639  $ 4,822 
Denominator:
Weighted average shares of common stock - basic 647  696  667  717 
Dilutive effect of equity incentive awards 11  12  11 
Weighted average shares of common stock - diluted 658  708  678  725 
Income (loss) per share - basic:
Continuing operations $ 0.44  $ 0.87  $ 1.72  $ 2.39 
Discontinued operations (0.03) 0.08  15.72  4.33 
Net income per share - basic $ 0.41  $ 0.95  $ 17.44  $ 6.72 
Income (loss) per share - diluted:
Continuing operations $ 0.43  $ 0.86  $ 1.69  $ 2.37 
Discontinued operations (0.03) 0.08  15.47  4.28 
Net income per share - diluted $ 0.40  $ 0.94  $ 17.16  $ 6.65 
Common stock equivalents excluded from income per diluted share because their effect would have been anti-dilutive —  — 


14



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

StubHub

On November 24, 2019, we entered into a stock purchase agreement with an affiliate of viagogo to sell our StubHub business. On February 13, 2020, we completed the sale of our StubHub business to an affiliate of viagogo for a purchase price of $4.05 billion in cash, subject to certain adjustments specified in the purchase agreement, including adjustments for indebtedness, cash, working capital and transaction expenses of StubHub at the closing of the transaction. The sale was completed for $4.1 billion in proceeds ($3.2 billion, net of income taxes of approximately $900 million) and a pre-tax gain of $3.9 billion within income from discontinued operations, both subject to working capital adjustments.

In connection with the sale of StubHub, we entered into a transition service agreement (“TSA”) with viagogo pursuant to which we are providing services, including, but not limited to, business support services for StubHub after the divestiture. These agreements commenced with the close of the transaction and have minimum initial terms ranging from 12 to 18 months and can be extended by viagogo for a maximum of 12 months. The estimated related fees in 2021 are $27 million for support services.

Classifieds

On July 20, 2020, we entered into a definitive agreement with Adevinta to transfer our Classifieds business to Adevinta for $2.5 billion in cash, subject to certain adjustments, and approximately 540 million shares in Adevinta. On June 24, 2021, we completed the previously announced transfer of our Classifieds business to Adevinta. Upon closing, we received consideration of approximately $2.5 billion in cash, subject to certain adjustments as specified in the definitive agreement, and approximately 540 million shares in Adevinta which represent an equity interest of 44%, comprised of approximately 33% of voting shares and 11% of non-voting shares. Together, the total consideration received at the close of the transaction was valued at $13.3 billion, based on the closing trading price of Adevinta’s outstanding shares at the Oslo Stock Exchange on June 24, 2021. The equity interest received is accounted for under the fair value option.

The transfer of our Classifieds business was completed for total consideration of $13.3 billion which comprised of $2.5 billion in cash proceeds and shares of Adevinta valued at $10.8 billion on the date of close. 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 consideration is subject to adjustments specified in the definitive agreement.

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 commenced with the close of the transaction and have minimum initial terms ranging from 6 to 12 months and can be extended for a maximum of 6 months.

On July 14, 2021, we entered into a share purchase agreement with Permira to sell approximately 125 million of our voting shares in Adevinta for total consideration of $2.25 billion based on an implied purchase price of approximately $18.02. The price represents an approximate 7% discount to the 10-day VWAP of Adevinta shares as of July 12, 2021 and a 5% discount to the 30-day VWAP as of July 12, 2021. In addition, we granted Permira an option, exercisable within 30 days after the date of the purchase agreement, to purchase approximately 10 million additional voting shares for $180 million in consideration based on an implied purchase price of approximately $18.02. On July 29, 2021, Permira exercised the option. At the close of both transactions, our ownership in Adevinta will be reduced to 33%. The transactions are expected to close in the fourth quarter of 2021, subject to the receipt of required regulatory approvals.



15



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

On June 30, 2021, we entered into a securities purchase agreement with Emart, to sell 80.01% of the outstanding equity interests of eBay Korea, pursuant to the terms and conditions of the securities purchase agreement, in exchange for KRW 3.44 trillion, or approximately $3.0 billion as of the agreement date, subject to certain adjustments specified for indebtedness, cash, working capital, transaction expenses and certain taxes. We will retain 19.99% of the outstanding equity interests of eBay Korea. The transaction is expected to close within one year of the signing date, subject to certain conditions, including receipt of regulatory approvals. We have classified the results of the eBay Korea business as discontinued operations in our condensed consolidated statement of income for the periods presented. Additionally, the related assets and liabilities associated with eBay Korea are classified as held for sale in our condensed consolidated balance sheet beginning in the second quarter of 2021. The assets and liabilities held for sale are classified as current in our condensed consolidated balance sheet as we expect to close this transaction within one year.

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
September 30,
Nine Months Ended
September 30,
  2021 2020
2021 (1)
2020 (2)
eBay Korea income (loss) from discontinued operations, net of income taxes $ (1) $ 16  $ $ 46 
Classifieds income (loss) from discontinued operations, net of income taxes (18) 47  10,482  132 
StubHub income (loss) from discontinued operations, net of income taxes
—  (4) 2,931 
PayPal and Enterprise income (loss) from discontinued operations, net of income taxes —  —  —  (2)
Income (loss) from discontinued operations, net of income taxes $ (19) $ 59  $ 10,494  $ 3,107 
(1) Includes Classifieds financial results through the transaction close on June 24, 2021 and includes the gain on sale recorded for the Classifieds transaction.
(2) Includes StubHub financial results from January 1, 2020 to February 13, 2020 and includes the gain on sale recorded for the StubHub transaction.




16



eBay Inc.
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
September 30,
Nine Months Ended
September 30,
  2021 2020
2021 (1)
2020 (2)
eBay Korea net cash provided by (used in) discontinued operating activities
$ 22  $ 70  $ 29  $ 89 
Classifieds net cash provided by (used in) discontinued operating activities
(428) 137  (283) 256 
StubHub net cash provided by (used in) discontinued operating activities —  (748) —  (858)
Net cash provided by (used in) discontinued operating activities $ (406) $ (541) $ (254) $ (513)
eBay Korea net cash (used in) discontinued investing activities
$ (1) $ (8) $ (10) $ (18)
Classifieds net cash provided by (used in) discontinued investing activities
—  (7) 2,453  (51)
StubHub net cash provided by (used in) discontinued investing activities —  —  —  4,075 
Net cash provided by (used in) discontinued investing activities $ (1) $ (15) $ 2,443  $ 4,006 
eBay Korea net cash provided by (used in) discontinued financing activities
$ 64  $ (2) $ $ (7)
Classifieds net cash provided by (used in) discontinued financing activities
—  —  —  (2)
Net cash provided by (used in) discontinued financing activities $ 64  $ (2) $ $ (9)
(1) Includes Classifieds financial results through the transaction close on June 24, 2021 and includes the gain on sale recorded for the Classifieds transaction.
(2) Includes StubHub financial results from January 1, 2020 to February 13, 2020 and includes the gain on sale recorded for the StubHub transaction.



17



eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The financial results of StubHub 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 StubHub (in millions):
  Three Months Ended
September 30,
Nine Months Ended
September 30,
  2021 2020 2021
2020(1)
Net revenues $ —  $ —  $ —  $ 100 
Cost of net revenues —  —  —  31 
Gross profit —  —  —  69 
Operating expenses:
Sales and marketing —  —  —  51 
Product development —  (2) —  27 
General and administrative —  —  —  33 
Provision for transaction losses —  —  — 
Amortization of acquired intangible assets —  —  — 
Total operating expenses —  (2) —  115 
Income (loss) from operations of discontinued operations —  —  (46)
Pre-tax gain (loss) on sale —  (8) 12  3,868 
Income (loss) from discontinued operations before income taxes —  (6) 12  3,822 
Income tax benefit (provision) —  (3) (891)
Income (loss) from discontinued operations, net of income taxes $ —  $ (4) $ $ 2,931 
(1) Includes StubHub financial results from January 1, 2020 to February 13, 2020 and includes the gain on sale recorded for the StubHub transaction.


18



eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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 $5 million for the nine months ended September 30, 2021, and $2 million and $9 million for the three and nine months ended September 30, 2020, respectively. Subsequent to the transfer of the Classifieds business, revenue agreements between Adevinta and eBay will continue for a term of three years with an option to extend for twelve months. The expected 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
September 30,
Nine Months Ended
September 30,
  2021 2020
2021 (1)
2020
Net revenues $ —  $ 263  $ 565  $ 705 
Cost of net revenues —  27  63  76 
Gross profit —  236  502  629 
Operating expenses:
Sales and marketing —  72  183  220 
Product development —  44  105  118 
General and administrative 36  76  98 
Provision for transaction losses —  13 
Amortization of acquired intangible assets —  — 
Total operating expenses 157  366  455 
Income (loss) from operations of discontinued operations (9) 79  136  174 
Interest and other, net —  (1) — 
Pre-tax gain (loss) on sale —  —  12,524  — 
Income (loss) from discontinued operations before income taxes (9) 78  12,660  175 
Income tax provision (9) (31) (2,178) (43)
Income (loss) from discontinued operations, net of income taxes $ (18) $ 47  $ 10,482  $ 132 
(1) Includes Classifieds financial results through the transaction close on June 24, 2021 and includes the gain on sale recorded for the Classifieds transaction.



19



eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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
September 30,
Nine Months Ended
September 30,
  2021 2020 2021 2020
Net revenues $ 374  $ 348  $ 1,157  $ 987 
Cost of net revenues 217  178  663  482 
Gross profit 157  170  494  505 
Operating expenses:
Sales and marketing 136  132  418  390 
Product development 14  16  43  43 
General and administrative 29  13 
Provision for transaction losses —  —  —  — 
Total operating expenses 158  153  490  446 
Income (loss) from operations of discontinued operations (1) 17  59 
Interest and other, net
Income (loss) from discontinued operations before income taxes —  18  60 
Income tax benefit (provision) (1) (2) (3) (14)
Income (loss) from discontinued operations, net of income taxes $ (1) $ 16  $ $ 46 

For the three and nine months ended September 30, 2021 and 2020, the discontinued operations activity related to our former PayPal and Enterprise businesses was immaterial.



20



eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table presents the aggregate carrying amounts of assets and liabilities of discontinued operations for Classifieds in the condensed consolidated balance sheet (in millions):
  December 31, 2020
Carrying amounts of assets included as part of discontinued operations:
Cash and cash equivalents $ 23 
Accounts receivable, net 117 
Other current assets 30 
Long-term investments 32 
Property and equipment, net 31 
Goodwill 465 
Intangible assets, net 35 
Operating lease right-of-use assets 20 
Deferred tax assets 435 
Total assets classified as discontinued operations in the condensed consolidated balance sheet $ 1,188 
Carrying amounts of liabilities included as part of discontinued operations:
Accounts payable $ 18 
Accrued expenses and other current liabilities 104 
Deferred revenue
Income taxes payable 35 
Operating lease liabilities 11 
Deferred tax liabilities 278 
Other liabilities
Total liabilities classified as discontinued operations in the condensed consolidated balance sheet
$ 452 

21



eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table presents the aggregate carrying amounts of held for sale assets and liabilities related to eBay Korea in the condensed consolidated balance sheet as of the dates indicated (in millions):
  September 30,
2021
December 31,
2020
Carrying amounts of assets included as part of held for sale:
Cash and cash equivalents $ 352  $ 327 
Short-term investments — 
Accounts receivable, net 54  50 
Customer accounts and funds receivable 542  649 
Other current assets 87  45 
Property and equipment, net 63  66 
Goodwill 376  390 
Operating lease right-of-use assets 61  79 
Deferred tax assets 22  — 
Other assets 13  14 
Total assets classified as held for sale in the condensed consolidated balance sheet $ 1,570  $ 1,626 
Carrying amounts of liabilities included as part of held for sale:
Short-term debt $ $ 12 
Accounts payable 64  54 
Customer accounts and funds payable 578  673 
Accrued expenses and other current liabilities 77  91 
Deferred revenue 10  12 
Income taxes payable 120  13 
Operating lease liabilities 46  64 
Deferred tax liabilities 22  (9)
Long-term debt — 
Other liabilities
Total liabilities classified as held for sale in the condensed consolidated balance sheet
$ 930  $ 918 



22



eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 4 — Goodwill

Goodwill

The following table presents goodwill activity for the period indicated (in millions):
  December 31,
2020
Goodwill
Acquired
  Adjustments   September 30,
2021
Goodwill $ 4,285  $ —  $ (147) $ 4,138 

The adjustments to goodwill during the nine months ended September 30, 2021 were primarily due to foreign currency translation.


23



eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 5 — Segments

We have one operating and reportable segment. 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. 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 net revenues by type for the periods indicated (in millions):
  Three Months Ended
September 30,
Nine Months Ended
September 30,
  2021 2020 2021 2020
Net revenues by type:
Net transaction revenues $ 2,350  $ 2,098  $ 7,322  $ 5,935 
Marketing services and other revenues 151  160  485  481 
Total net revenues $ 2,501  $ 2,258  $ 7,807  $ 6,416 

The following table summarizes the allocation of net revenues based on geography for the periods indicated (in millions):
  Three Months Ended
September 30,
Nine Months Ended
September 30,
  2021 2020 2021 2020
U.S. $ 1,198  $ 1,078  $ 3,798  $ 2,986 
United Kingdom 450  425  1,451  1,196 
Germany 272  265  953  795 
Rest of world 581  490  1,605  1,439 
Total net revenues $ 2,501  $ 2,258  $ 7,807  $ 6,416 

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, platform that displays advertising, other service provider or customer, as the case may be, is located.


24



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

The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale debt securities and restricted cash as of the dates indicated (in millions):
  September 30, 2021
  Gross
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Short-term investments:
Restricted cash $ 22  $ —  $ —  $ 22 
Corporate debt securities 3,196  —  3,198 
Government and agency securities 25  —  —  25 
$ 3,243  $ $ —  $ 3,245 
Long-term investments:
Corporate debt securities $ 554  $ $ (1) $ 554 
Government and agency securities 103     —     —    103 
$ 657  $ $ (1) $ 657 
  December 31, 2020
  Gross
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Short-term investments:
Restricted cash $ 137  $ —  $ —  $ 137 
Corporate debt securities 2,252  —  2,255 
$ 2,389  $ $ —  $ 2,392 
Long-term investments:
Corporate debt securities $ 284  $ $ —  $ 286 
$ 284  $ $ —  $ 286 

We consider cash to be restricted when withdrawal or general use is legally restricted. At December 31, 2020 our restricted cash balance primarily comprised of cash on deposit with banks restricted to safeguard seller payables.

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. We presently do not intend to sell any of the available-for-sale debt securities in an unrealized loss position and expect to realize the full value of all these investments upon maturity or sale.

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 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 September 30, 2021.


25



eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Investment securities in a continuous loss position for less than 12 months had an estimated fair value of $1.1 billion and an immaterial amount of unrealized losses as of September 30, 2021, and an estimated fair value of $261 million and an immaterial amount of unrealized losses as of December 31, 2020. As of September 30, 2021 and December 31, 2020 there were no investment securities in a continuous loss position for greater than 12 months. Refer to “Note 15 — 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 and restricted cash by date of contractual maturity as of the date indicated (in millions):
  September 30, 2021
One year or less (including restricted cash of $22)
$ 3,245 
One year through two years 166 
Two years through three years 314 
Three years through four years 83 
Four years through five years 90 
Five years through six years
$ 3,902 

Equity Investments

The following table summarizes our equity investments as of the dates indicated (in millions):
  Balance Sheet Location September 30, 2021 December 31, 2020
Equity investment in Adevinta Equity investment in Adevinta $ 9,279  $ — 
Equity investments with readily determinable fair values Short-term investments 793  — 
Equity investments without readily determinable fair values Long-term investments 243  539 
Equity investments under the equity method of accounting Long-term investments 33 
Total equity investments $ 10,348  $ 547 

The following table summarizes the change in total carrying value related to equity investments without readily determinable fair values still held for the periods indicated (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Carrying value, beginning of period $ 571  $ 261  $ 539  $ 307 
Additions —  —  — 
Upward adjustments for observable price changes —  —  41  — 
Downward adjustments for observable price changes and impairment (10) —  (10) (40)
Transfers out from investments without readily determinable fair values (312) —  (312) — 
Foreign currency translation and other (6) (16) (3)
Carrying value, end of period $ 243  $ 264  $ 243  $ 264 

For such equity investments without readily determinable fair values still held at September 30, 2021, the cumulative upward adjustment for observable price changes were $41 million and cumulative downward adjustments for observable price changes and impairments were $131 million.


26



eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
For the three months ended September 30, 2021, we recorded a downward adjustment for impairment of $10 million to the carrying value of a strategic investment. For the nine months ended September 30, 2021, we recorded an upward adjustment for observable price changes of $41 million and a downward adjustment for impairment of $10 million to the carrying values of strategic investments. The upward and downward adjustments were recorded in interest and other, net on our condensed consolidated statement of income.

The following table summarizes unrealized gains and losses recorded in interest and other, net related to equity investments held at September 30, 2021 for the periods indicated (in millions):
  Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Net gains/(losses) recognized during the period on equity investments $ (490) $ —  $ (870) $ (40)
Less: Net gains/(losses) recognized during the period on equity investments sold during the period 83  —  83  — 
Total unrealized gains/(losses) on equity investments held at September 30, 2021
$ (573) $ —  $ (953) $ (40)

In August 2021, one of our equity investments, KakaoBank Corp. (“KakaoBank”), which previously did not have a readily determinable fair value, completed its initial public offering which resulted in this investment having a readily determinable fair value. Subsequent changes in fair value are recognized in interest and other, net on our condensed consolidated statement of income. For the three and nine months ended September 30, 2021 an unrealized gain of $512 million was recorded in interest and other, net related to the investment. For the three and nine months ended September 30, 2021 a gain of $83 million was recorded in interest and other, net related to the sale of a portion of the shares of the investment for $114 million. Upon completion of KakaoBank’s initial public offering, our equity investment in KakaoBank was reclassified to short-term investments from long-term investments on the condensed consolidated balance sheet. As of September 30, 2021, the carrying value of the investment was $793 million.

Equity investment in Adevinta

Upon completion of the transfer of our Classifieds business to Adevinta we retained an equity investment of 44% in Adevinta valued at $10.8 billion at the close of the transfer. At the initial recognition of the equity investment, we elected the fair value option where subsequent changes in fair value are recognized in earnings. The investment is classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets. The fair value of the equity investment is measured based on Adevinta’s closing stock price and prevailing foreign exchange rate at each balance sheet date and the changes in fair value are reflected in interest and other, net in the condensed consolidated statement of income. We believe the fair value option election creates more transparency of the current value in the equity investment in Adevinta. Our non-voting shares are convertible to voting shares on a one-to-one basis, subject to a limitation of 33% voting interest. For the three and nine months ended September 30, 2021 a loss of $1,075 million and $1,497 million, respectively, was recorded in interest and other, net on our condensed consolidated statement of income related to the investment.

On July 14, 2021, we entered into a share purchase agreement with Permira to sell approximately 125 million of our voting shares in Adevinta for total consideration of $2.25 billion based on an implied purchase price of approximately $18.02. The price represents an approximate 7% discount to the 10-day VWAP of Adevinta shares as of July 12, 2021 and a 5% discount to the 30-day VWAP as of July 12, 2021. In addition, we granted Permira an option, exercisable within 30 days after the date of the purchase agreement, to purchase approximately 10 million additional voting shares for $180 million in consideration based on an implied purchase price of approximately $18.02. On July 29, 2021, Permira exercised the option. At the close of both transactions, our ownership in Adevinta will be reduced to 33%. The transactions are expected to close in the fourth quarter of 2021, subject to the receipt of required regulatory approvals.

27



eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 7 — 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.

In 2020, we began to hedge the variability of forecasted interest payments on anticipated debt issuance using forward-starting interest rate swaps. These interest rate swaps effectively fixed the benchmark interest rate and had the economic effect of hedging the variability of forecasted interest payments for up to 10 years on an anticipated debt issuance. Similar to other cash flow hedges, we recorded changes in the fair value of these interest rate swaps in accumulated other comprehensive income (loss) until the anticipated debt issuance. In May 2021, we issued $2.5 billion of senior unsecured notes, which consisted of notes maturing in 2026, 2031 and 2051. As a result, we terminated the interest rate swaps and the gain associated with the termination of approximately $45 million is amortized to interest expense over the terms of our notes due in May 2026 and May 2031.

During 2020, we began to hedge the variability of the cash flows in interest payments associated with our floating-rate debt using interest rate swaps. These interest rate swap agreements effectively convert our floating-rate debt that is based on London Interbank Offered Rate (“LIBOR”) to a fixed-rate basis, reducing the impact of interest-rate changes on future interest expense. The total notional amount of these interest rate swaps was $400 million as of September 30, 2021 with terms calling for us to receive interest at a variable rate and to pay interest at a fixed rate. Our interest rate swap contracts have maturity dates in 2023. Similar to other cash flow hedges, we record changes in the fair value of these interest rate swaps in accumulated other comprehensive income (loss) and their fair value will be amortized over the term of the debt to interest expense.

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 September 30, 2021, we have estimated that approximately $3 million of net derivative loss related to our foreign exchange cash flow hedges and $1 million net derivative loss related to our interest rate cash flow hedges included in accumulated other comprehensive income 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.

Net Investment Hedges

For derivative instruments that are designated as net investment hedges, the derivative’s gain or loss is initially reported in the translation adjustments component of AOCI and is reclassified to net earnings in the period in which the hedged subsidiary is either sold or substantially liquidated.




28



eBay Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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 denominated in non-functional currencies. The gains and losses on our derivatives not designated as hedging instruments are recorded in interest 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 and other, net. We classify cash flows related to our non-designated hedging instruments as operating 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 will vest 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. If and when 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 warrant asset in our condensed consolidated balance sheets and changes in the fair value of the warrant are recognized in interest and other, 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 sheets and will be amortized over the life of the commercial arrangement.

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 Location September 30,
2021
December 31,
2020
Derivative Assets:
Foreign exchange contracts designated as cash flow hedges Other current assets $ 51  $ 12 
Foreign exchange contracts designated as net investment hedges Current assets held for sale 36  — 
Foreign exchange contracts not designated as hedging instruments Other current assets 26  23 
Warrant Warrant asset 1,434  1,051 
Foreign exchange contracts designated as cash flow hedges Other assets 26  14 
Interest rate contracts designated as cash flow hedges Other assets —  13 
Total derivative assets $ 1,573  $ 1,113 
Derivative Liabilities:
Foreign exchange contracts designated as cash flow hedges Other current liabilities $ —  $ 17 
Foreign exchange contracts not designated as hedging instruments Other current liabilities 25 
Interest rate contracts designated as cash flow hedges Other current liabilities
Interest rate contracts designated as cash flow hedges Other liabilities — 
Total derivative liabilities $ $ 44 
Total fair value of derivative instruments $ 1,564  $ 1,069 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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 on our condensed consolidated balance sheet. As of September 30, 2021, the potential effect of rights of set-off associated with the foreign exchange contracts would be an offset to both assets and liabilities by $8 million, resulting in net derivative assets of $131 million and net derivative liabilities of zero. As of September 30, 2021, the potential effect of rights of set-off associated with the interest rate contracts would be an offset to both assets and liabilities by zero, resulting in net derivative assets of zero and net derivative liabilities of $1 million.

Effect of Derivative Contracts on Accumulated Other Comprehensive Income

The following tables present the activity of derivative instruments designated as cash flow hedges as of September 30, 2021 and December 31, 2020, and the impact of these derivative contracts on AOCI for the periods indicated (in millions): 
  December 31, 2020 Amount of Gain (Loss) Recognized in Other Comprehensive Income Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings September 30, 2021
Foreign exchange contracts designated as cash flow hedges $ (95) $ 38  $ (62) $
Interest rate contracts designated as cash flow hedges 10  21  30 
Total
$ (85) $ 59  $ (61) $ 35 
  December 31, 2019 Amount of Gain (Loss) Recognized in Other Comprehensive Income Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings September 30, 2020
Foreign exchange contracts designated as cash flow hedges $ (9) $ (17) $ 23  $ (49)
Total
$ (9) $ (17) $ 23  $ (49)

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
September 30,
Nine Months Ended
September 30,
  2021 2020 2021 2020
Foreign exchange contracts designated as cash flow hedges recognized in net revenues $ (19) $ $ (65) $ 23 
Foreign exchange contracts designated as cash flow hedges recognized in cost of net revenues —  — 
Foreign exchange contracts not designated as hedging instruments recognized in interest and other, net (17) (4) (8)
Total gain (loss) recognized from foreign exchange derivative contracts in the condensed consolidated statement of income $ (16) $ (11) $ (66) $ 15 



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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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
September 30,
Nine Months Ended
September 30,
  2021 2020 2021 2020
Gain (loss) from interest rate contracts designated as cash flow hedges recognized in interest and other, net $ $ —  $ $ — 

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
September 30,
Nine Months Ended
September 30,
  2021 2020 2021 2020
Gain (loss) attributable to changes in the fair value of warrant recognized in interest and other, net $ 311  $ 191  $ 383  $ 496 

Notional Amounts of Derivative Contracts

Derivative transactions are measured in terms of the notional amount, but this amount is not recorded on the 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):
September 30,
2021
December 31,
2020
Foreign exchange contracts designated as cash flow hedges $ 2,272  $ 2,305 
Foreign exchange contracts designated as net investment hedges 1,371  — 
Foreign exchange contracts not designated as hedging instruments 4,709  3,016 
Interest rate contracts designated as cash flow hedges 400  1,100 
Total $ 8,752  $ 6,421 

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 8 — 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):
September 30, 2021
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:      
Cash and cash equivalents $ 1,244  $ 1,244  $ —  $ — 
Short-term investments:
Restricted cash 22  22  —  — 
Corporate debt securities 3,198  —  3,198  — 
Government and agency securities 25  —  25  — 
Equity investments with readily determinable fair values 793  793  —  — 
Total short-term investments 4,038  815  3,223  — 
Equity investment in Adevinta 9,279  9,279  —  — 
Derivatives 1,573  —  139  1,434 
Long-term investments:
Corporate debt securities 554  —  554  — 
Government and agency securities 103  —  103  — 
Total long-term investments 657  —  657  — 
Total financial assets $ 16,791  $ 11,338  $ 4,019  $ 1,434 
Liabilities:
Derivatives $ $ —  $ $ — 

December 31, 2020
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:      
Cash and cash equivalents $ 1,101  $ 890  $ 211  $ — 
Short-term investments:
Restricted cash 137  137  —  — 
Corporate debt securities 2,255  —  2,255  — 
Total short-term investments 2,392  137  2,255  — 
Derivatives 1,113  —  62  1,051 
Long-term investments:
Corporate debt securities 286  —  286  — 
Total long-term investments 286  —  286  — 
Total financial assets $ 4,892  $ 1,027  $ 2,814  $ 1,051 
Liabilities:
Derivatives $ 44  $ —  $ 44  $ — 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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 nine months ended September 30, 2021.

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 four 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 7 — Derivative Instruments” for further details on our derivative instruments.

Upon completion of the transfer of our Classifieds business to Adevinta we retained an equity investment of 44% in Adevinta valued at $10.8 billion at the close of the acquisition. The investment is accounted for under the fair value option and classified within Level 1 in the fair value hierarchy as the valuation can be obtained from real time quotes in active markets. The fair value of the equity investment is measured based on Adevinta’s closing stock price and prevailing foreign exchange rate at each balance sheet date and the changes in fair value are reflected in interest and other, net in the condensed consolidated statement of income. Refer to “Note 6 — Investments” for further details.

On July 14, 2021, we entered into a share purchase agreement with Permira to sell approximately 125 million of our voting shares in Adevinta for total consideration of $2.25 billion based on an implied purchase price of approximately $18.02. The price represents an approximate 7% discount to the 10-day VWAP of Adevinta shares as of July 12, 2021 and a 5% discount to the 30-day VWAP as of July 12, 2021. In addition, we granted Permira an option, exercisable within 30 days after the date of the purchase agreement, to purchase approximately 10 million additional voting shares for $180 million in consideration based on an implied purchase price of approximately $18.02. On July 29, 2021, Permira exercised the option. At the close of both transactions, our ownership in Adevinta will be reduced to 33%. The transactions are expected to close in the fourth quarter of 2021, subject to the receipt of required regulatory approvals.

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

The following tables present a reconciliation of the opening to closing balance of assets measured using significant unobservable inputs (Level 3) as of the dates indicated (in millions):
September 30,
2021
December 31,
2020
Opening balance at beginning of period $ 1,051  $ 281 
Change in fair value 383  770 
Closing balance at end of period $ 1,434  $ 1,051 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the warrant as of September 30, 2021 (in millions):
Fair value Valuation technique Unobservable Input
Range (weighted average)(1)
Warrant $ 1,434  Black-Scholes and Monte Carlo Probability of vesting
0.0% - 95.0% (71%)
Equity volatility
24.5% - 61.7% (42%)
(1) Probability of vesting were 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.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 9 — Debt

The following table summarizes the carrying value of our outstanding debt as of the dates indicated (in millions, except percentages):
Coupon As of Effective As of Effective
 Rate September 30, 2021  Interest Rate December 31, 2020  Interest Rate
Long-Term Debt
Floating Rate Notes:
Senior notes due 2023
LIBOR plus 0.87%
$ 400  1.100  % $ 400  1.187  %
Fixed Rate Notes:
Senior notes due 2022 3.800  % 750  3.989  % 750  3.989  %
Senior notes due 2022 2.600  % 605  2.678  % 1,000  2.678  %
Senior notes due 2023 2.750  % 750  2.866  % 750  2.866  %
Senior notes due 2024 3.450  % 750  3.531  % 750  3.531  %
Senior notes due 2025 1.900  % 800  1.803  % 800  1.803  %
Senior notes due 2026 1.400  % 750  1.252  % —  —  %
Senior notes due 2027 3.600  % 850  3.689  % 850  3.689  %
Senior notes due 2030 2.700  % 950  2.623  % 950  2.623  %
Senior notes due 2031 2.600  % 750  2.186  % —  —  %
Senior notes due 2042 4.000  % 750  4.114  % 750  4.114  %
Senior notes due 2051 3.650  % 1,000  2.517  % —  —  %
Senior notes due 2056 6.000  % —  —  % 750 <