Slide 1: Q4'24 Business & Financial Highlights
ebay Q4’24 Business & Financial Highlights February 26, 2025
Slide 2: Disclosures
Disclosures This presentation contains non-GAAP measures relating to our performance. You can find the reconciliation of these measures, except for FX-Neutral basis, to the nearest comparable GAAP measures in the appendix at the end of this presentation. All growth rates represent year-over-year com
Slide 3: Business Highlights
ebay Business Highlights
Slide 4: Q4'24 Snapshot
Q4'24 Snapshot $19.3B Gross Merchandise Volume $2.6B Revenue 27.0% Non-GAAP Operating Margin $1.25 Diluted Non-GAAP EPS 16 Million Enthusiast Buyers* © 2025 eBay | Business & Financial Highlights Q4'24
Slide 5: Focus Categories Remain a Key Driver of Growth
Focus Categories Remain a Key Driver of Growth Trading Cards Grew volume in the healthy double-digits Y/Y and were the largest contributor to GMV growth in Q4 PSA 10 Mew Secret Wonders 15/132 Holo Pokemon Card POP 6! Fresh Cert SUPER RARE © 2025 eBay | Business & Financial Highlights Q4’24 Motors Pa
Slide 6: Telling the eBay Story in New and Different Ways
Telling the eBay Story in New and Different Ways Media Personalities Emma Chamberlain 14.9M+ followers on Instagram 12.IM+ subscribers on YouTube Chloe Kim 1.0M+ followers on Instagram © 2025 eBay | Business & Financial Highlights Q4'24 Creator-Curated Storefronts Shop all collections & Abby Bibl Bi
Slide 7: Improvements in UK C2C Driving Results
Improvements in UK C2C Driving Results r Streamlined C2C listing experience Introduced Managed Shipping Launched eBay Balance You have £110.00 in your eBay balance! Revamped eBay local experience Local items nearby a os: \ » © 2025 eBay | Business & Financial Highlights Q4'24 Double-digit Y/Y improv
Slide 8: Meeting Customers Where They Are
Meeting Customers Where They Are Collaborated with OpenAl’s Operator to direct users to eBay listings* Operator 0 00m cases CEE 68 wre Favdan utente 19608 watchunder——_edmevefubihed cena tind es eBay oo eBay © 2025 eBay | Business & Financial Highlights Q4'24 Enabled shoppers to browse & purchase eB
Slide 9: Enabling Locally Relevant Ways to Pay
Enabling Locally Relevant Ways to Pay Expanded Klarna to the UK, Austria, France, Italy, the Netherlands and SpaininQ@4 = ®°¥ = E= Cel ebay x Klarna Unique finds, many * i] i \ New! Pay later with ways to pay 4 Klarna. Get the things you love with Klama'sPoyin and flexible financing options > Split
Slide 10: eBay Foundation and Sustainability Highlights
Raised by eBay for Charity in 2024 Granted by eBay Foundation in Q4’24 Renewable energy goal met one year early Net-zero carbon emissions target set
Slide 11: Financial Highlights
ebay Financial Highlights
Slide 12: Q4'24 Results
Q4’24 Results GUIDANCE ACTUALS GMV $18.9 - $19.3 $19.3 (in billions) OM - 296 PRN SDN (1)% - 2% organic FXN 2% organic FXN Revenue $2.53 - $2.59 $2.58 (in billions) {iPe. BePXN I96PXN (2)% - 1% organic FXN 1% organic FXN Op Margin 26.5% - 27.0% 27.0% Diluted Non-GAAP $1.17 - $1.22 $1.25 EPS © 2025 e
Slide 13: FY'24 Results
FY’24 Results GUIDANCE ACTUALS GMV $74.2 - $74.6 $74.7 (in billions) M6 -GEXN. ‘PEN 1% - 1% organic FXN 1% organic FXN Revenue | $10.23- $10.29 $10.28 (in billions) DoDI N 56 XN 1% - 2% organic FXN 2% organic FXN Non-GAAP | 58.0% - 28.1% 28.1% Op Margin Diluted EPS © 2025 eBay | Business & Financial
Slide 14: GMV
GMV ($ billions, Y/Y FXN growth) 18.4 18.3 19.3 Key 1% % 3% @ International GMV © usemv 9.6 9.6 % 2% Q3 23 Q4 23 Q124 Q2 24 Q3 24 Q4 24 ( Organic FXN (1)% 0% 0% % 1% 2% ) © 2025 eBay | Business & Financial Highlights Q4'24 4%
Slide 15: Revenue
Revenue ($ millions, Y/Y FXN growth) Key @ Revenue O Take Rate Q3 23 Q4 23 Q1 24 Q3 24 Q4 24 ( Organic FXN 4% % © 2025 eBay | Business & Financial Highlights Q4'24
Slide 16: Advertising Revenue
Advertising Revenue ($ millions, Y/Y FXN growth) Key @ IP Ads Revenue Se Bee 405 1% 12% @ 3P Ads Revenue 1P vs. GMV +36pts GMV Penetration 2.0% © 2025 eBay | Business & Financial Highlights Q4'24
Slide 17: Non-GAAP Expenses
Non-GAAP Expenses (% of revenue) Operating Expense at 45.8%, down (0.4) pts Y/Y Cost of Revenue Sales & Marketing Product Development General & Admin Transaction Losses 12.8% Q423 Q424 Q423 Q424 Q423 Q424 Q423 Q424 Q423 Q424 Lower cost of payments and Marketing investments Lower employee-related Ope
Slide 18: Non-GAAP Operating Income & Margin
Non-GAAP Operating Income & Margin ($ millions) 7714 Key [| Non-GAAP Operating Income oO Non-GAAP Operating Margin Q3 23 Q4 23 Q124 Q2 24 Q3 24 Q4 24 ( Operating Income Y/Y (4)% (9)% 4% 5% 6% 2% 2025 eBay | Business & Financial Highlights Q4'24
Slide 19: Non-GAAP Earnings Per Share
Non-GAAP Earnings Per Share $1.25 1.25 13% $1.18 “ABP re $1.07 Uses ou os Q3 23 Q4 23 Q124 Q224 Q3 24 Q424 GAAP EPS $2.46 $1.40 $0.85 $0.45 $1.29 $1.40 GAAP Y/Y * 13% (19)% 39% (48)% 0% © 2025 eBay | Business & Financial Highlights Q4’24
Slide 20: Free Cash Flow
Free Cash Flow ($ millions) 646 (17% 560 278 (43% (3) Q3 23 Q4 23 Ql) 24 Q2 24 Q3 24 Q4 24 CapEx % of Rev 3% 5% 6% 3% 4% 5% FCF % of Rev 31% ” 18% 1% 25% 22% © 2025 eBay | Business & Financial Highlights Q4'24
Slide 21: Capital Returns
Capital Returns ($ millions) 1,135 Key 1,028 @ Stock Repurchases ® Dividend 881 128 783 131 638 139 379 900 750 499 Q3 23 Q4 23 Ql) 24 Q2 24 Q3 24 Q4 24 ( Avg. Diluted Shares* 532 521 519 507 494 485 ) Approximately $3.3B repurchase authorization remaining as of December 31, 2024 © 2025 eBay | Busin
Slide 22: Cash & Debt
Cash & Debt ($ billions) Targets + Maintain current BBB+ rating * Targeting mid-term leverage of approximately 1.5x net debt and gross debt below 3.0x EBITDA Net Debt * Targeting mid-term minimum cash & investment ; A Spool Tile} 21 balance of approximately $3.5B and Investments* Credit Ratios + 0.5
Slide 23: Investments
Investments Aurelia In November, the consortium led by Permira and Blackstone exercised their option, upon which we sold ~10% ownership of Aurelia in exchange for $1.0B in gross cash proceeds Our remaining ~8% ownership is valued at ~$0.9B dollars* Remaining equity investments and warrants were valu
Slide 24: Q1'25 Guidance
Q1’25 Guidance GUIDANCE CONTEXT * Continued momentum from strategic initiatives, tempered by G MV $1 8.3 - $18.6 macroeconomic challenges, the potential impact of tariffs, and -_— (2)% - 0% spot net headwind of ~50 bps from calendar dynamics (in billions) op oe MOFXN + — Expect Goldin to contribute
Slide 25: FY'25 Commentary
FY’25 Commentary GMV & Revenue Non-GAAP Op. Income Expect low-single-digit Y/Y FXN GMV growth in FY’25; at current rates, FX would be a headwind of >100 bps to spot GMV growth Revenue growth modestly higher than GMV on Y/Y FXN basis; FX expected to be a40 bps headwind to spot revenue growth * Expect
Slide 26: Appendix
Appendix © 2025 eBay | Business & Financial Highlights Q4'24
Slide 27: GAAP to Non-GAAP Quarterly Reconciliations
GAAP to Non-GAAP Quarterly Reconciliations Operating Margin ‘Three months ended September 30, December 31, March 31, June 30, September 30, December 31, 2023 2023 2024 2024 2024 2024 Tnmillions, except percentages) GAAP operating income $ 455 $ 410 $ 631 $ 549 $ 595 $ 543 Stock-based compensation ex
Slide 28: GAAP to Non-GAAP Quarterly Reconciliations
GAAP to Non-GAAP Quarterly Reconciliations Net Income / EPS GAAP Income from continuing operations ‘Stock-based compensation expense and related employer payroll taxes Amortization of acquired intangible assets within cost of net revenues and operating expenses Non-GAAP net income from continuing op
Slide 29: Non-GAAP EPS to GAAP EPS Bridge
Non-GAAP EPS Investments* Stock-based Tax Rate / Other GAAP EPS compensation* & Amortization
Slide 30: GAAP to Non-GAAP Quarterly Reconciliations
GAAP to Non-GAAP Quarterly Reconciliations Statement of Income Three Months Ended Three Months Ended December 31, 2024 December 31, 2023 Reported Non-GAAP Entries Non-GAAP Non-GAAP Entries Non-GAAP “Tamilllions, except per share data and percentages) Net revenues $s 2579 $ - $ 2579 $s 2,562 $ - $ 2,
Slide 31: Calculation of Free Cash Flow
Calculation of Free Cash Flow Three months ended September 30, December 31, March 31, ‘June 30, ‘September 30, December 31, 2023 2023 2024 2024 2024 2024 Tin millions) Net cash provided by continuing operating activities $ 862 $ 123 $ 65 $ 367 $ 755 $ 677 Less: Purchases of property and equipment, n
Slide 32: Reconciliation of Total Revenue
Reconciliation of Total Revenue Three months ended September 30, December 31, March 31, June 30, September 30, December 31, 2023 2023 2024 2024 2024 2024 {in millions) Net revenues"?! $ 2,500 $ 2,562 $ 2,556 $ 2,572 $ 2576 $ 2,579 (I) Hedge gain/(loss) $ 2¢$ n$ (10) $ (10) $ (1) $ (23) (2) Foreign c
Slide 33: Reconciliation of Organic FX-Neutral Revenue
Reconciliation of Organic FX-Neutral Revenue Three months ended ‘September 30, December 31, March 31, ‘June 30, ‘September 30, December 31, 2023 2023 2024 2024 2024 2024 ‘As Reported Revenue Growth 5% 2% 2% 1% 3% 1% Acquisition/ Disposition Impact ()% —% —% —% —% —% Foreign Currency Impact —% 1% ~%
Slide 34: Calculation of Period-End Fully Diluted Share Count
Calculation of Period-End Fully Diluted Share Count Three months ended ‘September 30, December 31, March 31, ‘June 30, ‘September 30, December 31, 2023 2023 2024 2024 2024 2024 {in millions) Quarter-end common shares outstanding 520 517 509 494 482 47 Quarter-end shares underlying outstanding RSUs 2
Slide 35: GAAP to Non-GAAP Reconciliations Guidance
GAAP to Non-GAAP Reconciliations Guidance Three Months Ending March 31, 2025 (in billions, except per share amounts) GAAP Non-GAAP (a) Net Revenue $2.52 - $2.56 $2.52 - $2.56 Diluted EPS $0.98 - $1.02 $1.32 - $1.36 (a) Estimated non-GAAP amounts above for the three months ending March 31, 2025 refle
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