Ebay Inc. · NASDAQ:EBAY

Ebay — Q1 2025 Earnings Presentation

35 slides from Ebay's earnings presentation, Apr 30, 2025

  1. Slide 1: Q1'25 Business & Financial Highlights

    ebay Q1’25 Business & Financial Highlights April 30, 2025

  2. 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

  3. Slide 3: Business Highlights

    ebay Business Highlights

  4. Slide 4: Q1'25 Snapshot

    Q1’25 Snapshot $18.8B Gross Merchandise Volume $2.58B Revenue 29.8% Non-GAAP Operating Margin $1.38 Diluted Non-GAAP EPS 16 Million Enthusiast Buyers* © 2025 eBay | Business & Financial Highlights QV’25 iP hia XN Y 1 \ A \ded in the Appendix of this pres with at least 6 purchase days and $800 aun en

  5. Slide 5: Trading Cards Momentum Continues

    Trading Cards Momentum Continues PSA Data Integration Quickly determine your card’s rarity & grade distribution ee @ nme savour 2024 PANINI C. CLARK COLLECTION DONRUSS GOLD CAITLIN CLARK ROOKIE RC /99 PSA, 8 ORE cnn 8 $89.00 -s559<nipping ‘interest roe payments of $2225 avaiablewith Wana. Est solver

  6. Slide 6: Strengthening eBay's Consideration in Fashion

    Strengthening eBay’s Consideration in Fashion Solidifying eBay as the trusted destination for pre-loved, branded fashion products, through full-funnel marketing including earned media reach with our cast of eBay influencers and partnership with Condé Nast. © 2025 eBay | Business & Financial Highligh

  7. Slide 7: New eBay AI-Powered Discovery Experience

    New eBay Al + Powered Discovery Experience Personalized to the brands and sizes you shop ao) i — A Fie Fave Vintage curated by your a VOGUE SHOPPING © 2025 eBay | Business & Financial Highlights QV’25

  8. Slide 8: New Simplified Listing Flow

    New Simplified Listing Flow Powered by Magical Listing technology Now live for C2C sellers* Higher completion rates Faster average time spent on listing Increased sold items & GMV per seller 90%+ customer satisfaction a © 2025 eBay | Business & Financial Highlights QI'25 * Ramped to 100% of C2C sell

  9. Slide 9: Enhancing Buyer Choice With Financial Services

    Enhancing Buyer Choice With Financial Services 9:1 Por < Checkout Buy now, pay later with Kiarna. It's flexible, Wier e secure, and hassle free. Ship to ‘Ansell Yuen 2065 Hamilton Ave > ‘San Jose, CA 95125-5904 Pay with @ Kiana instaliments (New 4 interest-free payments of $207.56 or other options a

  10. Slide 10: Financial Highlights

    ebay Financial Highlights

  11. Slide 11: Q1'25 Results

    Q1’25 Results GMV $18.3 - $18.6 GUIDANCE ACTUALS $18.8 . ae (2)% - O% spot % spot (in billions) 0% - 1% FXN 2% FXN (1)% - 1% organic FXN 2% organic FXN Revenue | $2:52- $2.56 $2.58 (1)% - O% spot 1% spot (in billions) (1)% - 1% FXN 2% FXN (1)% - 0% organic FXN 1% organic FXN Non-GAAP Op Margin 29.0%

  12. Slide 12: GMV

    GMV ($ billions, Y/Y FXN growth) 18.6 18.6 18.4 18.3 19.3 18.8 Key 0% 1% s 3% 2% @ International GMV © usamv 9.6 2% Q4 23 Q124 Q2 24 Q3 24 Q424 Q125 ( Organic FXN 0% 0% % % 2% 2% ) © 2025 eBay | Business & Financial Highlights Q’25 All reported results are from continuing operations 2

  13. Slide 13: Revenue

    Revenue ($ millions, Y/Y FXN growth) Key @ Revenue O Take Rate Q4 23 Q124 Q2 24 Q3 24 Q4.24 Q125 ( Organic FXN 3% 2% 2% 3% 1% % © 2025 eBay | Business & Financial Highlights QV25 Reconciliation of Organic FXN revenue is included in the Appendix of this presentation All reported results are from cont

  14. Slide 14: Advertising Revenue

    Advertising Revenue ($ millions, Y/Y FXN growth) 442 424 13% Ke v 12% @ IP Ads Revenue @ 3P Ads Revenue © Off-Platform Ads* SS Off-P Ads Baseline* Q4.23 Ql2. Q2 24 Q3 24 Q4 24 Q125 1P vs. GMV +30pts +28pts +Tipts +13pts +13pts +12pts GMV Penetration 2.2% 2.1% 2.2% 2.3% 2.4% 2.4% * In QV25, we began

  15. Slide 15: Non-GAAP Expenses

    Non-GAAP Expenses (% of revenue) Cost of Revenue Q124 Q125 Depreciation policy change and higher traffic acquisition costs, partially offset by lower cost of payments. © 2025 eBay | Business & Financial Highlights QV'25 erating Expense at 42.9%, dow! ) pts Y/Y Sales & Marketing Product Development G

  16. Slide 16: Non-GAAP Operating Income & Margin

    Non-GAAP Operating Income & Margin ($ millions) 7714 77 Key [| Non-GAAP Operating Income oO Non-GAAP Operating Margin Q4 23 Q124 Q2 24 Q3 24 Q424 Q125 ( Operating Income Y/Y (9)% 4% 5% 6% 2% ()% ) © 2025 eBay | Business & Financial Highlights Q’25 Reconciliations of Non-GAAP operating income and mar

  17. Slide 17: Non-GAAP Earnings Per Share

    Non-GAAP Earnings Per Share $1.07 0% Q4 23 Q124 Q2 24 Q3 24 Q4 24 Q125 GAAP EPS $1.40 $0.85 $0.45 $1.29 $1.40 $1.06 GAAP Y/Y 13% (19)% 39% (48)% 0% 25% © 2025 eBay | Business & Financial Highlights Ql’25 Reconciliation of Non-GAAPearnings per share is included in the Appendix of this presentation v7

  18. Slide 18: Free Cash Flow

    Free Cash Flow ($ millions) 646 644 a 560 oo 472 (33)% 278 (43)% (3) Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q125 CapEx % of Rev 5% 6% 3% 4% 5% 6% FCF % of Rev " 18% 11% 25% 22% 25% © 2025 eBay | Business & Financial Highlights Q’’'25 ** Not meaningful 18 Reconciliation of Free Cash Flow (FCF) is included in

  19. Slide 19: Capital Returns

    Capital Returns ($ millions) 1,135 Key 1,028 @ Stock Repurchases @ Cash Dividend 881 128 131 759 379 900 750 Q4 23 Ql) 24 Q2 24 Q3 24 Q4 24 Ql 25 ( Avg. Diluted Shares* 521 519 507 494 485 475 ) Approximately $2.7B repurchase authorization remaining as of March 31, 2025 © 2025 eBay | Business & Fina

  20. Slide 20: Cash & Debt

    Cash & Debt ($ billions) Targets + Maintain current BBB+ rating * Targeting mid-term leverage of approximately Net Debt 1.5x net debt and gross debt below 3.0x EBITDA Q1’25 Ending Cash . , . . & Investments* * Targeting mid-term minimum cash & investment balance of approximately $3.5B ° ° Credit Rat

  21. Slide 21: Q2'25 Guidance

    Q2’25 Guidance GMV $18.6 - $19.1 1%-4% spot GUIDANCE CONTEXT Continued execution of strategic initiatives, tempered by macroeconomic uncertainty and trade policy changes Headwind of ~50 bps Y/Y due to the timing of Easter (in billions) (1)p6 - 2% FXN + Expect Goldin to contribute ~20 bps of Y/Y grow

  22. Slide 22: 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 tailwind of ~100 bps to spot GMV growth Revenue growth modestly higher than GMV ona Y/Y FXN basis; FX expected to be a tailwind of ~ 110 bps to spot revenue growt

  23. Slide 23: Appendix

    Appendix © 2025 eBay | Business & Financial Highlights Q’25

  24. Slide 24: GAAP to Non-GAAP Quarterly Reconciliations

    GAAP to Non-GAAP Quarterly Reconciliations Operating Margin GAAP operating income Stock-based compensation expense and related employer payroll taxes Amortization of acquired intangible assets within cost of net revenues and operating expenses Restructuring Legal matters Other general and administra

  25. Slide 25: GAAP to Non-GAAP Quarterly Reconciliations

    GAAP to Non-GAAP Quarterly Reconciliations Net Income / EPS Three months ended December 31, March 31, June 30, September 30, December 31, March 31, 2023 2024 2024 2024 2024 2025 {in millions, except per share data) GAAP Income from continuing operations $ 728 $ 439 $ 226 $ 636 $ 680 $ 505 Stock-base

  26. Slide 26: Non-GAAP EPS to GAAP EPS bridge

    Non-GAAP EPS Stock-based Investments** / GAAP EPS compensation* & Tax Rate / Other Amortization

  27. Slide 27: GAAP to Non-GAAP Quarterly Reconciliations

    GAAP to Non-GAAP Quarterly Reconciliations Statement of Income ‘Three Months Ended March 31, 2025 ‘Three Months Ended March 31, 2024 Reported Non-GAAP Entries Non-GAAP Reported Non-GAAP Entries Non-GAAP {in millions, except per share data and percentages) Net revenues $ 2,585 $ = $ 2,585 2,556 $ = 2

  28. Slide 28: Calculation of Free Cash Flow

    Calculation of Free Cash Flow Net cash provided by continuing operating activities Less: Purchases of property and equipment, net Free cash flow from continuing operations Repatriation Tax Payment Schedule 1025 eBay | Business & Financial Highlights QV'25 Calculations of Free Cash Flow Three months

  29. Slide 29: Reconciliation of Total Revenue

    Reconciliation of Total Revenue Three months ended December 31, March 31, June 30, September 30, December 31, March 31, 2023 2024. 2024. 2024 2024 2025 (in millions) Net revenues") $ 2,562 $ 2,556 $ 2,572 $ 2,576 $ 2,579 $ 2,585 (I) Hedge gain/(loss) $ ms (0) $ (10) $ ms (23)$ 8 (2) Foreign currency

  30. Slide 30: Reconciliation of Organic FX-Neutral Revenue

    Reconciliation of Organic FX-Neutral Revenue Three months ended December 31, March 31, June 30, September 30, December 31, March 31, 2023 2024 2024 2024 2024 2025 As Reported Revenue Growth 2% 2% 1% 3% 1% 1% Acquisition/Disposition Impact —% —% —% —% —% —% Foreign Currency Impact 1% =% 1% =% =% =% O

  31. Slide 31: Calculation of Period-End Fully Diluted Share Count

    Calculation of Period-End Fully Diluted Share Count Three months ended December 31, March 31, ‘June 30, September 30, December 31, March 31, 2023 2024. 2024 2024 2024 2025 (in millions) Quarter-end common shares outstanding 517 509 496. 482 an 463 Quarter-end shares underlying outstanding RSUs 24 20

  32. Slide 32: Reconciliation of GAAP Net Income to Adjusted EBITDA

    Reconciliation of GAAP Net Income from continuing operations to Adjusted EBITDA Reconciliation of GAAP Net income from continuing operations to Adjusted EBITDA Three months ended December 31, March 31, June 30, September 30, December 31, March 31, 2023 2024 2024. 2024 2024 2025 (in millions) GAAP Ne

  33. Slide 33: Leverage Ratio Summary

    Leverage Ratio Summary Leverage Ratio Summary ‘Three months ended December 31, March 31, June 30, September 30, December 31, March 31, 2023 2024 2024 2024. 2024 2025 (in millions, except ratios) Adjusted EBITDA (trailing twelve months) $ 2,553 $ 2,536 $ 2,547 $ 2,579 $ 2,577 $ 2,580 Gross Debt (1) $

  34. Slide 34: GAAP to Non-GAAP Reconciliations Guidance

    GAAP to Non-GAAP Reconciliations Guidance 2025 eBay | Business & Three Months Ending June 30, 2025 (in billions, except per share amounts) GAAP Non-GAAP (a) Net Revenue $2.59 - $2.66 $2.59 - $2.66 Diluted EPS $0.87 - $0.94 $1.24 - $1.31 (a) Estimated non-GAAP amounts above for the three months endin

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