Slide 1: Q2'24 Business & Financial Highlights
ebay Q2’24 Business & Financial Highlights July 31, 2024
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 & Financial Highlights Q2'24
3 | Business & Financial Highlights Q2’24 | © 2024 eBay. All rights reserved.
Slide 4: Q2'24 Highlights
Q2’24 Highlights $18.4B Gross Merchandise Volume $2.6B Revenue 27.9% Non-GAAP Operating Margin $1.18 Non-GAAP Diluted EPS 16 Million Enthusiast Buyers* 4| Business & Financial Highlights Q2'24 |® 2024 eBay. All rights reserved.
Slide 5: Focus Categories
Focus Categories Collectibles Refurb Authenticity Guarantee Welcomed Goldin Auctions Expanded partnerships Authenticated 10 millionth item ebay x dyson Refurbished Dyson Blow-Out Bar ING «COLLECTIBLES conty on JUNE 12 5 | Business & Financial Highlights Q2'24 | © 2024 eBay. All rights reserved
Slide 6: eBay's Q2 Marketing Moments
eBay's Q2 Marketing Moments , MET GALA 6 | Business & Financial Highlights Q2'24 | © 2024 eBay. All rights reserved
Slide 7: Improved UK Pre-Owned Apparel Selling Experience
Improved UK Pre-Owned Apparel Selling Experience +20 pt increase in CSAT for C2C sellers when using the new selling flow* Select delivery options Parcel size 7 [Business & Financial Highlights Q2'24 | © 2024 eBay. All rights reserved. 7
Slide 8: Advertising
Advertising +8% Y/Y Total ads FXN revenue growth +12% Y/Y 1P ads* FXN revenue growth ~3.1M Sellers adopted an ad product ~1B Live Promoted Listings** 8 | Business & Financial Highlights Q2'24 | © 2024 eBay. All rights reserved. Advertising dashboard What'snew Talktoanexpert Give us feedback Today’s
Slide 9: Financial Services Expansion
Financial Services Expansion Added Venmo as a payment method Expanded seller capital offering with Liberis Venmo is now — on eBay! : saci + Source more inventory, ‘and moré with fundil Capital partners, 9 | Business & Financial Highlights Q2'24 | © 2024 eBay. All rights reserved.
Slide 10: Q2'24 Impact
Q2’24 Impact 2023 Impact Report Forbes QZ] BEST EMPLOYERS FOR NEW GRADS POWERED BY STATISTA \ Re Re Re jate Recommerce Re nnect cB ¥ eimagine od Report 2024 Ralnvent Pa Reuse Re % Ny Re ns L pan 10 | Business & Financial Highlights Q2'24 |© 2024 eBay. All rights reserved
Slide 11: Financial Highlights
Financial Highlights 11 | Business & Financial Highlights Q2’24 | © 2024 eBay. All rights reserved.
Slide 12: Q2'24 Results
Q2’24 Results GUIDANCE ACTUALS 17.8 - $18.2 18.4 GMV $ 7-8 - Sit $18.4 (in billions) (2)% - 0% FXN 1% EXN 1% organic FXN 2.49 - $2.54 2.57 Revenue $ 49 - $2 $2 5 (in billions) (1)% - 1% FXN 2% FXN 2% organic FXN NorAAP | 26.9% - 27.6% 27.9% p Margin Non-GAAP $1.10 - $1.15 $1.18 Diluted EPS 626-1 18%
Slide 13: GMV
GMV ($ billions, Y/Y FXN growth) 18.6 18.6 18.4. Key ws 1% @ International GMV / usamv Q123 Q2 23 Q3 23 Q4 23 Q124 Q2 24 ( Organic FXN (3)% (1)% (1)% 0% 0% 1% 13| Business & Financial Highlights Q2'24 | © 2024 eBay. All rights reserved.
Slide 14: Revenue
Revenue ($ millions, Y/Y FXN growth) 2,562 2,556 2,572 3% 2% 2% Key @ Revenue O Take Rate 13.8% e Q123 Q2 23 Q3 23 Q4 23 Q124 Q2 24 ( Organic FXN 2% 5% 4% 3% 2% 2% 14| Business & Financial Highlights Q2'24 | © 2024 eBay. All rights reserved.
Slide 15: Advertising Revenue
Advertising Revenue ($ millions, Y/Y FXN growth) Key @ IP Ads Revenue 6B 3P Ads Revenue 317 23% 384 398 20% Q123 Q124 1P vs. GMV +33pts +28pts +Tpts GMV Penetration 1.7% 2.1% 2.2% 15 | Business & Financial Highlights Q2'24 | © 2024 eBay. All rights reserved.
Slide 16: Non-GAAP Expenses
Non-GAAP Expenses (% of revenue) Cost of Revenue Q223 Q224 Tax related matters, traffic acquisition costs, and FX headwinds partially offset by lower cost of payments and depreciation Sales & Marketing Product Development Q223 Q224 Q223 Q224 Marketing investments Operational efficiencies partially o
Slide 17: Non-GAAP Operating Income & Margin
Non-GAAP Operating Income & Margin ($ millions) 7714 Key 744 [| Non-GAAP Operating Income oO Non-GAAP Operating Margin Q123 Q2 23 Q3 23 Q4 23 Q124 Q2 24 17| Business & Financial Highlights Q2'24 | © 2024 eBay. All rights reserved
Slide 18: Non-GAAP Earnings Per Share
Non-GAAP Earnings Per Share 1.25 én #12 $1.18 le $1.07 15% oi sos Sig Ql 23 Q2 23 Q3 23 Q4 23 Q123 Q2 24 GAAP EPS $1.05 $0.32 $2.46 $1.40 $0.85 $0.45 GAAP Y/Y ” ” ” 13% (19)% 39% 18| Business & Financial Highlights Q2'24 | © 2024 eBay. All rights reserved
Slide 19: Free Cash Flow
Free Cash Flow ($ millions) 472 (33)% 278 (43)% (3) Ql 23 Q2 23 Q3 23 Q4 23 Ql) 24 Q2 24 CapEx % of Rev 5% 4% 3% 5% 6% 3% FCF % of Rev 28% 19% 31% + 18% 1% 19 | Business & Financial Highlights Q2'24 | © 2024 eBay. All rights reserved.
Slide 20: Capital Returns
Capital Returns ($ millions) 783 638 139 384 383 379 133 499 250 Q123 Q2 23 Q3 23 Q4 23 Q124 Q2 24 1,135 Key @ Stock Repurchases @ Dividend ( Avg. Diluted Shares* 54l 537 532 521 519 507 ) Approximately $1.9B repurchase authorization remaining as of June 30, 2024 includedinthe Appendix this presenta
Slide 21: Cash & Debt
Cash & Debt ($ 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 eee leaell 3) Ce balance of approximately $3.5B and Investments* Credit Ratios * 0.9x
Slide 22: Investments
Investments Adevinta $1.9B Completed Adevinta go- private transaction Sold 227M Adevinta shares for ~$2.4B of gross proceeds $1.9B valuation for 177M shares in newly-formed private entity, Aurelia* adyen Gmarket $0.3B Warrant acquired in Q2’18 (7-yr term, up to 5% ownership) Warrant value based on p
Slide 23: Q3'24 Guidance
Q3’24 Guidance GUIDANCE CONTEXT . * Continued execution against strategic initiatives GMV $17.8 % $18.2 + Uncertain economic and regulatory environment (in billions) (16-196 PXN + FX headwind of ~10 bps Y/Y (1)% - 1% organic FXN + Expect Goldin to contribute over 30 bps Y/Y growth R $2.50 - $2.56 *
Slide 24: FY'24 Context
FY’24 Context GMV & Revenue Non-GAAP Op Margin « Assuming unchanged macro environment, expect Y/Y FXN GMV growth between 0% and 2% in Q4'24 « Revenue to grow modestly faster Y/Y than GMV on FXN basis in Q4'24, with ~30 bps tailwind to Y/Y spot revenue growth in Q4 * Expect similar IP ads rev. growth
Slide 25: Appendix
Appendix 25 | Business & Financial Highlights Q2'24 | © 2024 eBay. All rights reserved.
Slide 26: GAAP to Non-GAAP Quarterly Reconciliations
GAAP to Non-GAAP Quarterly Reconciliations Operating Margin Three months ended March 31, June 30, September 30, December 31, March 31, June 30, 2023 2023 2023 2023 2024 2024 Tn millions, except percentages) GAAP oper 558 $ 518 $ 455 $ 410 $ 631 $ 549 Stock-based compensation expense and related empl
Slide 27: 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 Restructuring Non-recurring legal matt
Slide 28: Non-GAAP EPS to GAAP EPS bridge
Non-GAAP EPS Investments* Stock-based Tax Rate / Other GAAP EPS compensation* & Amortization
Slide 29: GAAP to Non-GAAP Quarterly Reconciliations
GAAP to Non-GAAP Quarterly Reconciliations Statement of Income ‘Three Months Ended ‘Three Months Ended June 30, 2024 dune 30, 2023 Reported Non-GAAP Entries Non-GAAP Reported Non-GAAP Entries Non-GAAP (in millions, except per share data and percentages) Net revenues $ 2,572 $ 5 s 2,572 $ 2,540 $ - $
Slide 30: Calculation of Free Cash Flow
Calculation of Free Cash Flow ‘Three months ended March 31, June 30, September 30, December 31, March 31, June 30, 2023 2023 2023 2023 2024 2024 {nmilions) Net cash provided by continuing operating activities $ B41 $ 605 $ 862 $ 123 $ 65 $ 367 Less: Purchases of property and equipment, net (32) (13)
Slide 31: Reconciliation of Total Revenue
Reconciliation of Total Revenue Three months ended March 31, ‘June 30, ‘September 30, December 31, March 31, ‘June 30, 2023 2023 2023 2023 2024 2024 (in millions) Net revenues ™ $ 2510 $ 2,540 $ 2,500 $ 2,562 $ 2,556 $ 2,572 (1) Hedge gain/(loss) $ 29 $ 4S 2$ ns (10) $ (10) (2) Foreign currency impa
Slide 32: Reconciliation of Organic FX-Neutral Revenue
Reconciliation of Organic FX-Neutral Revenue Three months ended March 31, June 30, September 30, December 31, March 31, June 30, 2023 2023 2023 2023 2024 2024 ‘As Reported Revenue Growth 1% 5% 5% 2% 2% 1% Acquisition/Disposition Impact ()% ()% (0% —% —% —% Foreign Currency Impact 2% 1% —% 1% —% 1% ‘
Slide 33: Calculation of Period-End Fully Diluted Share Count
Calculation of Period-End Fully Diluted Share Count Three months ended March 31, ‘June 30, ‘September 30, December 31, March 31, ‘June 30, 2023 2023 2023 2023 2024 2024 (in milions) Quarter-end common shares outstanding 536 533 520 517 509 494, Quarter-end shares underlying outstanding RSUs 18 27 26
Slide 34: GAAP to Non-GAAP Reconciliations Guidance
GAAP to Non-GAAP Reconciliations Guidance Three Months Ending September 30, 2024 (in billions, except per share amounts) GAAP Non-GAAP (a) Net Revenue $2.50 - $2.56 $2.50 - $2.56 Diluted EPS $0.82 - $0.87 $1.15 - $1.20 (a) Estimated non-GAAP amounts above for the three months ending September 30, 20
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