Slide 1: Q1'24 Business & Financial Highlights
ebay Q1’24 Business & Financial Highlights May 1, 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 Highlights
Business Highlights 3 | Business & Financial Highlights QV’'24 | © 2024 eBay. All rights reserved.
Slide 4: Q1'24 Highlights
Q1’24 Highlights Gross Merchandise Volume Revenue Non-GAAP Operating Margin Non-GAAP EPS Enthusiast Buyers* 4| Business & Financial Highlights QI'24 | © 2024 eBay. All rights reserved. ebay
Slide 5: Focus Categories
Focus Categories P&A: P&A: | Trading Cards: Fitment Shopping Experience ir Selling Experience ~5B pieces of incremental Started rolling out content Launched a simplified listing Fitment data added to date for new ‘Motors DIY Guides’ flow for sports trading cards 5 | Business & Financial Highlights Q
Slide 6: eBay & Collectors
eBay & Collectors Goldin Collectors FSA Enhances eBay's marketplace offering by expanding the range of inventory available and opens up an expansive global audience for Goldin sellers. Reduces friction in the authentication and grading of trading cards through commercial agreements with Collectors &
Slide 7: eBay Live
eBay Live ‘Live Now’ Carousel eBay Live Foryou —Collactles——_Lunuy Live now seoat co of, ee Johnpleys Picked for you Personalized Recommendations Picked for you EASTERSUNDAYRIPS — Moneter Pull Monday w/ W/IASONINFLPYDL. Game Time Carc! Co, 1 F008, 76m $1Singee/Slebs/Packs Lindale Spring ks ‘ond More
Slide 8: AI-Driven Fashion Experiences
Al-Driven Fashion Experiences Launched Explore beta (UK) Launched Shop the Look on iOS (US & UK) Explore = {Shop the look < Shop the ook Business casual Shop similar tops Capsule closet essentials op intron “ (iis a @® 8| Business & Financial Highlights Ql'24 |© 2024 eBay. All rights reserved. ebay
Slide 9: Continued Advertising Momentum in Q1'24
Continued Advertising Momentum in Q’V’24 +20% Y/Y ebay severe ee Total ads FXN revenue growth “| ebay Offsite Ads F “| ~~| Increase external traffic to your listings with Offsite Ads +28% Y/Y 1P ads* FXN revenue growth 3M+ Sellers adopted an ad product 950M+ Live Promoted Listings** $9,493.49 Used 4
Slide 10: Q1'24 Impact
Q?’’24 Impact ~$46M Raised by eBay for Charity >360 Events Hosted by eBay’s Communities of Inclusions* >100% Gender pay ratio globally* 10| Business & Financial Highlights Q''24 | © 2024 eBay. All rights reserved.
Slide 11: Financial Highlights
Financial Highlights 11| Business & Financial Highlights QI’24 | © 2024 eBay. All rights reserved.
Slide 12: Q1'24 Results
Q1’24 Results GMV $18.2 - $18.5 $18.6 (in billions) OMe DN One BxN Revenue $2.50 - $2.54 $2.56 (in billions) Onan DN 256 XN Non-GAAP | 29.6% - 30.0% 30.3% Op Margin Non-GAAP | $1.19 - $1.23 $1.25 EPS 7% - 1% 13% 12| Business & Financial Highlights QI'24 |© 2024 eBay. All rights reserved.
Slide 13: GMV
GMV ($ billions, Y/Y FXN growth) 18.6 18.6 Key lee 0% @ International GMV / usamv Q4 22 Q123 Q2 23 Q3 23 Q4 23 Q124 ( Organic FXN (6)% (3)% ()% ()% 0% 0% 13| Business & Financial Highlights Q''24 | © 2024 eBay. All rights reserved.
Slide 14: Revenue
Revenue ($ millions, Y/Y FXN growth) 2,500 2,562 2,556 Key 5% 2% 2% @ Revenue O Take Rate 13.9% 13.8% e e Q4 22 Q123 Q2 23 Q3 23 Q4 23 Q124 ( Organic FXN (I)% 2% 5% 4% 3% 2% 14| Business & Financial Highlights Q’'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 319 19% 366 24% 393 20% 384 20% Q4 22 Ql 23 Q2 23 Q3 23 Q4 23 Ql) 24 1P vs. GMV +33pts +33pts +50pts +36pts +30pts +28pts GMV Penetration 1.8% 1.7% 2.0% 2.0% 2.1% 2.1% 15 | Business & Financial Highlights QI'24 |
Slide 16: Non-GAAP Expenses
Non-GAAP Expenses (% of revenue) Cost of Revenue Ql23) Ql24 Lower depreciation and cost of payment processing offset by elS* and Offsite Ads spend Operating Expense at 43.0%, dow Sales & Marketing Product Development 19.6% Ql23) Q124 Ql23) Q124 Higher Focus Category Improved efficiency from Marketin
Slide 17: Non-GAAP Operating Income & Margin
Non-GAAP Operating Income & Margin ($ millions) 714 Key 750 744 [| Non-GAAP Operating Income oO Non-GAAP Operating Margin Q4 22 Q123 Q223 Q3 23 Q4 23 Q124 17| Business & Financial Highlights Q''24 |® 2024 eBay. All rights reserved
Slide 18: Non-GAAP Earnings Per Share
Non-GAAP Earnings Per Share $1.25 13% 1.03 1.03 $1.07 J 5% : 3% os Q4 22 Q123 Q223 Q3 23 Q4 23 Q124 GAAP EPS $1.23 $1.05 $0.32 $2.46 $1.40 $0.85 GAAP Y/Y “ ” ” 13% (19)% 18| Business & Financial Highlights QI'24 | © 2024 eBay. All rights reserved
Slide 19: Free Cash Flow
Free Cash Flow ($ millions) 777 23% 472 (33)% (3) Q4 22 Q123 Q2 23 Q3 23 Q4 23 Q124 CapEx % of Rev 6% 5% 6% FCF % of Rev 21% ” 18% 19 | Business & Financial Highlights Q’'24 | © 2024 eBay. All rights reserved.
Slide 20: Capital Returns
Capital Returns ($ millions) 783 Key @ Stock Repurchases 638 @ Dividend ae 384 383 379 134 133 250 250 Q4 22 Q123 Q2 23 Q3 23 Q4 23 Q124 ( Avg. Diluted Shares* 544 54l 537 532 521 519 ) Approximately $2.9B repurchase authorization remaining as of March 31, 2024 20| Business & Financial Highlights QI
Slide 21: Cash & Debt
Cash & Debt ($ 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 long-term cash and investment Gi olelnle Ti \Ooktn balance of approximately $3.5B and Investments* Credit Ratios + 14x ne
Slide 22: Investments
Investments Adevinta adyem Gmarket $4.2B 404M shares 33% current ownership Deal received final regulatory clearance and expected to close on May 29, 2024, subject to closing conditions $0.5B Warrant acquired in Q2’18 (7 yr term, up to 5% ownership) Warrant value based on probability of vesting 3 rem
Slide 23: Q2'24 Guidance
Q2’24 Guidance GUIDANCE CONTEXT _ * Continued execution of strategy drives underlying growth GMV $17.8 - $18.2 * Dynamic macro environment for discretionary spending (in billions) (2)%- O% FXN * FX headwind of ~0.5 pts Y/Y and ~1 pt Q/Q + Advertising deceleration Y/Y due to lapping halo Revenue $2.4
Slide 24: FY'24 Context
FY’24 Context GMV & Revenue Non-GAAP Op Margin * Assume unchanged macro, expect Y/Y FXN GMV to turn positive in Q3 or Q4 of 2024 * Expect revenue growth to outpace GMV by ~2 pts onan FXN basis * Take rate expansion primarily driven by 1P ads revenue growth, with ads recovery in H2 Expect non-GAAP op
Slide 25: Appendix
Appendix 28 | Business & Financial Highlights QU’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 December 31, March 31, June 30, September 30, December 31, March 31, 2022 2023 2023 2023 2023 2024 Tn millions, except percentages) GAAP operating income $ 565 $ 558 $ 518 $ 455 $ 410 $ 63) ‘Stock-based compensation expen
Slide 27: GAAP to Non-GAAP Quarterly Reconciliations
GAAP to Non-GAAP Quarterly Reconciliations Net Income / EPS Three months ended December 31, June 30, September 30, December 31, March 31, 2022 2023 2023 2023 2024 {in millions, except per share data) GAAP income (loss) from continuing operations $ on $ 569 $ v2 $ 1,306 $ 728 $ 439 Stock-based ‘compe
Slide 28: Non-GAAP EPS Reconciliation
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 March 31, 2024 ‘Three Months Ended March 31, 2023 Non-GAAP Entries Non-GAAP Reported Non-GAAP Entries Non-GAAP (in millions, except per share data and percentages) Net revenues 2,556 $ = $ 2,556 $ 2510 $ S 2,510 Cost
Slide 30: 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 Three months ended December 31, March 31, June 30, September 30, December 31, March 31, 2022 2
Slide 31: Reconciliation of Total Revenue
Reconciliation of Total Revenue Net revenues"? (1) Hedge gain/(loss) (2) Foreign currency impact Three months ended December 31, March 31, June 30, September 30, December 31, March 31, 2022 2023 2023 2023 2023 2024 {in millions) 2510 $ 2,510 $ 2,540 $ 2,500 $ 2,562 $ 2,556 89 $ 29 $ 4 $ 2$ n$ (10) (
Slide 32: 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, 2022 2023 2023 2023 2023 2024 As Reported Revenue Growth (4)% 1% 5% 5% 2% 2% Acquisition/Disposition Impact —% ()% (% ()% -% —% Foreign Currency Impact 3% 2% 1% —% 1%
Slide 33: 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, 2022 2023 2023 2023 2023 2024 {in millions) Quarter-end common shares outstanding 539 536 533 520 517 509 Quarter-end shares underlying outstanding RSUs 2 18 27
Slide 34: GAAP to Non-GAAP Reconciliations Guidance
GAAP to Non-GAAP Reconciliations Guidance Three Months Ending June 30, 2024 (in billions, except per share amounts) GAAP Non-GAAP (a) Net Revenue $2.49 - $2.54 $2.49 - $2.54 Diluted EPS $0.76 - $0.81 $110 - $1.15 (a) Estimated non-GAAP amounts above for the three months ending June 30, 2024 reflect
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