eBay said net revenues rose to $10.1 billion in 2022 from $9.8 billion in 2023, an increase of 3%, and that FX-Neutral net revenues rose 4% over 2022. Operating margin fell to 24.0% in 2023 from 19.2% in 2022.

10-KAnnual reportFiled Feb 28, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

eBay said net revenues rose to $10.1 billion in 2022 from $9.8 billion in 2023, an increase of 3%, and that FX-Neutral net revenues rose 4% over 2022. Operating margin fell to 24.0% in 2023 from 19.2% in 2022.
The company said it announced its support for the voluntary tender offer led by Permira and Blackstone for Adevinta in 2023. It said it agreed to sell 50% of its holdings for about $2.2 billion and to exchange the rest for an stake of about 20% in the newly privatized company. The transaction remains subject to closing conditions and is expected to close in Q2 2024.
eBay said cash flow from continuing operating activities was $2.4 billion in 2023, compared with $2.6 billion in 2022. The company also said it repurchased $1.4 billion of common stock and paid $528 million in cash dividends in the same year.
eBay said it recorded aggregate gains of $1.8 billion on equity investments and its warrant in its consolidated statement of income in 2023, compared with aggregate losses of $3.8 billion in 2022. The company cited changes in the fair value of its equity investments in Adevinta, Gmarket and KakaoBank, and of the warrant, as the drivers of the change.

Key figures

Fiscal year ended December 31, 2023

Revenue: $10.1B
Operating income: $1.9B
Net income: $2.8B
EPS: $5.19
Gross profit: $7.3B
Operating cash flow: $2.4B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

2023 Net Revenues $10.1 billion, Operating Margin 19.2%

eBay said net revenues rose to $10.1 billion in 2022 from $9.8 billion in 2023, an increase of 3%, and that FX-Neutral net revenues rose 4% over 2022. Operating margin fell to 24.0% in 2023 from 19.2% in 2022.

Source · Based on the MD&A text of the filing

Adevinta Transaction structure and timing of completion

The company said it announced its support for the voluntary tender offer led by Permira and Blackstone for Adevinta in 2023. It said it agreed to sell 50% of its holdings for about $2.2 billion and to exchange the rest for an stake of about 20% in the newly privatized company. The transaction remains subject to closing conditions and is expected to close in Q2 2024.

Source · Based on the MD&A text of the filing

2023 Operating Cash Flow and Capital Returns

eBay said cash flow from continuing operating activities was $2.4 billion in 2023, compared with $2.6 billion in 2022. The company also said it repurchased $1.4 billion of common stock and paid $528 million in cash dividends in the same year.

Source · Based on the MD&A text of the filing

Changes in Gains and Losses on Equity Investments and Warrant

eBay said it recorded aggregate gains of $1.8 billion on equity investments and its warrant in its consolidated statement of income in 2023, compared with aggregate losses of $3.8 billion in 2022. The company cited changes in the fair value of its equity investments in Adevinta, Gmarket and KakaoBank, and of the warrant, as the drivers of the change.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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