01—Abstract
Summary
Summary of the 10-K/A filed May 29, 2024. Cited figures are marked; the original filing is the authoritative source.
EBAY INC's (EBAY) 10-K filing, specifically Amendment No. 1 filed on May 29, 2024, primarily serves to provide crucial financial statements for its significant equity investee, Adevinta ASA.
Investors should note that Adevinta's audited financial statements for the year ended December 31, 2023, along with prior year data, are included as Exhibit 99.01. This is a regulatory requirement due to Adevinta being a significant equity investee under Rule 3-09 of Regulation S-X, a status it held for fiscal years 2023 and 2021, but not 2022.
The filing also includes standard certifications from EBAY's CEO and CFO regarding the accuracy and completeness of its financial reporting under the Sarbanes-Oxley Act. While this amendment focuses on the Adevinta disclosures, it's important for investors to recognize that these are the financial statements of an unconsolidated entity that EBAY has a significant stake in, rather than EBAY's primary operating results or financial condition, which would typically be found in the main 10-K filing.
02—Key points
Key Highlights
- EBAY is filing an amendment to its 10-K to include audited financial statements for Adevinta ASA for the fiscal year ended December 31, 2023.
- Adevinta is considered a significant equity investee under Rule 3-09 of Regulation S-X for fiscal years 2023 and 2021.
- The filing incorporates Adevinta's financial statements for fiscal years 2023 (audited), 2022 (unaudited), and 2021 (audited).
- Standard Sarbanes-Oxley certifications (Section 302 and 906) from EBAY's CEO and CFO are included, dated May 28, 2024.
- The consent of Ernst & Young AS, the auditor for Adevinta, is filed as Exhibit 23.02.
- The filing includes the Cover Page Interactive Data File in Inline XBRL format.
- This amendment primarily addresses regulatory disclosure requirements for significant equity investees and does not represent a restatement or primary reporting of EBAY's core operational performance.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2023, eBay Inc kept $0.27.
- Revenue$10.11B100.0%
- Cost of revenue−$2.83B28.0%
- Gross profit$7.28B72.0%
- Operating costs−$5.34B52.8%
- Operating income$1.94B19.2%
- Interest, other & tax$826.0M8.2%
- Net income$2.77B27.4%
Where FY2023 revenue went
$10.11B- Other operating costs: $3.79B, 38% of revenue
- Cost of revenue: $2.83B, 28% of revenue
- Operating income: $1.94B, 19% of revenue
- R&D: $1.54B, 15% of revenue
Kept 19% as operating income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2023filed May 29, 2024Financial Statements
FY2023 against FY2022
| Line item | FY2023FY2022 | Change |
|---|---|---|
| Revenue | $10.11B$9.79B | +3.2% |
| Cost of Revenue | $2.83B$2.68B | +5.7% |
| Gross Profit | $7.28B$7.12B | +2.3% |
| R&D Expenses | $1.54B$1.33B | +16.1% |
| Operating Expenses | $5.34B$4.76B | +12.0% |
| Operating Income | $1.94B$2.35B | −17.4% |
| Interest Expense | $263.00M$235.00M | +11.9% |
| Net Income | $2.77B-$1.27B | +318.0% |
| EPS (Basic) | $5.22$-2.27 | +330.0% |
| EPS (Diluted) | $5.19$-2.27 | +328.6% |
| Shares Outstanding (Basic) | 530.00M558.00M | −5.0% |
| Shares Outstanding (Diluted) | 533.00M558.00M | −4.5% |
05—Questions
Frequently Asked Questions
What is the main purpose of this 10-K Amendment for EBAY?
The primary purpose of this amendment is to comply with SEC regulations by providing the audited financial statements of Adevinta ASA, a significant equity investee of EBAY, for the fiscal year ended December 31, 2023. This is a regulatory requirement due to EBAY's substantial investment in Adevinta.
Are the included Adevinta financial statements EBAY's primary financial results?
No, the financial statements provided are for Adevinta ASA, an entity in which EBAY holds a significant equity stake. These are not EBAY's consolidated operating results or financial condition. Investors should refer to EBAY's primary 10-K filing for the company's core performance.
Why is Adevinta considered a 'significant equity investee'?
Adevinta is considered a significant equity investee under Rule 3-09 of Regulation S-X because EBAY's investment meets certain thresholds that require separate financial disclosures for the investee company within EBAY's filings.
What years are covered by the Adevinta financial statements provided?
The filing includes Adevinta's consolidated financial statements for the fiscal years ended December 31, 2023 (audited), 2022 (unaudited), and 2021 (audited), as well as balance sheet information as of December 31, 2023 (audited) and 2022 (unaudited).
06—Continue