2023 Q1 Form 10-K Financial Statement

#000106508823000006 Filed on February 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $2.510B $2.510B $9.795B
YoY Change 1.09% -3.94% -6.0%
Cost Of Revenue $700.0M $681.0M $2.680B
YoY Change 1.6% -1.87% 1.13%
Gross Profit $1.810B $1.829B $7.115B
YoY Change 0.89% -4.69% -8.43%
Gross Profit Margin 72.11% 72.87% 72.64%
Selling, General & Admin $808.0M $842.0M $3.099B
YoY Change 14.77% 9.07% 0.26%
% of Gross Profit 44.64% 46.04% 43.56%
Research & Development $352.0M $340.0M $1.330B
YoY Change 16.94% 0.89% 0.38%
% of Gross Profit 19.45% 18.59% 18.69%
Depreciation & Amortization $107.0M $107.0M $442.0M
YoY Change -9.32% -12.3% -8.87%
% of Gross Profit 5.91% 5.85% 6.21%
Operating Expenses $1.252B $1.183B $4.765B
YoY Change 13.61% 6.67% -1.69%
Operating Profit $558.0M $646.0M $2.350B
YoY Change -19.36% -20.25% -19.6%
Interest Expense $172.0M $264.0M $235.0M
YoY Change -107.35% -114.28% -12.64%
% of Operating Profit 30.82% 40.87% 10.0%
Other Income/Expense, Net -$3.000M
YoY Change -103.33%
Pretax Income $730.0M $829.0M -$1.601B
YoY Change -144.27% -171.4% -502.26%
Income Tax $161.0M $158.0M -$327.0M
% Of Pretax Income 22.05% 19.06%
Net Earnings $567.0M $672.0M -$1.269B
YoY Change -142.28% -65.87% -109.33%
Net Earnings / Revenue 22.59% 26.77% -12.96%
Basic Earnings Per Share $1.06 -$2.27
Diluted Earnings Per Share $1.05 $1.24 -$2.27
COMMON SHARES
Basic Shares Outstanding 536.9M shares 542.7M shares 558.0M shares
Diluted Shares Outstanding 541.0M shares 558.0M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.870B $7.435B $7.435B
YoY Change 23.81% 1.84% 1.84%
Cash & Equivalents $2.082B $2.154B $2.154B
Short-Term Investments $4.788B $5.281B $5.281B
Other Short-Term Assets $949.0M $880.0M $880.0M
YoY Change -17.76% -20.51% -14.65%
Inventory
Prepaid Expenses $115.0M $120.0M
Receivables $80.00M $90.00M $90.00M
Other Receivables $823.0M $885.0M $885.0M
Total Short-Term Assets $8.598B $9.290B $9.290B
YoY Change 17.0% 1.96% 1.96%
LONG-TERM ASSETS
Property, Plant & Equipment $1.235B $1.238B $1.751B
YoY Change 3.61% 0.16% 14.82%
Goodwill $4.287B $4.262B
YoY Change 3.53% 2.01%
Intangibles
YoY Change
Long-Term Investments $1.657B $0.00 $1.784B
YoY Change -72.2% -100.0% -77.6%
Other Assets $630.0M $581.0M $3.763B
YoY Change 16.02% -1.69% -1.95%
Total Long-Term Assets $11.41B $11.56B $11.56B
YoY Change -27.03% -34.0% -34.0%
TOTAL ASSETS
Total Short-Term Assets $8.598B $9.290B $9.290B
Total Long-Term Assets $11.41B $11.56B $11.56B
Total Assets $20.00B $20.85B $20.85B
YoY Change -12.95% -21.69% -21.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $280.0M $261.0M $1.029B
YoY Change 14.29% -0.38% 292.75%
Accrued Expenses $1.829B $1.832B $1.832B
YoY Change 0.88% -0.87% -0.87%
Deferred Revenue $45.00M $34.00M
YoY Change 18.42% -56.96%
Short-Term Debt $0.00 $1.150B $0.00
YoY Change -15.13%
Long-Term Debt Due $0.00 $1.150B $1.150B
YoY Change -100.0% -15.13% -15.13%
Total Short-Term Liabilities $3.206B $4.271B $4.271B
YoY Change -35.65% -7.59% -7.59%
LONG-TERM LIABILITIES
Long-Term Debt $7.721B $7.721B $7.721B
YoY Change 17.38% -0.08% 0.01%
Other Long-Term Liabilities $1.069B $1.042B $1.460B
YoY Change -9.71% -11.92% 5.04%
Total Long-Term Liabilities $1.069B $8.763B $9.181B
YoY Change -9.71% -1.65% 0.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.206B $4.271B $4.271B
Total Long-Term Liabilities $1.069B $8.763B $9.181B
Total Liabilities $14.62B $15.70B $15.70B
YoY Change -8.22% -6.83% -6.83%
SHAREHOLDERS EQUITY
Retained Earnings $34.74B $34.32B
YoY Change 0.37% -4.92%
Common Stock $2.000M $2.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $46.95B $46.70B
YoY Change 4.79% 7.68%
Treasury Stock Shares 1.186B shares
Shareholders Equity $5.387B $5.153B $5.153B
YoY Change
Total Liabilities & Shareholders Equity $20.00B $20.85B $20.85B
YoY Change -12.95% -21.69% -21.69%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $567.0M $672.0M -$1.269B
YoY Change -142.28% -65.87% -109.33%
Depreciation, Depletion And Amortization $107.0M $107.0M $442.0M
YoY Change -9.32% -12.3% -8.87%
Cash From Operating Activities $841.0M $684.0M $2.254B
YoY Change 37.19% 133.45% -15.17%
INVESTING ACTIVITIES
Capital Expenditures $132.0M $153.0M $449.0M
YoY Change 59.04% -248.54% 1.13%
Acquisitions $208.0M
YoY Change
Other Investing Activities $28.00M -$1.141B $71.00M
YoY Change -1033.33% -139.51% -1875.0%
Cash From Investing Activities $701.0M -$1.294B $2.461B
YoY Change -60.44% -146.46% -32.81%
FINANCING ACTIVITIES
Cash Dividend Paid $134.0M $489.0M
YoY Change 3.88% 4.94%
Common Stock Issuance & Retirement, Net $3.056B
YoY Change -56.1%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.388B 744.0M -$3.792B
YoY Change -28.89% -122.63% -41.95%
NET CHANGE
Cash From Operating Activities $841.0M 684.0M $2.254B
Cash From Investing Activities $701.0M -1.294B $2.461B
Cash From Financing Activities -$1.388B 744.0M -$3.792B
Net Change In Cash $159.0M 134.0M $866.0M
YoY Change -61.69% -164.11% -560.64%
FREE CASH FLOW
Cash From Operating Activities $841.0M $684.0M $2.254B
Capital Expenditures $132.0M $153.0M $449.0M
Free Cash Flow $709.0M $531.0M $1.805B
YoY Change 33.77% 34.09% -18.44%

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<div style="padding-left:13.5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="padding-left:11.25pt;text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction losses, legal contingencies, income taxes, revenue recognition, stock-based compensation, investments, goodwill and the recoverability of intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.</span></div>
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<div style="padding-left:13.5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of credit risk </span></div><div style="text-align:justify;text-indent:24.75pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our cash, cash equivalents, accounts receivable, customer accounts and funds receivable, available-for-sale debt securities and derivative instruments are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with financial institutions that management believes are of high credit quality. Our accounts receivable are derived from revenue earned from customers. In each of the years ended December 31, 2022, 2021 and 2020, no customer accounted for more than 10% of net revenues. Our derivative instruments expose us to credit risk to the extent that our counterparties may be unable to meet the terms of the agreements.</span></div>
CY2022 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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CY2021 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
252000000 usd
CY2020 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
2487000000 usd
CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
5000000 usd
CY2021 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
13356000000 usd
CY2020 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
3180000000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-1269000000 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
13608000000 usd
CY2020 us-gaap Net Income Loss
NetIncomeLoss
5667000000 usd
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
558000000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
652000000 shares
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
710000000 shares
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
11000000 shares
CY2020 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
8000000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
558000000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
663000000 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
718000000 shares
CY2022 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-2.28
CY2021 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.39
CY2020 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
3.50
CY2022 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
0.01
CY2021 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
20.48
CY2020 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
4.48
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.27
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
20.87
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
7.98
CY2022 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-2.28
CY2021 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.38
CY2020 us-gaap Income Loss From Continuing Operations Per Diluted Share
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3.46
CY2022 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
0.01
CY2021 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
20.16
CY2020 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
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4.43
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.27
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
20.54
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
7.89
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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13000000 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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5000000 shares
CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2021 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2022 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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CY2021 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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CY2021Q4 us-gaap Goodwill
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CY2022Q4 us-gaap Goodwill
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CY2021 us-gaap Goodwill Impairment Loss
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0 usd
CY2022 us-gaap Goodwill Impairment Loss
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2022 us-gaap Number Of Reportable Segments
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CY2022 us-gaap Number Of Operating Segments
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CY2021Q4 us-gaap Noncurrent Assets
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CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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CY2022Q4 us-gaap Restricted Cash Current
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CY2022Q4 ebay Available For Sale Securities Debt Maturities After One Through Two Years Fair Value
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CY2022Q4 ebay Available For Sale Securities Debt Maturities After Two Through Three Years Fair Value
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CY2022Q4 ebay Available For Sale Securities Debt Maturities After Three Through Four Years Fair Value
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CY2022Q4 ebay Available For Sale Securities Debt Maturities After Four Through Five Years Fair Value
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CY2022Q4 ebay Available For Sale Securities Debt Maturities After Five Years Fair Value
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CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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CY2022Q4 us-gaap Equity Securities Fv Ni And Without Readily Determinable Fair Value
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CY2021Q4 us-gaap Equity Securities Fv Ni And Without Readily Determinable Fair Value
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CY2021Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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CY2020Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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EquitySecuritieswithoutReadilyDeterminableFairValueAdditions
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CY2022 ebay Equity Securities Without Readily Determinable Fair Value Transfers Out
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CY2022 us-gaap Equity Securities Fv Ni Realized Gain Loss
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CY2021 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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CY2022Q4 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
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CY2022Q4 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2022Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
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CY2021Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
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CY2022Q4 us-gaap Derivative Notional Amount
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4322000000 usd
CY2021Q4 us-gaap Derivative Notional Amount
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CY2022Q4 ebay Allowance For Doubtful Accounts Receivable And Authorized Credits
AllowanceForDoubtfulAccountsReceivableAndAuthorizedCredits
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CY2021Q4 ebay Allowance For Doubtful Accounts Receivable And Authorized Credits
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2022 us-gaap Contract With Customer Liability Revenue Recognized
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q4 ebay Cash And Cash Equivalents From Customer Accounts
CashAndCashEquivalentsFromCustomerAccounts
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CY2021Q4 ebay Cash And Cash Equivalents From Customer Accounts
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CY2022Q4 us-gaap Restricted Cash Current
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CY2022Q4 ebay Transaction Loss Reserve Current
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