The Path to Sustainable
Growth at Scale
Steve Priest
Chief Financial Officer

eBay Is a Global Leader in Commerce

147M 190+ 17MBuyers© 2022 eBay. All rights reserved.
Note: Active Buyers and Active Sellers are trailing 12-month measures as of 12/31/2021.

2MarketsSellers

eBay Is Where Scaled Demand Meets Scaled Supply

60M+

1.5B+

Weekly visitors Listings
80%Organic

10% Free
10% Paid© 2022 eBay. All rights reserved.
Note: Average weekly visitors and total active listings as of 12/31/21.

3Large businesses,
small businesses& consumers

Top 5 Categories Each > $10B in Annual GMV$10B+ $10B+ $10B+ $10B+ $10B+Motors
Parts &Accessories© 2022 eBay. All rights reserved.
Note: 2021 GMV for Top 5 categories under current definition.

4Electronics

Collectibles

Home &GardenFashion

eBay Is Far Larger Than Its Vertical Competitors
eCommerce Competitors GMV | 2021, $B
$87B

$83B

~$107B Est.
MarketCap~$33B
MarketCapeBayPeersPeers© 2022 eBay. All rights reserved.
Source(s): Company reports, SEC documents, FactSet, E-commerce DB, Pitchbook, and sell-side research estimates. Mercari represents US GMV estimates only. Public company market capitalizations as of 3/5/22.
Non-public company data triangulated from best available third-party sources and may vary slightly from actuals. Sell-side data sources include Goldman Sachs, JP Morgan, Barclays, and Cowen.

5eBay Has Best-in-Class Margins in eCommerce
2021 Operating Margins among eCommerce marketplaces
28%

33%

28%
28%
20%
14%
-13%

-25%
-19%
-46%

-32%

19%

3%
-7%

-21%
+1.5%

-1%

-11%
Non-GAAP Operating Margin %GAAP Operating Margin %© 2022 eBay. All rights reserved.
Source(s): Company filings, FactSet. Note: CY’21 margins shown for most companies; for companies that had not reported CQ4’21 results by 2/28/22, YTD margins through CQ3’21 are shown
Reconciliations of non-GAAP measures are included in the Appendix of this presentation.

628%

2021 Sustainability
Milestones

100%
Carbon neutrality for scope
1 & 2 emissions

540,000
Metric tons of CO2 emissions
avoided this year throughRecommerce

2030
Science-based reduction targets
90% scope 1 & 2, 20% scope 3© 2022 eBay. All rights reserved.

7Where We WereTop-Line Growth, But Operating Income FlatRevenue, Non-GAAP Operating Income | 2016-2019, $B
10.8

10.7
9.9

9.3

30.0%
28.4%

28.2%
27.2%

2.8

2016

2.82.92017

Non-GAAP Operating Income

2018Revenue© 2022 eBay. All rights reserved.
Note: Revenue, Non-GAAP Operating Income, and Non-GAAP Operating Margin as restated under ASC 606 for FY’16, FY’17 and as originally reported for FY’18, FY’19.
These figures are not restated for 2020-2021 dispositions. Reconciliations of non-GAAP measures are included in the Appendix of this presentation.

93.02019Non-GAAP Op. Margin

New In-Season Growth Was Short-LivedeBay GMV and Active Buyer growth | 2015-2019
10%8%3%6%5%(2)%

6%4%2%0%-2%-4%
Q4'15

Q2'16

Q4'16

Q2'17

Q4'17

GMV growth Y/Y (FXN)© 2022 eBay. All rights reserved.
Note: GMV, revenue, and trailing 12-month buyers as originally reported for Q4’15 through Q4’19 (i.e. not restated for subsequent dispositions).

10Q2'18

Q4'18

Active Buyer growth Y/YQ2'19

Q4'19

Advertising Revenue Doubled in 4 Years
eBay Total Advertising Revenue | 2017-2021, $M$1,094
$973

$547

$627

$706

$239

$313
$430

Other Ads Revenue*

$213

$734

$469

$881

$393
PL Revenue

Ads % Penetration of GMV$78$19720172018

2019

2020

2021

0.8%

0.8%

1.0%

1.1%

1.3%

© 2022 eBay. All rights reserved.
*Other Ads Revenue primarily third-party display and text ads.
Notes: Penetration % of GMV calculated under current GMV definition. All advertising revenue figures restated for dispositions.

11Payments Created Significant Value
Payments GMV migration % over 18-month rolloutExited 2021 with:
100%$2B revenue in FY’21

>90%
71%

25% Operating
Margin run-rate

52%
38%

$1.5B in Adyen
shares & warrants

>20%

Q3’20

Q4’20

Q1’21

Q2’21

Q3’21

Q4’21

© 2022 eBay. All rights reserved.
Notes: GMV migration refers to % of GMV processed through eBay Managed Payments in that quarter divided by total GMV in that quarter, as reported at the time (not restated).
Fair value of Adyen shares & warrants calculated as of 12/31/22.

12

Divestitures Created Over $20B in Value$4.1
Deal value
at closing$13.3

Total $20.4$3.0© 2022 eBay. All rights reserved.
Note: Deal values as of closing date; include value of cash and retained equity. StubHub deal closed in February 2020; eBay Classified Group closed in June 2021; sale of eBay Korea assets closed in November 2021.

13

Replaced Lost Op. Income and Increased Margins
Non-GAAP Operating Income | 2019-2021, $B
3.5
3.1

3.0

2.3

35.2%
31.5%

33.4%

28.2%

2019
(as reported)2019(ex-dispositions)

Non-GAAP Operating Income2020(ex-dispositions)

Non-GAAP Op. Margin© 2022 eBay. All rights reserved.
Note: “As reported” refers to figures as originally reported. “Ex-dispositions” refers to restated numbers following the divestitures of StubHub, eBay Classifieds Group, and eBay Korea.
Reconciliations of non-GAAP measures are included in the Appendix of this presentation.

142021(ex-dispositions)

Build / Buy / Partner Approach
Advertising Stack

Computer Vision Technology

BuildBuyPartner© 2022 eBay. All rights reserved.
Note: Adyen and Payoneer partnerships are related to Managed Payments. Bidadoo investment announced in September 2021. Sneakercon acquisition announced in November 2021.

15The Vault

Capital Allocation History
Free Cash Flow and Capital Returns | 2019-2021, $B
7.5
0.5

5.5
0.4

5.5
0.5

~$19B
Total
CapitalReturns

7.0
1.9

5.0

2019
Free Cash Flow

2.52020
Cash Dividend© 2022 eBay. All rights reserved.
Note: Free Cash Flow is restated for dispositions. Reconciliations of non-GAAP measures are included in the Appendix of this presentation.

16

5.1

2.6

2021
Share Repurchases

Where We Are Today

eBay in a Stronger Position than Pre-Pandemic
GMV by year | 2019-2022E, $B
87.6

87.4

+3.3%
CAGR

79.472.12019© 2022 eBay. All rights reserved.
Note: All GMV figures under current definition, restated for dispositions

1820202021

2022E(Guidance Midpoint)

$1.1T TAM in Top 3 Markets Alone; eBay Alignedwith Largest & Fastest Growing Portion
Online Retail Market Size | US, UK, DE, 2021-2024
Non-NIS, FY’24 - $750B
FY’24
$1.4T

Branded NIS, FY’24 - $600B+$100B

FY’21
TAM
$1.1T

+9% CAGR+$175B+6% CAGR

Non-New InSeason

Branded NewIn Season
FY’21$500BeBay
FY’21GMV© 2022 eBay. All rights reserved.
Source: Forrester, Euromonitor, expert interviews, and eBay strategy team analyses. TAM estimates focus on categories relevant to eBay and excludes categories like perishable food and grocery.
Note: NIS Includes 'non-seasonal'/basic products with longer shelf-life than 1 season. eBay GMV refers to US, UK, and DE markets; shades denote approximate GMV overlap with NIS vs. NNIS TAM.

19FY’21$575B

Sneakers Turnaround Validates
Focus Category Strategy+73% CAGR

Indexed $100+ Sneaker GMV | US, 2015-2021-10% CAGR10020152016201720182019© 2022 eBay. All rights reserved.
Note: Columns represent historical GMV for sneakers over $100 in the US (under current definition), indexed to 2015 levels (2015 = 100).

20

2020

2021

Cross-Category Shopping Drives Higher Spend
Avg. spend per buyer for Focus Category shoppers | US, 2021

21

All eBayBuyers
~$700

All
Trading Card
Buyers~$2,900$500+
Handbag
Buyers~$8,000$2K+ Watch
Buyers~$18,000$100+
Sneaker
Buyers~$2,400

Note: Cross-shopping statistics are US-based; total GMV per average buyer is noted within circle; darker-shaded area = average spend in the category denoted; lighter shaded
area = average spend in other categories; number of pie slices = total number of categories an average buyer purchased across.

~Avg.
Spend

OtherCategories

All P&ABuyers~$1,200© 2022 eBay. All rights reserved.

KeyPrimaryCategory

19M Enthusiast Buyers Driving Roughly 71% of GMV
T12M Active Buyers by Group, in Millions
162151

148

17189931

32

21147

9192021 GMV
Contribution(On-Platform)

8366%

3420%
3%
81848579101020182019

2020

2021

Off-platform

Low-valueMid-value

High Value - Other BWS

76

High Value - Enthusiasts© 2022 eBay. All rights reserved.
Notes: T12M = trailing 12-month measure as of 12/31 of each year; all buyer groups are restated for asset dispositions. 2021 GMV contribution refers to on-platform GMV under current definition.
High Value Enthusiasts = all buyers with at least 6 purchase days and $800+ annual spend; Other BWS = all sellers that do not meet these purchasing thresholds.
Mid-value buyers = buyers who spend at least $200 annually but <$800; Low-value = all on-platform buyers who do not sell or spend $200+ annually; Off-platform = users of Giosis (Japan) and GittiGidiyor (Turkey).

2271%

Where We’re Going

Key Investor
Questions:Long-term GMV growth?
Incremental Ads& Payments Revenue?
Operating income growth?
Approach to capital allocation?

© 2022 eBay. All rights reserved.

24

GMV Growth 2022-2024
Guidance-5% to -8%
GMV Growth 2022 FXN+3% to +4%
GMV Growth 2023 FXN~+5%
GMV Growth 2024 FXN© 2022 eBay. All rights reserved.

25Context• H1'22 negative mid-teens due to COVID
lapping• H2'22 flat to modestly positive• 2022 exit at +2% to +3% growth• Focus category coverage from ~20%
entering 2022 to ~50% at 2024 exit
• Focus categories growing nearmarket rates

Revenue Growth 2022-2024
Guidance

0% to 3%
Revenue Growth 2022 FXN

5% to 6%
Revenue Growth 2023 FXN

7% to 8%
Revenue Growth 2024 FXN© 2022 eBay. All rights reserved.

26Context• Throughout 2022-2024, revenue will
outpace GMV due to Ads and Payments• 2022 driven primarily by full year benefitsof payments migration• Advertising revenue to double by2025, CAGR ~20%
• Payments to add $300M cumulative
incremental revenue by 2024,
independent of volume

Margin Growth 2022-2024
Guidance

30 – 31%
Non-GAAP Operating Margin 2022

31 – 32%
Non-GAAP Operating Margin 2024

Context• Continue to maintain attractive margins
as we invest in our business• $300M structural cost program to fundinvestments in growth strategy• Total margin expansion of +100bps
by end of 2024
• Product & full-funnel marketinginvestment, offset by volume leverage
and operating efficiency in 2023 / 2024

© 2022 eBay. All rights reserved.

27

Capital Allocation Outlook
Guidance~$7B
FCF (3 years 2022-2024)~125%
Capital returns as % FCFContext• Build / buy / partner approach• Long-term tenets & targets unchanged• Target BBB+ rating• 1.5x net debt
• < 3x gross debt to EBITDA• Cash balance target $3.5B• Strong balance sheet and FCF fund share
repurchases, dividends and M&A• Capex in line with historical average© 2022 eBay. All rights reserved.

28

EPS OutlookGuidanceContext$4.20 – $4.40
Non-GAAP EPS 2022

~10%
Non-GAAP EPS Growth 2023

~15%
Non-GAAP EPS Growth 2024
© 2022 eBay. All rights reserved.
Note: Please refer to slide 26 of our Q4’21 earnings presentation for more information regarding assumptions underlying our FY’22 EPS outlook.

29• EPS growth acceleration from 2022-2024
as revenue and margins improve• Approximately two-thirds of EPS
growth driven by operating income• Additional EPS contribution fromcapital returns

eBay's Building Blocks for Sustainable Growth
GMVRevenueEPS

Capital AllocationESG

Focus Categories

Volume GrowthMarketing & Product
Investment

Build/Buy/Partner
Framework

Recommerce

Enthusiast Buyers

Advertising

Operating IncomeGrowth

Opportunistic Share
Buyback

Sustainability Goals

Empowering Sellers

Payments

Structural Cost
Program

Predictable
Dividends

Diversity, Equity& Inclusion© 2022 eBay. All rights reserved.

30

eBay’s 3-Year Outlook
2022

2023

2024

GMV

-5 to -8%

3 - 4%~5%

Revenue0 - 3%

5 - 6%

7 - 8%$4.20 - $4.40

10%~15%EPSFree Cash Flow ~$7B over 3 years
Capital Return125% average© 2022 eBay. All rights reserved.
Note: Please refer to our Q4’21 earnings presentation for more information regarding assumptions underlying our FY’22 outlook.

31

Appendix

GAAP to Non-GAAP Reconciliations
Operating MarginTwelve months ended
December 31,
December 31,
December 31,
December 31,
2016
2017
2017
2019
(as restated under ASC 606 adoption FY'16-17, as reported FY'18-19)
GAAP operating income
Stock-based compensation expense and related employer payroll taxes
Amortization of acquired intangible assets within cost of net revenues
Amortization of acquired intangible assets within operating expenses
Other significant gains, losses or charges
Non-GAAP operating income$Revenues
GAAP operating margin
Non-GAAP operating margin$$

2,325 $
424
2334(16)
2,790 $

2,265 $
497
2438(3)2,821 $

2,222 $
554
1449872,926 $

2,321
522
748145
3,043$

9,298 $
25.0 %
30.0 %

9,926 $
22.8 %
28.4 %

10,746 $20.7 %
27.2 %

10,80021.5 %
28.2 %$* Restated to reflect the divestiture of StubHub, eBay Classifieds Group, and eBay Korea.

© 2022 eBay. All rights reserved.
© 2022 eBay. All rights reserved.

34

December 31,
2019$

December 31,
2020(restated)*

December 31,
2021

1,770 $
430
728
103
2,338 $

2,636 $
425
127
39
3,128 $

2,923
489
958
3,479

7,429 $
23.8 %
31.5 %

8,894 $
29.6 %
35.2 %

10,42028.1 %
33.4 %

Reconciliation of Total Revenue ($M)
Twelve months ended
December 31,
December 31,
December 31,
December 31,
December 31,
2016
2017
2017
2019
2019
(as restated under ASC 606 adoption FY'16-17, as reported FY'18-19)

December 31,
2020(restated)*

December 31,2021

Net Revenues by TypeNet Transaction Revenues:
Marketplace
StubHub
Total net transaction revenues$$

6,425 $
938
7,363 $

6,809 $
1,011
7,820 $

7,416 $
1,068
8,484 $

7,578
1,057
8,635 $

6,581 $

8,243 $

9,772

1,192 $
897
18
2,107 $

1,225 $
1,022
15
2,262 $

1,060
1,061
64(20)
2,165$

848 $

651 $

648

9,926 $

10,746 $10,8007,429 $

8,894 $

10,420Marketing services and other revenues
Marketplace
Classifieds
StubHub, other
Elimination of intersegment revenue
Total marketing services and other revenues$

1,137 $
791
71,935 $Total net revenues$

9,298 $$* Restated to reflect the divestiture of StubHub, eBay Classifieds Group, and eBay Korea.

© 2022 eBay. All rights reserved.
© 2022 eBay. All rights reserved.

35$

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© 2022 eBay. All rights reserved.
© 2022 eBay. All rights reserved.

36$$

Twelve months endedDecember 31,
December 31,
2019
2020
(in millions)
2,416 $
3,004 $(508)(463)
1,908 $
2,541 $

December 31,2021
3,093
(444)
2,649

GAAP to Non-GAAP Reconciliations
Guidance(in billions, except per share amounts)
Net Revenue
Diluted EPS

Twelve Months Ending
December 31, 2022
GAAP
Non-GAAP (a)$10.3 - $10.5$10.3 - $10.5$3.15 - $3.35$4.20 - $4.40(year over year growth)
Net Revenue (FXN)
Diluted EPS

Twelve Months Ending
December 31, 2023
GAAP
Non-GAAP (a)5% - 6%
5% - 6%~11%~10%(year over year growth)
Net Revenue (FXN)
Diluted EPS

Twelve Months Ending
December 31, 2024
GAAPNon-GAAP (a)7% - 8%
7% - 8%~17%~15%(a) Estimated non-GAAP amounts above for the twelve months ending December 31, 2022; December 31, 2023; andDecember 31, 2024 reflect adjustments that exclude the amortization of acquired intangible assets, estimated stockbased compensation expense and associated employer payroll tax expense, and an adjustment that excludes the net
deferred tax impact related to the step-up in the tax basis of intangible assets. The estimated GAAP diluted EPS
above does not assume any gains or losses on our equity method investments.

© 2022 eBay. All rights reserved.
© 2022 eBay. All rights reserved.

37