Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

eBay Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Net income (loss)	310)	402)	518)	760)	721)	642)	407)	(2,601)	523)	27)	1,035)	5,936)	413)	435)	482)	477)	539)	83)	626)	1,023)	673)	676)	(2,326)
(Income) loss from discontinued operations, net of income taxes	—)	1)	3)	3)	(1)	(4)	—)	4)	—)	—)	—)	12)	5)	2)	—)	46)	6)	347)	(177)	—)	—)	—)	—)
Provision for transaction losses	76)	71)	72)	83)	65)	66)	72)	79)	68)	63)	62)	59)	56)	64)	52)	72)	65)	65)	69)	273)	249)	232)	204)
Depreciation and amortization	170)	175)	169)	172)	175)	170)	179)	172)	173)	168)	163)	176)	172)	167)	167)	171)	182)	174)	160)	370)	365)	373)	382)
Stock-based compensation	116)	139)	121)	142)	125)	151)	120)	127)	118)	137)	101)	110)	105)	113)	88)	78)	93)	115)	93)	187)	173)	166)	149)
(Gain) loss on sale of business	52)	—)	—)	—)	—)	—)	—)	—)	(167)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
(Gain) loss on investments, net	—)	—)	1)	—)	(312)	(263)	3)	70)	7)	(28)	—)	(1,261)	31)	(6)	—)	17)	(110)	(102)	—)	—)	—)	—)	—)
Deferred income taxes	12)	35)	36)	(234)	98)	12)	(29)	1,767)	85)	442)	(565)	(4,433)	(61)	(34)	(28)	83)	(115)	—)	—)	(188)	(64)	(48)	3,108)
Change in fair value of warrant	49)	8)	(113)	128)	(126)	(106)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other	—)	—)	—)	19)	—)	—)	—)	—)	—)	—)	—)	(15)	—)	—)	—)	(74)	—)	—)	—)	(115)	—)	—)	—)
Changes in assets and liabilities, net of acquisition effects	224)	(87)	(257)	161)	(185)	(296)	(257)	1,370)	70)	(110)	(214)	36)	81)	23)	(120)	256)	44)	(136)	(270)	91)	(28)	95)	(343)
Adjustments	699)	341)	29)	471)	(160)	(266)	88)	3,585)	354)	672)	(453)	(5,328)	384)	327)	159)	603)	159)	116)	52)	618)	695)	818)	3,500)
Net cash provided by operating activities	1,009)	744)	550)	1,234)	560)	372)	495)	988)	877)	699)	582)	620)	802)	764)	641)	1,126)	704)	546)	501)	1,641)	1,368)	1,494)	1,174)
Purchases of property and equipment	(96)	(137)	(182)	(130)	(179)	(184)	(158)	(192)	(157)	(182)	(135)	(136)	(185)	(147)	(158)	(129)	(242)	(201)	(96)	(369)	(427)	(269)	(206)
Changes in principal loans receivable, net	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(527)	(261)	(230)	(2)
Purchases of investments	(13,223)	(12,252)	(11,926)	(11,938)	(5,812)	(5,571)	(4,794)	(3,323)	(3,673)	(4,853)	(2,750)	(3,430)	(2,654)	(2,193)	(2,935)	(2,292)	(1,102)	(930)	(2,420)	(1,955)	(3,238)	(2,380)	(1,261)
Maturities and sales of investments	14,656)	13,080)	12,747)	12,470)	5,876)	5,905)	6,650)	3,742)	4,963)	3,045)	2,770)	4,134)	2,410)	1,489)	2,030)	1,202)	1,627)	1,933)	2,019)	3,930)	1,330)	1,258)	2,006)
Equity investment in Paytm Mall	(160)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Equity investment in Flipkart	—)	—)	—)	—)	—)	—)	—)	—)	(514)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from sale of equity investment in Flipkart	—)	—)	—)	—)	1,029)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Acquisitions, net of cash acquired	—)	—)	(93)	—)	—)	(302)	—)	(12)	(2)	(20)	—)	(11)	(201)	—)	—)	—)	(24)	—)	—)	—)	(20)	(35)	(4)
Other	(34)	37)	12)	19)	12)	1)	—)	(1)	(1)	(1)	—)	3)	35)	(47)	(12)	(3)	(12)	(2)	(1)	(7)	—)	(5)	(1)
Net cash (used in) provided by investing activities	1,143)	728)	558)	421)	926)	(151)	1,698)	214)	616)	(2,011)	(115)	560)	(595)	(898)	(1,075)	(1,222)	247)	800)	(498)	1,072)	(2,616)	(1,661)	532)
Proceeds from issuance of common stock	4)	50)	5)	39)	3)	58)	9)	46)	12)	51)	11)	35)	15)	45)	7)	48)	27)	108)	38)	122)	24)	99)	55)
Repurchases of common stock	(1,022)	(1,518)	(1,431)	(1,511)	(991)	(991)	(1,009)	(922)	(907)	(507)	(410)	(941)	(501)	(500)	(1,001)	(637)	(512)	—)	(1,000)	(1,182)	(8)	(1,657)	(1,811)
Payments for taxes related to net share settlements of restricted stock units and awards	(43)	(65)	(54)	(36)	(36)	(93)	(60)	(49)	(40)	(101)	(29)	(25)	(19)	(69)	(8)	(19)	(46)	(129)	(51)	(28)	(14)	(106)	(104)
Payments for dividends	(115)	(120)	(125)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net borrowings (repayments) under commercial paper program	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,200)	1,200)	—)
Proceeds from issuance of long-term debt, net	—)	—)	—)	—)	—)	—)	—)	—)	—)	2,484)	—)	—)	—)	—)	2,216)	—)	—)	—)	—)	—)	3,482)	—)	—)
Repayment of debt	(1,550)	—)	—)	—)	—)	—)	(750)	(2)	(1,450)	—)	—)	(3)	(11)	(6)	—)	(600)	(250)	—)	—)	—)	—)	—)	—)
Other	1)	—)	—)	(3)	4)	(16)	(15)	31)	(17)	5)	10)	8)	13)	(7)	8)	(19)	42)	20)	20)	23)	(3)	19)	67)
Net cash provided by (used in) financing activities	(2,725)	(1,653)	(1,605)	(1,511)	(1,020)	(1,042)	(1,825)	(896)	(2,402)	1,932)	(418)	(926)	(503)	(537)	1,222)	(1,227)	(739)	(1)	(993)	(1,065)	2,281)	(445)	(1,793)
Net cash provided by (used in) discontinued operating activities	—)	—)	—)	(1)	(2)	—)	—)	—)	—)	—)	—)	—)	—)	(1)	—)	(86)	(18)	610)	650)	—)	—)	—)	—)
Net cash used in discontinued investing activities	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	899)	(1,114)	(2,497)	(226)	—)	—)	—)	—)
Net cash provided by (used in) discontinued financing activities	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	5)	(1,615)	8)	8)	—)	—)	—)	—)
Net cash provided by (used in) discontinued activities	—)	—)	—)	(1)	(2)	—)	—)	—)	—)	—)	—)	—)	—)	(1)	—)	818)	(2,747)	(1,879)	432)	—)	—)	—)	—)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(39)	(10)	(10)	(25)	1)	(89)	38)	54)	33)	37)	114)	(191)	48)	(13)	66)	(78)	(37)	48)	(297)	(110)	(77)	31)	8)
Net increase (decrease) in cash, cash equivalents and restricted cash	(612)	(191)	(507)	118)	465)	(910)	406)	360)	(876)	657)	163)	63)	(248)	(685)	854)	(583)	(2,572)	(486)	(855)	1,538)	956)	(581)	(79)

Net Income (Loss): The net income exhibits substantial volatility throughout the periods, with notable swings from significant losses to gains. Early in the timeline, large losses were followed by a recovery to positive income, peaking sharply in December 2016. After this peak, the income fluctuates again, including a considerable loss in December 2017, before gradually stabilizing in later quarters with moderate positive figures.
Income (Loss) from Discontinued Operations: Data on discontinued operations is sparse but shows occasional impacts ranging from moderate losses to gains. The amounts are relatively minor compared to overall net income, indicating limited influence on total results.
Provision for Transaction Losses: This provision generally trends downward from 2014 through 2015, then fluctuates mildly in subsequent years, suggesting some stabilization in transaction-related risk reserves but with periodic increases.
Depreciation and Amortization: Depreciation and amortization expenses gradually decrease in the earlier years and then maintain a fairly consistent level around the mid-160s to 170s (US$ millions), indicating steady asset utilization and capital investment patterns.
Stock-Based Compensation: Stock-based compensation shows an increasing trend over time, particularly post-2015, with occasional fluctuations. This suggests a growing emphasis on incentivizing employees through equity awards.
Gain/Loss on Sale of Business and Investments: There are isolated but significant gains and losses reported from sales of businesses and investments, notably a large gain in late 2017 and a substantial loss related to investments in 2016. These discrete events appear to impact results sporadically, reflecting strategic portfolio adjustments.
Deferred Income Taxes: Deferred income taxes display large fluctuations, including substantial write-offs and reversals. A notably large negative adjustment in late 2016 indicates a non-recurring tax event, followed by recovery periods, reflecting complex tax position changes.
Changes in Assets and Liabilities: Changes in working capital elements show high variability with occasional significant positive or negative swings. Noteworthy large inflows and outflows in 2017 correspond to atypical operational dynamics or timing differences.
Adjustments: The adjustments line demonstrates extreme variability with sharp increases and decreases, including very large negative and positive values in certain quarters (e.g., late 2016 and 2017), indicative of sizable non-cash or non-recurring items affecting cash flow measures.
Net Cash Provided by Operating Activities: Operating cash flow is generally strong and positive, with some declines in mid-period but notable recovery afterward. A peak occurs in late 2018 and 2019, indicating effective operational cash generation despite earlier fluctuations.
Purchases of Property and Equipment: Capital expenditures remain relatively stable over time, with some reduction post-2014, reflecting consistent but conservative investment in physical assets.
Purchases and Maturities/Sales of Investments: Purchases of investments consistently exceed sales, leading to significant net outflows related to investment activities, particularly from 2017 onwards, highlighting an aggressive investment or acquisition strategy. Sales of investments show occasional spikes but generally remain lower than purchases in later periods.
Equity Investments and Proceeds from Sale: Equity investments in associated companies occur infrequently but involve substantial amounts, followed by proceeds from sales that appear to realize gains, notably from Flipkart, showing strategic portfolio management and monetization of investments.
Acquisitions, Net of Cash Acquired: Acquisition expenses are intermittent with some moderate outlays, indicating selective growth through acquisitions but without a consistent pattern of large-scale purchases.
Net Cash Used in/Provided by Investing Activities: Investing cash flow is highly volatile, swinging between large positive and negative amounts. The variability mainly corresponds to the timing of investment purchases and sales, with increasing negative cash flow in later years due to sustained investment outlays.
Proceeds from Issuance and Repurchase of Common Stock: Issuance of common stock shows minor, irregular inflows with no clear upward trend. Repurchases of common stock are sizable and frequent, especially pronounced between 2014 and 2019, indicating a substantial commitment to share buybacks as a capital allocation strategy.
Payments for Taxes Related to Net Share Settlements: Payments for taxes related to share-based awards generally increase over time, consistent with the rise in stock-based compensation.
Payments for Dividends: Dividend payments commence in the later years and remain consistent but modest, reflecting the company’s return of capital to shareholders starting mid-period.
Borrowings and Debt Transactions: Borrowings and repayments under various debt instruments fluctuate. Noteworthy debt issuances occur sporadically with corresponding repayments, signifying active management of debt obligations and capital structure optimization.
Net Cash Provided by (Used in) Financing Activities: Financing cash flows are erratic, characterized by large outflows driven primarily by stock repurchases and debt repayments. Some quarters display strong inflows related to financing issuance, but overall financing activities reflect a net use of cash throughout the timeline.
Discontinued Operations—Cash Flow: Cash flows from discontinued operations show significant movements in particular periods, including substantial outflows and inflows, indicating disposal or shutdown of business segments impacting the overall cash position intermittently.
Effect of Exchange Rate Changes: Exchange rate effects on cash balances periodically impact cash balances with both positive and negative influences, reflecting exposure to foreign currency fluctuations.
Net Change in Cash, Cash Equivalents, and Restricted Cash: Overall changes in cash exhibit no consistent upward or downward trend but instead reveal considerable volatility influenced by the interplay of operating, investing, and financing activities, as well as foreign exchange effects. Significant decreases and increases occur alternately, pointing to a dynamic cash management environment.

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eBay Inc. (NASDAQ:EBAY)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data