eBay completed the sale of 227 million Adevinta shares for approximately $2.4 billion in cash and 177 million Adevinta shares for an 18.3% ownership in Aurelia. This transaction represents a significant strategic move to monetize investments and reallocate capital.

The increase in net revenues is related to higher GMV driven by the investment in focus categories and the expansion of promoted listings products, eBay International Shipping and payment services.

On August 1, 2024, we repaid the $750 million aggregate principal amount of our previously outstanding 3.450% senior notes on the date of maturity. We intend to issue up to $450 million of commercial paper to refinance a portion of the related debt.

Cash flow from continuing operations was $367 million for the three months ended June 30, 2024, compared to $605 million for the same period in 2023. This decrease may indicate challenges in converting revenue into cash.

eBay spent $1.5 billion on share repurchases during the three months ended June 30, 2024, signaling management's confidence in the company's financial position and future prospects.

The effective tax rate decreased to 23.0% for the six months ended June 30, 2024, compared to 27.0% for the same period in 2023, primarily due to the lapping of the increase in reserves for uncertain tax positions in 2023 and a favorable court ruling. This suggests improved tax management.

The company acknowledges that geopolitical events, inflationary pressure, foreign exchange rate volatility, elevated interest rates, and lower consumer confidence are causing dynamic discretionary spending trends.

The U.S. Department of Justice filed a civil complaint alleging violations of the Clean Air Act, Federal Insecticide, Fungicide, and Rodenticide Act and the Toxic Substances Control Act. If the Company is found to be liable for such activities on the Marketplace, it likely will be subject to monetary damages, changes in our business practices, or other remedies that could have a material adverse impact on our business.

The impact of these events has increased, and may continue to increase, our borrowing costs and other costs of capital and otherwise adversely affect our business, results of operations, financial condition and liquidity.

GMV growth was impacted by dynamic discretionary spending trends resulting from geopolitical events, inflationary pressure, foreign exchange rate volatility, elevated interest rates and lower consumer confidence during the three and six months ended June 30, 2024 compared to the same periods in 2023.

Our top technology priorities include improving seller tools and buyer experiences across our platforms powered by intelligent computing at scale.

The increase in net revenues is related to higher GMV driven by the investment in focus categories and the expansion of promoted listings products, eBay International Shipping and payment services.

A $17 million decrease in depreciation expense due to the change in our estimate of the useful lives for our servers and networking equipment and a $9 million decrease in payment processing costs driven by rate improvements.

The decrease in general and administrative expenses during the six months ended June 30, 2024 compared to the same period in 2023 was primarily due to a $48 million decrease in one-time restructuring costs.

The increase in cost of net revenues during the three months ended June 30, 2024 compared to the same period in 2023 was primarily due to a $25 million increase related to indirect tax matters, a $15 million increase in cost of promoted listings products and an $11 million disposition of data center equipment

Our top technology priorities include improving seller tools and buyer experiences across our platforms powered by intelligent computing at scale.

Capitalized internal use and platform development costs were $28 million and $57 million during the three and six months ended June 30, 2024, respectively, compared to $28 million and $58 million during the same periods in 2023.

We review the useful lives of equipment on an ongoing basis, and effective January 1, 2024 we changed our estimate of the useful lives for our servers and networking equipment from three years to four years.

On August 1, 2024, we repaid the $750 million aggregate principal amount of our previously outstanding 3.450% senior notes on the date of maturity. We intend to issue up to $450 million of commercial paper to refinance a portion of the related debt.

During the six months ended June 30, 2024, we repurchased approximately $1.5 billion of our common stock under our stock repurchase program.

In July 2024, our Board declared a cash dividend of $0.27 per share of common stock to be paid on September 13, 2024 to stockholders of record as of August 30, 2024.

The provided 10-Q filing does not contain specific details or updates regarding environmental, social, or governance (ESG) initiatives. No specific metrics or targets are mentioned in the filing.

In 2023 and through the second quarter of 2024, we experienced dynamic discretionary spending trends resulting from geopolitical events, inflationary pressure, foreign exchange rate volatility, elevated interest rates and lower consumer confidence.

We experienced elevated foreign currency volatility which we expect to continue throughout 2024. Through our hedging programs, we actively monitor foreign currency volatility and attempt to mitigate significant risk.

In addition, our operating and financial results may continue to fluctuate as a result of changes in the legal and regulatory landscape and our response to those developments.