GMV growth was driven by Focus Categories such as Parts & Accessories, Refurbished goods, Collectibles, and Luxury goods, indicating a successful strategy of emphasizing specialized categories. This growth was particularly strong in the U.S., with Collectibles as a key contributor.

Cross-border trade, particularly exports from Greater China and Japan, was a significant contributor to International GMV growth and Focus Categories, highlighting the importance of international markets to eBay's overall strategy.

eBay sold its remaining stake in Gmarket for $322 million, reflecting ongoing efforts to streamline its portfolio. This follows the Adevinta transaction and indicates a disciplined approach to capital allocation.

A decrease in product development expenses was primarily due to a decrease in employee-related costs driven by operational efficiencies. This suggests management is actively working to optimize resource allocation.

Management executed on its capital allocation strategy through share repurchases, dividend payments, and strategic divestitures, demonstrating a commitment to shareholder value and disciplined resource management.

The Board formed a Technology Committee to oversee cybersecurity risks, indicating a heightened focus on data protection and risk management. This demonstrates proactive governance in a critical area.

The 10-K highlights the risk that eBay may not be able to effectively utilize or compete with new Gen AI technologies and providers, potentially harming its business and results of operations. This suggests a growing concern about technological disruption.

The 10-K acknowledges the potential for trade policy changes to significantly impact the cost of items sold internationally, limit the ability of sellers to offer and deliver products, or otherwise adversely impact consumers' ability to sell products. This indicates a concern about the impact of protectionist trade measures.

The 10-K emphasizes the extensive and increasing government regulation and oversight, including new laws and regulations in areas of privacy, data protection, and cybersecurity, which could adversely impact eBay's business. This highlights the growing burden of regulatory compliance.

The 10-K emphasizes the substantial and increasingly intense competition worldwide in ecommerce, noting that eBay competes with a wide variety of online and offline companies. This highlights the ongoing pressure to maintain market share and attract buyers and sellers.

The 10-K acknowledges that competitive norms for ecommerce and mobile commerce have significantly increased due to factors like improved user experience, easier buying, lower shipping costs, faster shipping times, and more favorable return policies. This highlights the need for continuous innovation and service improvements.

The 10-K notes that eBay generates a meaningful amount of revenue from its Promoted Listings, and that the company must continue to provide compelling advertising products to maintain or increase its advertising revenue. This highlights the competitive pressure for seller advertising spend.

Cost of net revenues decreased due to a $66 million decrease in depreciation expense driven by a change in the estimated useful lives for servers and networking equipment. This suggests an effort to optimize asset management and reduce operational costs.

Cost of net revenues decreased due to a $38 million decrease in payment processing costs driven by rate improvements. This indicates successful negotiation of better terms with payment processors.

General and administrative expenses decreased primarily due to a $56 million legal accrual release and an $8 million restructuring accrual release. This suggests a reduction in legal liabilities and restructuring efforts.

The filing states that eBay's ability to keep pace with rapid technological developments or continue to innovate and create new initiatives is crucial for its future success. This emphasizes the importance of R&D and technological advancements.

The filing highlights the increasing role of Al technologies, including Gen Al, in ecommerce, and the importance of platform referrals from Al technologies. This suggests a strategic focus on these technologies.

The filing acknowledges risks related to Al technologies, including the potential for false outcomes, harmful content, and intellectual property disputes. This highlights the need for careful management and compliance.

eBay repurchased $3.1 billion of common stock, signaling management's belief that shares are undervalued and demonstrating a commitment to return capital to shareholders.

eBay paid $533 million in cash dividends, demonstrating a consistent dividend policy and providing income to shareholders.

eBay sold its remaining stake in Gmarket and completed the sale of Adevinta shares, reflecting a strategic shift in its investment portfolio. These actions indicate a focus on optimizing capital allocation and streamlining operations.

eBay sourced 100% of its electricity consumption for eBay-controlled offices and data centers from renewable sources in 2024, reaching its 2025 goal one year early, demonstrating commitment to environmental sustainability.

eBay has set emissions reduction targets, including science-based targets and a net-zero target, that have been validated by the Science Based Targets initiative, indicating a credible and ambitious approach to climate action.

eBay was included in the Dow Jones Best-in-Class World and North American Indices for the sixth straight year, demonstrating external recognition of its commitment to sustainability and responsible business practices.

The 10-K notes that transaction activity patterns generally trend in line with consumer buying patterns and are influenced by macroeconomic conditions, foreign exchange rate fluctuations, and the introduction of new products. This suggests a sensitivity to external economic factors.

The 10-K emphasizes that government regulation impacts key aspects of eBay's business, particularly laws and regulations that affect the ecommerce industry in many countries where the company operates. This highlights the importance of regulatory compliance.

The 10-K discusses the evolving IRS reporting requirements for sellers, including the delayed enforcement and phased-in thresholds for Form 1099-K. This creates uncertainty and additional compliance burdens for sellers on the platform.