Financial results of discontinued operations |
Discontinued operations
The following table presents financial results from discontinued operations, net of income taxes in our consolidated statement of income for the periods indicated (in millions): | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | | 2022 | | 2021 (1)(2) | | 2020 (3) | | | | | eBay Korea income (loss) from discontinued operations, net of income taxes | $ | — | | | $ | 2,870 | | | $ | 55 | | | | | | Classifieds income (loss) from discontinued operations, net of income taxes | 5 | | | 10,485 | | | 197 | | | | | | StubHub income (loss) from discontinued operations, net of income taxes | — | | | 1 | | | 2,930 | | | | | | PayPal and Enterprise income (loss) from discontinued operations, net of income taxes | — | | | — | | | (2) | | | | | | Income (loss) from discontinued operations, net of income taxes | $ | 5 | | | $ | 13,356 | | | $ | 3,180 | | | | | |
(1)Includes eBay Korea financial results through the transaction close on November 14, 2021 and the related gain on sale. (2)Includes Classifieds financial results through the transaction close on June 24, 2021 and the related gain on sale. (3)Includes StubHub financial results from January 1, 2020 to February 13, 2020 and the related gain on sale. The following table presents cash flows for discontinued operations for the periods indicated (in millions): | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | | | 2022 | | 2021 (1)(2) | | 2020 (3) | eBay Korea net cash provided by (used in) discontinued operating activities | | | | $ | (370) | | | $ | (25) | | | $ | 142 | | Classifieds net cash provided by (used in) discontinued operating activities | | | | (3) | | | (411) | | | 328 | | StubHub net cash provided by (used in) discontinued operating activities | | | | — | | | — | | | (1,055) | | Net cash provided by (used in) discontinued operating activities | | | | $ | (373) | | | $ | (436) | | | $ | (585) | | | | | | | | | | | eBay Korea net cash provided by (used in) discontinued investing activities | | | | $ | 2 | | | $ | 2,611 | | | $ | (40) | | Classifieds net cash provided by (used in) discontinued investing activities | | | | — | | | 2,469 | | | (54) | | StubHub net cash provided by (used in) discontinued investing activities | | | | — | | | — | | | 4,067 | | Net cash provided by (used in) discontinued investing activities | | | | $ | 2 | | | $ | 5,080 | | | $ | 3,973 | | | | | | | | | | | eBay Korea net cash provided by (used in) discontinued financing activities | | | | $ | — | | | $ | 25 | | | $ | (10) | | Classifieds net cash provided by (used in) discontinued financing activities | | | | — | | | — | | | (2) | | Net cash provided by (used in) discontinued financing activities | | | | $ | — | | | $ | 25 | | | $ | (12) | |
(1)Includes eBay Korea financial results through the transaction close on November 14, 2021 and the related gain on sale. (2)Includes Classifieds financial results through the transaction close on June 24, 2021 and the related gain on sale. (3)Includes StubHub financial results from January 1, 2020 to February 13, 2020 and the related gain on sale. The following table presents the financial results of eBay Korea (in millions): | | | | | | | | | | | | | | | | | | | Year ended December 31, | | 2022 | | 2021 (1) | | 2020 | Net revenues | $ | — | | | $ | 1,409 | | | $ | 1,377 | | Cost of net revenues | — | | | 815 | | | 676 | | Gross profit | — | | | 594 | | | 701 | | Operating expenses: | | | | | | Sales and marketing | — | | | 529 | | | 548 | | Product development | — | | | 64 | | | 59 | | General and administrative | — | | | 38 | | | 18 | | Provision for transaction losses | — | | | — | | | 1 | | | | | | | | Total operating expenses | — | | | 631 | | | 626 | | Income (loss) from operations of discontinued operations | — | | | (37) | | | 75 | | Interest and other, net | — | | | 2 | | | — | | Pre-tax gain on sale | — | | | 3,240 | | | — | | Income (loss) from discontinued operations before income taxes | — | | | 3,205 | | | 75 | | Income tax benefit (provision) | — | | | (335) | | | (20) | | Income (loss) from discontinued operations, net of income taxes | $ | — | | | $ | 2,870 | | | $ | 55 | |
(1)Includes eBay Korea financial results through the transaction close on November 14, 2021 and the related gain on sale. The following table presents the financial results of Classifieds (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | | | | 2022 | | 2021 (1) | | 2020 | Net revenues | | | | | $ | — | | | $ | 565 | | | $ | 980 | | Cost of net revenues | | | | | — | | | 63 | | | 103 | | Gross profit | | | | | — | | | 502 | | | 877 | | Operating expenses: | | | | | | | | | | Sales and marketing | | | | | — | | | 183 | | | 286 | | Product development | | | | | — | | | 105 | | | 161 | | General and administrative | | | | | (7) | | | 76 | | | 124 | | Provision for transaction losses | | | | | — | | | 2 | | | 17 | | Amortization of acquired intangible assets | | | | | — | | | — | | | 6 | | Total operating expenses | | | | | (7) | | | 366 | | | 594 | | Income from operations of discontinued operations | | | | | 7 | | | 136 | | | 283 | | Interest and other, net | | | | | — | | | — | | | — | | Pre-tax gain on sale | | | | | — | | | 12,534 | | | — | | Income from discontinued operations before income taxes | | | | | 7 | | | 12,670 | | | 283 | | Income tax provision | | | | | (2) | | | (2,185) | | | (86) | | Income from discontinued operations, net of income taxes | | | | | $ | 5 | | | $ | 10,485 | | | $ | 197 | |
(1)Includes Classifieds financial results through the transaction close on June 24, 2021 and the related gain on sale. The financial results of StubHub are presented as income from discontinued operations, net of income taxes on our consolidated statement of income. The following table presents the financial results of StubHub (in millions): | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | | | 2022 | | 2021 | | 2020 (1) | Net revenues | | | | $ | — | | | $ | — | | | $ | 100 | | Cost of net revenues | | | | — | | | — | | | 31 | | Gross profit | | | | — | | | — | | | 69 | | Operating expenses: | | | | | | | | | Sales and marketing | | | | — | | | — | | | 51 | | Product development | | | | — | | | — | | | 26 | | General and administrative | | | | — | | | 1 | | | 30 | | Provision for transaction losses | | | | — | | | — | | | 3 | | Amortization of acquired intangible assets | | | | — | | | — | | | 1 | | Total operating expenses | | | | — | | | 1 | | | 111 | | Income (loss) from operations of discontinued operations | | | | — | | | (1) | | | (42) | | Pre-tax gain on sale | | | | — | | | 12 | | | 3,868 | | Income from discontinued operations before income taxes | | | | — | | | 11 | | | 3,826 | | Income tax provision | | | | — | | | (10) | | | (896) | | Income from discontinued operations, net of income taxes | | | | $ | — | | | $ | 1 | | | $ | 2,930 | |
(1)Includes StubHub financial results from January 1, 2020 to February 13, 2020 and the related gain on sale.
|