{
  "docId": "019de06f-ce43-7228-9db2-7684a95b0309",
  "docSlug": "cb58e8503cf81c21aa11016a9bef9caa",
  "documentTitle": "eBay | Results Presentation Deck | 26 slides",
  "authorId": "ebay",
  "authorName": "eBay",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2019-04-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 15,
  "pageCount": 26,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "kpi_overview",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "Waterfall chart shows Q1 2019 ending cash, debt, and net debt.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-ce43-7228-9db2-7684a95b0309/15",
  "deckHref": "/decks/019de06f-ce43-7228-9db2-7684a95b0309",
  "deckJsonHref": "/decks/019de06f-ce43-7228-9db2-7684a95b0309.json",
  "deckAnchorHref": "/decks/019de06f-ce43-7228-9db2-7684a95b0309#slide-15",
  "components": [
    {
      "bbox": {
        "h": 0.52,
        "w": 0.42,
        "x": 0.078,
        "y": 0.188
      },
      "kind": "chart",
      "text": "Waterfall chart showing $7.3B cash, $9.3B debt, and $(2.0)B net debt",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0972c873-185d-4bfb-bec5-d004a7808738",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.033,
        "w": 0.438,
        "x": 0.525,
        "y": 0.625
      },
      "kind": "list",
      "text": "Target Capital Structure",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "642290cd-5e7a-41ed-925e-192a7036d876",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.438,
        "x": 0.525,
        "y": 0.675
      },
      "kind": "list",
      "text": "Expect to exit 2019 with cash and investments of approximately $3.5B. Targeting mid-term leverage of approximately 1.5x net debt and gross debt below 3.0x EBITDA",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f98dd47-82dd-41c9-8ec4-fada9e59da37",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.033,
        "w": 0.438,
        "x": 0.525,
        "y": 0.067
      },
      "kind": "list",
      "text": "Capital Allocation Tenets",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "be680ae1-867b-4e0e-a730-0e3674d26e9d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.438,
        "x": 0.525,
        "y": 0.11
      },
      "kind": "list",
      "text": "Preserve financial flexibility to execute on strategy and drive long-term value creation. Drive organic growth while balancing profitability. Supplement organic growth with disciplined acquisitions and investments. Optimize financial flexibility, access to debt and cost of capital. Meaningful returns to shareholders through share repurchase and dividend",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5c7c8e1-47e1-4874-8756-69a4f4d92190",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.46,
        "x": 0.02,
        "y": 0.79
      },
      "kind": "paragraph",
      "text": "Repurchased $1.5B of shares and paid cash dividend of $125M in Q1. $5.7B Authorization Remaining",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "75cfad1d-1678-4108-aabe-175e5f34b7b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.35,
        "x": 0.06,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "* Cash balances/flows include cash, cash equivalents and non-equity investments ** Authorization remaining as of March 31, 2019",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "224d394d-cc73-4f92-ab33-809e1adbf785",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.058,
        "w": 0.342,
        "x": 0.037,
        "y": 0.058
      },
      "kind": "title",
      "text": "2019 CASH & DEBT",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "deadf521-0c96-459f-862f-35f9abb2671a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall / value bridge",
      "slug": "waterfall-bridge",
      "agent": null,
      "layer": "slide",
      "matchId": "b362b88b-a8d1-4f97-b07d-6474ab0d30b4",
      "evidence": "chart/waterfall-bridge: Waterfall chart showing $7.3B cash, $9.3B debt, and $(2.0)B net debt",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "e89c14ac-109f-4889-956b-5a1c750116d5",
      "evidence": "Slide explicitly lists 'Capital Allocation Tenets' and 'Target Capital Structure'",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 16,
      "from": 4,
      "beatId": "c42a6c38-73ff-4d86-8528-115cea4532e6",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Financials",
      "beatSlug": "sequoia-pitch-financials",
      "evidence": "Slides 4-16 provide an overview of eBay's financial performance, including KPIs and guidance",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 16,
      "from": 4,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "a73cee07-22e6-4211-89fe-3286dcb33c18",
      "evidence": "The deck presents a series of KPIs and financial metrics to build a narrative around eBay's performance",
      "position": 0,
      "objective": "To demonstrate the logic behind eBay's financial performance",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.7,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    },
    {
      "to": 16,
      "from": 15,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "52ecfe24-d645-446b-9061-62eae13a99d5",
      "evidence": "Slides 15 and 16 present guidance and implications for investors",
      "position": 1,
      "objective": "To highlight the importance of eBay's guidance",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}