Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represents amounts invoiced and revenue recognized prior to invoicing when we have satisfied our performance obligation and have the unconditional right to payment. The allowance for doubtful accounts and authorized credits is estimated based upon our assessment of various factors including historical experience, the age of the accounts receivable balances, current economic conditions reasonable and supportable forecasts, and other factors that may affect our customers’ ability to pay.

The following table presents allowance for doubtful accounts and authorized credits activity for the period indicated (in millions):


	December 31, 2024		Charged/Credited to Net Income		Charges Utilized/Write-offs		June 30, 2025
Allowance for doubtful accounts	$	13	$	9	$	(10)	$	12
Allowance for authorized credits	$	24	$	1	$	—	$	25

Deferred revenue consists of fees received related to unsatisfied performance obligations at the end of the period. Due to the generally short-term duration of contracts, the majority of the performance obligations are satisfied in the following reporting period. The amount of revenue recognized for the six months ended June 30, 2025 that was included in the deferred revenue balance at the beginning of the period was $27 million. The amount of revenue recognized for the six months ended June 30, 2024 that was included in the deferred revenue balance at the beginning of the period was $30 million.


	June 30, 2025		December 31, 2024
	(In millions)
Customer accounts (1)	$	1,033	$	763
Funds receivable	338		199
Customer accounts and funds receivable	$	1,371	$	962

(1)As of June 30, 2025, “Customer accounts and funds receivable” in our condensed consolidated balance sheet includes $26 million of fixed-income investments with original maturities greater than three months when purchased, which are disclosed as “Short-term investments” in these notes to the condensed consolidated financial statements.


	June 30, 2025		December 31, 2024
	(In millions)
Restricted cash	$	152	$	88
Income and other tax receivable	142		115
Prepaid expenses	137		136
Accounts receivable, net	108		108
Short-term derivative assets	46		68
Other	213		200
Other current assets	$	798	$	715


	June 30, 2025		December 31, 2024
	(In millions)
Accrued indirect tax expense	$	495	$	515
Accrued compensation and related benefits	438		498
Accrued marketing expenses	222		222
Other current tax liabilities	191		173
Operating lease liabilities	127		118
Transaction loss reserve	90		118
Accrued general and administrative expenses	71		68
Accrued interest expense	41		45
Deferred revenue	40		32

Other	573		395
Accrued expenses and other current liabilities	$	2,288	$	2,184


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In millions)
Unrealized change in fair value of equity investment in Adevinta	$	—	$	—	$	—	$	(234)
Realized change in fair value of shares sold in Adevinta	—		84		—		78

Unrealized change in fair value of equity investment in Gmarket	—		(22)		—		(28)
Change in fair value of warrant	—		(174)		—		(25)
Change in fair value of Aurelia option	—		(109)		—		(109)



Loss on other investments	(4)		(1)		(6)		(1)
Total loss on equity investments and warrant, net	$	(4)	$	(222)	$	(6)	$	(319)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In millions)
Interest income	$	64	$	63	$	141	$	124
Foreign exchange and other	(5)		3		(1)		10
Total interest income and other, net	$	59	$	66	$	140	$	134