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 allowance for doubtful accounts and authorized credits was $45 million and $49 million as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024, we reported an allowance for doubtful accounts of $22 million, reflecting a decrease of $1 million, net of write-offs of $11 million for the six months ended June 30, 2024. As of June 30, 2024, we reported an allowance for authorized credits of $23 million, reflecting a decrease of $3 million, net of write-offs of $5 million for the six months ended June 30, 2024. As of December 31, 2023, we reported an allowance for doubtful accounts of $23 million and an allowance for authorized credits of $26 million.

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, 2024 that was included in the deferred revenue balance at the beginning of the period was $30 million. The amount of revenue recognized for the six months ended June 30, 2023 that was included in the deferred revenue balance at the beginning of the period was $31 million.


	June 30, 2024		December 31, 2023
	(In millions)
Warrant	$	339	$	364
Prepaid expenses	136		116
Restricted cash	112		23
Income and other tax receivable	89		99
Accounts receivable, net	96		94
Short-term derivative assets	28		23
Other	232		292
Other current assets	$	1,032	$	1,011


	June 30, 2024		December 31, 2023
	(In millions)
Accrued sales and use tax and VAT	$	478	$	424
Compensation and related benefits	351		581
Accrued marketing expenses	209		181
Operating lease liabilities	120		118
Transaction loss reserve	119		125
Aurelia option	109		—
Accrued general and administrative expenses	74		79
Accrued legal matters	67		132
Accrued interest expense	56		56
Deferred revenue	33		34
Accrued restructuring	27		102
Other	361		364
Accrued expenses and other current liabilities	$	2,004	$	2,196


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Unrealized change in fair value of equity investment in Adevinta	$	—	$	(210)	$	(234)	$	(36)
Realized change in fair value of shares sold in Adevinta	84		—		78		—

Unrealized change in fair value of equity investment in Gmarket	(22)		(29)		(28)		(40)
Unrealized change in fair value of equity investment in KakaoBank	—		(4)		—		(7)
Change in fair value of warrant	(174)		31		(25)		69


Fair value of Aurelia option	(109)		—		(109)		—
Loss on other investments	(1)		(2)		(1)		(2)
Total loss on equity investments and warrant, net	$	(222)	$	(214)	$	(319)	$	(16)