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This excerpt taken from the EBAY 10-Q filed Oct 23, 2008. Financial
Summary
Net revenues for the three months ended September 30, 2008
were $2.1 billion, representing an increase of 12% compared
to the same period of the prior year. Our revenue growth
continues to be driven by PayPal merchant services, global
classifieds, advertising and Skype as well as a weaker
U.S. dollar relative to other currencies (primarily the
Euro). Our revenue growth, particularly in our Marketplaces and
Payments segments, was negatively impacted by the difficult
global economic environment as buyers reduced their spending.
Operating income for the three months ended September 30,
2008 was $524.1 million, or 25% of net revenues, compared
to an operating loss of $937.7 million, or (50%) of net
revenues, in the same period of the prior year. The year over
year change in operating margin (which is operating income as a
percentage of net revenues) was due to the goodwill impairment
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charge in 2007 as well as margins improving in all three of our
business segments offset by the continued faster growth of our
lower margin businesses, primarily PayPal and Skype. Net income
for the three months ended September 30, 2008 was
$492.2 million, or $0.38 earnings per diluted share,
compared to a net loss of $935.6 million, or $0.69 loss per
diluted share for the same period of the prior year. The change
in earnings per diluted share was due primarily to the goodwill
impairment charge in 2007 and our lower weighted average share
count as a result of shares of our common stock repurchased over
the last year. During the third quarter of 2008, we repurchased
24.8 million shares of our common stock under our
repurchase program for an aggregate purchase price of
$622.8 million.
This excerpt taken from the EBAY 10-Q filed Jul 24, 2008. Financial
Summary
Net revenues for the three months ended June 30, 2008 were
$2.2 billion, representing an increase of 20% compared to
the same period of the prior year. While Marketplaces
transaction revenue continues to represent a majority of our
overall revenue, revenue growth rates were helped by our faster
growing businesses such as PayPal merchant services, global
classifieds, advertising and Skype. Our reported results from
operations also benefited from the strength in other currencies
relative to the U.S. dollar. Operating income for the three
months ended June 30, 2008 was $545.4 million, or 25%
of net revenues, compared to $456.9 million, or 25% of net
revenues, in the same period of the prior year. Operating margin
(which is operating income as a percentage of net revenues)
remained consistent due primarily to the continued faster growth
of our lower-margin businesses, PayPal and Skype, as compared to
our Marketplaces business, partially offset by a reduction of
sales and marketing expense as a
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percentage of net revenues. Net income for the three months
ended June 30, 2008 was $460.3 million, or $0.35
earnings per diluted share, compared to $375.8 million, or
$0.27 earnings per diluted share for the same period of the
prior year. Our net income benefited in part from a lower
effective tax rate for the three months ended June 30, 2008
compared to the same period of the prior year, as the geographic
mix of income became more favorable. In addition to the growth
in net income, the higher earnings per diluted share was
partially attributable to our lower diluted weighted average
share count, which was driven primarily by our stock repurchase
activity during 2007 and the first half of 2008. During the
second quarter of 2008, we repurchased approximately
19.1 million shares of our common stock under our
repurchase program for an aggregate purchase price of
approximately $566.0 million.
This excerpt taken from the EBAY 10-Q filed Apr 24, 2008. Financial
Summary
Net revenues for the three months ended March 31, 2008 were
$2.2 billion, representing a growth rate of 24% compared to
the same period of the prior year. Revenue growth was driven
primarily by Marketplaces net transaction revenues, the ongoing
expansion at PayPal, Skype and our global advertising and
classifieds businesses. Our global presence helped us to benefit
from strength in other currencies relative to the
U.S. dollar. Operating income for the three months ended
March 31, 2008 was $552.8 million, or 25% of net
revenues, compared to $467.8 million, or 26% of net
revenues, in the same period of the prior year. The decrease in
the operating margin (which is operating income as a percentage
of net revenues) was due primarily to the continued higher
growth of our lower-margin businesses, PayPal and Skype, which
continued to grow at a faster rate than our Marketplaces
business, as well as higher legal-related expenses. Net income
for the three months ended March 31, 2008 was
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$459.7 million, or $0.34 earnings per diluted share,
compared to $377.2 million, or $0.27 earnings per diluted
share for the same period of the prior year. Our net income
results benefited in part from a lower tax rate for the three
months ended March 31, 2008 compared to the same period of
the prior year as the geographic mix of income became more
favorable. In addition to the growth in net income, the higher
earnings per diluted share was partially attributable to
our lower diluted weighted average share count, the decrease of
which was driven primarily by our stock repurchase activity
during 2007 and the first quarter of 2008. During the first
quarter of 2008, we repurchased approximately 36.7 million
shares of our common stock under our repurchase program for an
aggregate purchase price of approximately $1.0 billion.
This excerpt taken from the EBAY 10-Q filed Apr 24, 2008. Financial
Summary
Net revenues for the three months ended March 31, 2008 were
$2.2 billion, representing a growth rate of 24% compared to
the same period of the prior year. Revenue growth was driven
primarily by Marketplaces net transaction revenues, the ongoing
expansion at PayPal, Skype and our global advertising and
classifieds businesses. Our global presence helped us to benefit
from strength in other currencies relative to the
U.S. dollar. Operating income for the three months ended
March 31, 2008 was $552.8 million, or 25% of net
revenues, compared to $467.8 million, or 26% of net
revenues, in the same period of the prior year. The decrease in
the operating margin (which is operating income as a percentage
of net revenues) was due primarily to the continued higher
growth of our lower-margin businesses, PayPal and Skype, which
continued to grow at a faster rate than our Marketplaces
business, as well as higher legal-related expenses. Net income
for the three months ended March 31, 2008 was
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$459.7 million, or $0.34 earnings per diluted share,
compared to $377.2 million, or $0.27 earnings per diluted
share for the same period of the prior year. Our net income
results benefited in part from a lower tax rate for the three
months ended March 31, 2008 compared to the same period of
the prior year as the geographic mix of income became more
favorable. In addition to the growth in net income, the higher
earnings per diluted share was partially attributable to
our lower diluted weighted average share count, the decrease of
which was driven primarily by our stock repurchase activity
during 2007 and the first quarter of 2008. During the first
quarter of 2008, we repurchased approximately 36.7 million
shares of our common stock under our repurchase program for an
aggregate purchase price of approximately $1.0 billion.
These excerpts taken from the EBAY 10-K filed Feb 29, 2008. Financial
Summary
During 2007, our combined businesses generated net revenues
totaling $7.7 billion, representing a $1.7 billion, or
29%, year-over-year increase, with each of our segments
achieving double digit-growth. Overall, our operations were
favorably impacted by the weakening of the U.S. dollar
relative to foreign currencies, the geographic mix of taxable
income, a tax benefit from a favorable ruling issued by a tax
authority and more efficient use of our resources as
demonstrated by reducing our sales and marketing, product
development, and general and administrative expenses as a
percentage of revenues. Furthermore, our operating results were
negatively impacted by the $1.4 billion impairment charge
related to Skype goodwill.
Revenue generated by our Marketplaces segment increased 24% in
2007 as compared to 2006 as our core business generated
$59.4 billion in GMV in 2007, representing a 13% increase
over the prior year. Revenue growth was primarily driven by
StubHub (acquired in February 2007), advertising, and the
fixed-price format on eBay. Our
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Marketplaces segment represents approximately 70% of our total
net revenues and continues to drive the majority of our
consolidated net revenue increase in dollars.
Revenue generated by our Payments segment, PayPal, increased 34%
in 2007 as compared to 2006. PayPal represents approximately 25%
of our total net revenue and generated net TPV of
$47.5 billion in 2007, a 33% increase over the
$35.8 billion generated in 2006. PayPal continued to be a
popular payment vehicle on various Marketplaces platforms.
Revenue derived from our Merchant Services business increased by
approximately 51% in 2007 compared to 2006 and represented
approximately 42% of net TPV in 2007 compared to 35% in
2006.
Revenue generated by our Communications segment, Skype,
increased 96% in 2007 as compared to 2006. Revenue growth at
Skype was due primarily to the growth in SkypeOut minutes driven
by our expanding user base and the broadening of our product
offerings and various strategic relationships. Skype represents
approximately 5% of our total net revenue.
Our operating margin was 8% in 2007, which reflected the
significant impact of the goodwill impairment charge related to
Skype of $1.4 billion, which represented 18% of net
revenues. In 2006, our operating margin was 24%.
Our diluted earnings per share was $0.25 in 2007. The goodwill
impairment charge related to Skype of $1.4 billion reduced
our diluted earnings per share by $1.01. In 2006 our diluted
earnings per share was $0.79.
We generated operating cash flow of $2.6 billion in 2007,
which allowed us to repurchase approximately 44.6 million
shares of our common stock for approximately $1.5 billion.
As of December 31, 2007, our cash and cash equivalents
balance was approximately $4.2 billion.
We expect that our business will continue to grow; however, our
growth rate has declined over time and we expect that to
continue in 2008, primarily as a result of the following:
We believe that our operating margin percentage will be impacted
negatively by the growth of our lower gross margin businesses,
primarily PayPal and Skype, which are growing faster than our
Marketplaces business and investment in buyer and seller
initiatives, and may be affected by the other changes mentioned
above. To partially offset this trend, we intend to continue to
improve operating productivity to keep our operating expenses
growing at a slower pace than revenue.
We announced another stock repurchase program in January 2008
for $2.0 billion, giving us the ability to repurchase up to
$2.85 billion of our common stock under our combined stock
repurchase programs. Any repurchases of our common stock under
our combined stock repurchase programs may impact our liquidity.
In addition to the above, to the extent that the
U.S. dollar fluctuates against foreign currencies,
particularly the Euro, British pound, Korean won and Australian
Dollar, the translation of these foreign currency denominated
transactions into U.S. dollars will impact our consolidated
net revenues and, to the extent that they are not hedged
successfully, our net income.
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Financial Summary During 2007, our combined businesses generated net revenues totaling $7.7 billion, representing a $1.7 billion, or 29%, year-over-year increase, with each of our segments achieving double digit-growth. Overall, our operations were favorably impacted by the weakening of the U.S. dollar relative to foreign currencies, the geographic mix of taxable income, a tax benefit from a favorable ruling issued by a tax authority and more efficient use of our resources as demonstrated by reducing our sales and marketing, product development, and general and administrative expenses as a percentage of revenues. Furthermore, our operating results were negatively impacted by the $1.4 billion impairment charge related to Skype goodwill. Revenue generated by our Marketplaces segment increased 24% in 2007 as compared to 2006 as our core business generated $59.4 billion in GMV in 2007, representing a 13% increase over the prior year. Revenue growth was primarily driven by StubHub (acquired in February 2007), advertising, and the fixed-price format on eBay. Our
Table of ContentsMarketplaces segment represents approximately 70% of our total net revenues and continues to drive the majority of our consolidated net revenue increase in dollars. Revenue generated by our Payments segment, PayPal, increased 34% in 2007 as compared to 2006. PayPal represents approximately 25% of our total net revenue and generated net TPV of $47.5 billion in 2007, a 33% increase over the $35.8 billion generated in 2006. PayPal continued to be a popular payment vehicle on various Marketplaces platforms. Revenue derived from our Merchant Services business increased by approximately 51% in 2007 compared to 2006 and represented approximately 42% of net TPV in 2007 compared to 35% in 2006. Revenue generated by our Communications segment, Skype, increased 96% in 2007 as compared to 2006. Revenue growth at Skype was due primarily to the growth in SkypeOut minutes driven by our expanding user base and the broadening of our product offerings and various strategic relationships. Skype represents approximately 5% of our total net revenue. Our operating margin was 8% in 2007, which reflected the significant impact of the goodwill impairment charge related to Skype of $1.4 billion, which represented 18% of net revenues. In 2006, our operating margin was 24%. Our diluted earnings per share was $0.25 in 2007. The goodwill impairment charge related to Skype of $1.4 billion reduced our diluted earnings per share by $1.01. In 2006 our diluted earnings per share was $0.79. We generated operating cash flow of $2.6 billion in 2007, which allowed us to repurchase approximately 44.6 million shares of our common stock for approximately $1.5 billion. As of December 31, 2007, our cash and cash equivalents balance was approximately $4.2 billion. We expect that our business will continue to grow; however, our growth rate has declined over time and we expect that to continue in 2008, primarily as a result of the following:
We believe that our operating margin percentage will be impacted negatively by the growth of our lower gross margin businesses, primarily PayPal and Skype, which are growing faster than our Marketplaces business and investment in buyer and seller initiatives, and may be affected by the other changes mentioned above. To partially offset this trend, we intend to continue to improve operating productivity to keep our operating expenses growing at a slower pace than revenue. We announced another stock repurchase program in January 2008 for $2.0 billion, giving us the ability to repurchase up to $2.85 billion of our common stock under our combined stock repurchase programs. Any repurchases of our common stock under our combined stock repurchase programs may impact our liquidity. In addition to the above, to the extent that the U.S. dollar fluctuates against foreign currencies, particularly the Euro, British pound, Korean won and Australian Dollar, the translation of these foreign currency denominated transactions into U.S. dollars will impact our consolidated net revenues and, to the extent that they are not hedged successfully, our net income.
Table of ContentsThis excerpt taken from the EBAY 10-Q filed Oct 29, 2007. Financial
summary
Net revenues for the three months ended September 30, 2007
were $1.9 billion, representing a growth rate of 30% year
over year. Operating loss for the three months ended
September 30, 2007 was $937.7 million. Net loss for
the three months ended September 30, 2007 was
$935.6 million, or $0.69 loss per diluted share. Both the
operating loss and net loss for the quarter were driven by a
goodwill impairment charge in our Communications segment of
$1.4 billion resulting from our annual goodwill impairment
test that is performed during the third quarter. The impairment
resulted from an updated long-term financial outlook for the
Skype business generated through our annual long-term strategic
planning cycle and our settlement payment with respect to the
Skype earn out agreement.
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During the third quarter of 2007, we repurchased
14.8 million shares of our common stock under our
repurchase program for an aggregate purchase price of
$500.1 million.
This excerpt taken from the EBAY 10-Q filed Jul 27, 2007. Financial
summary
Net revenues for the three-month period ended June 30, 2007
were $1.83 billion, representing a growth rate of 30% year
over year. Operating income for the three-month period ended
June 30, 2007 was $456.9 million, or 25% of net
revenues. Net income for the three-month period ended
June 30, 2007 was $375.8 million, or $0.27 earnings
per diluted share. During the second quarter of 2007, we
repurchased 10.3 million shares of our common stock for an
aggregate purchase price of $343.7 million.
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This excerpt taken from the EBAY 10-Q filed Apr 25, 2007. Financial
summary
Consolidated net revenues for the three-month period ended
March 31, 2007 were $1.77 billion, representing a
growth rate of 27% year over year. Operating income for the
period was $467.8 million, or 26% of net revenues. Net
income for the three-month period ended March 31, 2007 was
$377.2 million, or $0.27 earnings per diluted share. During
the first quarter of 2007, we repurchased 10.2 million
shares of our common stock for an aggregate purchase price of
$333.5 million.
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This excerpt taken from the EBAY 10-Q filed Jul 28, 2006. Financial
summary
Consolidated net revenues for the three month period ended
June 30, 2006 was $1.411 billion, representing a
growth rate of 30% year over year, which was primarily due to
continued Marketplaces and Payments growth and acquisitions made
in the past 12 months, including Shopping.com and Skype.
Net income for the three-month period ended June 30, 2006
was $250.0 million, or $0.17 earnings per diluted share,
decreasing 14% year over year.
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This decrease was primarily due to the impact of FAS 123(R)
stock-based compensation of $60 million (net of tax
effects), or $0.04 earnings per diluted share, as well as
intangible asset amortization from acquisitions made in the past
12 months.
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