Delaware | 000-24821 | 77-0430924 |
(State or other jurisdiction | (Commission File Number) | (I.R.S. Employer |
of incorporation) | Identification No.) |
99.1 | Unaudited consolidated financial statements |
eBay Inc. | ||
(Registrant) | ||
Date: August 14, 2015 | /s/ Marie Oh Huber | |
Marie Oh Huber | ||
Title: Senior Vice President, Legal Affairs, | ||
General Counsel and Secretary |
Exhibit Number | Description |
99.1 | Unaudited consolidated financial statements |
Previously Reported eBay Inc. | Discontinued Operations (PayPal) | eBay | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 4,971 | $ | (2,562 | ) | $ | 2,409 | ||||
Short-term investments | 5,583 | (1,862 | ) | 3,721 | |||||||
Accounts receivable, net | 662 | (81 | ) | 581 | |||||||
Loans and interest receivable, net | 3,152 | (3,152 | ) | — | |||||||
Funds receivable and customer accounts | 11,352 | (11,352 | ) | — | |||||||
Other current assets | 1,643 | (451 | ) | 1,192 | |||||||
Current assets held for sale | 1,186 | — | 1,186 | ||||||||
Total current assets | 28,549 | (19,460 | ) | 9,089 | |||||||
Long-term investments | 5,881 | (2,258 | ) | 3,623 | |||||||
Property and equipment, net | 2,781 | (1,291 | ) | 1,490 | |||||||
Goodwill | 7,902 | (3,359 | ) | 4,543 | |||||||
Intangible assets, net | 283 | (186 | ) | 97 | |||||||
Other assets | 262 | (104 | ) | 158 | |||||||
Total assets | $ | 45,658 | $ | (26,658 | ) | $ | 19,000 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | 865 | $ | — | $ | 865 | |||||
Accounts payable | 368 | (188 | ) | 180 | |||||||
Funds payable and amounts due to customers | 11,352 | (11,352 | ) | — | |||||||
Accrued expenses and other current liabilities | 3,868 | (806 | ) | 3,062 | |||||||
Deferred revenue | 125 | — | 125 | ||||||||
Income taxes payable | 101 | (26 | ) | 75 | |||||||
Current liabilities held for sale | 381 | — | 381 | ||||||||
Total current liabilities | 17,060 | (12,372 | ) | 4,688 | |||||||
Deferred and other tax liabilities, net | 1,913 | (1,396 | ) | 517 | |||||||
Long-term debt | 6,757 | — | 6,757 | ||||||||
Other liabilities | 123 | (44 | ) | 79 | |||||||
Total liabilities | 25,853 | (13,812 | ) | 12,041 | |||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Common stock, $0.001 par value; 3,580 shares authorized; 1,218 shares outstanding | 2 | — | 2 | ||||||||
Additional paid-in capital | 14,306 | (8,159 | ) | 6,147 | |||||||
Treasury stock at cost, 402 shares | (15,054 | ) | — | (15,054 | ) | ||||||
Retained earnings | 19,609 | (4,663 | ) | 14,946 | |||||||
Accumulated other comprehensive income | 942 | (24 | ) | 918 | |||||||
Total stockholders' equity | 19,805 | (12,846 | ) | 6,959 | |||||||
Total liabilities and stockholders' equity | $ | 45,658 | $ | (26,658 | ) | $ | 19,000 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal) | eBay | Non-GAAP Adjustments | Notes | Non-GAAP eBay | ||||||||||||||||
Net revenues | $ | 4,379 | $ | (2,269 | ) | $ | 2,110 | $ | — | $ | 2,110 | ||||||||||
Cost of net revenues | 1,348 | (914 | ) | 434 | (16 | ) | (a)(b) | 418 | |||||||||||||
Gross profit | 3,031 | (1,355 | ) | 1,676 | 16 | 1,692 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||
Sales and marketing | 836 | (248 | ) | 588 | (23 | ) | (a) | 565 | |||||||||||||
Product development | 485 | (253 | ) | 232 | (25 | ) | (a) | 207 | |||||||||||||
General and administrative | 683 | (330 | ) | 353 | (176 | ) | (a)(c) | 177 | |||||||||||||
Provision for transaction and loan losses | 262 | (197 | ) | 65 | — | 65 | |||||||||||||||
Amortization of acquired intangible assets | 24 | (14 | ) | 10 | (10 | ) | (b) | — | |||||||||||||
Total operating expenses | 2,290 | (1,042 | ) | 1,248 | (234 | ) | 1,014 | ||||||||||||||
Income from operations | 741 | (313 | ) | 428 | 250 | 678 | |||||||||||||||
Interest and other, net | 126 | (2 | ) | 124 | (160 | ) | (d) | (36 | ) | ||||||||||||
Income from continuing operations before income taxes | 867 | (315 | ) | 552 | 90 | 642 | |||||||||||||||
Provision for income taxes | (185 | ) | 63 | (122 | ) | (3 | ) | (e) | (125 | ) | |||||||||||
Income from continuing operations | $ | 682 | $ | (252 | ) | $ | 430 | $ | 87 | $ | 517 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | (599 | ) | 252 | (347 | ) | — | (347 | ) | |||||||||||||
Net income | $ | 83 | $ | — | $ | 83 | $ | 87 | $ | 170 | |||||||||||
Income (loss) per share - basic: | |||||||||||||||||||||
Continuing operations | $ | 0.56 | $ | 0.35 | $ | 0.42 | |||||||||||||||
Discontinued operations | $ | (0.49 | ) | $ | (0.28 | ) | $ | (0.28 | ) | ||||||||||||
Net income (loss) per share - basic | $ | 0.07 | $ | 0.07 | $ | 0.14 | |||||||||||||||
Income (loss) per share - diluted: | |||||||||||||||||||||
Continuing operations | $ | 0.56 | $ | 0.35 | $ | 0.42 | |||||||||||||||
Discontinued operations | $ | (0.49 | ) | $ | (0.28 | ) | $ | (0.28 | ) | ||||||||||||
Net income (loss) per share - diluted | $ | 0.07 | $ | 0.07 | $ | 0.14 | |||||||||||||||
Weighted average shares: | |||||||||||||||||||||
Basic | 1,217 | 1,217 | 1,217 | ||||||||||||||||||
Diluted | 1,225 | 1,225 | 1,225 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal) | eBay | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 83 | $ | — | $ | 83 | |||||
Loss (income) from discontinued operations | 599 | (252 | ) | 347 | |||||||
Adjustments: | |||||||||||
Provision for transaction and loan losses | 262 | (197 | ) | 65 | |||||||
Depreciation and amortization | 324 | (150 | ) | 174 | |||||||
Stock-based compensation | 198 | (83 | ) | 115 | |||||||
Purchases of loans held for sale | (196 | ) | 196 | — | |||||||
Proceeds from sale of loans held for sale | 200 | (200 | ) | — | |||||||
Gain on sale of investments and loans held for sale | (132 | ) | 30 | (102 | ) | ||||||
Deferred income taxes | 43 | (56 | ) | (13 | ) | ||||||
Changes in assets and liabilities, net of acquisition effects | (272 | ) | 149 | (123 | ) | ||||||
Net cash provided by continuing operating activities | 1,109 | — | 546 | ||||||||
Net cash (provided by) discontinued operating activities | (47 | ) | (563 | ) | (610 | ) | |||||
Net cash provided by operating activities | 1,156 | — | 1,156 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (421 | ) | 220 | (201 | ) | ||||||
Changes in principal loans receivable, net | (307 | ) | 307 | — | |||||||
Proceeds from sale of loans originated for investment | 714 | (714 | ) | — | |||||||
Purchases of investments | (3,696 | ) | 2,766 | (930 | ) | ||||||
Maturities and sales of investments | 2,335 | (402 | ) | 1,933 | |||||||
Acquisitions, net of cash acquired | (273 | ) | 273 | — | |||||||
Other | (2 | ) | — | (2 | ) | ||||||
Net cash provided by (used in) continuing investing activities | (1,650 | ) | — | 800 | |||||||
Net cash used in discontinued investing activities | 47 | 2,450 | 2,497 | ||||||||
Net cash provided by (used in) investing activities | (1,697 | ) | — | (1,697 | ) | ||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common stock | 108 | — | 108 | ||||||||
Repurchases of common stock | — | — | — | ||||||||
Excess tax benefits from stock-based compensation | 28 | (8 | ) | 20 | |||||||
Tax withholdings related to net share settlements of restricted stock awards and units | (129 | ) | — | (129 | ) | ||||||
Funds receivable and customer accounts, net | (461 | ) | 461 | — | |||||||
Funds payable and amounts due to customers, net | 461 | (461 | ) | — | |||||||
Net borrowings under commercial paper program | — | — | — | ||||||||
Other | — | — | — | ||||||||
Net cash provided by (used in) continuing financing activities | 7 | — | (1 | ) | |||||||
Net cash (provided by) discontinued financing activities | — | (8 | ) | (8 | ) | ||||||
Net cash provided by financing activities | 7 | — | 7 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 48 | 48 | |||||||||
Net (decrease) in cash and cash equivalents | (486 | ) | (486 | ) | |||||||
Cash and cash equivalents at beginning of period | 5,473 | 5,473 | |||||||||
Cash and cash equivalents at end of period | $ | 4,987 | $ | 4,987 | |||||||
Less: Cash and cash equivalents of held for sale | $ | 16 | $ | (16 | ) | ||||||
Less: Cash and cash equivalents of discontinued operations | $ | — | $ | (2,562 | ) | ||||||
Cash and cash equivalents of continuing operations at end of period | $ | 4,971 | $ | 2,409 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal and Enterprise) | eBay | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 5,473 | $ | (2,367 | ) | $ | 3,106 | ||||
Short-term investments | 4,206 | (24 | ) | 4,182 | |||||||
Accounts receivable, net | 703 | (168 | ) | 535 | |||||||
Loans and interest receivable, net | 3,578 | (3,578 | ) | — | |||||||
Funds receivable and customer accounts | 10,891 | (10,891 | ) | — | |||||||
Other current assets | 1,663 | (536 | ) | 1,127 | |||||||
Total current assets | 26,514 | (17,564 | ) | 8,950 | |||||||
Long-term investments | 5,647 | (39 | ) | 5,608 | |||||||
Property and equipment, net | 2,947 | (1,484 | ) | 1,463 | |||||||
Goodwill | 8,965 | (4,421 | ) | 4,544 | |||||||
Intangible assets, net | 481 | (368 | ) | 113 | |||||||
Other assets | 287 | (38 | ) | 249 | |||||||
Total assets | $ | 44,841 | $ | (23,914 | ) | $ | 20,927 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | 868 | $ | — | $ | 868 | |||||
Accounts payable | 393 | (240 | ) | 153 | |||||||
Funds payable and amounts due to customers | 10,891 | (10,891 | ) | — | |||||||
Accrued expenses and other current liabilities | 5,145 | (1,693 | ) | 3,452 | |||||||
Deferred revenue | 190 | (81 | ) | 109 | |||||||
Income taxes payable | 124 | (46 | ) | 78 | |||||||
Total current liabilities | 17,611 | (12,951 | ) | 4,660 | |||||||
Deferred and other tax liabilities, net | 768 | (255 | ) | 513 | |||||||
Long-term debt | 6,795 | — | 6,795 | ||||||||
Other liabilities | 129 | (41 | ) | 88 | |||||||
Total liabilities | 25,303 | (13,247 | ) | 12,056 | |||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Common stock, $0.001 par value; 3,580 shares authorized; 1,210 shares outstanding | 2 | — | 2 | ||||||||
Additional paid-in capital | 14,084 | (6,057 | ) | 8,027 | |||||||
Treasury stock at cost, 402 shares | (15,054 | ) | — | (15,054 | ) | ||||||
Retained earnings | 19,526 | (4,468 | ) | 15,058 | |||||||
Accumulated other comprehensive income | 980 | (142 | ) | 838 | |||||||
Total stockholders' equity | 19,538 | (10,667 | ) | 8,871 | |||||||
Total liabilities and stockholders' equity | $ | 44,841 | $ | (23,914 | ) | $ | 20,927 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal and Enterprise) | eBay | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 6,328 | $ | (2,223 | ) | $ | 4,105 | ||||
Short-term investments | 3,770 | (40 | ) | 3,730 | |||||||
Accounts receivable, net | 797 | (197 | ) | 600 | |||||||
Loans and interest receivable, net | 3,600 | (3,600 | ) | — | |||||||
Funds receivable and customer accounts | 10,545 | (10,545 | ) | — | |||||||
Other current assets | 1,491 | (443 | ) | 1,048 | |||||||
Total current assets | 26,531 | (17,048 | ) | 9,483 | |||||||
Long-term investments | 5,777 | (41 | ) | 5,736 | |||||||
Property and equipment, net | 2,902 | (1,416 | ) | 1,486 | |||||||
Goodwill | 9,094 | (4,423 | ) | 4,671 | |||||||
Intangible assets, net | 564 | (431 | ) | 133 | |||||||
Other assets | 264 | (57 | ) | 207 | |||||||
Total assets | $ | 45,132 | $ | (23,416 | ) | $ | 21,716 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | 850 | $ | — | $ | 850 | |||||
Accounts payable | 401 | (294 | ) | 107 | |||||||
Funds payable and amounts due to customers | 10,545 | (10,545 | ) | — | |||||||
Accrued expenses and other current liabilities | 5,393 | (1,563 | ) | 3,830 | |||||||
Deferred revenue | 188 | (80 | ) | 108 | |||||||
Income taxes payable | 154 | (29 | ) | 125 | |||||||
Total current liabilities | 17,531 | (12,511 | ) | 5,020 | |||||||
Deferred and other tax liabilities, net | 792 | (270 | ) | 522 | |||||||
Long-term debt | 6,777 | — | 6,777 | ||||||||
Other liabilities | 126 | (47 | ) | 79 | |||||||
Total liabilities | 25,226 | (12,828 | ) | 12,398 | |||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Common stock, $0.001 par value; 3,580 shares authorized; 1,224 shares outstanding | 2 | — | 2 | ||||||||
Additional paid-in capital | 13,887 | (5,963 | ) | 7,924 | |||||||
Treasury stock at cost, 384 shares | (14,054 | ) | — | (14,054 | ) | ||||||
Retained earnings | 18,900 | (4,515 | ) | 14,385 | |||||||
Accumulated other comprehensive income | 1,171 | (110 | ) | 1,061 | |||||||
Total stockholders' equity | 19,906 | (10,588 | ) | 9,318 | |||||||
Total liabilities and stockholders' equity | $ | 45,132 | $ | (23,416 | ) | $ | 21,716 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal and Enterprise) | eBay | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 4,790 | $ | (2,283 | ) | $ | 2,507 | ||||
Short-term investments | 5,601 | (56 | ) | 5,545 | |||||||
Accounts receivable, net | 755 | (162 | ) | 593 | |||||||
Loans and interest receivable, net | 3,162 | (3,162 | ) | — | |||||||
Funds receivable and customer accounts | 9,962 | (9,962 | ) | — | |||||||
Other current assets | 1,384 | (482 | ) | 902 | |||||||
Total current assets | 25,654 | (16,107 | ) | 9,547 | |||||||
Long-term investments | 5,875 | (231 | ) | 5,644 | |||||||
Property and equipment, net | 2,825 | (1,390 | ) | 1,435 | |||||||
Goodwill | 9,220 | (4,429 | ) | 4,791 | |||||||
Intangible assets, net | 642 | (489 | ) | 153 | |||||||
Other assets | 260 | (51 | ) | 209 | |||||||
Total assets | $ | 44,476 | $ | (22,697 | ) | $ | 21,779 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | 250 | $ | — | $ | 250 | |||||
Accounts payable | 339 | (218 | ) | 121 | |||||||
Funds payable and amounts due to customers | 9,962 | (9,962 | ) | — | |||||||
Accrued expenses and other current liabilities | 5,617 | (1,700 | ) | 3,917 | |||||||
Deferred revenue | 185 | (69 | ) | 116 | |||||||
Income taxes payable | 138 | (34 | ) | 104 | |||||||
Total current liabilities | 16,491 | (11,983 | ) | 4,508 | |||||||
Deferred and other tax liabilities, net | 709 | (298 | ) | 411 | |||||||
Long-term debt | 7,346 | — | 7,346 | ||||||||
Other liabilities | 120 | (45 | ) | 75 | |||||||
Total liabilities | 24,666 | (12,326 | ) | 12,340 | |||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Common stock, $0.001 par value; 3,580 shares authorized; 1,242 shares outstanding | 2 | — | 2 | ||||||||
Additional paid-in capital | 13,580 | (5,904 | ) | 7,676 | |||||||
Treasury stock at cost, 362 shares | (12,872 | ) | — | (12,872 | ) | ||||||
Retained earnings | 17,877 | (4,397 | ) | 13,480 | |||||||
Accumulated other comprehensive income | 1,223 | (70 | ) | 1,153 | |||||||
Total stockholders' equity | 19,810 | (10,371 | ) | 9,439 | |||||||
Total liabilities and stockholders' equity | $ | 44,476 | $ | (22,697 | ) | $ | 21,779 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal and Enterprise) | eBay | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 3,834 | $ | (2,128 | ) | $ | 1,706 | ||||
Short-term investments | 3,535 | (27 | ) | 3,508 | |||||||
Accounts receivable, net | 765 | (161 | ) | 604 | |||||||
Loans and interest receivable, net | 2,939 | (2,939 | ) | — | |||||||
Funds receivable and customer accounts | 10,037 | (10,037 | ) | — | |||||||
Other current assets | 1,268 | (378 | ) | 890 | |||||||
Total current assets | 22,378 | (15,670 | ) | 6,708 | |||||||
Long-term investments | 6,217 | (170 | ) | 6,047 | |||||||
Property and equipment, net | 2,685 | (1,296 | ) | 1,389 | |||||||
Goodwill | 9,367 | (4,431 | ) | 4,936 | |||||||
Intangible assets, net | 714 | (553 | ) | 161 | |||||||
Other assets | 279 | (51 | ) | 228 | |||||||
Total assets | $ | 41,640 | $ | (22,171 | ) | $ | 19,469 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | 1,203 | $ | (1 | ) | $ | 1,202 | ||||
Accounts payable | 312 | (202 | ) | 110 | |||||||
Funds payable and amounts due to customers | 10,037 | (10,037 | ) | — | |||||||
Accrued expenses and other current liabilities | 5,693 | (1,664 | ) | 4,029 | |||||||
Deferred revenue | 183 | (66 | ) | 117 | |||||||
Income taxes payable | 110 | (2 | ) | 108 | |||||||
Total current liabilities | 17,538 | (11,972 | ) | 5,566 | |||||||
Deferred and other tax liabilities, net | 774 | (346 | ) | 428 | |||||||
Long-term debt | 4,118 | (11 | ) | 4,107 | |||||||
Other liabilities | 240 | (163 | ) | 77 | |||||||
Total liabilities | 22,670 | (12,492 | ) | 10,178 | |||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Common stock, $0.001 par value; 3,580 shares authorized; 1,241 shares outstanding | 2 | — | 2 | ||||||||
Additional paid-in capital | 13,397 | (5,825 | ) | 7,572 | |||||||
Treasury stock at cost, 362 shares | (12,864 | ) | — | (12,864 | ) | ||||||
Retained earnings | 17,204 | (3,904 | ) | 13,300 | |||||||
Accumulated other comprehensive income | 1,231 | 50 | 1,281 | ||||||||
Total stockholders' equity | 18,970 | (9,679 | ) | 9,291 | |||||||
Total liabilities and stockholders' equity | $ | 41,640 | $ | (22,171 | ) | $ | 19,469 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal and Enterprise) | eBay | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 4,415 | $ | (2,237 | ) | $ | 2,178 | ||||
Short-term investments | 3,429 | (36 | ) | 3,393 | |||||||
Accounts receivable, net | 810 | (166 | ) | 644 | |||||||
Loans and interest receivable, net | 2,744 | (2,744 | ) | — | |||||||
Funds receivable and customer accounts | 9,648 | (9,648 | ) | — | |||||||
Other current assets | 1,313 | (340 | ) | 973 | |||||||
Total current assets | 22,359 | (15,171 | ) | 7,188 | |||||||
Long-term investments | 5,211 | (173 | ) | 5,038 | |||||||
Property and equipment, net | 2,686 | (1,296 | ) | 1,390 | |||||||
Goodwill | 9,257 | (4,431 | ) | 4,826 | |||||||
Intangible assets, net | 805 | (616 | ) | 189 | |||||||
Other assets | 227 | (43 | ) | 184 | |||||||
Total assets | $ | 40,545 | $ | (21,730 | ) | $ | 18,815 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | 4 | $ | (2 | ) | $ | 2 | ||||
Accounts payable | 277 | (165 | ) | 112 | |||||||
Funds payable and amounts due to customers | 9,648 | (9,648 | ) | — | |||||||
Accrued expenses and other current liabilities | 5,523 | (1,626 | ) | 3,897 | |||||||
Deferred revenue | 169 | (60 | ) | 109 | |||||||
Income taxes payable | 120 | (5 | ) | 115 | |||||||
Total current liabilities | 15,741 | (11,506 | ) | 4,235 | |||||||
Deferred and other tax liabilities, net | 828 | (360 | ) | 468 | |||||||
Long-term debt | 4,124 | (11 | ) | 4,113 | |||||||
Other liabilities | 243 | (170 | ) | 73 | |||||||
Total liabilities | 20,936 | (12,047 | ) | 8,889 | |||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Common stock, $0.001 par value; 3,580 shares authorized; 1,267 shares outstanding | 2 | — | 2 | ||||||||
Additional paid-in capital | 13,202 | (5,729 | ) | 7,473 | |||||||
Treasury stock at cost, 329 shares | (11,207 | ) | — | (11,207 | ) | ||||||
Retained earnings | 16,528 | (4,012 | ) | 12,516 | |||||||
Accumulated other comprehensive income | 1,084 | 58 | 1,142 | ||||||||
Total stockholders' equity | 19,609 | (9,683 | ) | 9,926 | |||||||
Total liabilities and stockholders' equity | $ | 40,545 | $ | (21,730 | ) | $ | 18,815 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal and Enterprise) | eBay | Non-GAAP Adjustments | Notes | Non-GAAP eBay | ||||||||||||||||
Net revenues | $ | 4,448 | $ | (2,387 | ) | $ | 2,061 | $ | — | $ | 2,061 | ||||||||||
Cost of net revenues | 1,450 | (1,039 | ) | 411 | (14 | ) | (a)(b) | 397 | |||||||||||||
Gross profit | 2,998 | (1,348 | ) | 1,650 | 14 | 1,664 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||
Sales and marketing | 794 | (275 | ) | 519 | (24 | ) | (a) | 495 | |||||||||||||
Product development | 485 | (264 | ) | 221 | (29 | ) | (a) | 192 | |||||||||||||
General and administrative | 665 | (363 | ) | 302 | (128 | ) | (a)(c) | 174 | |||||||||||||
Provision for transaction and loan losses | 264 | (195 | ) | 69 | — | 69 | |||||||||||||||
Amortization of acquired intangible assets | 58 | (48 | ) | 10 | (10 | ) | (b) | — | |||||||||||||
Total operating expenses | 2,266 | (1,145 | ) | 1,121 | (191 | ) | 930 | ||||||||||||||
Income from operations | 732 | (203 | ) | 529 | 205 | 734 | |||||||||||||||
Interest and other, net | 8 | 2 | 10 | (10 | ) | (d) | — | ||||||||||||||
Income before income taxes | 740 | (201 | ) | 539 | 195 | 734 | |||||||||||||||
Provision for income taxes | (114 | ) | 24 | (90 | ) | (58 | ) | (e) | (148 | ) | |||||||||||
Net income | $ | 626 | $ | (177 | ) | $ | 449 | $ | 137 | $ | 586 | ||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.51 | $ | 0.37 | $ | 0.48 | |||||||||||||||
Diluted | $ | 0.51 | $ | 0.37 | $ | 0.48 | |||||||||||||||
Weighted average shares: | |||||||||||||||||||||
Basic | 1,216 | 1,216 | 1,216 | ||||||||||||||||||
Diluted | 1,229 | 1,229 | 1,229 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal and Enterprise) | eBay | Non-GAAP Adjustments | Notes | Non-GAAP eBay | ||||||||||||||||
Net revenues | $ | 4,921 | $ | (2,598 | ) | $ | 2,323 | $ | — | $ | 2,323 | ||||||||||
Cost of net revenues | 1,600 | (1,158 | ) | 442 | (15 | ) | (a)(b) | 427 | |||||||||||||
Gross profit | 3,321 | (1,440 | ) | 1,881 | 15 | 1,896 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||
Sales and marketing | 945 | (318 | ) | 627 | (23 | ) | (a) | 604 | |||||||||||||
Product development | 509 | (273 | ) | 236 | (31 | ) | (a) | 205 | |||||||||||||
General and administrative | 475 | (264 | ) | 211 | (42 | ) | (a)(c) | 169 | |||||||||||||
Provision for transaction and loan losses | 273 | (207 | ) | 66 | — | 66 | |||||||||||||||
Amortization of acquired intangible assets | 58 | (48 | ) | 10 | (10 | ) | (b) | — | |||||||||||||
Total operating expenses | 2,260 | (1,110 | ) | 1,150 | (106 | ) | 1,044 | ||||||||||||||
Income from operations | 1,061 | (330 | ) | 731 | 121 | 852 | |||||||||||||||
Interest and other, net | (7 | ) | 14 | 7 | — | 7 | |||||||||||||||
Income before income taxes | 1,054 | (316 | ) | 738 | 121 | 859 | |||||||||||||||
Provision for income taxes | (31 | ) | 22 | (9 | ) | (165 | ) | (d)(e) | (174 | ) | |||||||||||
Net income | $ | 1,023 | $ | (294 | ) | $ | 729 | $ | (44 | ) | $ | 685 | |||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.83 | $ | 0.59 | $ | 0.56 | |||||||||||||||
Diluted | $ | 0.82 | $ | 0.59 | $ | 0.55 | |||||||||||||||
Weighted average shares: | |||||||||||||||||||||
Basic | 1,230 | 1,230 | 1,230 | ||||||||||||||||||
Diluted | 1,241 | 1,241 | 1,241 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal and Enterprise) | eBay | Non-GAAP Adjustments | Notes | Non-GAAP eBay | ||||||||||||||||
Net revenues | $ | 4,353 | $ | (2,203 | ) | $ | 2,150 | $ | — | $ | 2,150 | ||||||||||
Cost of net revenues | 1,389 | (976 | ) | 413 | (17 | ) | (a)(b) | 396 | |||||||||||||
Gross profit | 2,964 | (1,227 | ) | 1,737 | 17 | 1,754 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||
Sales and marketing | 923 | (299 | ) | 624 | (24 | ) | (a) | 600 | |||||||||||||
Product development | 511 | (265 | ) | 246 | (30 | ) | (a) | 216 | |||||||||||||
General and administrative | 442 | (239 | ) | 203 | (28 | ) | (a) | 175 | |||||||||||||
Provision for transaction and loan losses | 249 | (191 | ) | 58 | — | 58 | |||||||||||||||
Amortization of acquired intangible assets | 58 | (48 | ) | 10 | (10 | ) | (b) | — | |||||||||||||
Total operating expenses | 2,183 | (1,042 | ) | 1,141 | (92 | ) | 1,049 | ||||||||||||||
Income from operations | 781 | (185 | ) | 596 | 109 | 705 | |||||||||||||||
Interest and other, net | 20 | (3 | ) | 17 | — | 17 | |||||||||||||||
Income before income taxes | 801 | (188 | ) | 613 | 109 | 722 | |||||||||||||||
Provision for income taxes | (128 | ) | 24 | (104 | ) | (39 | ) | (c) | (143 | ) | |||||||||||
Net income | $ | 673 | $ | (164 | ) | $ | 509 | $ | 70 | $ | 579 | ||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.54 | $ | 0.41 | $ | 0.47 | |||||||||||||||
Diluted | $ | 0.54 | $ | 0.41 | $ | 0.46 | |||||||||||||||
Weighted average shares: | |||||||||||||||||||||
Basic | 1,242 | 1,242 | 1,242 | ||||||||||||||||||
Diluted | 1,251 | 1,251 | 1,251 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal and Enterprise) | eBay | Non-GAAP Adjustments | Notes | Non-GAAP eBay | ||||||||||||||||
Net revenues | $ | 4,366 | $ | (2,198 | ) | $ | 2,168 | $ | — | $ | 2,168 | ||||||||||
Cost of net revenues | 1,392 | (981 | ) | 411 | (17 | ) | (a)(b) | 394 | |||||||||||||
Gross profit | 2,974 | (1,217 | ) | 1,757 | 17 | 1,774 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||
Sales and marketing | 914 | (285 | ) | 629 | (24 | ) | (a) | 605 | |||||||||||||
Product development | 500 | (249 | ) | 251 | (32 | ) | (a) | 219 | |||||||||||||
General and administrative | 461 | (228 | ) | 233 | (32 | ) | (a) | 201 | |||||||||||||
Provision for transaction and loan losses | 232 | (157 | ) | 75 | — | 75 | |||||||||||||||
Amortization of acquired intangible assets | 73 | (47 | ) | 26 | (26 | ) | (b) | — | |||||||||||||
Total operating expenses | 2,180 | (966 | ) | 1,214 | (114 | ) | 1,100 | ||||||||||||||
Income from operations | 794 | (251 | ) | 543 | 131 | 674 | |||||||||||||||
Interest and other, net | 9 | 5 | 14 | — | 14 | ||||||||||||||||
Income before income taxes | 803 | (246 | ) | 557 | 131 | 688 | |||||||||||||||
Provision for income taxes | (127 | ) | 28 | (99 | ) | (39 | ) | (c) | (138 | ) | |||||||||||
Net income | $ | 676 | $ | (218 | ) | $ | 458 | $ | 92 | $ | 550 | ||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.54 | $ | 0.36 | $ | 0.44 | |||||||||||||||
Diluted | $ | 0.53 | $ | 0.36 | $ | 0.43 | |||||||||||||||
Weighted average shares: | |||||||||||||||||||||
Basic | 1,258 | 1,258 | 1,258 | ||||||||||||||||||
Diluted | 1,267 | 1,267 | 1,267 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal and Enterprise) | eBay | Non-GAAP Adjustments | Notes | Non-GAAP eBay | ||||||||||||||||
Net revenues | $ | 4,262 | $ | (2,113 | ) | $ | 2,149 | $ | — | $ | 2,149 | ||||||||||
Cost of net revenues | 1,351 | (954 | ) | 397 | (16 | ) | (a)(b) | 381 | |||||||||||||
Gross profit | 2,911 | (1,159 | ) | 1,752 | 16 | 1,768 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||
Sales and marketing | 805 | (243 | ) | 562 | (23 | ) | (a) | 539 | |||||||||||||
Product development | 480 | (230 | ) | 250 | (28 | ) | (a) | 222 | |||||||||||||
General and administrative | 465 | (223 | ) | 242 | (32 | ) | (a) | 210 | |||||||||||||
Provision for transaction and loan losses | 204 | (141 | ) | 63 | — | 63 | |||||||||||||||
Amortization of acquired intangible assets | 79 | (50 | ) | 29 | (29 | ) | (b) | — | |||||||||||||
Total operating expenses | 2,033 | (887 | ) | 1,146 | (112 | ) | 1,034 | ||||||||||||||
Income from operations | 878 | (272 | ) | 606 | 128 | 734 | |||||||||||||||
Interest and other, net | (5 | ) | 6 | 1 | — | 1 | |||||||||||||||
Income before income taxes | 873 | (266 | ) | 607 | 128 | 735 | |||||||||||||||
Provision for income taxes | (3,199 | ) | 31 | (3,168 | ) | 3,005 | (c)(d) | (163 | ) | ||||||||||||
Net income (loss) | $ | (2,326 | ) | $ | (235 | ) | $ | (2,561 | ) | $ | 3,133 | $ | 572 | ||||||||
Net income (loss) per share: | |||||||||||||||||||||
Basic | $ | (1.82 | ) | $ | (2.01 | ) | $ | 0.45 | |||||||||||||
Diluted | $ | (1.82 | ) | $ | (2.01 | ) | $ | 0.44 | |||||||||||||
Weighted average shares: | |||||||||||||||||||||
Basic | 1,276 | 1,276 | 1,276 | ||||||||||||||||||
Diluted | 1,276 | 1,276 | 1,292 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal and Enterprise) | eBay | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 626 | $ | — | $ | 626 | |||||
Income from discontinued operations | — | (177 | ) | (177 | ) | ||||||
Adjustments: | |||||||||||
Provision for transaction and loan losses | 264 | (195 | ) | 69 | |||||||
Depreciation and amortization | 381 | (221 | ) | 160 | |||||||
Stock-based compensation | 185 | (92 | ) | 93 | |||||||
Deferred income taxes | (87 | ) | (29 | ) | (116 | ) | |||||
Changes in assets and liabilities, net of acquisition effects | (218 | ) | 64 | (154 | ) | ||||||
Net cash provided by continuing operating activities | — | — | 501 | ||||||||
Net cash provided by discontinued operating activities | — | (650 | ) | (650 | ) | ||||||
Net cash provided by operating activities | 1,151 | — | 1,151 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (322 | ) | 226 | (96 | ) | ||||||
Changes in principal loans receivable, net | (12 | ) | 12 | — | |||||||
Purchases of investments | (2,423 | ) | 3 | (2,420 | ) | ||||||
Maturities and sales of investments | 2,034 | (15 | ) | 2,019 | |||||||
Other | (1 | ) | — | (1 | ) | ||||||
Net cash used in continuing investing activities | — | — | (498 | ) | |||||||
Net cash used in discontinued investing activities | — | 226 | 226 | ||||||||
Net cash used in investing activities | (724 | ) | — | (724 | ) | ||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common stock | 38 | — | 38 | ||||||||
Repurchases of common stock | (1,000 | ) | — | (1,000 | ) | ||||||
Excess tax benefits from stock-based compensation | 28 | (8 | ) | 20 | |||||||
Tax withholdings related to net share settlements of restricted stock awards and units | (51 | ) | — | (51 | ) | ||||||
Funds receivable and customer accounts, net | (346 | ) | 346 | — | |||||||
Funds payable and amounts due to customers, net | 346 | (346 | ) | — | |||||||
Net borrowings under commercial paper program | — | — | — | ||||||||
Other | — | — | — | ||||||||
Net cash used in continuing financing activities | — | — | (993 | ) | |||||||
Net cash provided by discontinued financing activities | — | (8 | ) | (8 | ) | ||||||
Net cash used in financing activities | (985 | ) | — | (985 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (297 | ) | (297 | ) | |||||||
Net decrease in cash and cash equivalents | (855 | ) | (855 | ) | |||||||
Cash and cash equivalents at beginning of period | 6,328 | 6,328 | |||||||||
Cash and cash equivalents at end of period | $ | 5,473 | $ | 5,473 | |||||||
Less: Cash and cash equivalents of held for sale | $ | — | $ | (15 | ) | ||||||
Less: Cash and cash equivalents of discontinued operations | $ | — | $ | (2,352 | ) | ||||||
Cash and cash equivalents of continuing operations at end of period | $ | — | $ | 3,106 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal and Enterprise) | eBay | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 1,023 | $ | — | $ | 1,023 | |||||
Income from discontinued operations | — | (294 | ) | (294 | ) | ||||||
Adjustments: | |||||||||||
Provision for transaction and loan losses | 273 | (207 | ) | 66 | |||||||
Depreciation and amortization | 370 | (206 | ) | 164 | |||||||
Stock-based compensation | 187 | (94 | ) | 93 | |||||||
Deferred income taxes | (188 | ) | (47 | ) | (235 | ) | |||||
Changes in assets and liabilities, net of acquisition effects | (24 | ) | 45 | 21 | |||||||
Net cash provided by continuing operating activities | — | — | 838 | ||||||||
Net cash provided by discontinued operating activities | — | (803 | ) | (803 | ) | ||||||
Net cash provided by operating activities | 1,641 | — | 1,641 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (369 | ) | 169 | (200 | ) | ||||||
Changes in principal loans receivable, net | (527 | ) | 527 | — | |||||||
Purchases of investments | (1,955 | ) | 11 | (1,944 | ) | ||||||
Maturities and sales of investments | 3,930 | (20 | ) | 3,910 | |||||||
Other | (7 | ) | 1 | (6 | ) | ||||||
Net cash provided by continuing investing activities | — | — | 1,760 | ||||||||
Net cash used in discontinued investing activities | — | 688 | 688 | ||||||||
Net cash provided by investing activities | 1,072 | — | 1,072 | ||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common stock | 122 | — | 122 | ||||||||
Repurchases of common stock | (1,182 | ) | — | (1,182 | ) | ||||||
Excess tax benefits from stock-based compensation | 25 | (6 | ) | 19 | |||||||
Tax withholdings related to net share settlements of restricted stock awards and units | (28 | ) | — | (28 | ) | ||||||
Funds receivable and customer accounts, net | (583 | ) | 583 | — | |||||||
Funds payable and amounts due to customers, net | 583 | (583 | ) | — | |||||||
Other | (2 | ) | — | (2 | ) | ||||||
Net cash used in continuing financing activities | — | — | (1,071 | ) | |||||||
Net cash provided by discontinued financing activities | — | (6 | ) | (6 | ) | ||||||
Net cash used in financing activities | (1,065 | ) | — | (1,065 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (110 | ) | (110 | ) | |||||||
Net increase in cash and cash equivalents | 1,538 | 1,538 | |||||||||
Cash and cash equivalents at beginning of period | 4,790 | 4,790 | |||||||||
Cash and cash equivalents at end of period | $ | 6,328 | $ | 6,328 | |||||||
Less: Cash and cash equivalents of held for sale | $ | — | $ | (29 | ) | ||||||
Less: Cash and cash equivalents of discontinued operations | $ | — | $ | (2,194 | ) | ||||||
Cash and cash equivalents of continuing operations at end of period | $ | — | $ | 4,105 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal and Enterprise) | eBay | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 673 | $ | — | $ | 673 | |||||
Income from discontinued operations | — | (164 | ) | (164 | ) | ||||||
Adjustments: | |||||||||||
Provision for transaction and loan losses | 249 | (191 | ) | 58 | |||||||
Depreciation and amortization | 365 | (201 | ) | 164 | |||||||
Stock-based compensation | 173 | (87 | ) | 86 | |||||||
Deferred income taxes | (64 | ) | 55 | (9 | ) | ||||||
Changes in assets and liabilities, net of acquisition effects | (28 | ) | 15 | (13 | ) | ||||||
Net cash provided by continuing operating activities | — | — | 795 | ||||||||
Net cash provided by discontinued operating activities | — | (573 | ) | (573 | ) | ||||||
Net cash provided by operating activities | 1,368 | — | 1,368 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (427 | ) | 231 | (196 | ) | ||||||
Changes in principal loans receivable, net | (261 | ) | 261 | — | |||||||
Purchases of investments | (3,238 | ) | 44 | (3,194 | ) | ||||||
Maturities and sales of investments | 1,330 | (8 | ) | 1,322 | |||||||
Acquisitions, net of cash acquired | (20 | ) | — | (20 | ) | ||||||
Net cash used in continuing investing activities | — | — | (2,088 | ) | |||||||
Net cash used in discontinued investing activities | — | 528 | 528 | ||||||||
Net cash used in investing activities | (2,616 | ) | — | (2,616 | ) | ||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common stock | 24 | — | 24 | ||||||||
Repurchases of common stock | (8 | ) | — | (8 | ) | ||||||
Excess tax benefits from stock-based compensation | 4 | (2 | ) | 2 | |||||||
Tax withholdings related to net share settlements of restricted stock awards and units | (14 | ) | — | (14 | ) | ||||||
Funds receivable and customer accounts, net | 75 | (75 | ) | — | |||||||
Funds payable and amounts due to customers, net | (75 | ) | 75 | — | |||||||
Net borrowings under commercial paper program | 2,282 | — | 2,282 | ||||||||
Other | (7 | ) | 12 | 5 | |||||||
Net cash provided by continuing financing activities | — | — | 2,291 | ||||||||
Net cash used in discontinued financing activities | — | 10 | 10 | ||||||||
Net cash provided by financing activities | 2,281 | — | 2,281 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (77 | ) | (77 | ) | |||||||
Net increase in cash and cash equivalents | 956 | 956 | |||||||||
Cash and cash equivalents at beginning of period | 3,834 | 3,834 | |||||||||
Cash and cash equivalents at end of period | $ | 4,790 | $ | 4,790 | |||||||
Less: Cash and cash equivalents of held for sale | $ | — | $ | (29 | ) | ||||||
Less: Cash and cash equivalents of discontinued operations | $ | — | $ | (2,254 | ) | ||||||
Cash and cash equivalents of continuing operations at end of period | $ | — | $ | 2,507 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal and Enterprise) | eBay | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 676 | $ | — | $ | 676 | |||||
Income from discontinued operations | — | (218 | ) | (218 | ) | ||||||
Adjustments: | |||||||||||
Provision for transaction and loan losses | 232 | (157 | ) | 75 | |||||||
Depreciation and amortization | 373 | (198 | ) | 175 | |||||||
Stock-based compensation | 166 | (79 | ) | 87 | |||||||
Deferred income taxes | (48 | ) | (17 | ) | (65 | ) | |||||
Changes in assets and liabilities, net of acquisition effects | 95 | 94 | 189 | ||||||||
Net cash provided by continuing operating activities | — | — | 919 | ||||||||
Net cash provided by discontinued operating activities | — | (575 | ) | (575 | ) | ||||||
Net cash provided by operating activities | 1,494 | — | 1,494 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (269 | ) | 129 | (140 | ) | ||||||
Changes in principal loans receivable, net | (230 | ) | 230 | — | |||||||
Purchases of investments | (2,380 | ) | 3 | (2,377 | ) | ||||||
Maturities and sales of investments | 1,258 | (14 | ) | 1,244 | |||||||
Acquisitions, net of cash acquired | (35 | ) | — | (35 | ) | ||||||
Other | (5 | ) | — | (5 | ) | ||||||
Net cash used in continuing investing activities | — | — | (1,313 | ) | |||||||
Net cash used in discontinued investing activities | — | 348 | 348 | ||||||||
Net cash used in investing activities | (1,661 | ) | — | (1,661 | ) | ||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common stock | 99 | — | 99 | ||||||||
Repurchases of common stock | (1,657 | ) | — | (1,657 | ) | ||||||
Excess tax benefits from stock-based compensation | 26 | (10 | ) | 16 | |||||||
Tax withholdings related to net share settlements of restricted stock awards and units | (106 | ) | — | (106 | ) | ||||||
Funds receivable and customer accounts, net | (389 | ) | 389 | — | |||||||
Funds payable and amounts due to customers, net | 389 | (389 | ) | — | |||||||
Net borrowings under commercial paper program | 1,200 | — | 1,200 | ||||||||
Other | (7 | ) | 1 | (6 | ) | ||||||
Net cash used in continuing financing activities | — | — | (454 | ) | |||||||
Net cash provided by discontinued financing activities | — | (9 | ) | (9 | ) | ||||||
Net cash used in financing activities | (445 | ) | — | (445 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | 31 | 31 | |||||||||
Net decrease in cash and cash equivalents | (581 | ) | (581 | ) | |||||||
Cash and cash equivalents at beginning of period | 4,415 | 4,415 | |||||||||
Cash and cash equivalents at end of period | $ | 3,834 | $ | 3,834 | |||||||
Less: Cash and cash equivalents of held for sale | $ | — | $ | (37 | ) | ||||||
Less: Cash and cash equivalents of discontinued operations | $ | — | $ | (2,091 | ) | ||||||
Cash and cash equivalents of continuing operations at end of period | $ | — | $ | 1,706 |
Previously Reported eBay Inc. | Discontinued Operations (PayPal and Enterprise) | eBay | |||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (2,326 | ) | $ | — | $ | (2,326 | ) | |||
Income from discontinued operations | — | (235 | ) | (235 | ) | ||||||
Adjustments: | |||||||||||
Provision for transaction and loan losses | 204 | (141 | ) | 63 | |||||||
Depreciation and amortization | 382 | (203 | ) | 179 | |||||||
Stock-based compensation | 149 | (71 | ) | 78 | |||||||
Deferred income taxes | 3,108 | (55 | ) | 3,053 | |||||||
Changes in assets and liabilities, net of acquisition effects | (343 | ) | 207 | (136 | ) | ||||||
Net cash provided by continuing operating activities | — | — | 676 | ||||||||
Net cash provided by discontinued operating activities | — | (498 | ) | (498 | ) | ||||||
Net cash provided by operating activities | 1,174 | — | 1,174 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (206 | ) | 120 | (86 | ) | ||||||
Changes in principal loans receivable, net | (2 | ) | 2 | — | |||||||
Purchases of investments | (1,261 | ) | 24 | (1,237 | ) | ||||||
Maturities and sales of investments | 2,006 | (367 | ) | 1,639 | |||||||
Acquisitions, net of cash acquired | (4 | ) | 4 | — | |||||||
Other | (1 | ) | 1 | — | |||||||
Net cash provided by continuing investing activities | — | — | 316 | ||||||||
Net cash provided by discontinued investing activities | — | (216 | ) | (216 | ) | ||||||
Net cash provided by investing activities | 532 | — | 532 | ||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common stock | 55 | — | 55 | ||||||||
Repurchases of common stock | (1,811 | ) | — | (1,811 | ) | ||||||
Excess tax benefits from stock-based compensation | 60 | (22 | ) | 38 | |||||||
Tax withholdings related to net share settlements of restricted stock awards and units | (104 | ) | — | (104 | ) | ||||||
Funds receivable and customer accounts, net | (388 | ) | 388 | — | |||||||
Funds payable and amounts due to customers, net | 388 | (388 | ) | — | |||||||
Other | 7 | 2 | 9 | ||||||||
Net cash used in continuing financing activities | — | — | (1,813 | ) | |||||||
Net cash provided by discontinued financing activities | — | (20 | ) | (20 | ) | ||||||
Net cash used in financing activities | (1,793 | ) | — | (1,793 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | 8 | 8 | |||||||||
Net decrease in cash and cash equivalents | (79 | ) | (79 | ) | |||||||
Cash and cash equivalents at beginning of period | 4,494 | 4,494 | |||||||||
Cash and cash equivalents at end of period | $ | 4,415 | $ | 4,415 | |||||||
Less: Cash and cash equivalents of held for sale | $ | — | $ | (44 | ) | ||||||
Less: Cash and cash equivalents of discontinued operations | $ | — | $ | (2,193 | ) | ||||||
Cash and cash equivalents of continuing operations at end of period | $ | — | $ | 2,178 |
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