Delaware | 000-24821 | 77-0430924 |
(State or other jurisdiction | (Commission File Number) | (I.R.S. Employer |
of incorporation) | Identification No.) |
99.1 | Press release dated January 27, 2016 |
eBay Inc. | ||
(Registrant) | ||
Date: January 27, 2016 | /s/ Kathryn W. Hall | |
Name: Kathryn W. Hall | ||
Title: Vice President, Legal, Deputy General Counsel | ||
& Assistant Secretary |
Exhibit Number | Description |
99.1 | Press release dated January 27, 2016 |
• | Gross Merchandise Volume of $21.9 billion |
• | Revenue of $2.3 billion |
• | Active buyer base grew 5% to 162 million |
• | Non-GAAP and GAAP EPS per diluted share of $0.50 and $0.43, respectively, on a continuing operations basis |
• | Repurchased $550 million of common stock |
Fourth Quarter | Full Year | |||||||
2015 | 2014 | Change | 2015 | 2014 | Change | |||
eBay Inc. | ||||||||
Net revenues | $2,322 | $2,323 | $(1) | —% | $8,592 | $8,790 | $(198) | (2)% |
GAAP - Continuing Operations | ||||||||
Income (loss) from continuing operations | $523 | $729 | $(206) | (28)% | $1,947 | $(865) | $2,812 | ** |
Earnings (loss) per diluted share from continuing operations | $0.43 | $0.59 | $(0.16) | (26)% | $1.60 | $(0.69) | $2.29 | ** |
Non-GAAP - Continuing Operations | ||||||||
Net income (loss) | $600 | $685 | $(85) | (12)% | $2,232 | $2,386 | $(154) | (6)% |
Earnings (loss) per diluted share | $0.50 | $0.55 | $(0.05) | (10)% | $1.83 | $1.89 | $(0.06) | (3)% |
• | Operating margin — GAAP operating margin decreased to 28.5% for the fourth quarter of 2015, compared to 31.5% for the same period last year. Non-GAAP operating margin decreased to 34.4% in the fourth quarter, compared to 36.7% for the same period last year. |
• | Taxes — The GAAP effective tax rate for continuing operations for the fourth quarter of 2015 was 19.5%, compared to 1.2% for the fourth quarter of 2014. The non-GAAP effective tax rate for continuing operations for the fourth quarter of 2015 was 23.8%, compared to 20.3% for the fourth quarter of 2014. |
• | Cash flow — The company generated $1.1 billion of operating cash flow from continuing operations and $1.0 billion of free cash flow from continuing operations during the fourth quarter of 2015. |
• | Stock repurchase program — The company repurchased approximately $550 million of its common stock, or 19.9 million shares, in the fourth quarter of 2015. The company's total repurchase authorization remaining as of December 31, 2015 was $1.8 billion. |
• | Cash and cash equivalents and non-equity investments — The company's cash and cash equivalents and non-equity investments portfolio totaled $8.5 billion as of December 31, 2015. |
• | First quarter 2016 — The company expects net revenue between $2.05 billion and $2.10 billion, representing FX-Neutral growth of 3% - 5%, with non-GAAP earnings per diluted share from continuing operations in the range of $0.43 - $0.45 and GAAP earnings per diluted share from continuing operations in the range of $0.37 - $0.39. |
• | Full year 2016 — The company expects net revenue between $8.5 billion and $8.8 billion, representing FX-Neutral growth of 2% - 5%, with non-GAAP earnings per diluted share from continuing operations in the range of $1.82 - $1.87 and GAAP earnings per diluted share from continuing operations in the range of $1.55 - $1.60. |
Investor Relations Contact: | Selim Freiha; Tina Todasco | ir@ebay.com |
Media Relations Contact: | Abby Smith | press@ebay.com |
Company News: | https://www.ebayinc.com/stories/news/ | |
Investor Relations website: | https://investors.ebayinc.com |
December 31, 2015 | December 31, 2014 | ||||||
(In millions, except par value amounts) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 1,832 | $ | 4,105 | |||
Short-term investments | 4,299 | 3,730 | |||||
Accounts receivable, net | 619 | 600 | |||||
Other current assets | 1,154 | 1,048 | |||||
Current assets of discontinued operations | — | 17,048 | |||||
Total current assets | 7,904 | 26,531 | |||||
Long-term investments | 3,391 | 5,736 | |||||
Property and equipment, net | 1,554 | 1,486 | |||||
Goodwill | 4,451 | 4,671 | |||||
Intangible assets, net | 90 | 133 | |||||
Other assets | 395 | 207 | |||||
Long-term assets of discontinued operations | — | 6,368 | |||||
Total assets | $ | 17,785 | $ | 45,132 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Short-term debt | $ | — | $ | 850 | |||
Accounts payable | 349 | 107 | |||||
Accrued expenses and other current liabilities | 1,736 | 3,830 | |||||
Deferred revenue | 106 | 108 | |||||
Income taxes payable | 72 | 125 | |||||
Current liabilities of discontinued operations | — | 12,511 | |||||
Total current liabilities | 2,263 | 17,531 | |||||
Deferred and other tax liabilities, net | 2,092 | 522 | |||||
Long-term debt | 6,779 | 6,777 | |||||
Other liabilities | 75 | 79 | |||||
Long-term liabilities of discontinued operations | — | 317 | |||||
Total liabilities | 11,209 | 25,226 | |||||
Total stockholders' equity | 6,576 | 19,906 | |||||
Total liabilities and stockholders' equity | $ | 17,785 | $ | 45,132 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(In millions, except per share amounts) | |||||||||||||||
Net revenues | $ | 2,322 | $ | 2,323 | $ | 8,592 | $ | 8,790 | |||||||
Cost of net revenues (1) | 493 | 442 | 1,771 | 1,663 | |||||||||||
Gross profit | 1,829 | 1,881 | 6,821 | 7,127 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing (1) | 595 | 627 | 2,267 | 2,442 | |||||||||||
Product development (1) | 229 | 236 | 923 | 983 | |||||||||||
General and administrative (1) | 260 | 211 | 1,122 | 889 | |||||||||||
Provision for transaction losses | 72 | 66 | 271 | 262 | |||||||||||
Amortization of acquired intangible assets | 11 | 10 | 41 | 75 | |||||||||||
Total operating expenses | 1,167 | 1,150 | 4,624 | 4,651 | |||||||||||
Income from operations | 662 | 731 | 2,197 | 2,476 | |||||||||||
Interest and other, net | (12 | ) | 7 | 209 | 39 | ||||||||||
Income from continuing operations before income taxes | 650 | 738 | 2,406 | 2,515 | |||||||||||
Provision for income taxes | (127 | ) | (9 | ) | (459 | ) | (3,380 | ) | |||||||
Income (loss) from continuing operations | $ | 523 | $ | 729 | $ | 1,947 | $ | (865 | ) | ||||||
Income (loss) from discontinued operations, net of income taxes (2) | (46 | ) | 294 | (222 | ) | 911 | |||||||||
Net income | $ | 477 | $ | 1,023 | $ | 1,725 | $ | 46 | |||||||
Income (loss) per share - basic: | |||||||||||||||
Continuing operations | $ | 0.44 | $ | 0.59 | $ | 1.61 | $ | (0.69 | ) | ||||||
Discontinued operations | $ | (0.04 | ) | $ | 0.24 | $ | (0.18 | ) | $ | 0.73 | |||||
Net income per share - basic | $ | 0.40 | $ | 0.83 | $ | 1.43 | $ | 0.04 | |||||||
Income (loss) per share - diluted: | |||||||||||||||
Continuing operations | $ | 0.43 | $ | 0.59 | $ | 1.60 | $ | (0.69 | ) | ||||||
Discontinued operations | $ | (0.04 | ) | $ | 0.23 | $ | (0.18 | ) | $ | 0.73 | |||||
Net income per share - diluted | $ | 0.39 | $ | 0.82 | $ | 1.42 | $ | 0.04 | |||||||
Weighted average shares: | |||||||||||||||
Basic | 1,191 | 1,230 | 1,208 | 1,251 | |||||||||||
Diluted | 1,204 | 1,241 | 1,220 | 1,251 | |||||||||||
(1) Includes stock-based compensation as follows: | |||||||||||||||
Cost of net revenues | $ | 10 | $ | 10 | $ | 38 | $ | 33 | |||||||
Sales and marketing | 19 | 22 | 94 | 93 | |||||||||||
Product development | 25 | 26 | 108 | 116 | |||||||||||
General and administrative | 24 | 35 | 139 | 102 | |||||||||||
$ | 78 | $ | 93 | $ | 379 | $ | 344 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(In millions) | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income | $ | 477 | $ | 1,023 | $ | 1,725 | $ | 46 | |||||||
(Income) loss from discontinued operations, net of income taxes | 46 | (294 | ) | 222 | (911 | ) | |||||||||
Adjustments: | |||||||||||||||
Provision for transaction losses | 72 | 66 | 271 | 262 | |||||||||||
Depreciation and amortization | 171 | 164 | 687 | 682 | |||||||||||
Stock-based compensation | 78 | 93 | 379 | 344 | |||||||||||
Gain on sale of investments | 17 | (9 | ) | (195 | ) | (12 | ) | ||||||||
Deferred income taxes | 83 | (235 | ) | (32 | ) | 2,744 | |||||||||
Changes in assets and liabilities, net of acquisition effects | 182 | 30 | (180 | ) | 73 | ||||||||||
Net cash provided by continuing operating activities | 1,126 | 838 | 2,877 | 3,228 | |||||||||||
Net cash provided by (used in) discontinued operating activities(1) | (86 | ) | 803 | 1,156 | 2,449 | ||||||||||
Net cash provided by operating activities | 1,040 | 1,641 | 4,033 | 5,677 | |||||||||||
Cash flows from investing activities: | |||||||||||||||
Purchases of property and equipment | (129 | ) | (200 | ) | (668 | ) | (622 | ) | |||||||
Purchases of investments | (2,292 | ) | (1,944 | ) | (6,744 | ) | (8,752 | ) | |||||||
Maturities and sales of investments | 1,202 | 3,910 | 6,781 | 8,115 | |||||||||||
Acquisitions, net of cash acquired | — | — | (24 | ) | (55 | ) | |||||||||
Other | (3 | ) | (6 | ) | (18 | ) | (11 | ) | |||||||
Net cash provided by (used in) continuing investing activities | (1,222 | ) | 1,760 | (673 | ) | (1,325 | ) | ||||||||
Net cash provided by (used in) discontinued investing activities(1) | 899 | (688 | ) | (2,938 | ) | (1,348 | ) | ||||||||
Net cash provided by (used in) investing activities | (323 | ) | 1,072 | (3,611 | ) | (2,673 | ) | ||||||||
Cash flows from financing activities: | |||||||||||||||
Proceeds from issuance of common stock | 48 | 122 | 221 | 300 | |||||||||||
Repurchases of common stock | (637 | ) | (1,182 | ) | (2,149 | ) | (4,658 | ) | |||||||
Excess tax benefits from stock-based compensation | 2 | 19 | 74 | 75 | |||||||||||
Tax withholdings related to net share settlements of restricted stock units and awards | (19 | ) | (28 | ) | (245 | ) | (252 | ) | |||||||
Proceeds from issuance of long-term debt, net | — | — | — | 3,482 | |||||||||||
Repayment of debt | (600 | ) | — | (850 | ) | — | |||||||||
Other | (21 | ) | (2 | ) | (11 | ) | 6 | ||||||||
Net cash used in continuing financing activities | (1,227 | ) | (1,071 | ) | (2,960 | ) | (1,047 | ) | |||||||
Net cash provided by (used in) discontinued financing activities(1) | 5 | 6 | (1,594 | ) | 25 | ||||||||||
Net cash used in financing activities | (1,222 | ) | (1,065 | ) | (4,554 | ) | (1,022 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (78 | ) | (110 | ) | (364 | ) | (148 | ) | |||||||
Net (decrease) increase in cash and cash equivalents | (583 | ) | 1,538 | (4,496 | ) | 1,834 | |||||||||
Cash and cash equivalents at beginning of period | 2,415 | 4,790 | 6,328 | 4,494 | |||||||||||
Cash and cash equivalents at end of period | 1,832 | 6,328 | 1,832 | 6,328 | |||||||||||
Less: Cash and cash equivalents of discontinued operations - Enterprise | — | 29 | — | 29 | |||||||||||
Less: Cash and cash equivalents of discontinued operations - PayPal | — | 2,194 | — | 2,194 | |||||||||||
Cash and cash equivalents of continuing operations at end of period | $ | 1,832 | $ | 4,105 | $ | 1,832 | $ | 4,105 |
Net Revenues by Type | Three Months Ended | ||||||||||||||||||
December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | December 31, 2014 | |||||||||||||||
(In millions, except percentages) | |||||||||||||||||||
Net Revenues by Type: | |||||||||||||||||||
Net transaction revenues: | |||||||||||||||||||
Marketplace | $ | 1,584 | $ | 1,459 | $ | 1,524 | $ | 1,536 | $ | 1,662 | |||||||||
Current quarter vs prior year quarter | (5 | )% | (5 | )% | (3 | )% | (3 | )% | N/A | ||||||||||
Percent from international | 63 | % | 62 | % | 62 | % | 60 | % | 63 | % | |||||||||
StubHub | 232 | 200 | 161 | 132 | 174 | ||||||||||||||
Current quarter vs prior year quarter | 34 | % | 17 | % | 8 | % | (2 | )% | N/A | ||||||||||
Percent from international | 1 | % | 2 | % | 2 | % | 2 | % | 1 | % | |||||||||
Total net transaction revenues | 1,816 | 1,659 | 1,685 | 1,668 | 1,836 | ||||||||||||||
Current quarter vs prior year quarter | (1 | )% | (3 | )% | (2 | )% | (3 | )% | N/A | ||||||||||
Percent from international | 55 | % | 54 | % | 56 | % | 55 | % | 57 | % | |||||||||
Marketing services and other revenues: | |||||||||||||||||||
Marketplace | 326 | 266 | 251 | 235 | 312 | ||||||||||||||
Current quarter vs prior year quarter | 4 | % | — | % | (5 | )% | (10 | )% | N/A | ||||||||||
Percent from international | 47 | % | 44 | % | 47 | % | 49 | % | 48 | % | |||||||||
Classifieds | 183 | 178 | 180 | 162 | 180 | ||||||||||||||
Current quarter vs prior year quarter | 2 | % | (3 | )% | (4 | )% | (2 | )% | N/A | ||||||||||
Percent from international | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||
Corporate and other | (3 | ) | (4 | ) | (6 | ) | (4 | ) | (5 | ) | |||||||||
Total marketing services and other revenues | 506 | 440 | 425 | 393 | 487 | ||||||||||||||
Current quarter vs prior year quarter | 4 | % | (2 | )% | (5 | )% | (8 | )% | N/A | ||||||||||
Percent from international | 66 | % | 67 | % | 70 | % | 70 | % | 67 | % | |||||||||
Total net revenues | $ | 2,322 | $ | 2,099 | $ | 2,110 | $ | 2,061 | $ | 2,323 | |||||||||
Current quarter vs prior year quarter | — | % | (2 | )% | (3 | )% | (4 | )% | N/A |
Three Months Ended | |||||||||||||||||||
December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | December 31, 2014 | |||||||||||||||
(In millions, except percentages) | |||||||||||||||||||
Active Buyers (1) | 162 | 159 | 157 | 156 | 154 | ||||||||||||||
Current quarter vs prior year quarter | 5 | % | 5 | % | 6 | % | 8 | % | 10 | % | |||||||||
Gross Merchandise Volume (2) | |||||||||||||||||||
Marketplace | $20,676 | $18,674 | $19,273 | $19,476 | $20,883 | ||||||||||||||
Current quarter vs prior year quarter | (1 | )% | (3 | )% | (2 | )% | (2 | )% | 1 | % | |||||||||
StubHub | $1,184 | $927 | $788 | $675 | $911 | ||||||||||||||
Current quarter vs prior year quarter | 30 | % | 10 | % | 1 | % | 6 | % | 2 | % | |||||||||
Total GMV | $21,860 | $19,601 | $20,061 | $20,151 | $21,794 | ||||||||||||||
Current quarter vs prior year quarter | — | % | (2 | )% | (2 | )% | (2 | )% | 1 | % |
(1) | All buyers who successfully closed a transaction on our Marketplace and StubHub platforms within the previous 12-month period. Buyers may register more than once, and as a result, may have more than one account. |
(2) | Total value of all successfully closed transactions between users on our Marketplace and StubHub platforms during the period regardless of whether the buyer and seller actually consummated the transaction. We believe that GMV provides a useful measure of the overall volume of closed transactions that flow through our platforms in a given period, notwithstanding the inclusion in GMV of closed transactions that are not ultimately consummated. |
Three Months Ending | |||
March 31, 2016 | |||
(In millions, except per share amounts) | GAAP | Non-GAAP (a) | |
Diluted EPS from continuing operations | $0.37 - $0.39 | $0.43 - $0.45 | |
Twelve Months Ending | |||
December 31, 2016 | |||
GAAP | Non-GAAP (b) | ||
(In millions, except per share amounts) | |||
Diluted EPS from continuing operations | $1.55 - $1.60 | $1.82 - $1.87 | |
(a) Estimated non-GAAP amounts above for the three months ending March 31, 2016, reflect adjustments that exclude the estimated amortization of acquired intangible assets of approximately $10 - $15 million and estimated stock-based compensation expense and employer payroll taxes on stock-based compensation expense of approximately $85 - $95 million as well as the related tax impact. | |||
(b) Estimated non-GAAP amounts above for the twelve months ending December 31, 2016, reflect adjustments that exclude the estimated amortization of acquired intangible assets of approximately $35 - $45 million and estimated stock-based compensation expense and employer payroll taxes on stock-based compensation expense of approximately $410 - $430 million. |
Three Months Ended | Year Ended | ||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||
(In millions, except percentages) | |||||||||||||||
GAAP operating income | $ | 662 | $ | 731 | $ | 2,197 | $ | 2,476 | |||||||
Stock-based compensation expense and related employer payroll taxes | 78 | 96 | 396 | 373 | |||||||||||
Amortization of acquired intangible assets within cost of net revenues | 5 | 8 | 25 | 34 | |||||||||||
Amortization of acquired intangible assets within operating expenses | 11 | 10 | 41 | 75 | |||||||||||
Separation | 43 | 7 | 160 | 7 | |||||||||||
Restructuring and acquisition related | — | — | 62 | — | |||||||||||
Total non-GAAP operating income adjustments | 137 | 121 | 684 | 489 | |||||||||||
Non-GAAP operating income | $ | 799 | $ | 852 | $ | 2,881 | $ | 2,965 | |||||||
Non-GAAP operating margin | 34.4 | % | 36.7 | % | 33.5 | % | 33.7 | % |
Three Months Ended | Year Ended | ||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||
(In millions, except percentages) | |||||||||||||||
GAAP income from continuing operations before income taxes | $ | 650 | $ | 738 | $ | 2,406 | $ | 2,515 | |||||||
GAAP provision for income taxes | (127 | ) | (9 | ) | (459 | ) | (3,380 | ) | |||||||
GAAP net income from continuing operations | $ | 523 | $ | 729 | $ | 1,947 | $ | (865 | ) | ||||||
Non-GAAP adjustments to net income from continuing operations: | |||||||||||||||
Non-GAAP operating income from continuing operations adjustments (see table above) | 137 | 121 | 684 | 489 | |||||||||||
Gains or losses on investments | — | — | (264 | ) | — | ||||||||||
Tax effect of non-GAAP adjustments | (60 | ) | (165 | ) | (135 | ) | 2,762 | ||||||||
Non-GAAP net income from continuing operations | $ | 600 | $ | 685 | $ | 2,232 | $ | 2,386 | |||||||
Diluted net income from continuing operations per share: | |||||||||||||||
GAAP | $ | 0.43 | $ | 0.59 | $ | 1.60 | $ | (0.69 | ) | ||||||
Non-GAAP | $ | 0.50 | $ | 0.55 | $ | 1.83 | $ | 1.89 | |||||||
Shares used in GAAP diluted net income (loss) per-share calculation | 1,204 | 1,241 | 1,220 | 1,251 | |||||||||||
Shares used in non-GAAP diluted net income per-share calculation | 1,204 | 1,241 | 1,220 | 1,262 | |||||||||||
GAAP effective tax rate - Continuing operations | 20 | % | 1 | % | 19 | % | 134 | % | |||||||
Tax effect of non-GAAP adjustments to net income (loss) from continuing operations | 4 | % | 19 | % | 2 | % | (113 | )% | |||||||
Non-GAAP effective tax rate - Continuing Operations | 24 | % | 20 | % | 21 | % | 21 | % |
Three Months Ended | Year Ended | ||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||
(In millions) | (In millions) | ||||||||||||||
Net cash provided by continuing operating activities | $ | 1,126 | $ | 838 | $ | 2,877 | $ | 3,228 | |||||||
Less: Purchases of property and equipment | (129 | ) | (200 | ) | (668 | ) | (622 | ) | |||||||
Free cash flow from continuing operations | $ | 997 | $ | 638 | $ | 2,209 | $ | 2,606 |
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