Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 1,667 | $ | (162) | $ | 1,505 |
Short-term investments | 1,700 | (6) | 1,694 | |||
Accounts receivable, net | 348 | (48) | 300 | |||
Customer accounts and funds receivable | 1,016 | (638) | 378 | |||
Other current assets | 789 | (56) | 733 | |||
Current assets held for sale | 1,171 | - | 1,171 | |||
Total current assets | 6,691 | (910) | 5,781 | |||
Long-term investments | 1,059 | - | 1,059 | |||
Property and equipment, net | 1,321 | (60) | 1,261 | |||
Goodwill | 4,591 | (383) | 4,208 | |||
Intangible assets, net | 5 | - | 5 | |||
Operating lease right-of-use assets | 477 | (75) | 402 | |||
Deferred tax assets | 3,448 | - | 3,448 | |||
Warrant asset | 1,015 | - | 1,015 | |||
Other assets | 124 | (14) | 110 | |||
Total assets | $ | 18,731 | $ | (1,442) | $ | 17,289 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term debt | $ | 1,172 | $ | (13) | $ | 1,159 |
Accounts payable | 324 | (65) | 259 | |||
Customer accounts and funds payable | 1,073 | (597) | 476 | |||
Accrued expenses and other current liabilities | 1,849 | (74) | 1,775 | |||
Deferred revenue | 114 | (11) | 103 | |||
Income taxes payable | 135 | (11) | 124 | |||
Current liabilities held for sale | 463 | - | 463 | |||
Total current liabilities | 5,130 | (771) | 4,359 | |||
Operating lease liabilities | 344 | (57) | 287 | |||
Deferred tax liabilities | 2,381 | 14 | 2,395 | |||
Long-term debt | 5,855 | (2) | 5,853 | |||
Other liabilities | 1,251 | (4) | 1,247 | |||
Total liabilities | 14,961 | (820) | 14,141 | |||
Total stockholders' equity | 3,770 | (622) | 3,148 | |||
Total liabilities and stockholders' equity | $ | 18,731 | $ | (1,442) | $ | 17,289 |
Previously Reported |
Discontinued Operations (Korea) | eBay | Non-GAAP Adjustments |
Notes
| Non-GAAP eBay | |||||
Net revenues | $ | 3,023 | $ | (385) | $ | 2,638 | $ | - | $ | 2,638 |
Cost of net revenues | 823 | (217) | 606 | (10) | (a) | 596 | ||||
Gross profit | 2,200 | (168) | 2,032 | 10 | 2,042 | |||||
Operating expenses: | ||||||||||
Sales and marketing | 687 | (141) | 546 | (20) | (a) | 526 | ||||
Product development | 318 | (14) | 304 | (42) | (a) | 262 | ||||
General and administrative | 258 | (12) | 246 | (65) | (a)(d) | 181 | ||||
Provision for transaction losses | 88 | - | 88 | - | 88 | |||||
Amortization of acquired intangible assets | 7 | - | 7 | (7) | (b) | - | ||||
Total operating expenses | 1,358 | (167) | 1,191 | (134) | 1,057 | |||||
Income from operations | 842 | (1) | 841 | 144 | 985 | |||||
Interest and other, net | (117) | - | (117) | 36 | (e) | (81) | ||||
Income from continuing operations before income taxes | 725 | (1) | 724 | 180 | 904 | |||||
Income tax provision | (156) | - | (156) | - | (c) | (156) | ||||
Income from continuing operations | $ | 569 | $ | (1) | $ | 568 | $ | 180 | $ | 748 |
Income from discontinued operations, net of income taxes | 72 | 1 | 73 | (73) | (f) | - | ||||
Net income | $ | 641 | $ | - | $ | 641 | $ | 107 | $ | 748 |
Income per share - basic: | ||||||||||
Continuing operations | $ | 0.84 | $ | 0.83 | $ | 1.10 | ||||
Discontinued operations | 0.10 | 0.11 | - | |||||||
Net income per share - basic | $ | 0.94 | $ | 0.94 | $ | 1.10 | ||||
Income per share - diluted: | ||||||||||
Continuing operations | $ | 0.82 | $ | 0.82 | $ | 1.08 | ||||
Discontinued operations | 0.10 | 0.10 | - | |||||||
Net income per share - diluted | $ | 0.92 | $ | 0.92 | $ | 1.08 | ||||
Weighted average shares: | ||||||||||
Basic | 681 | 681 | 681 | |||||||
Diluted | 693 | 693 | 693 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
Cash flows from operating activities: | ||||||
Net income | $ | 641 | $ | - | $ | 641 |
(Income) loss from discontinued operations, net of income taxes | (72) | (1) | (73) | |||
Adjustments: | ||||||
Provision for transaction losses | 88 | - | 88 | |||
Depreciation and amortization | 140 | (6) | 134 | |||
Stock-based compensation | 106 | (3) | 103 | |||
(Gain) loss on investments, net | (1) | - | (1) | |||
Deferred income taxes | 95 | 8 | 103 | |||
Change in fair value of warrant | 36 | - | 36 | |||
(Gain) loss on extinguishment of debt | 10 | - | 10 | |||
Changes in assets and liabilities, net of acquisition effects | (105) | 12 | (93) | |||
Net cash provided by continuing operating activities | 938 | - | 948 | |||
Net cash provided by discontinued operating activities | 104 | 10 | 94 | |||
Net cash provided by operating activities | 1,042 | - | 1,042 | |||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | (83) | - | (83) | |||
Purchases of investments | (3,424) | - | (3,424) | |||
Maturities and sales of investments | 3,772 | - | 3,772 | |||
Other | 1 | 1 | 2 | |||
Net cash used in continuing investing activities | 266 | - | 267 | |||
Net cash used in discontinued investing activities | (1) | 1 | (2) | |||
Net cash used in investing activities | 265 | - | 265 | |||
Cash flows from financing activities: | ||||||
Repurchases of common stock | (304) | - | (304) | |||
Payments for taxes related to net share settlements of restricted stock units and awards | (20) | - | (20) | |||
Payments for dividends | (122) | - | (122) | |||
Repayment of debt | (1,156) | - | (1,156) | |||
Net borrowings under commercial paper program | 400 | - | 400 | |||
Net funds receivable and payable activity | 32 | 65 | 97 | |||
Other | 1 | 3 | 4 | |||
Net cash used in continuing financing activities | - | - | (1,101) | |||
Net cash used in discontinued financing activities | - | 68 | (68) | |||
Net cash used in financing activities | (1,169) | - | (1,169) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (11) | (11) | ||||
Net increase in cash, cash equivalents and restricted cash | 127 | 127 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 1,594 | 1,594 | ||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,721 | $ | 1,721 | ||
Less: Cash, cash equivalents and restricted cash of held for sale business | 31 | 168 | 199 | |||
Cash, cash equivalents and restricted cash of continuing operations at end of period | $ | 1,690 | $ | 1,522 | ||
Supplemental cash flow disclosures: | ||||||
Cash paid for: | ||||||
Interest | $ | 104 | $ | - | $ | 104 |
Income taxes | $ | 93 | $ | (18) | $ | 75 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 1,428 | $ | (327) | $ | 1,101 |
Short-term investments | 2,398 | (6) | 2,392 | |||
Accounts receivable, net | 412 | (50) | 362 | |||
Other current assets | 1,764 | (694) | 1,070 | |||
Current assets held for sale | 1,188 | - | 1,188 | |||
Total current assets | 7,190 | (1,077) | 6,113 | |||
Long-term investments | 833 | - | 833 | |||
Property and equipment, net | 1,358 | (66) | 1,292 | |||
Goodwill | 4,675 | (390) | 4,285 | |||
Intangible assets, net | 12 | - | 12 | |||
Operating lease right-of-use assets | 509 | (79) | 430 | |||
Deferred tax assets | 3,537 | - | 3,537 | |||
Warrant asset | 1,051 | - | 1,051 | |||
Other assets | 145 | (14) | 131 | |||
Total assets | $ | 19,310 | $ | (1,626) | $ | 17,684 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term debt | $ | 18 | $ | (12) | $ | 6 |
Accounts payable | 332 | (54) | 278 | |||
Accrued expenses and other current liabilities | 2,910 | (764) | 2,146 | |||
Deferred revenue | 110 | (12) | 98 | |||
Income taxes payable | 180 | (13) | 167 | |||
Current liabilities held for sale | 452 | - | 452 | |||
Total current liabilities | 4,002 | (855) | 3,147 | |||
Operating lease liabilities | 380 | (64) | 316 | |||
Deferred tax liabilities | 2,359 | 9 | 2,368 | |||
Long-term debt | 7,745 | (5) | 7,740 | |||
Other liabilities | 1,263 | (3) | 1,260 | |||
Total liabilities | 15,749 | (918) | 14,831 | |||
Total stockholders' equity | 3,561 | (708) | 2,853 | |||
Total liabilities and stockholders' equity | $ | 19,310 | $ | (1,626) | $ | 17,684 |
Previously Reported |
Discontinued Operations (Korea) | eBay | Non-GAAP Adjustments |
Notes
| Non-GAAP eBay | |||||
Net revenues | $ | 2,868 | $ | (390) | $ | 2,478 | $ | - | $ | 2,478 |
Cost of net revenues | 742 | (194) | 548 | (10) | (a) | 538 | ||||
Gross profit | 2,126 | (196) | 1,930 | 10 | 1,940 | |||||
Operating expenses: | ||||||||||
Sales and marketing | 804 | (158) | 646 | (28) | (a) | 618 | ||||
Product development | 299 | (16) | 283 | (41) | (a) | 242 | ||||
General and administrative | 253 | (5) | 248 | (37) | (a) | 211 | ||||
Provision for transaction losses | 86 | (1) | 85 | - | 85 | |||||
Amortization of acquired intangible assets | 7 | - | 7 | (7) | (b) | - | ||||
Total operating expenses | 1,449 | (180) | 1,269 | (113) | 1,156 | |||||
Income from operations | 677 | (16) | 661 | 123 | 784 | |||||
Interest and other, net | 432 | 1 | 433 | (513) | (d)(e) | (80) | ||||
Income from continuing operations before income taxes | 1,109 | (15) | 1,094 | (390) | 704 | |||||
Income tax provision | (328) | 6 | (322) | 209 | (c) | (113) | ||||
Income from continuing operations | $ | 781 | $ | (9) | $ | 772 | $ | (181) | $ | 591 |
Income from discontinued operations, net of income taxes | 64 | 9 | 73 | (73) | (f) | - | ||||
Net income | $ | 845 | $ | - | $ | 845 | $ | (254) | $ | 591 |
Income per share - basic: | ||||||||||
Continuing operations | $ | 1.14 | $ | 1.12 | $ | 0.86 | ||||
Discontinued operations | 0.09 | 0.11 | - | |||||||
Net income per share - basic | $ | 1.23 | $ | 1.23 | $ | 0.86 | ||||
Income per share - diluted: | ||||||||||
Continuing operations | $ | 1.12 | $ | 1.11 | $ | 0.85 | ||||
Discontinued operations | 0.09 | 0.10 | - | |||||||
Net income per share - diluted | $ | 1.21 | $ | 1.21 | $ | 0.85 | ||||
Weighted average shares: | ||||||||||
Basic | 688 | 688 | 688 | |||||||
Diluted | 697 | 697 | 697 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
Cash flows from operating activities: | ||||||
Net income | $ | 845 | $ | - | $ | 845 |
(Income) loss from discontinued operations, net of income taxes | (64) | (9) | (73) | |||
Adjustments: | ||||||
Provision for transaction losses | 86 | (1) | 85 | |||
Depreciation and amortization | 138 | (7) | 131 | |||
Stock-based compensation | 120 | (4) | 116 | |||
(Gain) loss on investments, net | (238) | - | (238) | |||
Deferred income taxes | 239 | (2) | 237 | |||
Change in fair value of warrant | (274) | - | (274) | |||
Changes in assets and liabilities, net of acquisition effects | 31 | (30) | 1 | |||
Net cash provided by continuing operating activities | 883 | - | 830 | |||
Net cash provided by (used in) discontinued operating activities | (125) | (53) | (72) | |||
Net cash provided by operating activities | 758 | - | 758 | |||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | (168) | 13 | (155) | |||
Purchases of investments | (3,990) | - | (3,990) | |||
Maturities and sales of investments | 4,389 | - | 4,389 | |||
Other | (6) | 9 | 3 | |||
Net cash used in continuing investing activities | 225 | - | 247 | |||
Net cash used in discontinued investing activities | (11) | 22 | (33) | |||
Net cash used in investing activities | 214 | - | 214 | |||
Cash flows from financing activities: | ||||||
Proceeds from issuance of common stock | 35 | - | 35 | |||
Repurchases of common stock | (427) | - | (427) | |||
Payments for taxes related to net share settlements of restricted stock units and awards | (44) | - | (44) | |||
Payments for dividends | (110) | - | (110) | |||
Other | (3) | 3 | - | |||
Net cash used in continuing financing activities | - | - | (546) | |||
Net cash used in discontinued financing activities | - | 3 | (3) | |||
Net cash used in financing activities | (549) | - | (549) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 52 | 52 | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 475 | 475 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 1,119 | 1,119 | ||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,594 | $ | 1,594 | ||
Less: Cash, cash equivalents and restricted cash of held for sale business | 23 | 333 | 356 | |||
Cash, cash equivalents and restricted cash of continuing operations at end of period | $ | 1,571 | $ | 1,238 | ||
Supplemental cash flow disclosures: | ||||||
Cash paid for: | ||||||
Interest | $ | 28 | $ | - | $ | 28 |
Income taxes | $ | 144 | $ | (6) | $ | 138 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 963 | $ | (272) | $ | 691 |
Short-term investments | 2,697 | (6) | 2,691 | |||
Accounts receivable, net | 477 | (45) | 432 | |||
Other current assets | 1,486 | (679) | 807 | |||
Current assets held for sale | 1,116 | - | 1,116 | |||
Total current assets | 6,739 | (1,002) | 5,737 | |||
Long-term investments | 663 | - | 663 | |||
Property and equipment, net | 1,301 | (59) | 1,242 | |||
Goodwill | 4,537 | (378) | 4,159 | |||
Intangible assets, net | 19 | - | 19 | |||
Operating lease right-of-use assets | 499 | (78) | 421 | |||
Deferred tax assets | 3,749 | (19) | 3,730 | |||
Other assets | 914 | (13) | 901 | |||
Total assets | $ | 18,421 | $ | (1,549) | $ | 16,872 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term debt | $ | 17 | $ | (11) | $ | 6 |
Accounts payable | 307 | (48) | 259 | |||
Accrued expenses and other current liabilities | 2,536 | (698) | 1,838 | |||
Deferred revenue | 105 | (10) | 95 | |||
Income taxes payable | 379 | (13) | 366 | |||
Current liabilities held for sale | 496 | - | 496 | |||
Total current liabilities | 3,840 | (780) | 3,060 | |||
Operating lease liabilities | 379 | (64) | 315 | |||
Deferred tax liabilities | 2,280 | (4) | 2,276 | |||
Long-term debt | 7,738 | (8) | 7,730 | |||
Other liabilities | 1,264 | (3) | 1,261 | |||
Total liabilities | 15,501 | (859) | 14,642 | |||
Total stockholders' equity | 2,920 | (690) | 2,230 | |||
Total liabilities and stockholders' equity | $ | 18,421 | $ | (1,549) | $ | 16,872 |
Previously Reported |
Discontinued Operations (Korea) | eBay | Non-GAAP Adjustments |
Notes
| Non-GAAP eBay | |||||
Net revenues | $ | 2,606 | $ | (348) | $ | 2,258 | $ | - | $ | 2,258 |
Cost of net revenues | 656 | (178) | 478 | (10) | (a) | 468 | ||||
Gross profit | 1,950 | (170) | 1,780 | 10 | 1,790 | |||||
Operating expenses: | ||||||||||
Sales and marketing | 660 | (132) | 528 | (23) | (a) | 505 | ||||
Product development | 287 | (16) | 271 | (37) | (a) | 234 | ||||
General and administrative | 258 | (5) | 253 | (41) | (a)(d) | 212 | ||||
Provision for transaction losses | 60 | - | 60 | - | 60 | |||||
Amortization of acquired intangible assets | 6 | - | 6 | (6) | (b) | - | ||||
Total operating expenses | 1,271 | (153) | 1,118 | (107) | 1,011 | |||||
Income from operations | 679 | (17) | 662 | 117 | 779 | |||||
Interest and other, net | 95 | (1) | 94 | (191) | (e) | (97) | ||||
Income from continuing operations before income taxes | 774 | (18) | 756 | (74) | 682 | |||||
Income tax provision | (153) | 2 | (151) | 53 | (c) | (98) | ||||
Income from continuing operations | $ | 621 | $ | (16) | $ | 605 | $ | (21) | $ | 584 |
Income from discontinued operations, net of income taxes | 43 | 16 | 59 | (59) | (f) | - | ||||
Net income | $ | 664 | $ | - | $ | 664 | $ | (80) | $ | 584 |
Income per share - basic: | ||||||||||
Continuing operations | $ | 0.89 | $ | 0.87 | $ | 0.84 | ||||
Discontinued operations | 0.06 | 0.08 | - | |||||||
Net income per share - basic | $ | 0.95 | $ | 0.95 | $ | 0.84 | ||||
Income per share - diluted: | ||||||||||
Continuing operations | $ | 0.88 | $ | 0.86 | $ | 0.82 | ||||
Discontinued operations | 0.06 | 0.08 | - | |||||||
Net income per share - diluted | $ | 0.94 | $ | 0.94 | $ | 0.82 | ||||
Weighted average shares: | ||||||||||
Basic | 696 | 696 | 696 | |||||||
Diluted | 708 | 708 | 708 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
Cash flows from operating activities: | ||||||
Net income | $ | 664 | $ | - | $ | 664 |
(Income) loss from discontinued operations, net of income taxes | (43) | (16) | (59) | |||
Adjustments: | ||||||
Provision for transaction losses | 60 | - | 60 | |||
Depreciation and amortization | 163 | (6) | 157 | |||
Stock-based compensation | 113 | (3) | 110 | |||
(Gain) loss on investments, net | (1) | - | (1) | |||
Deferred income taxes | 70 | 1 | 71 | |||
Change in fair value of warrant | (191) | - | (191) | |||
Changes in assets and liabilities, net of acquisition effects | (119) | (46) | (165) | |||
Net cash provided by continuing operating activities | 716 | - | 646 | |||
Net cash provided by (used in) discontinued operating activities | (611) | (70) | (541) | |||
Net cash provided by operating activities | 105 | - | 105 | |||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | (132) | 8 | (124) | |||
Purchases of investments | (7,224) | - | (7,224) | |||
Maturities and sales of investments | 9,074 | - | 9,074 | |||
Other | - | - | - | |||
Net cash used in continuing investing activities | 1,718 | - | 1,726 | |||
Net cash used in discontinued investing activities | (7) | 8 | (15) | |||
Net cash used in investing activities | 1,711 | - | 1,711 | |||
Cash flows from financing activities: | ||||||
Proceeds from issuance of common stock | 5 | - | 5 | |||
Repurchases of common stock | (680) | - | (680) | |||
Payments for taxes related to net share settlements of restricted stock units and awards | (48) | - | (48) | |||
Payments for dividends | (111) | - | (111) | |||
Repayment of debt | (932) | - | (932) | |||
Other | (7) | 2 | (5) | |||
Net cash used in continuing financing activities | - | - | (1,771) | |||
Net cash used in discontinued financing activities | - | 2 | (2) | |||
Net cash used in financing activities | (1,773) | - | (1,773) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 51 | 51 | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 94 | 94 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 1,025 | 1,025 | ||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,119 | $ | 1,119 | ||
Less: Cash, cash equivalents and restricted cash of held for sale business | $ | 30 | 278 | $ | 308 | |
Cash, cash equivalents and restricted cash of continuing operations at end of period | $ | 1,089 | $ | 811 | ||
Supplemental cash flow disclosures: | ||||||
Cash paid for: | ||||||
Interest | $ | 105 | $ | - | $ | 105 |
Income taxes | $ | 292 | $ | 7 | $ | 299 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 988 | $ | (152) | $ | 836 |
Short-term investments | 4,297 | (6) | 4,291 | |||
Accounts receivable, net | 700 | (39) | 661 | |||
Other current assets | 1,209 | (702) | 507 | |||
Total current assets | 7,194 | (899) | 6,295 | |||
Long-term investments | 802 | - | 802 | |||
Property and equipment, net | 1,342 | (59) | 1,283 | |||
Goodwill | 4,484 | (375) | 4,109 | |||
Intangible assets, net | 23 | - | 23 | |||
Operating lease right-of-use assets | 517 | (79) | 438 | |||
Deferred tax assets | 3,822 | (18) | 3,804 | |||
Other assets | 719 | (12) | 707 | |||
Total assets | $ | 18,903 | $ | (1,442) | $ | 17,461 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term debt | $ | 516 | $ | (11) | $ | 505 |
Accounts payable | 284 | (39) | 245 | |||
Accrued expenses and other current liabilities | 2,353 | (667) | 1,686 | |||
Deferred revenue | 99 | (10) | 89 | |||
Income taxes payable | 1,292 | (13) | 1,279 | |||
Total current liabilities | 4,544 | (740) | 3,804 | |||
Operating lease liabilities | 399 | (66) | 333 | |||
Deferred tax liabilities | 2,294 | (15) | 2,279 | |||
Long-term debt | 8,161 | (11) | 8,150 | |||
Other liabilities | 1,260 | (3) | 1,257 | |||
Total liabilities | 16,658 | (835) | 15,823 | |||
Total stockholders' equity | 2,245 | (607) | 1,638 | |||
Total liabilities and stockholders' equity | $ | 18,903 | $ | (1,442) | $ | 17,461 |
Previously Reported |
Discontinued Operations (Korea) | eBay | Non-GAAP Adjustments |
Notes
| Non-GAAP eBay | |||||
Net revenues | $ | 2,668 | $ | (331) | $ | 2,337 | $ | - | $ | 2,337 |
Cost of net revenues | 573 | (156) | 417 | (11) | (a)(b) | 406 | ||||
Gross profit | 2,095 | (175) | 1,920 | 11 | 1,931 | |||||
Operating expenses: | ||||||||||
Sales and marketing | 655 | (132) | 523 | (19) | (a) | 504 | ||||
Product development | 269 | (13) | 256 | (41) | (a) | 215 | ||||
General and administrative | 285 | (4) | 281 | (70) | (a)(d) | 211 | ||||
Provision for transaction losses | 89 | - | 89 | - | 89 | |||||
Amortization of acquired intangible assets | 7 | - | 7 | (7) | (b) | - | ||||
Total operating expenses | 1,305 | (149) | 1,156 | (137) | 1,019 | |||||
Income from operations | 790 | (26) | 764 | 148 | 912 | |||||
Interest and other, net | 181 | - | 181 | (253) | (e)(f) | (72) | ||||
Income from continuing operations before income taxes | 971 | (26) | 945 | (105) | 840 | |||||
Income tax provision | (262) | 6 | (256) | 118 | (c) | (138) | ||||
Income from continuing operations | $ | 709 | $ | (20) | $ | 689 | $ | 13 | $ | 702 |
Income from discontinued operations, net of income taxes | 37 | 20 | 57 | (57) | (g) | - | ||||
Net income | $ | 746 | $ | - | $ | 746 | $ | (44) | $ | 702 |
Income per share - basic: | ||||||||||
Continuing operations | $ | 1.01 | $ | 0.98 | $ | 1.00 | ||||
Discontinued operations | 0.05 | 0.08 | - | |||||||
Net income per share - basic | $ | 1.06 | $ | 1.06 | $ | 1.00 | ||||
Income per share - diluted: | ||||||||||
Continuing operations | $ | 1.00 | $ | 0.97 | $ | 0.99 | ||||
Discontinued operations | 0.05 | 0.08 | - | |||||||
Net income per share - diluted | $ | 1.05 | $ | 1.05 | $ | 0.99 | ||||
Weighted average shares: | ||||||||||
Basic | 703 | 703 | 703 | |||||||
Diluted | 711 | 711 | 711 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
Cash flows from operating activities: | ||||||
Net income | $ | 746 | $ | - | $ | 746 |
(Income) loss from discontinued operations, net of income taxes | (37) | (20) | (57) | |||
Adjustments: | ||||||
Provision for transaction losses | 89 | - | 89 | |||
Depreciation and amortization | 167 | (6) | 161 | |||
Stock-based compensation | 106 | (3) | 103 | |||
(Gain) loss on investments, net | 40 | - | 40 | |||
Deferred income taxes | 50 | (3) | 47 | |||
Change in fair value of warrant | (293) | - | (293) | |||
Changes in assets and liabilities, net of acquisition effects | 65 | 50 | 115 | |||
Net cash provided by continuing operating activities | 933 | - | 951 | |||
Net cash provided by discontinued operating activities | 31 | 18 | 13 | |||
Net cash provided by operating activities | 964 | - | 964 | |||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | (97) | - | (97) | |||
Purchases of investments | (10,968) | - | (10,968) | |||
Maturities and sales of investments | 10,471 | - | 10,471 | |||
Net cash used in continuing investing activities | (594) | - | (594) | |||
Net cash used in discontinued investing activities | (43) | - | (43) | |||
Net cash used in investing activities | (637) | - | (637) | |||
Cash flows from financing activities: | ||||||
Proceeds from issuance of common stock | 45 | - | 45 | |||
Repurchases of common stock | (33) | - | (33) | |||
Payments for taxes related to net share settlements of restricted stock units and awards | (43) | - | (43) | |||
Payments for dividends | (112) | - | (112) | |||
Proceeds from issuance of long-term debt, net | 771 | 771 | ||||
Repayment of debt | (839) | - | (839) | |||
Other | 2 | 3 | 5 | |||
Net cash used in continuing financing activities | - | - | (206) | |||
Net cash used in discontinued financing activities | - | 3 | (3) | |||
Net cash used in financing activities | (209) | - | (209) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 8 | 8 | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 126 | 126 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 899 | 899 | ||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,025 | $ | 1,025 | ||
Less: Cash, cash equivalents and restricted cash of held for sale business | $ | 18 | 158 | $ | 176 | |
Cash, cash equivalents and restricted cash of continuing operations at end of period | $ | 1,007 | $ | 849 | ||
Supplemental cash flow disclosures: | ||||||
Cash paid for: | ||||||
Interest | $ | 48 | $ | - | $ | 48 |
Interest on finance lease obligations | $ | (2) | $ | 2 | $ | - |
Income taxes | $ | 42 | $ | (9) | $ | 33 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 864 | $ | (182) | $ | 682 |
Short-term investments | 3,550 | (6) | 3,544 | |||
Accounts receivable, net | 517 | (33) | 484 | |||
Other current assets | 1,140 | (646) | 494 | |||
Total current assets | 6,071 | (867) | 5,204 | |||
Long-term investments | 1,047 | - | 1,047 | |||
Property and equipment, net | 1,387 | (60) | 1,327 | |||
Goodwill | 4,459 | (372) | 4,087 | |||
Intangible assets, net | 31 | - | 31 | |||
Operating lease right-of-use assets | 577 | (83) | 494 | |||
Deferred tax assets | 3,905 | (17) | 3,888 | |||
Other assets | 410 | (14) | 396 | |||
Total assets | $ | 17,887 | $ | (1,413) | $ | 16,474 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term debt | $ | 1,015 | $ | (10) | $ | 1,005 |
Accounts payable | 244 | (39) | 205 | |||
Accrued expenses and other current liabilities | 2,085 | (659) | 1,426 | |||
Deferred revenue | 102 | (11) | 91 | |||
Income taxes payable | 1,068 | (14) | 1,054 | |||
Total current liabilities | 4,514 | (733) | 3,781 | |||
Operating lease liabilities | 442 | (68) | 374 | |||
Deferred tax liabilities | 2,335 | (11) | 2,324 | |||
Long-term debt | 7,724 | (13) | 7,711 | |||
Other liabilities | 1,339 | (3) | 1,336 | |||
Total liabilities | 16,354 | (828) | 15,526 | |||
Total stockholders' equity | 1,533 | (585) | 948 | |||
Total liabilities and stockholders' equity | $ | 17,887 | $ | (1,413) | $ | 16,474 |
Previously Reported |
Discontinued Operations (Korea) | eBay | Non-GAAP Adjustments |
Notes
| Non-GAAP eBay | |||||
Net revenues | $ | 2,129 | $ | (308) | $ | 1,821 | $ | - | $ | 1,821 |
Cost of net revenues | 502 | (148) | 354 | (10) | (a)(b) | 344 | ||||
Gross profit | 1,627 | (160) | 1,467 | 10 | 1,477 | |||||
Operating expenses: | ||||||||||
Sales and marketing | 520 | (126) | 394 | (15) | (a) | 379 | ||||
Product development | 232 | (14) | 218 | (35) | (a) | 183 | ||||
General and administrative | 207 | (4) | 203 | (37) | (a)(d) | 166 | ||||
Provision for transaction losses | 96 | - | 96 | - | 96 | |||||
Amortization of acquired intangible assets | 7 | - | 7 | (7) | (b) | - | ||||
Total operating expenses | 1,062 | (144) | 918 | (94) | 824 | |||||
Income from operations | 565 | (16) | 549 | 104 | 653 | |||||
Interest and other, net | 1 | - | 1 | (49) | (e)(f) | (48) | ||||
Income from continuing operations before income taxes | 566 | (16) | 550 | 55 | 605 | |||||
Income tax provision | (135) | 6 | (129) | 31 | (c) | (98) | ||||
Income from continuing operations | $ | 431 | $ | (10) | $ | 421 | $ | 86 | $ | 507 |
Income from discontinued operations, net of income taxes | 2,981 | 10 | 2,991 | (2,991) | (g) | - | ||||
Net income | $ | 3,412 | $ | - | $ | 3,412 | $ | (2,905) | $ | 507 |
Income per share - basic: | ||||||||||
Continuing operations | $ | 0.57 | $ | 0.56 | $ | 0.67 | ||||
Discontinued operations | 3.96 | 3.97 | - | |||||||
Net income per share - basic | $ | 4.53 | $ | 4.53 | $ | 0.67 | ||||
Income per share - diluted: | ||||||||||
Continuing operations | $ | 0.57 | $ | 0.56 | $ | 0.67 | ||||
Discontinued operations | 3.94 | 3.95 | - | |||||||
Net income per share - diluted | $ | 4.51 | $ | 4.51 | $ | 0.67 | ||||
Weighted average shares: | ||||||||||
Basic | 753 | 753 | 753 | |||||||
Diluted | 757 | 757 | 757 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
Cash flows from operating activities: | ||||||
Net income | $ | 3,412 | $ | - | $ | 3,412 |
(Income) loss from discontinued operations, net of income taxes | (2,981) | (10) | (2,991) | |||
Adjustments: | ||||||
Provision for transaction losses | 96 | - | 96 | |||
Depreciation and amortization | 141 | (7) | 134 | |||
Stock-based compensation | 92 | (4) | 88 | |||
(Gain) loss on investments, net | (38) | - | (38) | |||
Deferred income taxes | 49 | 10 | 59 | |||
Change in fair value of warrant | (12) | - | (12) | |||
Changes in assets and liabilities, net of acquisition effects | (145) | (26) | (171) | |||
Net cash provided by continuing operating activities | 614 | - | 577 | |||
Net cash provided by discontinued operating activities | (22) | (37) | 15 | |||
Net cash provided by operating activities | 592 | - | 592 | |||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | (97) | 10 | (87) | |||
Purchases of investments | (10,705) | - | (10,705) | |||
Maturities and sales of investments | 9,195 | - | 9,195 | |||
Other | 39 | - | 39 | |||
Net cash used in continuing investing activities | (1,568) | - | (1,558) | |||
Net cash provided by discontinued investing activities | 4,074 | 10 | 4,064 | |||
Net cash provided by investing activities | 2,506 | - | 2,506 | |||
Cash flows from financing activities: | ||||||
Proceeds from issuance of common stock | 5 | - | 5 | |||
Repurchases of common stock | (3,997) | - | (3,997) | |||
Payments for taxes related to net share settlements of restricted stock units and awards | (40) | - | (40) | |||
Payments for dividends | (114) | - | (114) | |||
Proceeds from issuance of long-term debt, net | 994 | - | 994 | |||
Other | (7) | 2 | (5) | |||
Net cash used in continuing financing activities | (3,159) | - | (3,157) | |||
Net cash used in discontinued financing activities | (2) | 2 | (4) | |||
Net cash used in financing activities | (3,161) | - | (3,161) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (34) | (34) | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (97) | (97) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 996 | 996 | ||||
Cash, cash equivalents and restricted cash at end of period | $ | 899 | $ | 899 | ||
Less: Cash, cash equivalents and restricted cash of held for sale business | $ | 16 | 188 | $ | 204 | |
Cash, cash equivalents and restricted cash of continuing operations at end of period | $ | 883 | $ | 695 | ||
Supplemental cash flow disclosures: | ||||||
Cash paid for: | ||||||
Interest | $ | 90 | $ | - | $ | 90 |
Interest on finance lease obligations | $ | 3 | $ | (3) | $ | - |
Income taxes | $ | 42 | $ | (19) | $ | 23 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 901 | $ | (257) | $ | 644 |
Short-term investments | 1,850 | (6) | 1,844 | |||
Accounts receivable, net | 555 | (36) | 519 | |||
Other current assets | 1,064 | (621) | 443 | |||
Total current assets | 4,370 | (920) | 3,450 | |||
Long-term investments | 1,275 | - | 1,275 | |||
Property and equipment, net | 1,460 | (67) | 1,393 | |||
Goodwill | 4,533 | (378) | 4,155 | |||
Intangible assets, net | 39 | - | 39 | |||
Operating lease right-of-use assets | 583 | (92) | 491 | |||
Deferred tax assets | 3,980 | (18) | 3,962 | |||
Other assets | 414 | (14) | 400 | |||
Total assets | $ | 16,654 | $ | (1,489) | $ | 15,165 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term debt | $ | 1,020 | $ | (11) | $ | 1,009 |
Accounts payable | 229 | (31) | 198 | |||
Accrued expenses and other current liabilities | 2,097 | (645) | 1,452 | |||
Deferred revenue | 129 | (12) | 117 | |||
Income taxes payable | 169 | (14) | 155 | |||
Total current liabilities | 3,644 | (713) | 2,931 | |||
Operating lease liabilities | 461 | (75) | 386 | |||
Deferred tax liabilities | 2,355 | (20) | 2,335 | |||
Long-term debt | 6,738 | (17) | 6,721 | |||
Other liabilities | 1,353 | (1) | 1,352 | |||
Total liabilities | 14,551 | (826) | 13,725 | |||
Total stockholders' equity | 2,103 | (663) | 1,440 | |||
Total liabilities and stockholders' equity | $ | 16,654 | $ | (1,489) | $ | 15,165 |
Previously Reported |
Discontinued Operations (Korea) | eBay | Non-GAAP Adjustments |
Notes
| Non-GAAP eBay | |||||
Net revenues | $ | 2,236 | $ | (332) | $ | 1,904 | $ | - | $ | 1,904 |
Cost of net revenues | 556 | (161) | 395 | (11) | (a)(b) | 384 | ||||
Gross profit | 1,680 | (171) | 1,509 | 11 | 1,520 | |||||
Operating expenses: | ||||||||||
Sales and marketing | 637 | (131) | 506 | (19) | (a)(c) | 487 | ||||
Product development | 241 | (12) | 229 | (41) | (a)(c) | 188 | ||||
General and administrative | 249 | (5) | 244 | (63) | (a)(c) | 181 | ||||
Provision for transaction losses | 68 | 1 | 69 | - | 69 | |||||
Amortization of acquired intangible assets | 7 | - | 7 | (7) | (b) | - | ||||
Total operating expenses | 1,202 | (147) | 1,055 | (130) | 925 | |||||
Income from operations | 478 | (24) | 454 | 141 | 595 | |||||
Interest and other, net | 16 | - | 16 | (77) | (d) | (61) | ||||
Income from continuing operations before income taxes | 494 | (24) | 470 | 64 | 534 | |||||
Income tax provision | (25) | (3) | (28) | - | (28) | |||||
Income from continuing operations | 469 | (27) | 442 | 64 | 506 | |||||
Income (loss) from discontinued operations, net of income taxes | 87 | 27 | 114 | (114) | (e) | - | ||||
Net income | $ | 556 | $ | - | $ | 556 | $ | (50) | $ | 506 |
Income per share - basic: | ||||||||||
Continuing operations | $ | 0.58 | $ | 0.55 | $ | 0.63 | ||||
Discontinued operations | 0.11 | 0.14 | - | |||||||
Net income per share - basic | $ | 0.69 | $ | 0.69 | $ | 0.63 | ||||
Income per share - diluted: | ||||||||||
Continuing operations | $ | 0.58 | $ | 0.55 | $ | 0.62 | ||||
Discontinued operations | 0.11 | 0.14 | - | |||||||
Net income per share - diluted | $ | 0.69 | $ | 0.69 | $ | 0.62 | ||||
Weighted average shares: | ||||||||||
Basic | 807 | 807 | 807 | |||||||
Diluted | 812 | 812 | 812 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
Cash flows from operating activities: | ||||||
Net income | $ | 556 | $ | - | $ | 556 |
(Income) loss from discontinued operations, net of income taxes | (87) | (27) | (114) | |||
Adjustments: | ||||||
Provision for transaction losses | 68 | 1 | 69 | |||
Depreciation and amortization | 155 | (8) | 147 | |||
Stock-based compensation | 110 | (4) | 106 | |||
(Gain) loss on investments, net | (1) | - | (1) | |||
Deferred income taxes | 17 | 16 | 33 | |||
Change in fair value of warrant | (77) | - | (77) | |||
Changes in assets and liabilities, net of acquisition effects | (47) | (35) | (82) | |||
Net cash provided by continuing operating activities | 694 | - | 637 | |||
Net cash provided by discontinued operating activities | 117 | (57) | 174 | |||
Net cash provided by operating activities | 811 | - | 811 | |||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | (129) | 7 | (122) | |||
Purchases of investments | (9,576) | - | (9,576) | |||
Maturities and sales of investments | 10,065 | - | 10,065 | |||
Other | 8 | (3) | 5 | |||
Net cash provided by continuing investing activities | 368 | - | 372 | |||
Net cash used in discontinued investing activities | (10) | 4 | (14) | |||
Net cash provided by investing activities | 358 | - | 358 | |||
Cash flows from financing activities: | ||||||
Proceeds from issuance of common stock | 47 | - | 47 | |||
Repurchases of common stock | (1,002) | - | (1,002) | |||
Payments for taxes related to net share settlements of restricted stock units and awards | (40) | - | (40) | |||
Payments for dividends | (113) | - | (113) | |||
Other | (2) | 2 | - | |||
Net cash used in continuing financing activities | (1,110) | - | (1,108) | |||
Net cash provided by discontinued financing activities | 2 | 2 | - | |||
Net cash used in financing activities | (1,108) | - | (1,108) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 26 | 26 | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 87 | 87 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 909 | 909 | ||||
Cash, cash equivalents and restricted cash at end of period | 996 | 996 | ||||
Less: Cash, cash equivalents and restricted cash of held for sale business | $ | 22 | 263 | $ | 285 | |
Less: Cash and cash equivalents of discontinued operations | $ | 52 | $ | 52 | ||
Cash, cash equivalents and restricted cash of continuing operations at end of period | $ | 922 | $ | 659 | ||
Supplemental cash flow disclosures: | ||||||
Cash paid for: | ||||||
Interest | $ | 44 | $ | - | $ | 44 |
Income taxes | $ | 82 | $ | (3) | $ | 79 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 833 | $ | (205) | $ | 628 |
Short-term investments | 2,189 | (5) | 2,184 | |||
Accounts receivable, net | 580 | (31) | 549 | |||
Other current assets | 1,238 | (635) | 603 | |||
Total current assets | 4,840 | (876) | 3,964 | |||
Long-term investments | 1,406 | - | 1,406 | |||
Property and equipment, net | 1,468 | (55) | 1,413 | |||
Goodwill | 4,487 | (374) | 4,113 | |||
Intangible assets, net | 48 | - | 48 | |||
Operating lease right-of-use assets | 589 | (92) | 497 | |||
Deferred tax assets | 3,998 | (11) | 3,987 | |||
Other assets | 355 | (15) | 340 | |||
Total assets | $ | 17,191 | $ | (1,423) | $ | 15,768 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term debt | $ | 518 | $ | (9) | $ | 509 |
Accounts payable | 235 | (23) | 212 | |||
Accrued expenses and other current liabilities | 2,151 | (608) | 1,543 | |||
Deferred revenue | 137 | (12) | 125 | |||
Income taxes payable | 157 | (12) | 145 | |||
Total current liabilities | 3,198 | (664) | 2,534 | |||
Operating lease liabilities | 467 | (78) | 389 | |||
Deferred tax liabilities | 2,339 | (26) | 2,313 | |||
Long-term debt | 7,235 | (16) | 7,219 | |||
Other liabilities | 1,399 | (2) | 1,397 | |||
Total liabilities | 14,638 | (786) | 13,852 | |||
Total stockholders' equity | 2,553 | (637) | 1,916 | |||
Total liabilities and stockholders' equity | $ | 17,191 | $ | (1,423) | $ | 15,768 |
Previously Reported |
Discontinued Operations (Korea) | eBay | Non-GAAP Adjustments |
Notes
| Non-GAAP eBay | |||||
Net revenues | $ | 2,083 | $ | (284) | $ | 1,799 | $ | - | $ | 1,799 |
Cost of net revenues | 530 | (134) | 396 | (10) | (a)(b) | 386 | ||||
Gross profit | 1,553 | (150) | 1,403 | 10 | 1,413 | |||||
Operating expenses: | ||||||||||
Sales and marketing | 577 | (116) | 461 | (18) | (a) | 443 | ||||
Product development | 243 | (12) | 231 | (40) | (a) | 191 | ||||
General and administrative | 250 | (4) | 246 | (70) | (a)(d) | 176 | ||||
Provision for transaction losses | 68 | 1 | 69 | - | 69 | |||||
Amortization of acquired intangible assets | 7 | - | 7 | (7) | (b) | - | ||||
Total operating expenses | 1,145 | (131) | 1,014 | (135) | 879 | |||||
Income from operations | 408 | (19) | 389 | 145 | 534 | |||||
Interest and other, net | (142) | - | (142) | 101 | (e)(d) | (41) | ||||
Income from continuing operations before income taxes | 266 | (19) | 247 | 246 | 493 | |||||
Income tax provision | (56) | 4 | (52) | (25) | (c) | (77) | ||||
Income from continuing operations | 210 | (15) | 195 | 221 | 416 | |||||
Income from discontinued operations, net of income taxes | 100 | 15 | 115 | (115) | (f) | - | ||||
Net income | $ | 310 | $ | - | $ | 310 | $ | 106 | $ | 416 |
Income per share - basic: | ||||||||||
Continuing operations | $ | 0.25 | $ | 0.23 | $ | 0.50 | ||||
Discontinued operations | 0.12 | 0.14 | - | |||||||
Net income per share - basic | $ | 0.37 | $ | 0.37 | $ | 0.50 | ||||
Income per share - diluted: | ||||||||||
Continuing operations | $ | 0.25 | $ | 0.23 | $ | 0.50 | ||||
Discontinued operations | 0.12 | 0.14 | - | |||||||
Net income per share - diluted | $ | 0.37 | $ | 0.37 | $ | 0.50 | ||||
Weighted average shares: | ||||||||||
Basic | 830 | 830 | 830 | |||||||
Diluted | 837 | 837 | 837 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
Cash flows from operating activities: | ||||||
Net income | $ | 310 | $ | - | $ | 310 |
Income from discontinued operations, net of income taxes | (100) | (15) | (115) | |||
Adjustments: | ||||||
Provision for transaction losses | 68 | 1 | 69 | |||
Depreciation and amortization | 159 | (8) | 151 | |||
Stock-based compensation | 97 | (4) | 93 | |||
(Gain) loss on sale of business | 52 | - | 52 | |||
Deferred income taxes | (1) | (4) | (5) | |||
Change in fair value of warrant | 49 | - | 49 | |||
Changes in assets and liabilities, net of acquisition effects | 167 | (17) | 150 | |||
Net cash provided by continuing operating activities | 801 | - | 754 | |||
Net cash provided by discontinued operating activities | 208 | (47) | 255 | |||
Net cash provided by operating activities | 1,009 | - | 1,009 | |||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | (92) | 1 | (91) | |||
Purchases of investments | (13,223) | - | (13,223) | |||
Maturities and sales of investments | 14,656 | - | 14,656 | |||
Equity investment in Paytm Mall | (160) | - | (160) | |||
Other | (34) | - | (34) | |||
Net cash provided by continuing investing activities | 1,147 | - | 1,148 | |||
Net cash used in discontinued investing activities | (4) | 1 | (5) | |||
Net cash provided by investing activities | 1,143 | - | 1,143 | |||
Cash flows from financing activities: | ||||||
Proceeds from issuance of common stock | 4 | - | 4 | |||
Repurchases of common stock | (1,022) | - | (1,022) | |||
Payments for taxes related to net share settlements of restricted stock units and awards | (43) | - | (43) | |||
Payments for dividends | (115) | - | (115) | |||
Repayment of debt | (1,550) | - | (1,550) | |||
Other | 1 | 2 | 3 | |||
Net cash used in continuing financing activities | - | - | (2,723) | |||
Net cash used in discontinued financing activities | - | 2 | (2) | |||
Net cash used in financing activities | (2,725) | - | (2,725) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (39) | - | (39) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | (612) | (612) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 1,521 | 1,521 | ||||
Cash, cash equivalents and restricted cash at end of period | $ | 909 | $ | 909 | ||
Less: Cash, cash equivalents and restricted cash of held for sale business | $ | 41 | 210 | $ | 251 | |
Less: Cash and cash equivalents of discontinued operations | $ | 23 | $ | 23 | ||
Cash, cash equivalents and restricted cash of continuing operations at end of period | $ | 845 | $ | 635 | ||
Supplemental cash flow disclosures: | ||||||
Cash paid for: | ||||||
Interest | $ | 106 | $ | - | $ | 106 |
Interest on finance lease obligations | $ | 1 | $ | (1) | - | |
Income taxes | $ | - | $ | (11) | $ | (11) |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 1,449 | $ | (728) | $ | 721 |
Short-term investments | 2,969 | (5) | 2,964 | |||
Accounts receivable, net | 649 | (36) | 613 | |||
Other current assets | 1,379 | (709) | 670 | |||
Total current assets | 6,446 | (1,478) | 4,968 | |||
Long-term investments | 1,894 | - | 1,894 | |||
Property and equipment, net | 1,521 | (60) | 1,461 | |||
Goodwill | 4,556 | (381) | 4,175 | |||
Intangible assets, net | 57 | - | 57 | |||
Operating lease right-of-use assets | 619 | (101) | 518 | |||
Deferred tax assets | 4,070 | (11) | 4,059 | |||
Other assets | 395 | (15) | 380 | |||
Total assets | $ | 19,558 | $ | (2,046) | $ | 17,512 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term debt | $ | 2,063 | $ | (9) | $ | 2,054 |
Accounts payable | 261 | (27) | 234 | |||
Accrued expenses and other current liabilities | 2,171 | (664) | 1,507 | |||
Deferred revenue | 142 | (12) | 130 | |||
Income taxes payable | 113 | (14) | 99 | |||
Total current liabilities | 4,750 | (726) | 4,024 | |||
Operating lease liabilities | 485 | (86) | 399 | |||
Deferred tax liabilities | 2,406 | (24) | 2,382 | |||
Long-term debt | 7,243 | (19) | 7,224 | |||
Other liabilities | 1,400 | (2) | 1,398 | |||
Total liabilities | 16,284 | (857) | 15,427 | |||
Total stockholders' equity | 3,274 | (1,189) | 2,085 | |||
Total liabilities and stockholders' equity | $ | 19,558 | $ | (2,046) | $ | 17,512 |
Previously Reported |
Discontinued Operations (Korea) | eBay | Non-GAAP Adjustments |
Notes
| Non-GAAP eBay | |||||
Net revenues | $ | 2,156 | $ | (297) | $ | 1,859 | $ | - | $ | 1,859 |
Cost of net revenues | 532 | (131) | 401 | (12) | (a)(b) | 389 | ||||
Gross profit | 1,624 | (166) | 1,458 | 12 | 1,470 | |||||
Operating expenses: | ||||||||||
Sales and marketing | 595 | (127) | 468 | (18) | (a) | 450 | ||||
Product development | 256 | (10) | 246 | (46) | (a) | 200 | ||||
General and administrative | 240 | (4) | 236 | (49) | (a)(d) | 187 | ||||
Provision for transaction losses | 62 | (2) | 60 | - | 60 | |||||
Amortization of acquired intangible assets | 7 | - | 7 | (7) | (b) | - | ||||
Total operating expenses | 1,160 | (143) | 1,017 | (120) | 897 | |||||
Income from operations | 464 | (23) | 441 | 132 | 573 | |||||
Interest and other, net | (50) | (4) | (54) | 8 | (e) | (46) | ||||
Income from continuing operations before income taxes | 414 | (27) | 387 | 140 | 527 | |||||
Income tax provision | (37) | 6 | (31) | (54) | (c) | (85) | ||||
Income from continuing operations | $ | 377 | $ | (21) | $ | 356 | $ | 86 | $ | 442 |
Income (loss) from discontinued operations, net of income taxes | 25 | 21 | 46 | (46) | (f) | - | ||||
Net income | $ | 402 | $ | - | $ | 402 | $ | 40 | $ | 442 |
Income per share - basic: | ||||||||||
Continuing operations | $ | 0.44 | $ | 0.41 | $ | 0.51 | ||||
Discontinued operations | 0.03 | 0.06 | - | |||||||
Net income per share - basic | $ | 0.47 | $ | 0.47 | $ | 0.51 | ||||
Income per share - diluted: | ||||||||||
Continuing operations | $ | 0.43 | $ | 0.41 | $ | 0.51 | ||||
Discontinued operations | 0.03 | 0.05 | - | |||||||
Net income per share - diluted | $ | 0.46 | $ | 0.46 | $ | 0.51 | ||||
Weighted average shares: | ||||||||||
Basic | 860 | 860 | 860 | |||||||
Diluted | 867 | 867 | 867 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
Cash flows from operating activities: | ||||||
Net income | $ | 402 | $ | - | $ | 402 |
(Income) loss from discontinued operations, net of income taxes | (25) | (21) | (46) | |||
Adjustments: | ||||||
Provision for transaction losses | 62 | (2) | 60 | |||
Depreciation and amortization | 161 | (7) | 154 | |||
Stock-based compensation | 120 | (4) | 116 | |||
Deferred income taxes | (37) | 5 | (32) | |||
Change in fair value of warrant | 8 | - | 8 | |||
Changes in assets and liabilities, net of acquisition effects | (101) | 31 | (70) | |||
Net cash provided by continuing operating activities | 590 | - | 592 | |||
Net cash provided by discontinued operating activities | 154 | 2 | 152 | |||
Net cash provided by operating activities | 744 | - | 744 | |||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | (129) | 6 | (123) | |||
Purchases of investments | (12,252) | - | (12,252) | |||
Maturities and sales of investments | 13,080 | - | 13,080 | |||
Other | 37 | (34) | 3 | |||
Net cash provided by continuing investing activities | 736 | - | 708 | |||
Net cash used in discontinued investing activities | (8) | (28) | 20 | |||
Net cash provided by investing activities | 728 | - | 728 | |||
Cash flows from financing activities: | ||||||
Proceeds from issuance of common stock | 50 | - | 50 | |||
Repurchases of common stock | (1,518) | - | (1,518) | |||
Payments for taxes related to net share settlements of restricted stock units and awards | (65) | - | (65) | |||
Payments for dividends | (120) | - | (120) | |||
Other | - | 2 | 2 | |||
Net cash used in continuing financing activities | - | - | (1,651) | |||
Net cash used in provided by discontinued financing activities | - | 2 | (2) | |||
Net cash used in financing activities | (1,653) | - | (1,653) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (10) | (10) | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (191) | (191) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 1,712 | 1,712 | ||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,521 | $ | 1,521 | ||
Less: Cash, cash equivalents and restricted cash of held for sale business | $ | 39 | 733 | $ | 772 | |
Less: Cash and cash equivalents of discontinued operations | $ | 20 | $ | 20 | ||
Cash, cash equivalents and restricted cash of continuing operations at end of period | $ | 1,462 | $ | 729 | ||
Supplemental cash flow disclosures: | ||||||
Cash paid for: | ||||||
Interest | $ | 47 | $ | - | $ | 47 |
Income taxes | $ | 120 | $ | (7) | $ | 113 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 1,620 | $ | (762) | $ | 858 |
Short-term investments | 2,746 | (6) | 2,740 | |||
Accounts receivable, net | 580 | (25) | 555 | |||
Other current assets | 1,302 | (687) | 615 | |||
Total current assets | 6,248 | (1,480) | 4,768 | |||
Long-term investments | 2,927 | - | 2,927 | |||
Property and equipment, net | 1,529 | (33) | 1,496 | |||
Goodwill | 4,582 | (383) | 4,199 | |||
Intangible assets, net | 65 | - | 65 | |||
Operating lease right-of-use assets | 643 | (105) | 538 | |||
Deferred tax assets | 4,117 | (12) | 4,105 | |||
Other assets | 387 | (15) | 372 | |||
Total assets | $ | 20,498 | $ | (2,028) | $ | 18,470 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term debt | $ | 1,550 | $ | - | $ | 1,550 |
Accounts payable | 222 | (24) | 198 | |||
Accrued expenses and other current liabilities | 2,071 | (665) | 1,406 | |||
Deferred revenue | 142 | (11) | 131 | |||
Income taxes payable | 77 | (21) | 56 | |||
Total current liabilities | 4,062 | (721) | 3,341 | |||
Operating lease liabilities | 510 | (89) | 421 | |||
Deferred tax liabilities | 2,477 | (25) | 2,452 | |||
Long-term debt | 7,700 | - | 7,700 | |||
Other liabilities | 1,478 | (3) | 1,475 | |||
Total liabilities | 16,227 | (838) | 15,389 | |||
Total stockholders' equity | 4,271 | (1,190) | 3,081 | |||
Total liabilities and stockholders' equity | $ | 20,498 | $ | (2,028) | $ | 18,470 |
Previously Reported |
Discontinued Operations (Korea) | eBay | Non-GAAP Adjustments |
Notes
| Non-GAAP eBay | |||||
Net revenues | $ | 2,161 | $ | (294) | $ | 1,867 | $ | - | $ | 1,867 |
Cost of net revenues | 518 | (125) | 393 | (12) | (a)(b) | 381 | ||||
Gross profit | 1,643 | (169) | 1,474 | 12 | 1,486 | |||||
Operating expenses: | ||||||||||
Sales and marketing | 559 | (128) | 431 | (16) | (a) | 415 | ||||
Product development | 236 | (12) | 224 | (38) | (a) | 186 | ||||
General and administrative | 266 | (4) | 262 | (77) | (a)(d) | 185 | ||||
Provision for transaction losses | 64 | - | 64 | - | 64 | |||||
Amortization of acquired intangible assets | 7 | - | 7 | (7) | (b) | - | ||||
Total operating expenses | 1,132 | (144) | 988 | (138) | 850 | |||||
Income from operations | 511 | (25) | 486 | 150 | 636 | |||||
Interest and other, net | 64 | (2) | 62 | (113) | (e) | (51) | ||||
Income from continuing operations before income taxes | 575 | (27) | 548 | 37 | 585 | |||||
Income tax provision | (115) | 7 | (108) | 16 | (c) | (92) | ||||
Income from continuing operations | $ | 460 | $ | (20) | $ | 440 | $ | 53 | $ | 493 |
Income (loss) from discontinued operations, net of income taxes | 58 | 20 | 78 | (78) | (f) | - | ||||
Net income | $ | 518 | $ | - | $ | 518 | $ | (25) | $ | 493 |
Income per share - basic: | ||||||||||
Continuing operations | $ | 0.51 | $ | 0.49 | $ | 0.55 | ||||
Discontinued operations | 0.07 | 0.09 | - | |||||||
Net income per share - basic | $ | 0.58 | $ | 0.58 | $ | 0.55 | ||||
Income per share - diluted: | ||||||||||
Continuing operations | $ | 0.51 | $ | 0.48 | $ | 0.54 | ||||
Discontinued operations | 0.06 | 0.09 | - | |||||||
Net income per share - diluted | $ | 0.57 | $ | 0.57 | $ | 0.54 | ||||
Weighted average shares: | ||||||||||
Basic | 900 | 900 | 900 | |||||||
Diluted | 908 | 908 | 908 |
Previously Reported |
Discontinued Operations (Korea) | eBay | ||||
Cash flows from operating activities: | ||||||
Net income | $ | 518 | $ | - | $ | 518 |
(Income) loss from discontinued operations, net of income taxes | (58) | (20) | (78) | |||
Adjustments: | ||||||
Provision for transaction losses | 64 | - | 64 | |||
Depreciation and amortization | 154 | (6) | 148 | |||
Stock-based compensation | 104 | (4) | 100 | |||
(Gain) loss on investments, net | 1 | - | 1 | |||
Deferred income taxes | 16 | (5) | 11 | |||
Change in fair value of warrant | (113) | - | (113) | |||
Changes in assets and liabilities, net of acquisition effects | (188) | (30) | (218) | |||
Net cash provided by continuing operating activities | 498 | - | 433 | |||
Net cash used in discontinued operating activities | 52 | (65) | 117 | |||
Net cash provided by operating activities | 550 | - | 550 | |||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | (173) | 1 | (172) | |||
Purchases of investments | (11,915) | - | (11,915) | |||
Maturities and sales of investments | 12,747 | - | 12,747 | |||
Other | 12 | - | 12 | |||
Net cash provided by continuing investing activities | 671 | - | 672 | |||
Net cash used in discontinued investing activities | (113) | 1 | (114) | |||
Net cash provided by investing activities | 558 | - | 558 | |||
Cash flows from financing activities: | ||||||
Proceeds from issuance of common stock | 5 | - | 5 | |||
Repurchases of common stock | (1,431) | - | (1,431) | |||
Payments for taxes related to net share settlements of restricted stock units and awards | (54) | - | (54) | |||
Payments for dividends | (125) | - | (125) | |||
Net cash used in financing activities | (1,605) | - | (1,605) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (10) | (10) | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (507) | (507) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 2,219 | 2,219 | ||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,712 | $ | 1,712 | ||
Less: Cash, cash equivalents and restricted cash of held for sale business | $ | 44 | 768 | $ | 812 | |
Less: Cash and cash equivalents of discontinued operations | $ | 31 | $ | 31 | ||
Cash, cash equivalents and restricted cash of continuing operations at end of period | $ | 1,637 | $ | 869 | ||
Supplemental cash flow disclosures: | ||||||
Cash paid for: | ||||||
Interest | $ | 107 | $ | - | $ | 107 |
Income taxes | $ | 68 | $ | - | $ | 68 |
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eBay Inc. published this content on 13 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2021 20:10:05 UTC.