UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 14, 2015
eBay Inc.
(Exact name of registrant as specified in its charter)
|
| | |
Delaware | 000-24821 | 77-0430924 |
(State or other jurisdiction | (Commission File Number) | (I.R.S. Employer |
of incorporation) | | Identification No.) |
2065 Hamilton Avenue
San Jose, California 95125
(Address of principal executive offices)
(408) 376-7400
(Registrant's telephone number, including area code)
Not Applicable.
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events
On July 17, 2015, eBay Inc. ("eBay") completed the previously announced distribution of 100% of the outstanding common stock of PayPal Holdings, Inc. ("PayPal") to eBay’s shareholders (the "Distribution"). Beginning in the third quarter of 2015, PayPal’s historical financial results for periods prior to the Distribution will be reflected in eBay’s consolidated financial statements, retrospectively, as discontinued operations.
During the second quarter of 2015, eBay's Board of Directors approved a plan to sell (the "Sale") the businesses underlying its Enterprise segment ("Enterprise"). As a result, the Enterprise financial results were reflected in eBay’s consolidated financial statements as discontinued operations, retrospectively, beginning in the second quarter of 2015.
The unaudited consolidated financial statements included in Exhibit 99.1 are derived from eBay’s consolidated financial statements for the six consecutive fiscal quarters ended June 30, 2015, adjusted to reflect the Distribution and Sale of Enterprise, which we believe will assist investors in evaluating eBay’s financial performance. These unaudited consolidated financial statements have been further adjusted to reflect certain financial measures that have not been prepared in accordance with generally accepted accounting principles (“GAAP”), which we also believe will assist investors in evaluating eBay’s financial performance.
The following unaudited consolidated financial statements and the accompanying notes should be read in conjunction with (i) the audited consolidated financial statements, the accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in eBay’s Annual Report on Form 10-K for the year ended December 31, 2014 and (ii) the unaudited consolidated financial statements, the accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in eBay’s Quarterly Reports on Form 10-Q for the quarterly periods ended June 30, 2015, March 31, 2015, September 30, 2014, June 30, 2014, and March 31, 2014.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
The following exhibit is filed with this report:
|
| |
99.1 | Unaudited consolidated financial statements |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
| | |
| eBay Inc. |
| (Registrant) |
| | |
Date: August 14, 2015 | | /s/ Marie Oh Huber |
| | Marie Oh Huber |
| | Title: Senior Vice President, Legal Affairs, |
| | General Counsel and Secretary |
INDEX TO EXHIBITS
|
| |
Exhibit Number | Description |
99.1 | Unaudited consolidated financial statements
|
Exhibit 99.1
Unaudited Consolidated Financial Statements
San Jose, California, August 14, 2015 - On July 17, 2015, eBay Inc. ("eBay" or the "company") completed the previously announced distribution of 100% of the outstanding common stock of PayPal Holdings, Inc. ("PayPal") to eBay’s shareholders (the "Distribution"). Beginning in the third quarter of 2015, PayPal’s historical financial results for periods prior to the Distribution will be reflected in eBay’s consolidated financial statements, retrospectively, as discontinued operations.
During the second quarter of 2015, eBay's Board of Directors approved a plan to sell (the "Sale") the businesses underlying its Enterprise segment ("Enterprise"). As a result, the Enterprise financial results were reflected in eBay’s consolidated financial statements as discontinued operations, retrospectively, beginning in the second quarter of 2015.
The unaudited consolidated financial statements included in this Exhibit 99.1 are derived from eBay’s consolidated financial statements for the six consecutive fiscal quarters ended June 30, 2015, adjusted to reflect the Distribution and Sale of Enterprise, which we believe will assist investors in evaluating eBay's financial performance. These unaudited consolidated financial statements have been further adjusted to reflect certain financial measures that have not been prepared in accordance with generally accepted accounting principles (“GAAP”), which we also believe will assist investors in evaluating eBay’s financial performance.
The following unaudited consolidated financial statements and the accompanying notes should be read in conjunction with (i) the audited consolidated financial statements, the accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in eBay’s Annual Report on Form 10-K for the year ended December 31, 2014 and (ii) the unaudited consolidated financial statements, the accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in eBay’s Quarterly Reports on Form 10-Q for the quarterly periods ended June 30, 2015, March 31, 2015, September 30, 2014, June 30, 2014, and March 31, 2014.
Three month period ending June 30, 2015:
Previously Reported column. The information in the "Previously Reported" column in the following unaudited consolidated balance sheet, unaudited consolidated statement of income and unaudited condensed consolidated statement of cash flows is derived from eBay’s unaudited consolidated financial statements as reported for the period and
(A) reflects Enterprise (but not PayPal) as discontinued operations and
(B) does not reflect any adjustments related to the Distribution and related events.
In the unaudited consolidated financial statements appearing in eBay's Quarterly Report on Form 10-Q for the three months ended June 30, 2015, the financial results of Enterprise were reflected in eBay's unaudited consolidated balance sheet as assets held for sale, in the unaudited consolidated statement of income as loss from discontinued operations, net of income taxes, and in the unaudited condensed consolidated statement of cash flows as net cash used in/provided by discontinued operations.
Discontinued Operations column. The information in the "Discontinued Operations" column in the following unaudited consolidated statement of income and unaudited condensed consolidated statement of cash flows was derived from eBay's unaudited consolidated financial statements and the related accounting records for the interim period ending June 30, 2015 and reflects the results of the PayPal businesses, adjusted to include certain costs directly attributable to PayPal and to exclude corporate overhead costs that were previously allocated to PayPal for the period. The information in the "Discontinued Operations" column in the following unaudited consolidated balance sheet was derived from eBay's unaudited consolidated financial statements and the related accounting records as of June 30, 2015, adjusted to include certain assets and liabilities that were transferred to PayPal at the time of the Distribution pursuant to the separation and distribution agreement.
Non-GAAP Adjustments column. To supplement the following unaudited consolidated financial statements, the information in the following unaudited consolidated statement of income has been further adjusted to reflect certain non-GAAP measures that should only be used to evaluate the company’s results of operations in conjunction with the corresponding GAAP measures. These non-GAAP financial measures are presented on a continuing operations basis.
These non-GAAP financial measures have not been prepared in accordance with, and are not an alternative to, financial measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the company’s results of operations as determined in accordance with GAAP. These non-GAAP measures should only be used to evaluate the company’s results of operations in conjunction with the corresponding GAAP measures.
These non-GAAP measures are provided to enhance investors’ overall understanding of the company’s financial performance and its prospects for the future. Specifically, the company believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses that may not be indicative of its core operating results and business outlook. In addition, because the company has historically reported certain non-GAAP results to investors, the company believes that the inclusion of non-GAAP measures provides consistency in the company’s financial reporting.
For its internal budgeting process, the company's management uses financial measures that do not include stock-based compensation expense, employer payroll taxes on stock-based compensation, amortization or impairment of acquired intangible assets, impairment of goodwill, significant gains or losses from the disposal/acquisition of a business, certain effects of the planned separation of the eBay and PayPal businesses, certain gains and losses on investments, restructuring-related charges and the income taxes associated with the foregoing. In addition to the corresponding GAAP measures, the company's management also uses the foregoing non-GAAP measures in reviewing the financial results of the company.
The information in the "Non-GAAP Adjustments" column in the following unaudited consolidated statement of income was derived from eBay's unaudited consolidated financial statements and the related accounting records for the interim period ending June 30, 2015 and reflects the non-GAAP adjustments described in the notes to the unaudited consolidated statement of income. Those non-GAAP adjustments exclude the following items:
Stock-based compensation expense and related employer payroll taxes. This expense consists of expenses for stock options, restricted stock and employee stock purchases. The company excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash expenses that management does not believe are reflective of ongoing operating results. The related employer payroll taxes are dependent on the company's stock price and the timing and size of exercises by employees of their stock options and the vesting of their restricted stock, over which management has limited to no control, and as such management does not believe it correlates to the company's operation of the business.
Amortization or impairment of acquired intangible assets, impairment of goodwill, significant gains or losses and transaction expenses from the acquisition or disposal of a business and certain gains or losses on investments. The company incurs amortization or impairment of acquired intangible assets and goodwill in connection with acquisitions and may incur significant gains or losses from the acquisition or disposal of a business and therefore excludes these amounts from its non-GAAP measures. The company also excludes certain gains and losses on investments. The company excludes the impact of the accretion of a note receivable associated with the disposal of certain businesses. The company excludes these items because management does not believe they correlate to the ongoing operating results of the company's business.
Restructuring. These charges consist of expenses for employee severance and other exit and disposal costs. The company excludes significant restructuring charges primarily because management does not believe they are reflective of ongoing operating results.
Other certain significant gains, losses, or charges that are not indicative of the Company’s core operating results. These are significant gains, losses, or charges during a period that are the result of isolated events or transactions which have not occurred frequently in the past and are not expected to occur regularly or be repeated in the future. The company excludes these amounts from its results primarily because management does not believe they are indicative of its current or ongoing operating results.
Separation. These are significant expenses that are related to the separation of the eBay and PayPal businesses into separate publicly traded companies. These consist primarily of third-party consulting fees, legal fees, employee retention payments and other expenses incurred to complete the separation.
Tax effect of non-GAAP adjustments. This amount is used to present stock-based compensation and the other amounts described above on an after-tax basis consistent with the presentation of non-GAAP net income.
eBay Inc.
Unaudited Consolidated Balance Sheet - Non-GAAP
As of June 30, 2015
(dollars in millions)
|
| | | | | | | | | | | |
| 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 |
|
eBay Inc.
Unaudited Consolidated Statement of Income - Non-GAAP
Three Months Ended June 30, 2015
(dollars and shares in millions except per share data)
|
| | | | | | | | | | | | | | | | | | | | | |
| 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 |
|
(a) Stock-based compensation expense and related employer payroll taxes
(b) Amortization of acquired intangible assets
(c) Restructuring, separation and acquisition related
(d) Gains or losses on investments
(e) Tax effect of non-GAAP adjustments
eBay Inc.
Unaudited Condensed Consolidated Statement of Cash Flows - Non-GAAP
Three Months Ended June 30, 2015 (dollars in millions) |
| | | | | | | | | | | |
| 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 |
|
Three month periods ending March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014:
Previously Reported column. The information in the "Previously Reported" column in the following unaudited consolidated balance sheets, unaudited consolidated statements of income and unaudited condensed consolidated statements of cash flows is derived from eBay’s consolidated financial statements for the periods presented, as eBay's consolidated financial statements were originally reported in the quarterly reports filed for those three month periods and
(A) does not reflect either Enterprise or PayPal as discontinued operations and
(B) does not reflect any adjustments related to the Distribution, Sale and related events.
Discontinued Operations column. The information in the "Discontinued Operations" column in the following unaudited consolidated statements of income and unaudited condensed consolidated statements of cash flows was derived from eBay's unaudited consolidated financial statements and the related accounting records for the interim periods ending March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014 and reflects the results of the PayPal and Enterprise businesses, adjusted to include certain costs directly attributable to PayPal and Enterprise and to exclude corporate overhead costs that were previously allocated to PayPal and Enterprise for each period. The information in the "Discontinued Operations" column in the following unaudited consolidated balance sheets was derived from eBay's unaudited (or, in the case of information as of December 31, 2014, audited) consolidated financial statements and the related accounting records as of March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, adjusted to include certain assets and liabilities that were transferred to PayPal at the time of the Distribution pursuant to the separation and distribution agreement and assets and liabilities that are expected to be sold pursuant to the Sale.
Non-GAAP Adjustments column. To supplement the following unaudited consolidated financial statements, the information in the following unaudited consolidated statements of income has been further adjusted to reflect certain non-GAAP measures that should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. For additional information, including information concerning certain limitations inherent in non-GAAP financial measures, see “Three month period ending June 30, 2015” section, above.
The information in the "Non-GAAP Adjustments" column in the following unaudited consolidated statements of income was derived from eBay's unaudited consolidated financial statements and the related accounting records for the interim periods ending March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014 and reflects the Non-GAAP adjustments described in the notes to the unaudited consolidated statements of income. Those non-GAAP adjustments exclude the following items:
Stock-based compensation expense and related employer payroll taxes. This expense consists of expenses for stock options, restricted stock and employee stock purchases. The company excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash expenses that management does not believe are reflective of ongoing operating results. The related employer payroll taxes are dependent on the company's stock price and the timing and size of exercises by employees of their stock options and the vesting of their restricted stock, over which management has limited to no control, and as such management does not believe it correlates to the company's operation of the business.
Amortization or impairment of acquired intangible assets, impairment of goodwill, significant gains or losses and transaction expenses from the acquisition or disposal of a business and certain gains or losses on investments. The company incurs amortization or impairment of acquired intangible assets and goodwill in connection with acquisitions and may incur significant gains or losses from the acquisition or disposal of a business and therefore excludes these amounts from its non-GAAP measures. The company also excludes certain gains and losses on investments. The company excludes the impact of the accretion of a note receivable associated with the disposal of certain businesses. The company excludes these items because management does not believe they correlate to the ongoing operating results of the company's business.
Restructuring. These charges consist of expenses for employee severance and other exit and disposal costs. The company excludes significant restructuring charges primarily because management does not believe they are reflective of ongoing operating results.
Other certain significant gains, losses, or charges that are not indicative of the Company’s core operating results. These are significant gains, losses, or charges during a period that are the result of isolated events or transactions which have not occurred frequently in the past and are not expected to occur regularly or be repeated in the future. The company excludes these amounts from its results primarily because management does not believe they are indicative of its current or ongoing operating results.
Separation. These are significant expenses that are related to the separation of the eBay and PayPal businesses into separate publicly traded companies. These consist primarily of third-party consulting fees, legal fees, employee retention payments and other expenses incurred to complete the separation.
Tax effect of non-GAAP adjustments. This amount is used to present stock-based compensation and the other amounts described above on an after-tax basis consistent with the presentation of non-GAAP net income.
eBay Inc.
Unaudited Consolidated Balance Sheet - Non-GAAP
As of March 31, 2015
(dollars in millions)
|
| | | | | | | | | | | |
| 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 |
|
eBay Inc.
Unaudited Consolidated Balance Sheet - Non-GAAP
As of December 31, 2014
(dollars in millions)
|
| | | | | | | | | | | |
| 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 |
|
eBay Inc.
Unaudited Consolidated Balance Sheet - Non-GAAP
As of September 30, 2014
(dollars in millions)
|
| | | | | | | | | | | |
| 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 |
|
eBay Inc.
Unaudited Consolidated Balance Sheet - Non-GAAP
As of June 30, 2014
(dollars in millions)
|
| | | | | | | | | | | |
| 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 |
|
eBay Inc.
Unaudited Consolidated Balance Sheet - Non-GAAP
As of March 31, 2014
(dollars in millions)
|
| | | | | | | | | | | |
| 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 |
|
eBay Inc.
Unaudited Consolidated Statement of Income - Non-GAAP
Three Months Ended March 31, 2015
(dollars and shares in millions except per share data)
|
| | | | | | | | | | | | | | | | | | | | | |
| 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 |
|
(a) Stock-based compensation expense and related employer payroll taxes
(b) Amortization of acquired intangible assets
(c) Restructuring and separation related
(d) Other significant gains, losses or charges
(e) Tax effect of non-GAAP adjustments
eBay Inc.
Unaudited Consolidated Statement of Income - Non-GAAP
Three Months Ended December 31, 2014
(dollars and shares in millions except per share data)
|
| | | | | | | | | | | | | | | | | | | | | |
| 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 |
|
(a) Stock-based compensation expense and related employer payroll taxes
(b) Amortization of acquired intangible assets
(c) Separation related
(d) Other significant gains, losses or charges
(e) Tax effect of non-GAAP adjustments
eBay Inc.
Unaudited Consolidated Statement of Income - Non-GAAP
Three Months Ended September 30, 2014
(dollars and shares in millions except per share data)
|
| | | | | | | | | | | | | | | | | | | | | |
| 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 |
|
(a) Stock-based compensation expense and related employer payroll taxes
(b) Amortization of acquired intangible assets
(c) Tax effect of non-GAAP adjustments
eBay Inc.
Unaudited Consolidated Statement of Income - Non-GAAP
Three Months Ended June 30, 2014
(dollars and shares in millions except per share data)
|
| | | | | | | | | | | | | | | | | | | | | |
| 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 |
|
(a) Stock-based compensation expense and related employer payroll taxes
(b) Amortization of acquired intangible assets
(c) Tax effect of non-GAAP adjustments
eBay Inc.
Unaudited Consolidated Statement of Income - Non-GAAP
Three Months Ended March 31, 2014
(dollars and shares in millions except per share data)
|
| | | | | | | | | | | | | | | | | | | | | |
| 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 |
|
(a) Stock-based compensation expense and related employer payroll taxes
(b) Amortization of acquired intangible assets
(c) Other significant gains, losses or charges
(d) Tax effect of non-GAAP adjustments
eBay Inc.
Unaudited Condensed Consolidated Statement of Cash Flows - Non-GAAP
Three Months Ended March 31, 2015 (dollars in millions) |
| | | | | | | | | | | |
| 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 |
|
eBay Inc.
Unaudited Condensed Consolidated Statement of Cash Flows - Non-GAAP
Three Months Ended December 31, 2014 (dollars in millions) |
| | | | | | | | | | | |
| 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 |
|
eBay Inc.
Unaudited Condensed Consolidated Statement of Cash Flows - Non-GAAP
Three Months Ended September 30, 2014 (dollars in millions) |
| | | | | | | | | | | |
| 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 |
|
eBay Inc.
Unaudited Condensed Consolidated Statement of Cash Flows - Non-GAAP
Three Months Ended June 30, 2014 (dollars in millions) |
| | | | | | | | | | | |
| 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 |
|
eBay Inc.
Unaudited Condensed Consolidated Statement of Cash Flows - Non-GAAP
Three Months Ended March 31, 2014 (dollars in millions) |
| | | | | | | | | | | |
| 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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