- Gross Merchandise Volume of $20.5
billion
- Revenue of $2.1 billion
- Non-GAAP and GAAP EPS per diluted
share of $0.47 and $0.41, respectively, on a continuing operations
basis
- Repurchased $1.0 billion of common
stock
eBay Inc. (NASDAQ:EBAY), a global commerce leader, today
reported that gross merchandise volume (GMV) for the quarter ended
March 31, 2016 was $20.5 billion, increasing 5% on a foreign
exchange (FX) neutral basis and 1% on an as-reported basis,
reflecting the continued impact of a strong U.S. dollar. Revenue
for the quarter was $2.1 billion, up 6% on an FX-Neutral basis and
4% on an as-reported basis, driving non-GAAP net income from
continuing operations of $550 million, or $0.47 per diluted share,
and GAAP net income from continuing operations of $482 million, or
$0.41 per diluted share. During the quarter, the company generated
$641 million of operating cash flow and $483 million of free cash
flow from continuing operations while also repurchasing $1.0
billion of its common stock.
“Q1 represents another quarter of solid results, as we continue
to position eBay for long-term success,” said Devin Wenig,
President and CEO of eBay Inc. “We are executing our plan and
making progress on our strategic priorities to ensure our buyers
have the best choice of products and a simple, personalized
shopping experience, while sellers benefit from our powerful
selling platform.”
Underlying total eBay Inc. performance, the Marketplace
platforms delivered $19.6 billion of GMV and $1.8 billion in
revenue for the first quarter. Marketplace revenue was up 3% on an
FX-Neutral basis and flat year over year on an as-reported basis,
driven by stable GMV growth and strong performance in Marketing
Services & Other. StubHub had another quarter of strong
performance, driving GMV of $869 million and revenue of $177
million, up 34%, aided by strength in sports and concerts in
addition to a number of product innovations. The Classifieds
platforms delivered another quarter of accelerating growth with
revenue of $186 million, up 17% on an FX-Neutral basis and up 15%
on an as-reported basis, primarily driven by strong performance in
Germany and the United Kingdom.
In Q1, eBay continued to increase the amount of inventory on its
platforms, with over 900 million live listings available at any
time. eBay also leveraged its structured data initiative to launch
improved user experiences on its Marketplace platform, such as the
ability to search by product ID and a newly redesigned browse
experience that enables shoppers to find great deals and
top-selling products in an easy-to-navigate way. During the
quarter, StubHub introduced several new product innovations,
including a ticket recommendation engine, as well as the ability
for fans to use virtual reality to enable an immersive view from
available seats. Finally, Classifieds launched several user
enhancements, including in-app chat on mobile, allowing buyers and
sellers to message each other and facilitate an easier, faster
buying experience.
First Quarter 2016 Financial Highlights
(presented in millions, except per share data and
percentages)
First Quarter
2016 2015 Change eBay Inc.
Net revenues $2,137 $2,061 $76 4%
GAAP - Continuing Operations
Income from continuing operations $482 $449 $33 7% Earnings per
diluted share from continuing operations $0.41 $0.37 $0.04 13%
Non-GAAP - Continuing Operations
Net income $550 $586 $(36) (6)% Earnings per diluted share $0.47
$0.48 $(0.01) (1)%
Other Selected Financial and Operational Results
- Operating margin — GAAP operating
margin increased to 28.7% for the first quarter of 2016, compared
to 25.7% for the same period last year. Non-GAAP operating margin
decreased to 33.4% in the first quarter, compared to 35.6% for the
same period last year.
- Taxes — The GAAP effective tax rate for
continuing operations for the first quarter of 2016 was 18.4%,
compared to 16.7% for the first quarter of 2015. The non-GAAP
effective tax rate for continuing operations for the first quarter
of 2016 was 20.4%, compared to 20.2% for the first quarter of
2015.
- Cash flow — The company generated $641
million of operating cash flow from continuing operations and $483
million of free cash flow from continuing operations during the
first quarter of 2016.
- Stock repurchase program — The company
repurchased approximately $1.0 billion of its common
stock, or 42.3 million shares, in the first quarter of
2016. The company's total repurchase authorization remaining as of
March 31, 2016 was $0.8 billion.
- Cash and cash equivalents and
non-equity investments — The company's cash and cash equivalents
and non-equity investments portfolio totaled $10.3 billion as of
March 31, 2016.
Business Outlook
- Second quarter 2016 — The company
expects net revenue between $2.14 billion and $2.19 billion,
representing FX-Neutral growth of 4% - 6%, with non-GAAP earnings
per diluted share from continuing operations in the range of $0.40
- $0.42 and GAAP earnings per diluted share from continuing
operations in the range of $0.32 - $0.34.
- Full year 2016 — The company expects
net revenue between $8.6 billion and $8.8 billion, representing
FX-Neutral growth of 3% - 5%.
Quarterly Conference Call and Webcast
eBay Inc. will host a conference call to discuss first quarter
2016 results at 2:00 p.m. Pacific Time today. A live webcast
of the conference call, together with a slide presentation that
includes supplemental financial information and reconciliations of
certain non-GAAP measures to their nearest comparable GAAP
measures, can be accessed through the company's Investor Relations
website at https://investors.ebayinc.com. In addition, an
archive of the webcast will be accessible for 90 days through the
same link.
eBay Inc. uses its Investor Relations website at https://investors.ebayinc.com as a means of
disclosing material non-public information and for complying with
its disclosure obligations under Regulation FD. Accordingly,
investors should monitor, in addition to following press releases,
SEC filings, public conference calls and webcasts.
About eBay
eBay Inc. (NASDAQ: EBAY) is a global commerce leader including
the Marketplace, StubHub and Classifieds platforms. Collectively,
we connect millions of buyers and sellers around the world,
empowering people and creating opportunity through Connected
Commerce. Founded in 1995 in San Jose, Calif., eBay is one of the
world’s largest and most vibrant marketplaces for discovering great
value and unique selection. In 2015, eBay enabled $82 billion of
gross merchandise volume. For more information about the company
and its global portfolio of online brands, visit www.ebayinc.com.
Presentation
All growth rates represent year over year comparisons, except as
otherwise noted. All amounts in tables are presented in U.S.
dollars, rounded to the nearest millions, except as otherwise
noted. As a result, certain amounts may not sum or recalculate
using the rounded dollar amounts provided.
Non-GAAP Financial Measures
This press release includes the following financial measures
defined as “non-GAAP financial measures” by the Securities and
Exchange Commission (SEC): non-GAAP net income, non-GAAP earnings
per diluted share, non-GAAP operating margin, non-GAAP effective
tax rate and free cash flow. These non-GAAP financial measures are
presented on a continuing operations basis. These measures may be
different from non-GAAP financial measures used by other companies.
The presentation of this financial information, which is not
prepared under any comprehensive set of accounting rules or
principles, is not intended to be considered in isolation of, or as
a substitute for, the financial information prepared and presented
in accordance with generally accepted accounting principles (GAAP).
For a reconciliation of these non-GAAP financial measures to the
nearest comparable GAAP measures, see “Business Outlook,”
“Non-GAAP Measures of Financial Performance,” “Reconciliation
of GAAP Operating Margin to Non-GAAP Operating Margin,”
“Reconciliation of GAAP Net Income to Non-GAAP Net Income
and Reconciliation of GAAP Effective Tax Rate to
Non-GAAP Effective Tax Rate” and “Reconciliation of Operating
Cash Flow to Free Cash Flow” included in this press release.
Forward-Looking Statements
This press release contains forward-looking statements relating
to, among other things, the future performance of eBay Inc. and its
consolidated subsidiaries that are based on the company's current
expectations, forecasts and assumptions and involve risks and
uncertainties. These statements include, but are not limited to,
statements regarding the future performance of eBay Inc. and its
consolidated subsidiaries, including expected financial results for
the second quarter and full year 2016 and the future growth in our
business. Actual results could differ materially from those
predicted or implied and reported results should not be considered
as an indication of future performance. Other factors that could
cause or contribute to such differences include, but are not
limited to: changes in political, business and economic conditions,
any regional or general economic downturn or crisis and any
conditions that affect ecommerce growth or cross-border trade;
fluctuations in foreign currency exchange rates; the company’s need
to successfully react to the increasing importance of mobile
commerce and the increasing social aspect of commerce; an
increasingly competitive environment for our business; changes to
the company’s capital allocation or management of operating cash
the company’s ability to manage its indebtedness, including
managing exposure to interest rates and maintaining its credit
ratings; the company’s need to manage an increasingly large
enterprise with a broad range of businesses of varying degrees of
maturity and in many different geographies; the company’s need
and ability to manage regulatory, tax, data security and litigation
risks; whether the operational, marketing and strategic benefits of
the separation of the eBay and PayPal businesses can be achieved;
the company’s ability to timely upgrade and develop its technology
systems, infrastructure and customer service capabilities at
reasonable cost while maintaining site stability and performance
and adding new products and features; and the company’s ability to
integrate, manage and grow businesses that have been acquired or
may be acquired in the future.
The forward-looking statements in this release do not include
the potential impact of any acquisitions or divestitures that may
be announced and/or completed after the date hereof.
More information about factors that could affect the company's
operating results is included under the captions “Risk Factors” and
“Management's Discussion and Analysis of Financial Condition and
Results of Operations” in the company's most recent annual report
on Form 10-K and subsequent quarterly reports on
Form 10-Q, copies of which may be obtained by visiting the
company's Investor Relations website at https://investors.ebayinc.com or the SEC's website
at www.sec.gov. All information in
this release is as of April 26, 2016. Undue reliance should
not be placed on the forward-looking statements in this press
release, which are based on information available to the company on
the date hereof. The company assumes no obligation to update such
statements.
eBay Inc.
Unaudited Condensed Consolidated
Balance Sheet
March
31, 2016
December 31, 2015 (In millions, except par value
amounts) ASSETS Current assets: Cash and cash
equivalents $ 2,686 $ 1,832 Short-term investments 5,327 4,299
Accounts receivable, net 599 619 Other current assets 1,091
1,154 Total current assets 9,703 7,904 Long-term investments 3,370
3,391 Property and equipment, net 1,497 1,554 Goodwill 4,519 4,451
Intangible assets, net 82 90 Other assets 437 365 Total
assets $ 19,608 $ 17,755
LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Short-term debt $ 6 $ — Accounts
payable 275 349 Accrued expenses and other current liabilities
1,651 1,736 Deferred revenue 115 106 Income taxes payable 60
72 Total current liabilities 2,107 2,263 Deferred and other tax
liabilities, net 2,080 2,092 Long-term debt 9,030 6,749 Other
liabilities 74 75 Total liabilities 13,291 11,179
Total stockholders' equity 6,317 6,576 Total liabilities and
stockholders' equity $ 19,608 $ 17,755
eBay Inc.
Unaudited Condensed Consolidated
Statement of Income
Three Months EndedMarch 31, 2016
2015
(In millions, except per
shareamounts)
Net revenues $ 2,137 $ 2,061 Cost of net revenues (1) 477
411 Gross profit 1,660 1,650 Operating
expenses: Sales and marketing (1) 538 519 Product development (1)
239 221 General and administrative (1) 209 302 Provision for
transaction losses 52 69 Amortization of acquired intangible assets
8 10 Total operating expenses 1,046 1,121
Income from operations 614 529 Interest and other, net (23 )
10 Income from continuing operations before income taxes 591
539 Provision for income taxes (109 ) (90 ) Income from continuing
operations $ 482 $ 449 Income from discontinued operations, net of
income taxes (2) — 177 Net income $ 482 $ 626
Income per share - basic: Continuing operations $
0.42 $ 0.37 Discontinued operations — 0.14 Net income
per share - basic $ 0.42 $ 0.51 Income per
share - diluted: Continuing operations $ 0.41 $ 0.37 Discontinued
operations — 0.14 Net income per share - diluted $
0.41 $ 0.51 Weighted average shares: Basic
1,159 1,216 Diluted 1,170 1,229
(1) Includes stock-based compensation as follows: Cost of net
revenues $ 7 $ 8 Sales and marketing 21 24 Product development 31
29 General and administrative 29 32 $ 88 $ 93
(2) Includes PayPal and eBay Enterprise financial results
from January 1, 2015 to March 31, 2015 for First Quarter.
eBay Inc.
Unaudited Condensed Consolidated
Statement of Cash Flows
Three Months EndedMarch 31, 2016
2015 (In millions) Cash flows from operating
activities: Net income $ 482 $ 626 Income from discontinued
operations, net of income taxes — (177 ) Adjustments: Provision for
transaction losses 52 69 Depreciation and amortization 167 160
Stock-based compensation 88 93 Changes in assets and liabilities,
and other, net of acquisition effects (148 ) (270 ) Net cash
provided by continuing operating activities 641 501
Net cash provided by discontinued operating activities (1) —
650 Net cash provided by operating activities 641
1,151 Cash flows from investing activities: Purchases of
property and equipment (158 ) (96 ) Purchases of investments (2,935
) (2,420 ) Maturities and sales of investments 2,030 2,019 Other
(12 ) (1 ) Net cash used in continuing investing activities (1,075
) (498 ) Net cash used in discontinued investing activities (1) —
(226 ) Net cash used in investing activities (1,075 ) (724 )
Cash flows from financing activities: Proceeds from issuance of
common stock 7 38 Repurchases of common stock (1,001 ) (1,000 )
Excess tax benefits from stock-based compensation 1 20 Tax
withholdings related to net share settlements of restricted stock
units and awards (8 ) (51 ) Proceeds from issuance of long-term
debt, net 2,216 — Other 7 — Net cash provided by
(used in) continuing financing activities 1,222 (993 ) Net
cash provided by discontinued financing activities (1) — 8
Net cash provided by (used in) financing activities 1,222
(985 ) Effect of exchange rate changes on cash and cash
equivalents 66 (297 ) Net increase (decrease) in cash and
cash equivalents 854 (855 ) Cash and cash equivalents at
beginning of period 1,832 6,328 Cash and cash
equivalents at end of period 2,686 5,473 Less: Cash and cash
equivalents of discontinued operations — 2,367 Cash
and cash equivalents of continuing operations at end of period $
2,686 $ 3,106 (1) Includes PayPal and eBay Enterprise
financial results from January 1, 2015 to March 31, 2015 for First
Quarter.
eBay Inc.
Unaudited Summary of Consolidated Net
Revenues
Net Revenues by Type Three Months Ended
March 31, 2016 December 31, 2015
September 30, 2015 June 30,
2015 March 31, 2015 (In millions,
except percentages)
Net Revenues by Type: Net transaction
revenues: Marketplace $ 1,500
$
1,584
$
1,459
$ 1,524 $ 1,536 Current quarter vs prior year quarter (2 )% (5
)%
(5 )% (3 )% (3 )% Percent from international 61 % 63
%
62 % 62 % 60 % StubHub 177 232 200 161 132 Current quarter vs prior
year quarter 34 % 34 % 17 % 8 % (2 )% Percent from international 2
% 1 % 2 % 2 % 2 %
Total net transaction revenues 1,677 1,816
1,659 1,685 1,668 Current quarter vs prior year quarter 1 % (1
)%
(3
)%
(2 )% (3 )% Percent from international 55 % 55 % 54 % 56 % 55 %
Marketing services and other revenues: Marketplace
274 326 266 251 235 Current quarter vs prior year quarter 17 % 4 %
— % (5 )% (10 )% Percent from international 44 % 47 % 44 % 47 % 49
% Classifieds 186 183 178 180 162 Current quarter vs prior year
quarter 15 % 2 % (3
)%
(4 )% (2 )% Percent from international 100 % 100 % 100 % 100 % 100
% Corporate and other — (3 ) (4 ) (6 ) (4 )
Total
marketing services and other revenues 460 506 440 425 393
Current quarter vs prior year quarter 17 % 4 % (2
)%
(6 )% (8 )% Percent from international 67 % 66 % 67 % 70 % 70 %
Total net revenues $
2,137 $ 2,322 $ 2,099 $ 2,110 $ 2,061
Current quarter vs prior year quarter 4 % — % (2
)%
(3 )% (4 )%
eBay Inc.
Unaudited Supplemental Operating
Data
Three Months Ended March 31, 2016
December 31, 2015 September 30,
2015 June 30, 2015 March
31, 2015 (In millions, except percentages)
Active
Buyers (1) 162 162 159 157 156 Current quarter vs prior
year quarter 4 % 5 % 5 % 6 % 8 %
Gross Merchandise
Volume (2) Marketplace $ 19,581 $
20,676
$
18,674
$ 19,273 $ 19,476 Current quarter vs prior year quarter 1 % (1 )%
(3 )% (2 )% (2 )% StubHub $ 869 $ 1,184 $ 927 $ 788 $ 675 Current
quarter vs prior year quarter 29 % 30 % 10 % 1
% 6 %
Total GMV $ 20,450 $ 21,860
$ 19,601 $ 20,061 $
20,151 Current quarter vs prior year quarter 1 % — % (2 )%
(2 )% (2 )% (1) All buyers who successfully closed a transaction on
our Marketplace and StubHub platforms within the previous 12-month
period. Buyers may register more than once, and as a result, may
have more than one account. (2) Total value of all successfully
closed transactions between users on our Marketplace and StubHub
platforms during the period regardless of whether the buyer and
seller actually consummated the transaction. We believe that GMV
provides a useful measure of the overall volume of closed
transactions that flow through our platforms in a given period,
notwithstanding the inclusion in GMV of closed transactions that
are not ultimately consummated.
eBay Inc.Business Outlook(In
Millions, Except Per Share Amounts)
The guidance figures provided below and elsewhere in this
press release are forward-looking statements, reflect a number of
estimates, assumptions and other uncertainties, and are approximate
in nature because the company's future performance is difficult to
predict. Such guidance is based on information available on the
date of this press release, and the company assumes no obligation
to update it.
The company's future performance involves risks and
uncertainties, and the company's actual results could differ
materially from the information below and elsewhere in this press
release. Some of the factors that could affect the company's
operating results are set forth under the caption “Forward-Looking
Statements” above in this press release. More information about
factors that could affect the company's operating results is
included under the captions “Risk Factors” and “Management's
Discussion and Analysis of Financial Condition and Results of
Operations” in its most recent annual report on Form 10-K and
subsequent quarterly reports on Form 10-Q, copies of which may
be obtained by visiting eBay's investor relations website at
https://investors.ebayinc.com or the
SEC's website at www.sec.gov.
eBay Inc.
Three Months Ending June 30, 2016 (In
millions, except per share amounts) GAAP
Non-GAAP (a) Diluted EPS from continuing
operations $0.32 - $0.34 $0.40 - $0.42 (a) Estimated
non-GAAP amounts above for the three months ending June 30, 2016,
reflect adjustments that exclude the estimated amortization of
acquired intangible assets of approximately $10 - $15 million and
estimated stock-based compensation expense and employer payroll
taxes on stock-based compensation expense of approximately $100 -
$110 million as well as the related tax impact.
eBay Inc.Non-GAAP Measures of
Financial Performance
To supplement the company's condensed consolidated financial
statements presented in accordance with generally accepted
accounting principles, or GAAP, the company uses non-GAAP measures
of certain components of financial performance. These non-GAAP
measures include non-GAAP net income, non-GAAP earnings per diluted
share, non-GAAP operating margin, non-GAAP effective tax rate, and
free cash flow. These non-GAAP financial measures are presented on
a continuing operations basis.
These non-GAAP measures are not in accordance with, or an
alternative to, 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 measures should only be
used to evaluate the company's results of operations in conjunction
with the corresponding GAAP measures.
Reconciliation to the nearest GAAP measure of all non-GAAP
measures included in this press release can be found in the tables
included in this press release.
These non-GAAP measures are provided to enhance investors'
overall understanding of the company's current 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, or net purchases of property and equipment, as
the case may be, 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, and as discussed further
below, 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 our eBay and PayPal business, 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 company excludes the following items from non-GAAP net
income, non-GAAP earnings per diluted share, non-GAAP operating
margin and non-GAAP effective tax rate:
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 is 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 our eBay and PayPal
businesses into separate publicly traded companies. These consist
primarily of third-party consulting fees, legal fees, employee
retention payments, tax indemnifications and other expenses related
to 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.
In addition to the non-GAAP measures discussed above, the
company also uses free cash flow. Free cash flow represents
operating cash flows less purchases of property and equipment. The
company considers free cash flow to be a liquidity measure that
provides useful information to management and investors about the
amount of cash generated by the business after the purchases of
property, buildings, and equipment, which can then be used to,
among other things, invest in the company's business, make
strategic acquisitions, and repurchase stock. A limitation of the
utility of free cash flow as a measure of financial performance is
that it does not represent the total increase or decrease in the
company's cash balance for the period.
eBay Inc.
Reconciliation of GAAP Operating
Margin to Non-GAAP Operating Margin
Three Months Ended March 31, 2016
March 31, 2015 (In millions, except
percentages) GAAP operating income $ 614 $ 529 Stock-based
compensation expense and related employer payroll taxes 89 100
Amortization of acquired intangible assets within cost of net
revenues 4 6 Amortization of acquired intangible assets within
operating expenses 8 10 Separation (1 ) 30 Restructuring and
acquisition related — 59 Total non-GAAP operating
income adjustments 100 205 Non-GAAP operating income
$ 714 $ 734 Non-GAAP operating margin 33.4 % 35.6 %
Reconciliation of GAAP Net Income to
Non-GAAP Net Income and
GAAP Effective Tax Rate to Non-GAAP
Effective Tax Rate*
Three Months Ended March 31, 2016
March 31, 2015 (In millions, except
percentages) GAAP income from continuing operations before income
taxes $ 591 $ 539 GAAP provision for income taxes (109 ) (90 ) GAAP
net income from continuing operations $ 482 $ 449 Non-GAAP
adjustments to net income from continuing operations: Non-GAAP
operating income from continuing operations adjustments (see table
above) 100 205 Other significant gains, losses or charges — (10 )
Tax effect of non-GAAP adjustments (32 ) (58 ) Non-GAAP net income
from continuing operations $ 550 $ 586 Diluted net income
from continuing operations per share: GAAP $ 0.41 $ 0.37
Non-GAAP $ 0.47 $ 0.48 Shares used in GAAP and
non-GAAP diluted net income per-share calculation 1,170
1,229 GAAP effective tax rate - Continuing operations
18 % 17 % Tax effect of non-GAAP adjustments to net income from
continuing operations 2 % 3 % Non-GAAP effective tax rate -
Continuing Operations 20 % 20 %
*Presented on a continuing operations
basis
Reconciliation of Operating Cash Flow
to Free Cash Flow*
Three Months Ended March 31, 2016
March 31, 2015 (In millions) Net cash provided
by continuing operating activities $ 641 $ 501 Less: Purchases of
property and equipment (158 ) (96 ) Free cash flow from continuing
operations $ 483 $ 405
*Presented on a continuing operations
basis
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160426006701/en/
eBay Inc.Investor Relations Contact:Selim Freiha; Tina
Todascoir@ebay.comMedia Relations Contact:Abby
Smithpress@ebay.comCompany
News:https://www.ebayinc.com/stories/news/Investor Relations
website:https://investors.ebayinc.com
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