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eBay

Financials

Price	38.37	EPS	2
Shares	870	P/E	17
MCap	33,382	P/FCF	14
Net Debt	6,841	EBIT	2,350
TEV	40,223	TEV/EBIT	17
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-06-30	Filed 2020-07-29
10-Q	2020-03-31	Filed 2020-04-30
10-K	2019-12-31	Filed 2020-01-31
10-Q	2019-09-30	Filed 2019-10-25
10-Q	2019-06-30	Filed 2019-07-18
10-Q	2019-03-31	Filed 2019-04-24
10-K	2018-12-31	Filed 2019-01-30
10-Q	2018-09-30	Filed 2018-10-31
10-Q	2018-06-30	Filed 2018-07-19
10-Q	2018-03-31	Filed 2018-04-26
10-K	2017-12-31	Filed 2018-02-05
10-Q	2017-09-30	Filed 2017-10-20
10-Q	2017-06-30	Filed 2017-07-21
10-Q	2017-03-31	Filed 2017-04-20
10-K	2016-12-31	Filed 2017-02-06
10-Q	2016-09-30	Filed 2016-10-20
10-Q	2016-06-30	Filed 2016-07-21
10-Q	2016-03-31	Filed 2016-04-27
10-K	2015-12-31	Filed 2016-02-01
10-Q	2015-09-30	Filed 2015-10-28
10-Q	2015-06-30	Filed 2015-07-21
10-Q	2015-03-31	Filed 2015-04-23
10-K	2014-12-31	Filed 2015-02-06
10-Q	2014-09-30	Filed 2014-10-16
10-Q	2014-06-30	Filed 2014-07-18
10-Q	2014-03-31	Filed 2014-05-01
10-K	2013-12-31	Filed 2014-01-31
10-Q	2013-09-30	Filed 2013-10-18
10-Q	2013-06-30	Filed 2013-07-19
10-Q	2013-03-31	Filed 2013-04-19
10-K	2012-12-31	Filed 2013-02-01
10-Q	2012-09-30	Filed 2012-10-19
10-Q	2012-06-30	Filed 2012-07-19
10-Q	2012-03-31	Filed 2012-04-20
10-K	2011-12-31	Filed 2012-01-31
10-Q	2011-09-30	Filed 2011-10-21
10-Q	2011-06-30	Filed 2011-07-22
10-Q	2011-03-31	Filed 2011-04-29
10-K	2010-12-31	Filed 2011-01-28
10-Q	2010-09-30	Filed 2010-10-21
10-Q	2010-06-30	Filed 2010-07-23
10-Q	2010-03-31	Filed 2010-04-28
10-K	2009-12-31	Filed 2010-02-17

Reports

8-K	2020-09-08	Officers
8-K	2020-07-28	Earnings, Exhibits
8-K	2020-07-20	Regulation FD, Exhibits
8-K	2020-07-20	Enter Agreement, Exhibits
8-K	2020-07-01	Officers, Exhibits
8-K	2020-06-29	Shareholder Vote, Exhibits
8-K	2020-06-22
8-K	2020-06-15
8-K	2020-06-04
8-K	2020-04-29
8-K	2020-04-11
8-K	2020-04-08
8-K	2020-03-06
8-K	2020-02-13
8-K	2020-02-13
8-K	2020-01-28
8-K	2019-11-24
8-K	2019-10-23
8-K	2019-10-11
8-K	2019-09-24
8-K	2019-07-17
8-K	2019-05-30
8-K	2019-05-14
8-K	2019-04-23
8-K	2019-02-28
8-K	2019-02-14
8-K	2019-01-29
8-K	2018-10-30
8-K	2018-07-18
8-K	2018-06-13
8-K	2018-05-30
8-K	2018-05-14
8-K	2018-04-25
8-K	2018-04-05
8-K	2018-01-31

eBay Earnings 2020-06-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

ebay-20200630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 001-37713

EBAY INC

(Exact name of registrant as specified in its charter)

Delaware

77-0430924

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

2025 Hamilton Avenue

San Jose

California

95125

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:

(408) 376-7008

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of exchange on which registered
Common stock	EBAY	The Nasdaq Global Select Market
6.00% Notes due 2056	EBAYL	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 27, 2020, there were 699,881,116 shares of the registrant’s common stock, $0.001 par value, outstanding, which is the only class of common or voting stock of the registrant issued.

PART I: FINANCIAL INFORMATION

Item 1: Financial Statements

eBay Inc.

CONDENSED CONSOLIDATED BALANCE SHEET


	June 30, 2020		December 31, 2019
	(In millions, except par value)
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,006	$	923
Short-term investments	4,297		1,850
Accounts receivable, net of allowance for doubtful accounts of $140 and $100	845		691
Other current assets	1,246		1,101
Current assets of discontinued operations	—		141

Total current assets	7,394		4,706
Long-term investments	832		1,305
Property and equipment, net	1,364		1,484
Goodwill	4,910		4,929
Intangible assets, net	56		62
Operating lease right-of-use assets	536		599
Deferred tax assets	4,203		4,369
Other assets	719		414
Long-term assets of discontinued operations	—		306
Total assets	$	20,014	$	18,174
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	516	$	1,022
Accounts payable	305		251
Accrued expenses and other current liabilities	2,440		2,189
Deferred revenue	103		135
Income taxes payable	1,328		210
Current liabilities of discontinued operations	—		259

Total current liabilities	4,692		4,066
Operating lease liabilities	411		472
Deferred tax liabilities	2,584		2,646
Long-term debt	8,161		6,738
Other liabilities	1,264		1,356
Long-term liabilities of discontinued operations	—		26
Total liabilities	17,112		15,304
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.001 par value; 3,580 shares authorized; 705 and 796 shares outstanding	2		2
Additional paid-in capital	15,844		16,126
Treasury stock at cost, 995 and 897 shares	(34,946)		(31,396)
Retained earnings	21,681		17,754
Accumulated other comprehensive income	321		384
Total stockholders’ equity	2,902		2,870
Total liabilities and stockholders’ equity	$	20,014	$	18,174

The accompanying notes are an integral part of these condensed consolidated financial statements.

eBay Inc.

CONDENSED CONSOLIDATED STATEMENT OF INCOME


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(In millions, except per share amounts)
	(Unaudited)
Net revenues	$	2,865	$	2,423	$	5,239	$	4,836
Cost of net revenues	598		553		1,124		1,092
Gross profit	2,267		1,870		4,115		3,744
Operating expenses:
Sales and marketing	716		688		1,323		1,335
Product development	308		295		575		567
General and administrative	320		256		554		540
Provision for transaction losses	93		63		195		130
Amortization of acquired intangible assets	9		10		18		21
Total operating expenses	1,446		1,312		2,665		2,593
Income from operations	821		558		1,450		1,151
Interest and other, net	182		(51)		184		13
Income from continuing operations before income taxes	1,003		507		1,634		1,164
Income tax provision	(263)		(107)		(409)		(248)
Income from continuing operations	740		400		1,225		916
Income from discontinued operations, net of income taxes	6		2		2,933		4
Net income	$	746	$	402	$	4,158	$	920


Income per share - basic:
Continuing operations	$	1.05	$	0.47	$	1.68	$	1.04
Discontinued operations	0.01		—		4.03		0.01
Net income per share - basic	$	1.06	$	0.47	$	5.71	$	1.05

Income per share - diluted:
Continuing operations	$	1.04	$	0.46	$	1.67	$	1.03
Discontinued operations	0.01		—		4.00		0.01
Net income per share - diluted	$	1.05	$	0.46	$	5.67	$	1.04

Weighted-average shares:
Basic	703		860		728		880
Diluted	711		867		734		887

The accompanying notes are an integral part of these condensed consolidated financial statements.

eBay Inc.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(In millions)
	(Unaudited)
Net income	$	746	$	402	$	4,158	$	920
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation gains (losses)	49		(20)		(64)		(52)
Unrealized gains (losses) on investments, net	32		16		1		56
Tax benefit (expense) on unrealized gains (losses) on investments, net	(8)		(5)		—		(15)
Unrealized gains (losses) on hedging activities, net	(47)		11		—		(30)
Tax benefit (expense) on unrealized gains (losses) on hedging activities, net	10		(2)		—		7
Other comprehensive income (loss), net of tax	36		—		(63)		(34)
Comprehensive income (loss)	$	782	$	402	$	4,095	$	886

The accompanying notes are an integral part of these condensed consolidated financial statements.

eBay Inc.

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(In millions)
	(Unaudited)
Common stock:
Balance, beginning of period	$	2	$	2	$	2	$	2
Common stock issued	—		—		—		—
Common stock repurchased/forfeited	—		—		—		—
Balance, end of period	2		2		2		2
Additional paid-in-capital:
Balance, beginning of period	15,723		15,785		16,126		15,716
Common stock and stock-based awards issued	45		52		49		55
Tax withholdings related to net share settlements of restricted stock units and awards	(43)		(65)		(83)		(119)
Stock-based compensation	116		139		210		260

Forward contract for share repurchase	—		—		(450)		—
Other	3		—		(8)		(1)
Balance, end of period	15,844		15,911		15,844		15,911
Treasury stock at cost:
Balance, beginning of period	(34,946)		(27,895)		(31,396)		(26,394)
Common stock repurchased	—		(1,501)		(3,550)		(3,002)
Balance, end of period	(34,946)		(29,396)		(34,946)		(29,396)
Retained earnings:
Balance, beginning of period	21,051		16,847		17,754		16,459
Net income	746		402		4,158		920
Dividends and dividend equivalents declared	(116)		(124)		(231)		(254)



Balance, end of period	21,681		17,125		21,681		17,125
Accumulated other comprehensive income:
Balance, beginning of period	285		464		384		498
Foreign currency translation adjustment	49		(20)		(64)		(52)
Change in unrealized gains (losses) on investments	32		16		1		56
Change in unrealized gains (losses) on derivative instruments	(47)		11		—		(30)
Tax benefit (provision) on above items	2		(7)		—		(8)

Balance, end of period	321		464		321		464
Total stockholders’ equity	$	2,902	$	4,106	$	2,902	$	4,106

Dividends and dividend equivalents declared per share or restricted stock unit	$	0.16	$	0.14	$	0.32	$	0.28

The accompanying notes are an integral part of these condensed consolidated financial statements.

eBay Inc.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS


	Six Months Ended June 30,
	2020		2019
	(In millions)
	(Unaudited)
Cash flows from operating activities:
Net income	$	4,158	$	920
(Income) loss from discontinued operations, net of income taxes	(2,933)		(4)
Adjustments:
Provision for transaction losses	195		130
Depreciation and amortization	319		330
Stock-based compensation	216		241


(Gain) loss on investments, net	2		1
Deferred income taxes	104		56
Change in fair value of warrant	(305)		(105)

Changes in assets and liabilities, net of acquisition effects	(90)		(302)
Net cash provided by continuing operating activities	1,666		1,267
Net cash provided by (used in) discontinued operating activities	(110)		27
Net cash provided by operating activities	1,556		1,294
Cash flows from investing activities:
Purchases of property and equipment	(196)		(313)
Purchases of investments	(21,673)		(24,167)
Maturities and sales of investments	19,666		25,827



Acquisitions, net of cash acquired	(42)		(93)
Other	39		49
Net cash provided by (used in) continuing investing activities	(2,206)		1,303
Net cash provided by (used in) discontinued investing activities	4,075		(17)
Net cash provided by investing activities	1,869		1,286
Cash flows from financing activities:
Proceeds from issuance of common stock	50		55
Repurchases of common stock	(4,030)		(2,949)
Payments for taxes related to net share settlements of restricted stock units and awards	(83)		(119)
Payments for dividends	(226)		(245)
Proceeds from issuance of long-term debt, net	1,765		—
Repayment of debt	(839)		—


Other	(7)		—
Net cash used in continuing financing activities	(3,370)		(3,258)
Net cash provided by (used in) discontinued financing activities	—		—
Net cash used in financing activities	(3,370)		(3,258)
Effect of exchange rate changes on cash, cash equivalents and restricted cash

EX-10.01+	ebayceoofferletter.htm
EX-10.02+	scottschenkeltransitio.htm
EX-10.03+	ebayarsvpandabovestand.htm
EX-10.04+	ebayarcicseveranceplan.htm
EX-31.01	ebay063020ex3101.htm
EX-31.02	ebay063020ex3102.htm
EX-32.01	ebay063020ex3201.htm
EX-32.02	ebay063020ex3202.htm

EBAY 10Q Quarterly Report

eBay Earnings 2020-06-30