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eBay Q3 Earnings Beat Estimates, Company Sees Below Forecast 2007 Revenue Growth
eBay Q3 Earnings Beat Estimates, Company Sees Below Forecast 2007 Revenue Growth
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eBay Q3 Earnings Beat Estimates, Company Sees Below Forecast 2007 Revenue Growth
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10-18-2006, 09:37 PM,
 Post: #11 |
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Re: eBay Q3 Earnings Beat Estimates, Company Sees Below Forecast 2007 Revenue Growth
[pre] eBay Inc.
Unaudited Reconciliation of GAAP to Non-GAAP Condensed Consolidated Statement of Income (In Thousands, Except Per Share Amounts) Three Months Ended September 30, 2005 -------------------------------------- Non-GAAP Reported Entries Non-GAAP ----------- -------------- ----------- Net revenues $1,105,515 $ - $1,105,515 Cost of net revenues 200,375 (201) (a) 200,174 ----------- --------- ----------- Gross profit 905,140 201 905,341 ----------- --------- ----------- Operating expenses: Sales and marketing 293,746 (396) (a) 293,350 Product development 78,881 (1,224) (a) 77,657 General and administrative 146,578 (3,504) (a) 140,783 (2,291) (b) Amortization of acquired intangible assets 29,199 (29,199) © - ----------- --------- ----------- Total operating expenses 548,404 (36,614) 511,790 ----------- --------- ----------- Income from operations 356,736 36,815 393,551 Interest and other income, net 30,657 - 30,657 Interest expense (431) - (431) ----------- --------- ----------- Income before income taxes and minority interests 386,962 36,815 423,777 Provision for income taxes (131,989) (11,629) (e) (143,618) Minority interests (2) - (2) ----------- --------- ----------- Net income $ 254,971 $ 25,186 $ 280,157 =========== ========= =========== Net income per share: Basic $ 0.19 $ 0.21 =========== =========== Diluted $ 0.18 $ 0.20 =========== =========== Weighted average shares: Basic 1,357,239 1,357,239 =========== =========== Diluted 1,387,038 1,387,038 =========== =========== Operating margin 32% 4% 36% =========== ========= =========== Effective tax rate 34% - (e) 34% =========== ========= =========== Three Months Ended September 30, 2006 ------------------------------------- Non-GAAP Reported Entries Non-GAAP ----------- ------------- ----------- Net revenues $1,448,637 $ - $1,448,637 Cost of net revenues 315,717 (8,001)(a) 307,716 ----------- ---------- ----------- Gross profit 1,132,920 8,001 1,140,921 ----------- ---------- ----------- Operating expenses: Sales and marketing 394,820 (23,149)(a) 371,671 Product development 120,405 (19,010)(a) 101,395 General and administrative 227,188 (23,359)(a) 203,362 (467)(b) Amortization of acquired intangible assets 51,474 (51,474)© - ----------- ---------- ----------- Total operating expenses 793,887 (117,459) 676,428 ----------- ---------- ----------- Income from operations 339,033 125,460 464,493 Interest and other income, net 41,231 - 41,231 Interest expense (553) - (553) ----------- ---------- ----------- Income before income taxes and minority interests 379,711 125,460 505,171 Provision for income taxes (98,814) (38,946)(e) (137,760) Minority interests (1) - (1) ----------- ---------- ----------- Net income $ 280,896 $ 86,514 $ 367,410 =========== ========== =========== Net income per share: Basic $ 0.20 $ 0.26 =========== =========== Diluted $ 0.20 $ 0.26 =========== =========== Weighted average shares: Basic 1,406,382 1,406,382 =========== =========== Diluted 1,426,112 1,426,112 =========== =========== Operating margin 23% 9% 32% =========== ========== =========== Effective tax rate 26% 1%(e) 27% =========== ========== =========== Notes: (a) Stock-based compensation (b) Employer payroll taxes on employee non-qualified stock option gains © Amortization of acquired intangible assets (d) Not applicable (e) Income taxes associated with certain non-GAAP entries eBay Inc. Unaudited Reconciliation of GAAP to Non-GAAP Condensed Consolidated Statement of Income (In Thousands, Except Per Share Amounts) Nine Months Ended September 30, 2005 ------------------------------------ Non-GAAP Reported Entries Non-GAAP ----------- ------------ ----------- Net revenues $3,223,542 $ - $3,223,542 Cost of net revenues 578,584 (279)(a) 578,305 ----------- --------- ----------- Gross profit 2,644,958 279 2,645,237 ----------- --------- ----------- Operating expenses: Sales and marketing 852,239 (396)(a) 851,843 Product development 224,309 (825)(a) 223,484 General and administrative 419,598 (7,471)(a) 402,545 (9,582)(b) - Amortization of acquired intangible assets 77,516 (77,516)© - ----------- --------- ----------- Total operating expenses 1,573,662 (95,790) 1,477,872 ----------- --------- ----------- Income from operations 1,071,296 96,069 1,167,365 Interest and other income, net 85,585 (2,260)(d) 83,325 Interest expense (2,556) - (2,556) ----------- --------- ----------- Income before income taxes and minority interests 1,154,325 93,809 1,248,134 Provision for income taxes (351,455) (33,700)(e) (385,155) Minority interests (48) - (48) ----------- --------- ----------- Net income $ 802,822 $ 60,109 $ 862,931 =========== ========= =========== Net income per share: Basic $ 0.59 $ 0.64 =========== =========== Diluted $ 0.58 $ 0.62 =========== =========== Weighted average shares: Basic 1,350,836 1,350,836 =========== =========== Diluted 1,383,024 1,383,024 =========== =========== Operating margin 33% 3% 36% =========== ========= =========== Effective tax rate 30% 1%(e) 31% =========== ========= =========== Nine Months Ended September 30, 2006 ------------------------------------- Non-GAAP Reported Entries Non-GAAP ----------- ------------- ----------- Net revenues $4,249,840 $ - $4,249,840 Cost of net revenues 886,764 (25,108)(a) 861,656 ----------- ---------- ----------- Gross profit 3,363,076 25,108 3,388,184 ----------- ---------- ----------- Operating expenses: Sales and marketing 1,193,382 (74,933)(a) 1,118,449 Product development 363,447 (62,702)(a) 300,745 General and administrative 667,785 (80,002)(a) 583,383 (4,400)(b) - Amortization of acquired intangible assets 165,391 (165,391)© - ----------- ---------- ----------- Total operating expenses 2,390,005 (387,428) 2,002,577 ----------- ---------- ----------- Income from operations 973,071 412,536 1,385,607 Interest and other income, net 92,621 - 92,621 Interest expense (2,229) - (2,229) ----------- ---------- ----------- Income before income taxes and minority interests 1,063,463 412,536 1,475,999 Provision for income taxes (284,288) (130,648)(e) (414,936) Minority interests (3) - (3) ----------- ---------- ----------- Net income $ 779,172 $ 281,888 $1,061,060 =========== ========== =========== Net income per share: Basic $ 0.55 $ 0.75 =========== =========== Diluted $ 0.54 $ 0.74 =========== =========== Weighted average shares: Basic 1,405,837 1,405,837 =========== =========== Diluted 1,433,247 1,433,247 =========== =========== Operating margin 23% 10% 33% =========== ========== =========== Effective tax rate 27% 1%(e) 28% =========== ========== =========== Notes: (a) Stock-based compensation (b) Employer payroll taxes on employee non-qualified stock option gains © Amortization of acquired intangible assets (d) Gain on sale of equity investment (e) Income taxes associated with certain non-GAAP entries eBay Inc. Unaudited Summary of Consolidated Net Revenues (In Thousands, Except Percentages) Net Revenues by Type September December September 30, 31, March 31, June 30, 30, 2005 2005 2006 2006 2006 ------------------------------------------------------- Net Transaction Revenues Marketplaces $ 836,820 $ 969,412 $ 990,527 $ 997,121 $1,017,274 Current quarter vs prior quarter 2% 16% 2% 1% 2% Current quarter vs prior year quarter 37% 37% 28% 22% 22% Percent of Marketplaces revenue from interna- tional 48% 48% 49% 51% 49% Payments 239,922 297,679 328,150 330,684 340,032 Current quarter vs prior quarter 1% 24% 10% 1% 3% Current quarter vs prior year quarter 44% 49% 44% 39% 42% Percent of Payments revenue from interna- tional 37% 37% 36% 38% 38% Communi- cations -- 24,809 35,160 44,158 50,021 Current quarter vs prior quarter -- -- 42% 26% 13% Percent of Communi- cations revenue from interna- tional -- 87% 87% 86% 84% ------------------------------------------------------- Total net transaction revenues 1,076,742 1,291,900 1,353,837 1,371,963 1,407,327 Current quarter vs prior quarter 2% 20% 5% 1% 3% Current quarter vs prior year quarter 38% 42% 35% 30% 31% Advertising and other non- transaction revenues Total adver- tising and other non- transaction revenues 28,773 36,959 36,582 38,821 41,310 Current quarter vs prior quarter (1%) 28% (1%) 6% 6% Current quarter vs prior year quarter 8% 30% 28% 34% 44% ------------------------------------------------------- Total net revenues $1,105,515 $1,328,859 $1,390,419 $1,410,784 $1,448,637 ======================================================= Current quarter vs prior quarter 2% 20% 5% 1% 3% Current quarter vs prior year quarter 37% 42% 35% 30% 31% eBay Inc. Unaudited Summary of Consolidated Net Revenues (In Thousands, Except Percentages) Net Revenues by Segment September December September 30, 31, March 31, June 30, 30, 2005 2005 2006 2006 2006 ------------------------------------------------------- Marketplaces $ 858,417 $ 999,676 $1,020,193 $1,027,535 $1,049,039 Current quarter vs prior quarter 2% 16% 2% 1% 2% Current quarter vs prior year quarter 35% 37% 28% 22% 22% Percent of Market- places revenue from interna- tional 48% 47% 48% 50% 49% Payments 247,098 304,374 335,066 339,091 349,577 Current quarter vs prior quarter 1% 23% 10% 1% 3% Current quarter vs prior year quarter 44% 48% 44% 39% 41% Percent of Payments revenue from interna- tional 36% 36% 35% 38% 38% Communi- cations -- 24,809 35,160 44,158 50,021 Current quarter vs prior quarter -- -- 42% 26% 13% Percent of Communi- cations revenue from interna- tional -- 87% 87% 86% 84% ------------------------------------------------------- Total net revenues $1,105,515 $1,328,859 $1,390,419 $1,410,784 $1,448,637 ======================================================= Current quarter vs prior quarter 2% 20% 5% 1% 3% Current quarter vs prior year quarter 37% 42% 35% 30% 31% Net Revenues by Geography September December September 30, 31, March 31, June 30, 30, 2005 2005 2006 2006 2006 ------------------------------------------------------- US net revenues $ 608,428 $ 724,748 $ 748,136 $ 724,699 $ 763,864 Current quarter vs prior quarter 5% 19% 3% (3)% 5% Current quarter vs prior year quarter 30% 40% 35% 25% 26% % of total 55% 55% 54% 51% 53% International net revenues 497,087 604,111 642,283 686,085 684,773 Current quarter vs prior quarter (1%) 22% 6% 7% (0)% Current quarter vs prior year quarter 47% 44% 35% 36% 38% % of total 45% 45% 46% 49% 47% ------------------------------------------------------- Total net revenues $1,105,515 $1,328,859 $1,390,419 $1,410,784 $1,448,637 ======================================================= Current quarter vs prior quarter 2% 20% 5% 1% 3% Current quarter vs prior year quarter 37% 42% 35% 30% 31% eBay Inc. Unaudited eBay Marketplaces Supplemental Operating Data (In Millions, Except Percentages) September December September 30, 31, March 31, June 30, 30, 2005 2005 2006 2006 2006 --------- -------- --------- -------- --------- Confirmed Registered Users (1) 168.1 180.6 192.9 202.7 211.9 Current quarter vs prior quarter 7% 7% 7% 5% 5% Current quarter vs prior year quarter 35% 33% 31% 29% 26% Active Users (2) 68.0 71.8 75.4 77.7 79.8 Current quarter vs prior quarter 5% 6% 5% 3% 3% Current quarter vs prior year quarter 32% 28% 25% 20% 17% Number of Non-Stores Inventory Listings (3) 407.0 480.6 490.8 490.5 488.3 Current quarter vs prior quarter 1% 18% 2% (0)% (0)% Current quarter vs prior year quarter 24% 28% 23% 22% 20% Number of Stores Inventory Listings (3) 51.6 65.7 84.6 105.5 95.4 Current quarter vs prior quarter 36% 27% 29% 25% (10)% Current quarter vs prior year quarter 154% 135% 164% 178% 85% Gross Merchandise Volume (4) $10,800 $12,013 $12,504 $12,896 $12,639 Current quarter vs prior quarter (1%) 11% 4% 3% (2)% Current quarter vs prior year quarter 30% 22% 18% 18% 17% Fixed Price Trading (5) as % of gross merchandise volume 32% 34% 34% 35% 37% eBay Stores (6) (in thousands) 336 383 486 541 573 Current quarter vs prior quarter 12% 14% 27% 11% 6% Current quarter vs prior year quarter 50% 51% 84% 81% 71% Percent of eBay Stores hosted internationally 43% 45% 49% 53% 56% Rent.com, Shopping.com, and our classifieds websites are not included in these metrics. (1) Cumulative total of all users who have completed the registration process on one of eBay's trading platforms. (2) All users, excluding users of Half.com and Internet Auction, who bid on, bought, or listed an item within the previous 12-month period. (3) All store inventory listings on eBay's trading platforms during the quarter, regardless of whether the listing subsequently closed successfully. (4) Total value of all successfully closed items between users on eBay's trading platforms during the quarter, regardless of whether the buyer and seller actually consummated the transaction. (5) Primarily, GMV related to eBay's "Buy It Now" feature on eBay's trading platforms during the quarter. (6) Total number of eBay Seller Stores worldwide, hosted on eBay's trading platforms as of each respective quarter end. eBay Inc. Unaudited Payments Supplemental Operating Data (In Millions, Except Percentages) September December March June September 30, 31, 31, 30, 30, 2005 2005 2006 2006 2006 --------- -------- ------- ------- --------- Total accounts (1) 86.6 96.2 105.0 113.7 122.5 Current quarter vs prior quarter 10% 11% 9% 8% 8% Current quarter vs prior year quarter 53% 51% 47% 44% 41% Active accounts (2) 24.5 28.1 29.2 29.5 30.9 Total number of payments (3) 117.4 139.7 149.2 143.3 146.2 Current quarter vs prior quarter 4% 19% 7% (4)% 2% Current quarter vs prior year quarter 41% 40% 35% 27% 25% Total payment volume (4) $6,667 $8,114 $8,769 $8,856 $9,123 Current quarter vs prior quarter 3% 22% 8% 1% 3% Current quarter vs prior year quarter 44% 45% 41% 37% 37% Merchant Services total payment volume as % of total payment volume 32% 31% 33% 35% 37% Transaction rates (5) Transaction revenue rate 3.60% 3.67% 3.74% 3.73% 3.73% Transaction processing expense rate 1.11% 1.09% 1.04% 1.02% 1.07% Transaction loss rate 0.24% 0.33% 0.29% 0.27% 0.35% (1) Cumulative total of all accounts opened, including users who made payments using PayPal but have not registered, excluding accounts that have been closed or locked and excluding payment gateway business accounts. (2) All accounts, and users whether registered or not, that sent or received at least one payment through the PayPal system during the quarter. (3) Total number of payments initiated through the PayPal system during the quarter, excluding the payment gateway business, regardless of whether the payment was actually sent successfully, or was reversed, rejected, or pending at the end of the quarter. (4) Total dollar volume of payments initiated through the PayPal system during the quarter, excluding the payment gateway business, regardless of whether the payment was actually sent successfully, or was reversed, rejected, or was pending at the end of the quarter. (5) Transaction rates represent the ratio of PayPal transaction revenues (including the payment gateway business), PayPal third party processing expenses and PayPal fraud and protection program losses relative to total payment volume. eBay Inc. Unaudited Communications Supplemental Operating Data (In Millions, Except Percentages) September December March June September 30, 31, 31, 30, 30, 2005 2005 2006 2006 2006 --------- --------- -------- ------- --------- Registered users (1) -- 74.7 94.6 113.1 135.9 Current quarter vs prior quarter -- -- 27% 20% 20% (1) Cumulative number of unique users accounts created on Skype. eBay Inc. Unaudited Guidance Summary (In Millions, Except Per Share Amounts And Percentages) The guidance figures provided below and elsewhere in this press release are approximate in nature because eBay's future performance is difficult to predict. Such guidance is based on information available on the date hereof, and eBay assumes no obligation to update it. eBay's future performance involves risks and uncertainties, and the company's actual results could differ materially from such guidance. 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 eBay'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 quarterly reports on Form 10-Q, copies of which may be obtained by visiting the company's investor relations website at investor.ebay.com or the SEC's website at www.sec.gov. Three months ending December 31, 2006 ------------------------------------- GAAP (a) Non-GAAP (b) ------------------------------------- Net revenues $1,615-$1,675 $1,615-$1,675 Diluted EPS $0.21-$0.22 $0.27-$0.28 Year ending December 31, 2006 ------------------------------------- GAAP (a) Non-GAAP (b) ------------------------------------- Net revenues $5,865-$5,925 $5,865-$5,925 Operating margin 23% 32.5% Diluted EPS(1) $0.75-$0.76 $1.01-$1.02 Effective tax rate 26% - 27% 28% - 29% ------------------------------- (1) Please note that the sum of the quarters may not total to the full year EPS because the quarterly EPS is calculated using the respective results and weighted average shares for each quarter, and the full year EPS is calculated using the results and weighted average shares for the full year. (a) GAAP guidance includes the estimated impact of expensing stock options under FAS 123R "Share-Based Payment." The stock based compensation calculated under FAS 123R is expected to reduce diluted GAAP EPS by approximately $0.15-$0.16 for the full year ending December 31, 2006 and $0.03-$0.04 for the fourth quarter ending December 31, 2006. (b) Non-GAAP guidance reflects estimated quarterly adjustments to exclude the amortization of acquired intangible assets of approximately $45-$55 million, stock-based compensation (including the estimated stock based compensation calculated under FAS 123R) and payroll taxes on employee stock options of approximately $70-$85 million. These non-GAAP items are estimated to result in a $0.06 per diluted share adjustment, net of tax, and an operating margin adjustment of approximately 10% for the fourth quarter ending December 31, 2006. [/pre] |
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10-18-2006, 09:49 PM,
Post: #12 |
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Re: eBay Q3 Earnings Beat Estimates, Company Sees Below Forecast 2007 Revenue Gr
copy and paste copy and paste A LINK WOULD HAVE BEEN FASTER! :
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10-19-2006, 01:10 AM,
Post: #13 |
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eBay Q3 Earnings: 75% of PayPal members are inactive
every fr_k'n quarter we have to provide the inactive member stats because eBay forgets to break them out. :
 eBay 211.9 million registered users (+9.2 million for 3Q) 79.8 milion active members (+2.1 million) 132.1 million inactive members (+7.1 million) Inactive user growth continued to outpace active user growth during the quarter PayPal 122.5 million registered users (+8.5 million for 3Q) 30.9 million active users (+1.4 million) 91.6 million inactive users (+7.2 million) PayPal inactive user growth also outpaced active user growth and 75% of PayPal members are now inactive.
"Well, Jay was so giddy that someone named Jay was involved with this site we posted our first non-eBay listing in 3 years here at Lunarbid (we tried two items at Yahoo once upon a time, they bombed)" -Marie posting in a LunarBid thread at OTWA in 2005 wins the award for 'most moronic reason ever given for choosing a venue"
"thanks twat u must have nothing better 2 do. do u talk to all your members like that. will not be recomending your site. best way to put it is TULIPTOOLS.COM IS REALLY SHIT. DONT JOIN." -pubescent owner of rinky dink off2auction.com in 2011 |
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10-19-2006, 01:54 AM,
Post: #14 |
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Re: eBay Q3 Earnings Beat Estimates, Company Sees Below Forecast 2007 Revenue Growth
[quote author=bargainbloodhound link=topic=5490.msg28170#msg28170 date=1161220258]
every fr_k'n quarter we have to provide the inactive member stats because eBay forgets to break them out. : eBay 211.9 million registered users (+9.2 million for 3Q) 79.8 milion active members (+2.1 million) 132.1 million inactive members (+7.1 million) Inactive user growth continued to outpace active user growth during the quarter PayPal 122.5 million registered users (+8.5 million for 3Q) 30.9 million active users (+1.4 million) 91.6 million inactive users (+7.2 million) PayPal inactive user growth also outpaced active user growth and 75% of PayPal members are now inactive. [/quote] Can I quote you on this. ;D
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10-19-2006, 02:06 AM,
Post: #15 |
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Re: eBay Q3 Earnings Beat Estimates, Company Sees Below Forecast 2007 Revenue Gr
from the report:
Q3 GMV fell 2% from Q2 but rose 17% from the prior year Q3 fixed price trading rose to 37% of sales from 35% in Q2 The number of eBay Stores rose to 573K in Q3 from 541K in Q2 and the percentage of international stores rose to 56% from 53% - therefore the number of eBay US Stores fell to 252,120 in Q3 from 254,270 in Q2. i.e. eBay US stores suffered a net loss of 2,150 stores in Q3 |
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10-19-2006, 03:37 AM,
Post: #16 |
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Re: eBay Q3 Earnings Beat Estimates, Company Sees Below Forecast 2007 Revenue Growth
A curious analysis:
http://forums.ebay.com/db2/thread.jspa?t...2000247671&tstart=0&mod=1161227199082 Marty's goggles fog over and brain puts some more muscle in the "ebay rules" department. :twistedevil: My take? Ebay had to do some serious juggling of the numbers to place their profit increase where it was reported. The Christmas sales will boost their profit some, but following the holidays, look for ebay to do some major remodeling... again. Anything from more aquisitions to expanding the auction war in China. Maybe they'll merge with Wal Mart. What a POS company.  |
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10-19-2006, 04:01 AM,
Post: #17 |
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Re: eBay Q3 Earnings Beat Estimates, Company Sees Below Forecast 2007 Revenue Growth
[quote author=FiberGuy link=topic=5490.msg28179#msg28179 date=1161229043]
A curious analysis: Marty's goggles fog over and brain puts some more muscle in the "ebay rules" department. :twistedevil: [/quote] Marty has a day job to fall back on. Brain's day job is the eBay boards and... I'll just leave it at that. |
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10-19-2006, 04:06 AM,
Post: #18 |
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Re: eBay Q3 Earnings Beat Estimates, Company Sees Below Forecast 2007 Revenue Growth
[quote author=Anita link=topic=5490.msg28180#msg28180 date=1161230501]
Marty has a day job to fall back on. [/quote] Good point. Quote:Brain's day job is the eBay boards and... I'll just leave it at that. Another good point.
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10-19-2006, 07:53 AM,
Post: #19 |
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eBay's Blond CEO Meg Whitman and CFO Bob "Webvan" Swan Think Positive!!!!
BW interview with Meg Whitman and Bob Swan:
Quote:Efforts by eBay (EBAY) Chief Executive Meg Whitman to revitalize the company's core marketplace have yet to take hold, judging from third-quarter results released on Oct. 18. Gross merchandise volume rose just 17%, to $12.6 billion, and overall marketplace revenue grew only 22%, down from 35% growth a year earlier... full article: http://www.businessweek.com/technology/c...979276.htm |
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10-19-2006, 12:06 PM,
Post: #20 |
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Re: eBay Q3 Earnings Beat Estimates, Company Sees Below Forecast 2007 Revenue Growth
I think that is the first quote from Meg I've ever seen where you can actually understand what she is saying. ???
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