Skip to content
Apr 26, 2016


eBay Inc. Reports First Quarter 2016 Results

  • 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

SAN JOSE, Calif.--(BUSINESS WIRE)-- 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 Ended
March 31,
2016   2015

(In millions, except per share
amounts)

 
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 Ended
March 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

eBay Inc.
Investor Relations Contact:
Selim Freiha; Tina Todasco
ir@ebay.com
Media Relations Contact:
Abby Smith
press@ebay.com
Company News:
https://www.ebayinc.com/stories/news/
Investor Relations website:
https://investors.ebayinc.com

Source: eBay Inc.

News Provided by Acquire Media

Back to Top