eBay Inc. (EBAY, Financial) filed Quarterly Report for the period ended 2010-03-31.
Ebay Inc. has a market cap of $31.03 billion; its shares were traded at around $23.7725 with a P/E ratio of 17.5 and P/S ratio of 3.6. Ebay Inc. had an annual average earning growth of 43.4% over the past 10 years.EBAY is in the portfolios of Donald Yacktman of Yacktman Asset Management Co., John Hussman of Hussman Economtrics Advisors, Inc., Steven Romick of FPA Crescent Fund, Steve Mandel of Lone Pine Capital, Bill Nygren of Oak Mark Fund, Dodge & Cox, Eric Mindich of Eton Park Capital Management, L.P., Charles Brandes of Brandes Investment, Eric Mindich of Eton Park Capital Management, L.P., First Pacific Advisors of First Pacific Advisors, LLC, Brian Rogers of T Rowe Price Equity Income Fund, Jeremy Grantham of GMO LLC, RS Investment Management, Michael Price of MFP Investors LLC, Richard Snow of Snow Capital Management, L.P., PRIMECAP Management, John Buckingham of Al Frank Asset Management, Inc., HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Ron Baron of Baron Funds.
We generate the majority of our revenue internationally and, accordingly, fluctuations in foreign currency exchange rates impact our results of operations. We have a foreign exchange risk management program that is designed to reduce our exposure to fluctuations in foreign currencies; however, the effectiveness of this program in mitigating the impact of foreign currency fluctuations on our results of operations varies from period to period, and in any given period our operating results are usually affected, sometimes significantly, by changes in currency exchange rates. For the three months ended March 31, 2010, foreign currency movements against the U.S. dollar positively impacted net revenues by approximately $88.2 million compared to the same period of the prior year. On a business segment basis for the three months ended March 31, 2010, foreign currency movements against the U.S. dollar positively impacted Marketplaces and Payments net revenues by approximately $72.3 million and $15.9 million, respectively, compared to the same period of the prior year. Revenues are attributed to U.S. and international geographies primarily based upon the country in which the seller, payment recipient, customer, website that displays advertising, other service provider or, until the sale of Skype on November 19, 2009, the Skype users Internet protocol address, as the case may be, is located.
Marketplaces net transaction revenues earned internationally totaled $530.6 million and $677.5 million during the first quarter of 2009 and 2010, respectively, representing 51% and 58% of total Marketplaces net transaction revenues during those respective periods. The increase in international net transaction revenues was due primarily to the inclusion of revenues generated from Gmarket (acquired June 2009) and foreign currency movements against the U.S. dollar.
Payments net transaction revenues earned internationally totaled $267.0 million and $359.9 million during the first quarter of 2009 and 2010, respectively, representing 44% and 47% of total Payments net transaction revenues during those respective periods.
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Ebay Inc. has a market cap of $31.03 billion; its shares were traded at around $23.7725 with a P/E ratio of 17.5 and P/S ratio of 3.6. Ebay Inc. had an annual average earning growth of 43.4% over the past 10 years.EBAY is in the portfolios of Donald Yacktman of Yacktman Asset Management Co., John Hussman of Hussman Economtrics Advisors, Inc., Steven Romick of FPA Crescent Fund, Steve Mandel of Lone Pine Capital, Bill Nygren of Oak Mark Fund, Dodge & Cox, Eric Mindich of Eton Park Capital Management, L.P., Charles Brandes of Brandes Investment, Eric Mindich of Eton Park Capital Management, L.P., First Pacific Advisors of First Pacific Advisors, LLC, Brian Rogers of T Rowe Price Equity Income Fund, Jeremy Grantham of GMO LLC, RS Investment Management, Michael Price of MFP Investors LLC, Richard Snow of Snow Capital Management, L.P., PRIMECAP Management, John Buckingham of Al Frank Asset Management, Inc., HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Ron Baron of Baron Funds.
Highlight of Business Operations:
For the three months ended March 31, 2010, net revenues increased 9% to $2.2 billion compared to the same period of the prior year due primarily to growth in the Payments and Marketplaces businesses, as well as a positive impact from foreign currency movements against the U.S. dollar. For the three months ended March 31, 2010, our operating margin increased to 22% compared to 21% in the same period of the prior year due primarily to productivity gains and lower amortization costs associated with our acquired intangible assets, partially offset by faster growth in our lower margin PayPal business and lower take rates. Our Payments segment margin increased 5 percentage points on a year-over-year basis due primarily to improvements in operating leverage and transaction margin as well as the impact from certain one-time items. Our Payments transaction margin was favorably impacted by the shift of certain customer protection program costs from Payments to Marketplaces. Our Marketplaces segment margin decreased 3 percentage points on a year-over-year basis due primarily to reinvestments in our turnaround initiatives, including our customer protection programs in the U.S. and U.K., and the inclusion of Gmarket. For the three months ended March 31, 2010, our diluted earnings per share increased $0.02 to $0.30 compared to the same period of the prior year, driven primarily by improvement in our operating margin noted above. For the three months ended March 31, 2010, we generated cash flow from operations of approximately $418.3 million, down $250.2 million from the same period of the prior year due primarily to cash paid for income taxes related to a legal entity restructuring completed in 2009 and a higher employee bonus payment.We generate the majority of our revenue internationally and, accordingly, fluctuations in foreign currency exchange rates impact our results of operations. We have a foreign exchange risk management program that is designed to reduce our exposure to fluctuations in foreign currencies; however, the effectiveness of this program in mitigating the impact of foreign currency fluctuations on our results of operations varies from period to period, and in any given period our operating results are usually affected, sometimes significantly, by changes in currency exchange rates. For the three months ended March 31, 2010, foreign currency movements against the U.S. dollar positively impacted net revenues by approximately $88.2 million compared to the same period of the prior year. On a business segment basis for the three months ended March 31, 2010, foreign currency movements against the U.S. dollar positively impacted Marketplaces and Payments net revenues by approximately $72.3 million and $15.9 million, respectively, compared to the same period of the prior year. Revenues are attributed to U.S. and international geographies primarily based upon the country in which the seller, payment recipient, customer, website that displays advertising, other service provider or, until the sale of Skype on November 19, 2009, the Skype users Internet protocol address, as the case may be, is located.
Marketplaces net transaction revenues earned internationally totaled $530.6 million and $677.5 million during the first quarter of 2009 and 2010, respectively, representing 51% and 58% of total Marketplaces net transaction revenues during those respective periods. The increase in international net transaction revenues was due primarily to the inclusion of revenues generated from Gmarket (acquired June 2009) and foreign currency movements against the U.S. dollar.
Payments net transaction revenues earned internationally totaled $267.0 million and $359.9 million during the first quarter of 2009 and 2010, respectively, representing 44% and 47% of total Payments net transaction revenues during those respective periods.
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