Question
eBay Inc. Announces Fourth Quarter and Full Year 2004 Financial Results
Wednesday January 19, 4:17 pm ET
SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 19, 2005--eBay Inc. (Nasdaq:EBAY - News)
* Company Reports Record Q4 Net Revenues of $935.8 Million
* Achieves Q4 GAAP Diluted EPS of $0.30 and Pro Forma Diluted EPS of $0.33
* Announces a Two-for-One Stock Split
eBay Inc. (Nasdaq:EBAY - News; www.ebay.com), the World's Online Marketplace, reported financial results for its quarter and full year ended December 31, 2004.
eBay reported record consolidated Q4-04 net revenues of $935.8 million, up 44% year over year; operating income of $284.7 million, up 40% year over year; and pro forma operating income of $313.9 million, up 44% year over year. Operating income was 30% of net revenues and pro forma operating income was 34% of net revenues.
Consolidated net income in Q4-04 was $205.4 million, or $0.30 per diluted share. eBay's pro forma consolidated net income, excluding certain items, was $226.0 million, or $0.33 per diluted share.
These results exceeded the company's guidance of $915 million for net revenues, met the guidance of $0.30 for earnings per diluted share, and exceeded the guidance of $0.32 for pro forma earnings per diluted share.
For the full year, eBay generated consolidated net revenues of $3.27 billion, a 51% increase over the $2.17 billion reported in 2003. Consolidated net income increased 76% year over year to $778.2 million, or $1.14 per diluted share. On a pro forma basis, eBay reported a 68% increase in consolidated net income year over year to $829.5 million, or $1.21 per diluted share.
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Oh
My
Gawd.
I guess the world's extra quarters add up quick.
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These results exceeded the company's guidance of $915 million for net revenues, met the guidance of $0.30 for earnings per diluted share, and exceeded the guidance of $0.32 for pro forma earnings per diluted share.
Something smells like a Krispy Kreme doughnut...
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http://investor.ebay.com/financial.c...geName=CMDV:AB
The link to the full report is on this page.... unfortunately my security does not allow "javascript: Void".....
Anyone able to open the page and post the URL for this years report here.
Cheers, Kevin
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It's in PDF form..but here won't let me copy/past it. Maybe the file is too big?
They got panned on our news here for only netting 250 mil. Maybe it will catch on. And it was overrated.
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Here is small portion. The complete document is 17 pages long.
Full Year Key Financial and Operating Metrics
Consolidated Net Revenues – Consolidated net revenues totaled a record $3.27 billion, which represented an
increase of 51% from the $2.17 billion reported in the full year 2003.
Listings – Listings totaled a record 1.4 billion in the full year 2004, 45% higher than the 971 million listings
reported in the full year 2003.
Gross Merchandise Volume (GMV) – GMV, the total value of all successfully closed listings on eBay’s trading
platforms, was a record $34.2 billion, representing a 44% year-over-year increase from the $23.8 billion
reported in the full year 2003.
Total Payment Volume (TPV) – TPV, the dollar volume of payments initiated through the PayPal system, was
$18.9 billion, representing a 55% year-over-year increase from the $12.2 billion reported in the full year 2003.
Key Q4 Financial and Operating Metrics
Consolidated Net Revenues – Consolidated net revenues totaled a record $935.8 million, which represented an
increase of 44% from the $648.4 million reported in Q4-03.
Net Transaction Revenues – Consolidated net transaction revenues totaled a record $907.3 million, which
represented an increase of 43% from the $632.6 million reported in Q4-03.
• eBay U.S. Net Transaction Revenues – eBay U.S. net transaction revenues totaled $362.7 million in Q4-
04, representing 24% year-over-year growth.
• eBay International Net Transaction Revenues – eBay International net transaction revenues totaled $344.3
million in Q4-04, representing 64% year-over-year growth.
• Payments Net Transaction Revenues – Payments net transaction revenues totaled $200.2 million in Q4-
04, representing 53% year-over-year growth.
Confirmed Registered Users – Cumulative confirmed registered users at the end of Q4-04 totaled a record 135.5
million, representing a 43% increase over the 94.9 million users reported at the end of Q4-03.
Active Users – Active users, the number of users on the eBay platform who bid, bought, or listed an item within
the previous 12 month period, increased to 56.1 million, a 36% increase over the 41.2 million active users
reported in the same period a year ago.
Listings – New listings totaled a record 404.6 million in Q4-04, 39% higher than the 291.7 million listings
reported in Q4-03. New listings in Q4-04 included 28.0 million new eBay Stores listings, versus 5.1 million
new Stores listings in Q4-03.
Gross Merchandise Volume (GMV) – GMV was $9.8 billion, representing a 39% year-over-year increase from
the $7.1 billion reported in Q4-03.
Total Payments Accounts – PayPal’s business had 63.8 million total accounts at the end of Q4-04, a 58%
increase from the 40.3 million reported in Q4-03.
Total Payment Volume (TPV) – PayPal’s TPV was $5.6 billion in Q4-04, a 51% increase from the $3.7 billion
reported in Q4-03.
Gross Profit – Gross profit was $759.4 million, or 81% of net revenues, which was down slightly from the 82%
level reported in Q4-03.
Operating Income – Operating income was $284.7 million, or 30% of net revenues, a 40% increase over the
$203.1 million reported in Q4-03. Pro forma operating income increased 44% year over year to $313.9 million,
or 34% of net revenues.
GAAP Net Income – GAAP net income increased 44% year over year to $205.4 million, or $0.30 per diluted
share.
Pro Forma Net Income – Pro forma net income increased 44% year over year to $226.0 million, or $0.33 per
diluted share.
Operating and Free Cash Flows – Operating cash flows totaled $381.2 million. Free cash flows, representing
operating cash flows less capital expenditures, totaled $298.3 million.
Key Category Performance* – Based on Q4-04 GMV, eBay has twelve categories that delivered $1 billion or
more in worldwide annualized GMV: eBay Motors at $11.1 billion; Consumer Electronics at $3.5 billion;
Computers at $3.0 billion; Clothing & Accessories at $2.9 billion; Books/Movies/Music at $2.4 billion;
Collectibles at $2.2 billion; Home & Garden at $2.0 billion; Toys at $1.8 billion; Sports at $1.8 billion; Jewelry
& Watches at $1.7 billion; Cameras & Photo at $1.3 billion; and Business & Industrial at $1.2 billion.
Fixed Price Trading – eBay’s fixed price trading contributed approximately $3.0 billion or 30.7% of total GMV
during Q4-04, primarily from eBay’s “Buy It Now” feature.
eBay Stores – At the end of Q4-04, eBay hosted approximately 254,000 stores worldwide, with approximately
161,000 stores hosted on the U.S. site.
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Say what you will about the powers that be but those numbers are pretty impressive.
Not worth the current valuation mind you but still pretty damn good.
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Thanks Apex,
You caught a couple of areas that particularly interest me. The last three years I have done a bit of an analysis of the Fourth Quarter statement. (Last Years is here, but the format is messy because of a change of venue/structure for here since then).
The category performances always interests me and I like to lay them out so that the order is bit clearer and easier to compare:
Key Category Performance* – Based on Q4-04 GMV, eBay has twelve categories that delivered $1 billion or more in worldwide annualized GMV:
(1) eBay Motors at $11.1 billion;
(2) Consumer Electronics at $3.5 billion;
(3) Computers at $3.0 billion;
(4) Clothing & Accessories at $2.9 billion;
(5) Books/Movies/Music at $2.4 billion;
(6) Collectibles at $2.2 billion;
(7) Home & Garden at $2.0 billion;
(8) Toys at $1.8 billion;
(9) Sports at $1.8 billion;
(10) Jewelry & Watches at $1.7 billion;
(11) Cameras & Photo at $1.3 billion;
(12) Business & Industrial at $1.2 billion.
This time last year (2003, the result was:
Key Category Performance - Based on Q4-03 GMS, eBay now has ten categories that deliver $1billion or more in worldwide annualized GMS:
(1) eBay Motors at $7.5 billion;
(2) Consumer Electronics at $2.6 billion;
(3) Computers at $2.4 billion;
(4) Books/Movies/Music at $2.0 billion;
(5) Clothing and Accessories at $1.8 billion;
(6) Sports at $1.8 billion;
(7) Collectibles at $1.5 billion;
(8) Toys at $1.5 billion;
(9) Home & Garden at $1.3 billion;
(10) Jewelry & Gemstones at $1.3 billion
The equivalent 2002 result was:
Key Category Performance -- Based on Q4-02 annualized GMS, eBay has five categories that generate more than $1 billion in worldwide GMS:
(1) eBay Motors at $4.3 billion,
(2) Computers at $1.9 billion,
(3) Consumer Electronics at $1.8 billion,
(4) Books/Movies/Music at $1.4 billion,
(5) Sports at $1.2 billion.
In spite of previous insistance that collectibles are a declining aspect to eBay, the category has risen from 7th to 6th this year compared to last year. Sport is the big drop from 6th to 9th - and showing no financial growth - sitting stagnant on $1.8 Billion both years.
Clothing seems to be steadily increasing as a commodity both in category placement, and in gross turnover.
I will look at more later, but should go to bed now.
Cheers, Kevin