eBay 1999 Annual Report Download - page 53

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eBAY INC.
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share amounts)
Year Ended December 31,
1997 1998 1999
Net revenues:
Fees and services .......................................... $37,070 $81,643 $220,493
Real estate rentals ......................................... 4,300 4,486 4,231
Total net revenues ...................................... 41,370 86,129 224,724
Cost of net revenues:
Fees and services .......................................... 6,631 13,948 55,639
Real estate rentals ......................................... 1,773 2,146 1,949
Total cost of net revenues ................................ 8,404 16,094 57,588
Gross profit .......................................... 32,966 70,035 167,136
Operating expenses:
Sales and marketing ........................................ 15,618 35,976 95,956
Product development ....................................... 831 4,640 23,785
General and administrative ................................... 6,534 15,849 43,055
Amortization of acquired intangibles ............................ — 805 1,145
Merger related costs ........................................ — — 4,359
Total operating expenses ................................. 22,983 57,270 168,300
Income from operations ......................................... 9,983 12,765 (1,164)
Interest and other income, net .................................... 1,054 1,799 23,422
Interest expense .............................................. (2,371) (2,191) (1,943)
Income before income taxes, minority interest and equity interest in
partnership income .......................................... 8,666 12,373 20,315
Provision for income taxes ...................................... (971) (4,789) (9,385)
Minority interest in consolidated company ........................... (320) (381) (256)
Equity interest in partnership income (loss) .......................... (314) 70 154
Net income .................................................. $ 7,061 $ 7,273 $ 10,828
Net income per share:
Basic ................................................... $ 0.29 $ 0.14 $ 0.10
Diluted ................................................. $ 0.08 $ 0.06 $ 0.08
Weighted average shares:
Basic ................................................... 24,428 52,064 108,235
Diluted ................................................. 84,775 116,759 135,910
Supplemental pro forma information:
Income before income taxes, minority interest and equity interest in
partnership income ....................................... $ 8,666 $12,373 $ 20,315
Provision for income taxes as reported .......................... (971) (4,789) (9,385)
Pro forma adjustment to provision for income taxes (Note 15) ......... (2,576) (2,071) 1,118
Minority interest in consolidated company as reported ............... (320) (381) (256)
Equity interest in partnership loss as reported ..................... (314) 70 154
Pro forma net income .......................................... $ 4,485 $ 5,202 $ 11,946
Pro forma net income per share:
Basic ................................................... $ 0.18 $ 0.10 $ 0.11
Diluted ................................................. $ 0.05 $ 0.04 $ 0.09
The accompanying notes are an integral part of these consolidated financial statements.
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