eBay 2000 Annual Report Download

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Table of contents

  • Page 1

  • Page 2
    ... places aware of eBay and bringing them to the site in greater numbers than ever before. We introduced Ã'xed-price trading to our community, reaching a whole new type of user for the Ã'rst time. And we continued to extend the eBay marketplace to the most productive e-commerce markets on the planet...

  • Page 3
    ... eBay's marketplace into a number of its web properties, including select MSN sites worldwide, CarPoint, bCentral and WebTV. Throughout 2000, eBay introduced dozens of features to make the site easier and more fun to use. We added new ways for our users to list, search, trade and pay for items...

  • Page 4
    ... and our site one of the most interesting and fun places around. Every eBay employee spends his or her day thinking about how eBay can be a better place for our community to trade. When our community succeeds, we succeed. We look forward to much shared success in the months and years ahead. Pierre...

  • Page 5
    ...) 77-0430924 (I.R.S. Employer IdentiÃ'cation Number) 2145 Hamilton Avenue San Jose, California (Address of principal executive oÇces) 95125 (Zip Code) (408) 558-7400 (Registrant's telephone number, including area code) Check whether the registrant: (1) Ã'led all reports required to be Ã'led...

  • Page 6
    ...-to-person credit card and electronic check payments safely over the Web. From December 31, 1998 to December 31, 2000, the number of registered eBay users grew from approximately 2 million to approximately 22 million. eBay users listed over 79 million items for sale in more than 8,000 categories...

  • Page 7
    ... direct buyer and seller communication, thereby enabling interaction between individuals with mutual interests; and ‚ establishes fair market prices for items where no eÇcient market is in place (e.g. rare items, distressed and surplus goods). The Opportunity of Online Trading eBay's online...

  • Page 8
    ...-price trading environment, initially for books, music, videos and video games. The principal reasons for eBay's success to date are as follows: Largest Online Trading Forum. Unlike other commerce trading forums, eBay has aggregated a critical mass of buyers, sellers and items listed for sale, which...

  • Page 9
    ... the item's condition and selling price. Half.com automatically adds descriptions and pictures to each listing, so sellers do not need to do it themselves. Buying at Half.com is similar to the shopping experience at other leading online retailers. Buyers can browse by category or search by title or...

  • Page 10
    ... as Ã'xed price sales. eBay targeted key product categories in its user programs and marketing activities. eBay has expanded and developed existing product categories by introducing category-speciÃ'c bulletin boards and chat rooms, integrating category-speciÃ'c content, advertising its service in...

  • Page 11
    ... gives sellers the ability to set up their own prequaliÃ'cation guidelines for bidders, and ""Buy It Now,'' a feature that allows buyers to purchase items immediately and skip the auction process. Expand Value-Added Services. In order to oÃ...er an end-to-end personal trading service, eBay provides...

  • Page 12
    ...bid for an item or list an item for sale. Users in Canada, Germany, Japan, Australia, the United Kingdom, France, Italy, Austria may instead register through country-speciÃ'c home pages. Buying on eBay. Buyers typically enter eBay through its home page, which contains a listing of product categories...

  • Page 13
    ... is placed, or in the case of a reserve auction, until the reserve price is met, buyers have the option to buy the item instantly at the speciÃ'ed price without waiting for the listing to end. Selling on eBay. Sellers registered with eBay can list a product for sale by completing a short online form...

  • Page 14
    ... a reserve price sell, sellers are credited the $1.00 reserve fee. Invoices for placement fees, additional listing fees and success fees are sent via email to sellers on a monthly basis. All new sellers are required to have a credit card account on Ã'le with eBay. Sellers who pay by credit card are...

  • Page 15
    ... items are listed, eBay will continue to organize items for sale under additional categories to respond to the needs of the eBay community. Community Services. Beyond providing a convenient means of trading, eBay has devoted substantial resources to building an online trading community, which eBay...

  • Page 16
    ...search for speciÃ'c books, CDs, movies and video games or browse for items that are categorized and surrounded with product descriptions, reviews and artwork. Just like any online retail store, shoppers Ã'll their shopping cart and check out with a credit card. Customers can also see real-time price...

  • Page 17
    ... sends electronic invoices to all sellers via email on a monthly basis. For convenience, sellers may place a credit card account number on Ã'le with eBay, and their account balance is billed directly. Sellers that are new to the eBay service are now required to place a credit card account number on...

  • Page 18
    ... continue to devote signiÃ'cant resources to product development in the future as it adds new features and functionality to the eBay service. eBay capitalizes hardware and software associated with added features or functionality in accordance with company policy and includes such amounts in computer...

  • Page 19
    ... with rapid technological change to remain competitive and Ì We need to develop new services, features and functions in order to expand.'' Competition Depending on the category of product, eBay currently or potentially competes with a number of companies serving particular categories of goods as...

  • Page 20
    ... have longer company operating histories, larger customer bases and greater brand recognition in other business and Internet spaces than eBay does. Some of these competitors also have signiÃ'cantly greater Ã'nancial, marketing, technical and other resources. Other online trading services may be...

  • Page 21
    ... banks and credit card companies, are also beginning to enter this space. Half.com competes directly with online retailers in its product categories such as Amazon.com which oÃ...ers a directly competitive service, as well as with traditional sellers of used books, videos and CDs. Employees As of...

  • Page 22
    ... for the eBay service. eBay does not sell or rent any personally identiÃ'able information about its users to any third party; however, eBay does disclose information to sellers and winning bidders that contains the seller's and winning bidder's name, email address and telephone number. eBay also...

  • Page 23
    ... costs, or otherwise harm our business. In addition, because our services are accessible worldwide, and we facilitate sales of goods to users worldwide, foreign jurisdictions may claim that we are required to comply with their laws. For example, a French court has recently ruled that a U.S. website...

  • Page 24
    ... by the courts. eBay expects that it will increasingly be subject to infringement claims as the number of services and direct competitors grow. These claims, whether meritorious or not, could be time-consuming, result in costly litigation, cause service upgrade delays, require expensive changes in...

  • Page 25
    From time to time, eBay is involved in disputes that have arisen in the ordinary course of business. Management believes that the ultimate resolution of these disputes will not have a material adverse impact on eBay's Ã'nancial position, results of operations or cash Ã-ows. Item 4: Submission of ...

  • Page 26
    PART II Item 5: Market for Registrant's Common Equity and Related Stockholder Matters Price Range of Common Stock eBay's common stock has been traded on The Nasdaq Stock MarketSM under the symbol ""EBAY'' since September 24, 1998. The following table sets forth the high and low sales prices of eBay...

  • Page 27
    ...2000 Consolidated Statement of Income Data: Net revenues 32,051 Cost of net revenues 6,803 Gross proÃ't 25,248 Operating expenses: Sales and marketing 13,139 Product development 28 General and administrative 5,661 Payroll expense on employee stock options Amortization of acquired intangibles...

  • Page 28
    ... for a description of the method used to compute basic and diluted net income per share, respectively. (2) Represents the aggregate sales prices of all goods for which an auction was successfully concluded (i.e., there was at least one bid above the seller's speciÃ'ed minimum price or reserve price...

  • Page 29
    ... We pioneered online person-to-person trading by developing a global online trading platform that will help practically anyone buy or sell practically anything. Our service permits sellers to list items for sale, buyers to bid on items of interest and all eBay users to browse through listed items in...

  • Page 30
    ... included elsewhere in this report. Year Ended December 31, 1998 1999 2000 Net revenues Cost of net revenues Gross proÃ't Operating expenses: Sales and marketing Product development General and administrative Payroll expense on employee stock options Amortization of acquired intangibles...

  • Page 31
    ... and Half.com in 2000. The increase in absolute dollars in expenditures for the online service resulted from the continued development and expansion of our customer support and site operations departments, depreciation of the equipment required for site operations, software licensing fees and ISP...

  • Page 32
    ...use of outside services and consultants and miscellaneous user and promotional costs. Online sales and marketing expenses are expected to increase in absolute dollars for 2001 as we plan to build the eBay brand more broadly. We expect to build our brand further with continued advertising impressions...

  • Page 33
    ... of intangible assets to increase in 2001 due to our recent acquisition of Internet Auction in Korea and our agreement to acquire iBazar S.A. Both acquisitions will be accounted for as purchase business combinations. Merger-related Costs In 1999, eBay incurred direct merger related transaction...

  • Page 34
    ... and Capital Resources Since inception, eBay has Ã'nanced operations primarily from net cash generated from operating activities. We obtained additional Ã'nancing from the sale of preferred stock and warrants, proceeds from the exercise of those warrants, proceeds from the exercise of stock options...

  • Page 35
    ...culties. To address these risks and uncertainties, we and our subsidiaries must do the following: ‚ maintain and increase our number of registered users, items listed on our service and completed sales; ‚ expand into new areas; ‚ maintain and grow our website and customer support operations at...

  • Page 36
    ... to retain key employees in both our online businesses and our acquisitions; ‚ our ability to successfully integrate and manage our acquisitions; ‚ our ability to successfully expand our product oÃ...erings involving Ã'xed price trading; ‚ the ability of our land-based auction businesses to...

  • Page 37
    ... in large part on our ability to do the following: ‚ maintain suÇcient transaction volume to attract buyers and sellers; ‚ manage the costs of our business, including the costs associated with maintaining and developing our websites, customer support and international and product expansion; 32

  • Page 38
    ... that are enabling online sales as well as new companies, many of whom do not charge for transactions on their sites and others who are facilitating trading through other pricing formats (e.g. Ã'xed price, reverse auction, group buying, etc.) may limit our ability to raise user fees in response to...

  • Page 39
    ... interest in Internet Auction Company, Ltd. and announced our intended acquisition of iBazar S.A., a French company with online trading operations in eight countries, primarily in Europe. Expansion into international markets requires management attention and resources. We have limited experience in...

  • Page 40
    ... whom we have commercial relationships, could adversely aÃ...ect our results. Our business may be harmed by the listing or sale by our users of illegal items The law relating to the liability of providers of online services for the activities of their users on their service is currently unsettled. We...

  • Page 41
    ... are subject to intellectual property and other litigation.'' Our business may be harmed by fraudulent activities on our website Our future success will depend largely upon sellers reliably delivering and accurately representing their listed goods and buyers paying the agreed purchase price. We have...

  • Page 42
    ... handling of payments by buyers for the items listed by Half.com's sellers. Internet Auction Company, Ltd. also has a business model involving the handling of payments by buyers. Billpoint handles its customer funds as a provider of Internet payment solutions. Businesses that handle consumers' funds...

  • Page 43
    ... Superior Court in San Diego, California. The lawsuit was Ã'led on behalf of a purported class of eBay users who purchased allegedly forged autographed sports memorabilia on eBay. The lawsuit claims we were negligent in permitting certain named (and other unnamed) defendants to sell allegedly forged...

  • Page 44
    ... system failures from time to time. Our website has been interrupted for periods of up to 22 hours. In addition to placing increased burdens on our engineering staÃ..., these outages create a Ã-ood of user questions and complaints that need to be addressed by our customer support personnel. Any...

  • Page 45
    ... costs, or otherwise harm our business. In addition, because our services are accessible worldwide, and we facilitate sales of goods to users worldwide, foreign jurisdictions may claim that we are required to comply with their laws. For example, a French court has recently ruled that a U.S. website...

  • Page 46
    ... website requires users to make publicly available their e-mail addresses and other personal information that some potential users may be unwilling to provide. These concerns may increase as additional publicity over privacy issues on eBay or generally over the Internet increase. Market acceptance...

  • Page 47
    ... employees whose stock option strike prices are substantially above current market prices. Our oÉine auction businesses need to continue to acquire auction properties The businesses of ButterÃ'elds and Kruse are dependent on the continued acquisition of high quality auction properties from sellers...

  • Page 48
    ... Universe, Heritage, Numismatists Online, US Mint Collectibles: Franklin Mint Musical Instruments: Guitar Center, Harmony-Central.com, MARRS, MusicHotBid.com Sports Memorabilia: Beckett's, Collectors Universe Toys, Bean Bag Plush: Amazon.com, KB Toys, Toys.com Premium Collectibles: Christies, DuPont...

  • Page 49
    ... banks and credit card companies, are also beginning to enter this space. Half.com competes directly with online retailers in its product categories such as Amazon.com which oÃ...ers a directly competitive service, as well as with traditional sellers of used books, videos and CDs. Our business is...

  • Page 50
    ... Our failure to prevent security breaches could harm our business. Currently, a signiÃ'cant number of our users authorize us to bill their credit card accounts directly for all transaction fees charged by us. Billpoint's users routinely provide credit card and other Ã'nancial information. We rely on...

  • Page 51
    ... products for sale on our service and fees received from successfully completed transactions. Our future revenues will depend upon continued demand for the types of goods that are listed by users of our service. The popularity of certain categories of items, such as toys, dolls and memorabilia...

  • Page 52
    ... Our executive oÇcers and directors (and their aÇliates) own approximately one-half of our outstanding common stock. As a result, they have the ability to control our company and direct our aÃ...airs and business, including the election of directors and approval of signiÃ'cant corporate transactions...

  • Page 53
    ... as of December 31, 2000 was a translation gain of approximately $745,000. Item 8: Financial Statements and Supplementary Data Annual Financial Statements: See Part IV, Item 14 of this Form 10-K. Item 9: Changes In and Disagreements with Accountants on Accounting and Financial Disclosure None. 48

  • Page 54
    ... Registrant Incorporated by reference to eBay's Proxy Statement to be Ã'led on or before April 30, 2001 Item 11: Executive Compensation Incorporated by reference to eBay's Proxy Statement to be Ã'led on or before April 30, 2001. Item 12: Security Ownership of Certain BeneÃ'cial Owners and Management...

  • Page 55
    ...: eBay Inc. Investor Relations 2145 Hamilton Ave. San Jose, CA 95125 (408) 558-7400 In addition, the Securities and Exchange Commission maintains a website that provides access to all Ã'lings made electronically by eBay at www.sec.gov. eBay's website is located at www.ebay.com. Information contained...

  • Page 56
    ... Directors Stock Option Plan.(3) Registrant's 1998 Employee Stock Purchase Plan.(1) Registrant's 1999 Global Equity Incentive Plan and related documents.(10) Employment Letter Agreement dated October 16, 1996 between JeÃ... Skoll and Registrant.(1) Employment Letter Agreement dated September 15, 1997...

  • Page 57
    ... their cash Ã-ows for each of the three years in the period ended December 31, 2000, in conformity with accounting principles generally accepted in the United States of America. These Ã'nancial statements are the responsibility of the Company's management; our responsibility is to express an opinion...

  • Page 58
    ... Deferred revenue and customer advances Short-term debt Income taxes payable Other current liabilities Total current liabilities Long-term debt Other liabilities Minority interests Commitments and contingencies (Note 10) Stockholders' equity: Preferred Stock, $0.001 par value; 10,000 shares...

  • Page 59
    eBay Inc. CONSOLIDATED STATEMENT OF INCOME (in thousands, except per share amounts) Year Ended December 31, 1999 2000 1998 Net revenues Cost of net revenues Gross proÃ't Operating expenses: Sales and marketing Product development General and administrative Payroll expense on employee stock ...

  • Page 60
    eBay Inc. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (in thousands) Year Ended December 31, 1999 2000 1998 Net income Other comprehensive income (loss): Foreign currency translation adjustments Unrealized gains (losses) on investments, net Estimated tax beneÃ't (...

  • Page 61
    ...' equity 100,538 Common stock: Balance, beginning of year Conversion of preferred to common stock Issuance of common stock for cash and notes Issuance of common stock at public oÃ...ering Issuance of common stock for acquisition Contribution of common stock for charitable foundation Balance...

  • Page 62
    ... cash equivalents at end of year Supplemental cash Ã-ow disclosures: Cash paid for interest Cash paid for income taxes Non-cash investing and Ã'nancing activities: Common stock issued for notes receivable Common stock issued for acquisition Preferred stock issued for notes payable Building and...

  • Page 63
    ... Japan. eBay pioneered online personal trading by developing a Web-based community in which buyers and sellers are brought together to buy and sell almost anything. The eBay online service permits sellers to list items for sale, buyers to bid on items of interest and all eBay users to browse through...

  • Page 64
    ... deliver the minimum level of conÃ'rmed registered users, then eBay will have the right to repurchase shares of eBay Japan from NEC. Use of estimates The preparation of consolidated Ã'nancial statements in conformity with generally accepted accounting principles requires management to make estimates...

  • Page 65
    ... located in the U.S. and internationally. The revenues earned from the U.S. site are denominated in U.S. dollars and revenue earned from eBay's international sites are denominated in the country's functional currency. Accounts receivable balances are typically settled through customer credit cards...

  • Page 66
    ... the listing of items on the eBay website, success fees calculated as a percentage of the Ã'nal sales transaction value for both eBay and Half.com, and to a lesser extent, online advertising. Listing and featured item fee revenue is recognized ratably over the estimated period of the auction while...

  • Page 67
    ...cash or marketable securities for similar advertising. In addition, the recognition of revenue on barter advertising is limited by the dollar amount of the cash received for similar transactions during the same period. Website development costs eBay recognizes website development costs in accordance...

  • Page 68
    ... EITF Issue No. 99-19, ""Reporting Revenue Gross as a Principal versus Net as an Agent.'' EITF 99-19 addressed whether a company should report revenue based on the gross amount billed to a customer because it has earned revenue from the sale of the goods or services or the net amount retained (that...

  • Page 69
    .... 25, ""Accounting for Stock Issued to Employees,'' and SFAS No. 123, ""Accounting for Stock-Based Compensation.'' This Issue addresses eBay's timing for recognizing the payroll tax liability and requires that this liability be recognized when the tax obligation becomes due and payable. eBay adopted...

  • Page 70
    ... Companies conduct auctions, perform appraisal services and auctioneer training for classic car auctions in various locations in the United States, England, Germany and the Netherlands. The aggregate consideration exchanged for the acquisition was 1,574,624 shares of eBay common stock for all shares...

  • Page 71
    ... stock. The acquisition has been accounted for as a pooling of interests. Half.com On July 11, 2000, eBay acquired Half.com. Half.com was incorporated in Pennsylvania in June 1999 and provides a Ã'xed-price, person-to-person e-commerce site that allows people to buy and sell previously owned goods...

  • Page 72
    ... Ã'nancial information is evaluated regularly by the chief operating decisionmaker in order to allocate resources and in assessing performance. eBay has identiÃ'ed two primary reporting segments: online trading services and oÉine, traditional auction services. The online trading services segment...

  • Page 73
    ...Year Ended December 31, 2000 Online OÉine Consolidated Net revenues from external customers 391,952 Operating income (loss) before amortization of intangibles, stock-based compensation, payroll expense on employee stock options and merger related costs...353 Government securities 28,112 Equity ...

  • Page 74
    ... Ã've years Equity investments $354,166 191,873 5,028 126,390 21,296 $698,753 Note 6 ÃŒ Balance Sheet Components: December 31, 1999 2000 (in thousands) Cash and cash equivalents: Cash and money market funds Securities and cash equivalents Total Accounts receivable, net: Accounts receivable...

  • Page 75
    ...years ended December 31, 1998, 1999 and 2000, respectively. December 31, 1999 2000 (in thousands) Property and equipment, net: Land and buildings Computer equipment and software... Accrued compensation and related beneÃ'ts Advertising accruals Professional fees Other accruals Total $12,601 (3,...

  • Page 76
    ...,404 Mortgage notes outstanding are on property owned by ButterÃ'elds. The notes have variable interest rates, payment terms and are collateralized by certain land, buildings and improvements. Generally, the principal and interest are paid on a monthly basis. The mortgage notes bearing an interest...

  • Page 77
    ...general public, in San Francisco Superior Court (No. 305666). The lawsuit alleged that eBay violated Section 17200 of the California Business & Professions Code, a statute that relates to unfair competition, based upon the listing of ""bootleg'' or ""pirate'' recordings by eBay's users, allegedly in...

  • Page 78
    ...section of the California Civil Code which prohibits ""dealers'' from selling sports memorabilia without a ""CertiÃ'cate of Authenticity.'' See Subsequent Events ÃŒ Note 16. From time to time, eBay is involved in disputes which have arisen in the ordinary course of business. Management believes that...

  • Page 79
    ... shares of eBay Japan from NEC. AutoTrader.com On March 6, 2000, eBay and Autotrader.com LLC (""Autotrader'') entered into a marketing and services agreement whereby eBay and Autotrader developed a co-branded site, and Autotrader will refer customers desiring an auction pricing format to eBay...

  • Page 80
    ... develop a co-branded version of its service for each AOL property which will prominently feature each party's brand. AOL will be entitled to all advertising revenue from the co-branded site. eBay will pay $75 million over the four-year term of the contract. eBay is recognizing these fees as sales...

  • Page 81
    ...outstanding principal and interest are due and payable by 2004. Note 12 Ì Preferred Stock: Preferred Stock eBay is authorized, subject to limitations prescribed by Delaware law, to provide for the issuance of Preferred Stock in one or more series, to establish from time to time the number of shares...

  • Page 82
    ...directors who are also employees). NSOs may be granted to eBay's employees and consultants. In July 1998, the Board adopted, and in August 1998 eBay's stockholders approved, the 1998 Equity Incentive Plan (the ""1998 Plan'') and reserved 27,000,000 shares of common stock for issuance thereunder. The...

  • Page 83
    ... under the plan. At the time of the acquisition, the outstanding options became options to purchase approximately 200,000 shares of eBay common stock. eBay will make no further option grants under this plan. Options under the Plans may be granted for periods of up to ten years and at prices no less...

  • Page 84
    ... 1998 eBay's stockholders approved, the 1998 Employee Stock Purchase Plan (the ""Purchase Plan'') and reserved 1,800,000 shares of common stock for issuance thereunder. On each January 1, the aggregate number of shares reserved for issuance under the Purchase Plan will be increased automatically by...

  • Page 85
    ... and reserved a total of 1,200,000 shares of eBay's common stock for issuance thereunder. Members of the Board who are not employees of eBay, or any parent, subsidiary or aÇliate of eBay, are eligible to participate in the Directors Plan. The option grants under the Directors Plan are automatic and...

  • Page 86
    eBay Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) The provision for income taxes is composed of the following (in thousands): Year Ended December 31, 1998 1999 2000 Current: Federal State and local Foreign Deferred: Federal State and local $2,419 963 Ì 3,382 1,211 196 1,407 ...

  • Page 87
    ... periods prior to its acquisition. Because the acquisition of the ButterÃ'elds companies has been accounted for as a pooling of interests, there has been no adjustment to the historical carrying values of the real estate holdings. However, these properties are subject to increases in tax basis which...

  • Page 88
    ...ruled that eBay's business falls within the safe harbor provisions of 47 USC 230, which grants internet service providers such as eBay with immunity from state claims based on the conduct of third parties. The Court also noted that eBay was not a ""dealer'' under California law and thus not required...

  • Page 89
    ...company (""Internet Auction''). Internet Auction introduced person-to-person trading in Korea when it launched in April 1998. Internet Auction is listed on the KOSDAQ and is expected to continue to trade on KOSDAQ. In connection with the acquisition of the majority interest in Internet Auction, eBay...

  • Page 90
    ... presented below have been restated to reÃ-ect the acquisitions of Billpoint, ButterÃ'elds, Kruse, alando.de.ag and Half.com which were accounted for as poolings of interest. Quarterly Financial Data (unaudited, in thousands, except per share amounts) March 31 Quarter Ended June 30 September 30...

  • Page 91
    ... of pooled entities 8,791 Net revenues 42,801 Gross proÃ't as previously reported 28,889 Adjustment as a result of pooled entities 5,935 Gross proÃ't 34,824 Net income as previously reported 5,896 Adjustment as a result of pooled entities 2,131) Net income 3,765 Net income per share-basic...

  • Page 92
    SIGNATURES In accordance with the requirements of the Securities Exchange Act, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. eBay Inc. Date: March 28, 2001 Principal Executive OÇcer: Principal Financial OÇcer and Principal ...