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part1.doc part1.doc Document Transcript

  • • intro by hello • ebay vs yahoo • ebay vs Amazon 1. EPS 比較 by hello 2. 毛利率比較 by hello 3. 股價比較 by hello EPS 比較 Net income per diluted share 股價比較 The Nasdaq Stock MarketSM under the symbol ""EBAY'' since September 24, 1998. ebay (in thousands, except per share data) 1999 2000 2001 2002 2003 2004 Gross profit 167,136 335,971 614,005 1,000,224 1,749,038 Net revenues $224,724 $431,424 $748,821 $1,214,100 $2,165,096 3,250,000 GAAP Diluted 0.02 0.09 0.16 0.43 0.67 1.14 EPS 2004 資料 為 ebay 04-Q3 的財報上所推測的 http://pages.ebay.com/2003annualreport/eBay2003Annual.pdf http://investor.ebay.com/NEWS/Q304/EBAY1020-753357.pdf
  • EPS 每股盈餘 2003 年報的 EPS (Earnings per share ) 最近三季季報累積的 EPS 2004 Q 3 Gross Profit - Gross profit was $648.8 million, or 81% of net revenues, which was up from the 79% level reported in Q3-03. GAAP Net Income - GAAP net income increased 77% year over year to $182.3 million, or $0.27 per diluted share. 2004 full year GAAP Diluted EPS - eBay now expects that GAAP earnings per diluted share for the full year 2004 could be as high as $1.14, $0.04 higher than the company’s most recent guidance. From a quarterly perspective, eBay estimates that GAAP earnings per diluted share could be as high as $0.30 in Q4-04, which is consistent with previous guidance http://investor.ebay.com/NEWS/Q304/EBAY1020-753357.pdf — Company Reports Record Q3 Net Revenues of $805.9 Million, Up 52% Year Over Year — — Achieves Q3 GAAP Diluted EPS of $0.27 and Pro Forma Diluted EPS of $0.28
  • Gross Profit - Gross profit was $648.8 million, or 81% of net revenues, which was up from the 79% level reported in Q3-03. GAAP Diluted EPS - eBay now expects that GAAP earnings per diluted share for the full year 2004 could be as high as $1.14, $0.04 higher than the company’s most recent guidance. From a quarterly perspective, eBay estimates that GAAP earnings per diluted share could be as high as $0.30 in Q4-04, which is consistent with previous guidance. Pro Forma Diluted EPS - eBay now expects that pro forma earnings per diluted share for the full year 2004 could be as high as $1.20, $0.03 higher than the company’s most recent guidance. From a quarterly perspective, eBay estimates pro forma earnings per diluted share could be as high as $0.32 in Q4-04, which is consistent with previous guidance.
  • http://investor.ebay.com/NEWS/Q304/EBAY1020-753357.pdf Percent of revenue which is international p15, RD 費用 ? http://pages.ebay.com/2003annualreport/eBay2003Annual.pdf p127 Quarterly Financial Data (unaudited, in thousands, except per share amounts) p26 P28 SigniNcant cost components include bank charges, credit card interchange, other payment processing costs, employee compensation and facilities costs for our customer support and site operations, p29
  • ] Sales and marketing expenses consist primarily of advertising, tradeshow and other promotional costs, employee compensation for our category development and marketing staA, certain trust and safety programs and certain corporate overhead allocations. Sales and marketing expenses increased in absolute dollars in 2003, but decreased as a percentage of total net revenues due to the continued cost leverage in our business and the acquisition of PayPal, which presently has a signiNcantly lower sales and marketing requirement. Growth in advertising and marketing costs as well as employee-related costs comprised the majority of the increases in absolute dollars. Combined advertising and marketing costs increased $155.2 million in 2003. This increase was primarily the result of our marketing programs directed towards our Internet marketing and national television advertising campaigns as well as several category-focused print campaigns. We may not maintain our level of proNtability. We believe that our continued proNtability at historical levels will depend in large part on our ability to do the following: ‚ attract new users and keep existing users active on our websites; ‚ manage the costs of our business, including the costs associated with maintaining and developing our websites, customer support, transaction and chargeback rates, and international and product expansion; ‚ maintain suCcient transaction volume to attract buyers and sellers; ‚ increase the awareness of our brands; and
  • ‚ provide our customers with superior community, customer support, and trading experiences. We invest heavily in marketing and promotion, customer support, and further development of operating infrastructure for our core and recently acquired operations. Some of this investment entails long-term contractual commitments. As a result, we may be unable to adjust our spending rapidly enough to compensate for any unexpected revenue shortfall, which may harm our proNtability. In addition, we are spending in advance of anticipated growth, which may also harm our proNtability. Our investment in EachNet is subject to risks and uncertainties relating to the laws and regulations of the People's Republic of China. We are subject to regulations relating to consumer privacy. New and existing regulations could harm our business. Our business is adversely aAected by anything that causes our users to spend less time on their computers, including seasonal factors and national events. Our business may be harmed if our services are used for illegal purposes. We are subject to intellectual property and other litigation. Our business is subject to online commerce security risks. Our business may be harmed by the listing or sale by our users of pirated or counterfeit items. We are subject to risks associated with information disseminated through our service. Customer complaints or negative publicity about our customer service could diminish use of our services adversely and, as a result, our business could suAer. Acquisitions could result in operating diCculties, dilution and other harmful consequences. System failures could harm our business. Problems with third parties who provide services to our users could harm us.
  • A number of parties provide services to our users that indirectly beneNt us. Such services include seller tools that automate and manage listings, merchant tools that manage listings and interface with inventory management software, and other services. In many cases we have contractual agreements with these companies that give us a direct Nnancial interest in their success, while in other cases we have none. In either circumstance, Nnancial, regulatory, or other problems that prevent these companies from providing services to our users could reduce the number of listings on our websites or make completing transactions on our websites more diCcult, and thereby harm our business. Any security breach at one of these companies could also aAect our customers and harm our business. Although we generally have been able to renew or extend the terms of contractual arrangements with these third party service providers on acceptable terms, there can be no assurance that we will continue to be able to do so in the future. Other companies or governmental agencies may view our behavior as anti- competitive. Other companies have in the past and may in the future allege that actions taken by us violate the antitrust or competition laws of the U.S. or other countries, or otherwise constitute unfair competition. Such claims typically are very expensive to defend, involve negative publicity and diversion of management time and eAort and could result in signiNcant judgments against us, all of which would adversely aAect us. We have provided information to the Antitrust Division of the U.S. Department of Justice in connection with an inquiry into our conduct with respect to ""auction aggregators'' including our licensing program and a previously settled lawsuit against Bidder's Edge. Although the Antitrust Division has closed this inquiry, if the Department of Justice or any other antitrust agency were to open other investigations of our activities, we would likely be harmed by negative publicity, the costs of the action,
  • possible private antitrust lawsuits, the diversion of management time and eAort and penalties we might suAer if we ultimately were not to prevail. We depend on the continued growth of online commerce. The business of selling goods over the Internet, particularly through online trading, is dynamic and relatively new. Acceptance of and growth in use of the Internet as a medium for consumer commerce may not continue. Concerns about fraud, privacy, and other problems may discourage additional consumers from adopting the Internet as a medium of commerce. In particular, our websites require users to make publicly available 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 for recently introduced services and products over the Internet is highly uncertain, and there are few proven services and products. In order to expand our user base, we must appeal to and acquire consumers who historically have used traditional means of commerce to purchase goods. If these consumers prove to be less active than our earlier users, and we are unable to gain eCciencies in our operating costs, including our cost of acquiring new customers, our business could be adversely impacted. We depend on key personnel. Our future performance depends substantially on the continued services of our senior management and other key personnel. Our future performance also will depend on our ability to retain and motivate our other oCcers and key personnel. The loss of the services of any of our executive oCcers or other key employees could harm our business. We do not have long-term employment agreements with any of our key personnel, we do not maintain any ""key person'' life insurance policies, and our Chief
  • Executive OCcer has fully vested the vast majority of her equity incentives. Our new businesses all depend on attracting and retaining key personnel. Our future success also will depend on our ability to attract, train, retain and motivate highly skilled technical, managerial, marketing and customer support personnel. Competition for these personnel is intense, and we may be unable to successfully attract, integrate or retain suCciently qualiNed personnel. In making employment decisions, particularly in the Internet and 59 high-technology industries, job candidates often consider the value of the stock options they are to receive in connection with their employment. Fluctuations in our stock price may make it more diCcult to retain and motivate employees whose stock option strike prices are substantially above current market prices. P62 Our industry is intensely competitive. Our business depends on the development and maintenance of the Internet infrastructure. We must keep pace with rapid technological change to remain competitive. We need to develop new services, features and functions in order to expand. Our growth will depend on our ability to develop our brand. We may be unable to protect or enforce our own intellectual property rights adequately. We are subject to the risks of owning real property.