Q4 2008 financial results were down year-over-year due to difficult economic conditions. Revenue declined 7% to $2.04 billion, while EPS fell 9% to $0.41 per share. Free cash flow remained strong at $525 million. Marketplaces revenue declined 10% to $1.27 billion due to weaker global transaction volumes. PayPal revenue grew 11% to $623 million while total payment volume increased 14% to $16 billion. The company delivered solid results despite challenges in the global economy.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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Managing marketing information to gain customer insights
Ebay 2008 Q4 results
1. Q4 and FY 2008
Financial Highlights
January 21, 2009
®
2. This presentation contains non-GAAP measures relating to the company's performance. You can find the
reconciliation of those measures to the nearest comparable GAAP measures in the appendix at the end of this
presentation.
This presentation may make forward-looking statements relating to our future performance that are based on
our current expectations, forecasts and assumptions and involve risks and uncertainties, including those
relating to the company’s ability to grow its businesses, user base and user activity.
Our t l
O actual results may differ materially from those discussed in thi call f a variety of reasons, i l di
lt diff t i ll f th di d i this ll for it f including, b t
but
not limited to, the impact of recent global economic events and the global economic downturn; foreign-
exchange-rate fluctuations; changes in political, business, and economic conditions; our ability to profitably
expand our business model to new types of merchandise and sellers; the impact and integration of recent and
future acquisitions; our increasing need to grow revenues from existing users in established markets; an
increasingly competitive environment for our businesses; the complexity of managing a g
gy p ; p y g g growing company with
g py
a broad range of businesses, our need to manage regulatory, tax, IP and litigation risks (including risks
specific to PayPal and the financial industry, and risks specific to Skype’s technology and to the VoiP
industry); and our need to upgrade our technology and customer service infrastructure at reasonable cost
while adding new features and maintaining site stability.
You
Y can fi d more i f
find information about f t
ti b t factors th t could affect our operating results in our most recent annual
that ld ff t ti lt i t t l
report on our Form 10-K and our subsequent quarterly reports on Form 10-Q (available at
http://investor.ebay.com). You should not unduly rely on any forward-looking statements, and we assume no
obligation to update them. All information in the presentation is as of January 21, 2009, and we do not intend,
and undertake no duty, to update this presentation.
®
1
3. Q4/FY 08 Summary
• Q4’08:
– Difficult economic environment coupled with a stronger US$
led to -7% y/y revenue growth (organic growth -3%)
– Delivered $0.41 of EPS
– Generated $525M of Free Cash Flow
– Completed acquisitions of BML, dBA, and BilBasen to
strengthen portfolio of business
• FY’08:
– Strong revenue growth in a difficult economic environment
– Strong EPS growth
– $0.06 above the midpoint of initial ’08 guidance
– Excellent FCF… generated $2.3B ®
2
4. Q4 08 Summary… Top-line down 7%, organic down 3%
Revenue
(in $millions)
2,192 2,196
2,181
2,118
2,036
1,889
1,834
1,768
1,720
1 720
Incremental
contra-rev
impacted
growth by
3 pts in Q4
Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
Reported Y/Y Growth 29% 27% 30% 30% 27% 24% 20% 12% -7%
Organic Y/Y Growth 21.1% 21.1% 23.4% 23.0% 18.0% 16.2% 13.0% 8.6% -3.3%
®
3 Note: Calculation of Organic Y/Y growth is included in the Appendix of this presentation
5. Q4 08 Summary… Non-GAAP EPS down 9%
Non-GAAP EPS
(in $)
0.46
0.45
0.43
0.42
0.41* 0.41
0.34
0.33
0.31
Stronger $
impacted
EPS by
($0.07) in Q4
Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
Reported Y/Y Growth 29% 39% 40% 59% 45% 26% 25% 11% -9%
Non-GAAP Op. Margin 33.4% 33.6% 32.4% 31.4% 34.6% 32.0% 31.9% 31.8% 32.8%
®
Note: Calculations of Non-GAAP EPS and Non-GAAP Op. Margin are included in the Appendix of this presentation
4
*$0.04 Non-GAAP EPS from one-time tax benefit
6. Q4 08 Summary… Free Cash Flow Generation
Free Cash Flow
(in $millions)
665
632 617
543
533
529 525
510
479
Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
Reported Y/Y Growth 24% 6% 45% 32% 26% 32% 16% 6% -21%
Capex % of Revenue 6% 5% 7% 6% 6% 6% 6% 7% 8%
FCF % of Revenue 31% 27% 29% 27% 30% 29% 28% 26% 26%
®
Note: Calculation of FCF is included in the Appendix of this presentation
5
7. Q4 08 Summary… RoIC
Return on Invested Capital*
28.8%
28.0%
26.6%
26.5%
25.5%
23.2%
23 2%
20.5%
19.5%
18.4%
Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
*Trailing 12-month Pro-Forma Net Operating Profits After Tax / (Average Total Assets – 95% of Average Cash, Cash Equivalents, and Investments - Average Current Liabilities)
®
Note: Skype write down that occurred in Q3’07 lowered our asset base without impacting pro-forma earnings
Calculation of Return on Invested Capital is included in the Appendix of this presentation
6
9. Business Update… Marketplaces Operating Metrics
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
Active Users (in millions)
•Active user growth ex-China
Global Active Users* 83.0 83.2 83.9 84.5 85.7 86.3
and Taiwan: 5%
dT i
Y/Y Growth 4% 2% 1% 1% 3% 4%
Sold Items
• Sold items growth remained
Y/Y Growth in Sold Items 8.2% 9.0% 10.7% 9.9% 5.7% 2.7%
positive
GMV (in $millions)
US 4,893 5,580 5,425 5,121 4,976 5,099
Y/Y Growth 12% 9% 7% 6% 2% -9%
• Difficult economic
Int'l 6,170 7,527 7,443 7,180 6,385 6,371
environment
Y/Y Growth 19% 17% 19% 15% 3% -15%
• Negative impact from FX,
FX
Fx N t l
F Neutral Y/Y Growth
G th 11% 7% 10% 6% 2% 0%
cross-border trade
GMV Ex-Vehicles 11,063 13,107 12,868 12,301 11,361 11,470
• Deterioration in ASP as
Y/Y Growth 16% 14% 14% 11% 3% -12%
consumers continue to trade
Fx Neutral Y/Y Growth 12% 8% 9% 6% 2% -4% down
Vehicles GMV 3,332 3,106 3,168 3,383 2,922 2,176 • Fixed price (fx-neutral ex-
Y/Y Growth 8% 8% 7% 0% -12% -30% vehicles) continues to grow
double digits y/y
Fixed price as a % of GMV 41% 42% 42% 43% 46% 49%
Notes:
*Global active users number reflects all users, excluding users of StubHub, Half.com and IAC, who bid on, bought, or listed an item within the
previous 12-month period.
®
•More information on these metrics can be found on Page 10 of our Earnings Press Release dated January 21, 2009
8
11. Business Update… PayPal Operating Metrics
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
Active Registered Accounts (in millions)
• Acceleration in active user
Global Active Accounts 54.8 57.3 60.2 62.6 65.3 70.4 growth helped by adding new
BML customers
Y/Y Growth 16% 16% 17% 19% 19% 23%
• Increases in penetration rate
TPV (in $millions)*
help to offset declining GMV
On eBay 6,513 7,928 7,777 7,674 7,265 7,702 growth on eBay
Y/Y Growth 18% 17% 17% 19% 12% -3%
• Merchant Services continues to
Merchant Services
M h S i 5,055
0 6,116
6 116 6,640
6 640 7,256
26 7,547
4 8,286
8 286 grow robustly, despite impact
from adverse economic
Y/Y Growth 62% 66% 61% 57% 49% 35%
conditions
Total TPV 11,569 14,044 14,417 14,930 14,812 15,988
• BML TPV comprised 1.4% of
Y/Y Growth 34% 35% 34% 35% 28% 14%
total TPV
On-eBay
On eBay Penetration Rate
• 9pt increase over the course of
Global 53.6% 54.0% 54.5% 56.5% 59.6% 62.7% 2008
Transaction rates**
• Take rate down, mainly due to
Global take rate 3.87% 3.84% 3.88% 3.89% 3.89% 3.78% lower cross-border trade
• Expense rate down modestly
Transaction exp 1.21% 1.18% 1.18% 1.23% 1.20% 1.16%
(due to better funding mix)
Transaction loss 0.27% 0.27% 0.24% 0.27% 0.29% 0.33%
• Trxn margin remains strong at
61%
Notes:
*Merchant Services TPV includes TPV generated by BML
**Comparable BML metrics have been blended into total PayPal metrics
•Global Active Accounts reflects all registered accounts, excluding non-registered users, that successfully sent or received at least one payment or payment reversal
through PayPal within the previous 12-month period and BML accounts that are currently able to transact and have received a statement in the past 12 months.
•TPV has been adjusted to Net TPV, which is the total dollar volume of payments, net of payment reversals successfully completed through the PayPal or BML
systems during the quarter, excluding the payment gateway business.
®
•Transaction exp and transaction loss are expressed as % of Net TPV.
•Penetration Rate has been adjusted to reflect the total dollar volume of addressable GMV paid using PayPal in relation to the total dollar volume of addressable GMV.
10
•More information on these metrics can be found on Page 11 of our Earnings Press Release dated January 21, 2009
12. Business Update… Bill Me Later Metrics
Portfolio Balance: $570M*
Net Charge-Offs as %
Avg. Customer
Risk-Adjusted Margin** of Receivables
FICO Score
15% 10%
8%
10%
6%
4%
5%
2%
0% 0%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
• Risk-adjusted margin ~2x higher • Charge-off increased modestly, but
• Tightened lending standards to
than industry average in line with expectations
manage credit quality in difficult
credit environment
*As of 12/31/08
**Risk-Adjusted Margin is the annualized ratio of total revenues less cost of funds less net credit and fraud losses relative to average annualized loan receivables for the
3-month period
®
11
13. Business Update… Skype Revenue and Operating Metrics
Revenue
($millions)
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
Registered Users (in millions) 246 276 309 338 370 405
Y/Y Growth 81% 61% 58% 54% 51% 47%
143 145
Skype to Skype Minutes (in billions) 9.8 11.9 14.2 14.8 16.0 20.5
136
126
Y/Y Growth 31% 26% 30% 38% 63% 72%
115
98
Skype Out Minutes (in billions) 1.4 1.6 1.7 1.9 2.2 2.6
Y/Y Growth 25% 7% 33% 42% 54% 61%
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
y/y growth On an fx-neutral
96% 76% 61% 51% 46% 26% basis Skype rev
accelerated 5
pts
Notes:
®
• Registered user number reflects users that may have registered through non-Skype based web sites.
• Skype-to-Skype minutes are estimated; prior period amounts are updated to conform to current estimation methodology.
12
• Information on these metrics can be found on Page 12 of our Earnings Press Release dated January 21, 2009.
14. Total Non-GAAP Operating Expenses
Prov. for Trxn
Sales & Marketing Product Development General & Admin.
and Loan Loss
(% of Revenue) (% of Revenue) (% of Revenue)
(% of Revenue)
22.5%
9.6%
8.8%
7.2%
19.5% 6.9%
4.3%
3.8%
Q4 07 Q4 08 Q4 07 Q4 08 Q4 07 Q4 08 Q4 07 Q4 08
• Continue to spend on • Increased leverage • Includes MP and PP trxn
• Investments in improving
customer loyalty
c stomer lo alt loss,
loss MP consumer
cons mer
the b
th buyer experience
i
• Cost cutting
(recorded as contra-rev) protection, bad debt exp,
instead of customer and BML loan loss
acquisition
Q4 Non-GAAP Op Inc: $668M
Q4 Non-GAAP Net Inc: $524M ®
13
15. Q4 08 Cash Flow / Capital Allocation …
Cash Balance* / Flows Free Cash Flow / Other Movements
(in $billions)
• Borrowed $1B from our line of credit
0.5
3.3 (1.2) 3.2
(0.5) 0.1 • Capital expenditures: 8% of revenue
1.0
2.9 Q4 Acquisitions
2.9
• ~$800M cash on BML acquisition plus ~$500M
to purchase the book of receivables
• ~$400M on dBA/BilBasen acquisition
US 0.4 US 0.3
Q3 08 E di
Ending FCF Acquisitions
A i iti Line f C dit
Li of Credit Finance Loan
Fi L Other
Oth Q4 08 E di
Ending
Drawdown Portfolio
®
*Cash balance includes cash and cash equivalents
14
**Other includes proceeds from options exercised, impact from fx movements, and purchases of investments
16. FY 08 Summary…
Revenues Non-GAAP EPS Free Cash Flow
(in $millions) (in $) (in $millions)
1.71
8,541
2,316
2,187
7,672 1.53
1,732
5,970
1.05
FY 06 FY 07 FY 08 FY 06 FY 07 FY 08 FY 06 FY 07 FY 08
Reported Y/Y Growth 31% 29% 11% 21% 46% 12% 10% 26% 6%
Reported Non-GAAP Op. Margin
Non GAAP 32.8% 33.1% 32.1%
®
Note: Calculation of Non-GAAP EPS, Non-GAAP Op. Margin, and FCF is included in the Appendix of this presentation
15
17. We Took Bold Actions to Improve the eBay
Shopping Experience…
pp g p
Selection Trust Value
% of GMV from Sellers % of listings offering
New Li ti
N Listings (in millions)
(i illi )
w/ 4.8+ DSR’s free shipping
800 30% 30%
700 20% 20%
600 10%
10%
500 0%
0%
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1'08 Q2'08 Q3'08 Q4'08
Q1'08 Q2'08 Q3'08 Q4'08
• A cleaner site… with ~95% gallery
• Improved service levels… faster growth for better sellers
• Our success is more closely aligned with our sellers… lower insertion fee
• Competitive shipping… avg U.S. shipping paid/item down 25% y/y in Q4
• PayPal is a safer way to pay… penetration up 9 pts from ‘07 ®
16
18. Expanding Portfolio to Diversify Revenue Streams
2005 2008
MP T
Trxn
Revenue
$4.6B biz $8.5B biz
Other
Revenue
29%
45%
55%
71%
46% 54%
% Int’l
• Global expansion 54% outside the U.S. (+8 pts)
expansion… US
• PayPal represents ~30% of revenue… Merchant Services nearly a $1B business
• Marketing Services & Other… nearly a $1B business ®
17
19. Guidance Summary
vs. 1Q'08
1Q'09 Guidance
Q
~(10pts) due to fx
$1.80 - $2.05B (18%) - (6%)
Revenue
~+2pts M&A
~($0.06) impact from fx
($0.06)
Non-GAAP
$0.32 - $0.34 (24%) - (19%) ~($0.03) impact from interest rates
EPS
~($0.02) impact from M&A
Full year implications…
…fx @ spot ~($600M) top line and ($0.20) - ($0.17) EPS impact
…interest rates @ current LIBOR ~($40M) top line and ($0.08) - ($0.07) EPS impact
…M&A dilution ~($0.06) EPS impact
®
Note: Calculation of Non-GAAP EPS is included in the Appendix of this presentation
18
20. Summary
• Clear on challenges in front of us...
…and understand what needs to be done to reaccelerate
d d t d ht dtbd t l t
growth against the backdrop of a difficult economic
environment
• We have the best people with clear focus…
…to extend our leadership positions in ecommerce, online
payments, and online communications, while
t d li i ti hil
diversifying our revenue streams
• Disciplined capital allocation and strong financial
architecture…
…allow us to invest in and make the necessary changes to
our b i
business while still delivering on our financial
hil till d li i fi il
obligations to shareholders
®
19
23. Calculation of Organic Revenue Growth
Three Months Ended
Mar 31, Jun 30, Sep 30, Dec 31,
2006 2006 2006 2006
Total revenue growth 35% 30% 31% 29%
Acquisition impact (10%) (9%) (9%) (3%)
Foreign currency impact 5% - (2%) (5%)
Total organic revenue growth 30% 21% 20% 21%
Mar 31, Jun 30, Sept 30, Dec 31,
2007 2007 2007 2007
Total revenue growth 27% 30% 30% 27%
Acquisition impact (1%) (3%) (3%) (3%)
Foreign currency impact (5%) (4%) (4%) (6%)
Total organic revenue growth 21% 23% 23% 18%
Mar 31, Jun 30, Sept 30, Dec 31,
2008 2008 2008 2008
Total revenue growth 24% 20% 12% (7%)
Acquisition impact (2%) 0% 0% (2%)
Foreign currency impact (6%) (7%) (3%) 6%
Total organic revenue growth 16% 13% 9% (3%)
®
Note: Acquisition impact includes acquisitions made within 12 months of the quarter
22
24. Reconciliation of Quarterly GAAP to Non-GAAP Net
Income / EPS (2005 – 2006)
( )
Three Months Ended
Mar 31, Jun 30, Sept 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31,
2005 2005 2005 2005 2006 2006 2006 2006
(in millions, except per share data)
GAAP net income (loss) $ 256.3 $ 291.6 $ $ 279.2 $ 248.3 $ 250.0 $ 280.9 $
255.0 346.5
Stock-based compensation
expense 3.6 0.1 5.3 22.8 83.8 85.4 73.5 74.7
Employer payroll taxes on
stock-based compensation 5.7 1.5 2.3 3.5 2.3 1.6 0.4 0.9
Amortization of acquired
(1)
intangible assets 22.5 25.8 29.2 51.4 51.9 62.0 51.5 49.5
Restructuring - - - - - - - -
Impairment of goodwill - - - - - - - -
Gain on sale of equity
investment - (2.3)
(2 3) - - - - - -
Income taxes associated
with certain non-GAAP
entries (12.6) (9.5) (11.6) (16.8) (43.4) (48.3) (38.9) (41.0)
Non-GAAP net income 275.5 $ 307.2 $ $ 340.1 $ 342.9 $ 350.7 $ 367.4 $
$ 280.2 430.5
Non-GAAP net income per diluted
share $ 0.20 $ 0.22 $ 0.20 $ 0.24 $ 0.24 $ 0.24 $ 0.26 $ 0.31
Shares used in non-GAAP diluted
share calculation 1,382 1,379 1,387 1,426 1,438 1,436 1,426 1,403
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25. Reconciliation of Quarterly GAAP to Non-GAAP Net
Income / EPS (2007 – 2008)
( )
Three Months Ended
Mar 31, June 30, Sept 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31,
2007 2007 2007 2007 2008 2008 2008 2008
(in millions, except per share data)
GAAP net income (loss) $$ 377.2 $ 375.8 $ (935.6) $ 530.9 $ 459.7 $ 460.3 $ 492.2 $ 367.2
Stock-based compensation
expense 72.0 79.6 80.6 69.7 87.4 91.9 90.3 82.6
Employer p y
p y payroll taxes on
stock-based compensation 1.8 1.3 2.3 1.5 0.3 1.7 0.5 0.6
Amortization of acquired
(1)
intangible assets 51.8 56.9 57.3 57.7 60.9 61.5 59.4 82.2
Restructuring - - - - - - - 49.1
Impairment of goodwill - - 1,390.9 - - - - -
Gain on sale of equity
investment
i t t - - - - - - - -
Income taxes associated
with certain non-GAAP
entries (42.3) (42.5) (31.7) (48.9) (46.8) (47.9) (50.3) (57.9)
Non-GAAP net income $$ 460.5 $ 471.1 $ 563.8 $ 610.9 $ 561.5 $ 567.5 $ 592.1 $ 523.8
Non-GAAP net income per diluted
share $$ 0.33 $ 0.34 $ 0.41 $ 0.45 $ 0.42 $ 0.43 $ 0.46 $ 0.41
Shares used in non-GAAP diluted
share calculation 1,384 1,379 1,373 1,368 1,344 1,325 1,297 1,284
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26. Reconciliation of Annual GAAP to Non-GAAP Net
Income / EPS
Twelve Months Ended
Dec 31, Dec 31, Dec 31, Dec 31,
2005 2006 2007 2008
(in millions)
GAAP net income (loss) 1,125.6 $
$ 1,082.1 $ 348.3 $ 1,779.4
Stock-based compensation
expense 31.8 317.4 301.8 352.1
Employer payroll taxes on
stock-based compensation
t kb d ti 13.0
13 0 5.3
53 6.9
69 3.1
31
Amortization of acquired
(1)
intangible assets 128.9 214.9 223.7 264.1
Restructuring - - - 49.1
Impairment of goodwill - - 1,390.9 -
Gain on sale of equity
investment (2.3)
(2 3) - - -
Income taxes associated
with certain non-GAAP
entries (50.5) (171.6) (165.4) (202.9)
Non-GAAP net income $ 1,203.0 $ 1,491.6 $ 2,106.2 $ 2,244.9
Non-GAAP net income per diluted
share $ 0.86 $ 1.05 $ 1.53 $ 1.71
Shares used in non-GAAP diluted
share calculation 1,394 1,425 1,376 1,313
(1) Includes amortization of acquired intangible assets within cost of net revenues and operating expenses.
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34. Reconciliation of GAAP to Non-GAAP Guidance
Three Months Ended
March 31, 2009
GAAP Non-GAAP
(in millions, except per share amounts) (a)
Revenues $1,800 - $2,050 $1,800 - $2,050
Diluted EPS $0.21 - $
$ $0.23 $0.32 - $
$ $0.34
(a) Estimated non-GAAP amounts above for the three months ending March 31, 2009, reflect the
estimated quarterly adjustments that exclude the amortization of acquired intangible assets of
approximately $70-$80 million, stock-based compensation expense and employer payroll taxes on
stock-based compensation of approximately $ $
p pp y $90-$105 million and restructuring charges of
g g
approximately $10-$15 million.
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