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eBay, Inc. and Amazon.

com (A) 712-405


Exhibit 1 Amazon (AMZN) and eBay (EBAY) stock performance, 1/2/02---12/31/10
1,800%
1,600%
1,400%
AMZN EBAY

+1,542%

-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10


1,200%
1,000%
800%
600%
400%
200%
0%
(200%J)an
+68%
Source: Bloomberg LP, accessed January 2012.
7
änninen (mikko.o.hanninen@aalto.fi). Copying or posting is an infringement of copyright. Please contact
ervice@harvardbusiness.org or 800-988-0886 for additional copies.
Exhibit 2 Summary Financial Data for Amazon.com (in millions)

1999 2002 2003


Income Statement Data: 2000
Net Sales $1,640 $2,762 $3,122 2001 $3,933 $5,264

Cost of Goods Sold $1,349 $2,106 $2,324 $2,940 $4,007


Gross Profit $291 $656 $799 $993 $1,257
Fulfillment $237 $415 $374 $392 $477
Marketing $176 $180 $138 $125 $123
Technology and content $160 $269 $241 $216 $208
General and administrative $70 $109 $90 $79 $88
Other operating expense (income), net $253 $547 $367 $116 $91
Total operating expenses $896 $1,520 $1,211 $928 $987
Operating Income (Loss) ($606) ($864) ($412) $64 $271
Net Income (Loss) ($720) ($1,411) ($567) ($149) $35

Balance Sheet Data:


Long-term debt $1,441 $2,111 $2,090 $2,230 $1,919

Total Assets $2,466 $2,135 $1,638 $1,990 $2,162


Total Liabilities $2,200 $3,102 $3,078 $3,343 $3,198
Total stockholers' equity (deficit) $266 ($967) ($1,440) ($1,353) ($1,036)
Cash Flow Statement Data:

Net cash provided by operating activities ($91) ($130) ($120) $174 $392
Capital Expenditures ($287) ($135) ($50) ($39) ($46)
Free cash flow ($378) ($265) ($170) $135 $346
Other Metrics:

Shipping revenue $239 $339 $357 $365 $372


Outbound shipping cost ($227) ($340) ($376) ($404) ($508)
Net shipping profit (cost) $12 ($1) ($19) ($40) ($136)
Fulfillment Capacity (square feet) 4.2 4.0 3.9 4.2
Active Customers 14.1 19.8 24.7 31.0 39.5
Active Sellers 0.4 0.6
Total Units 243.0 710.2
3rd Party Units 41.2 147.5
3rd Party Gross Merchandise Volume $796 $2,806
U.S. Unique Visitors 16.6 21.1 31.0 46.2 45.7
Source: Company filings; Goldman Sachs; comScore Media Metrix.
Exhibit 3 Summary Financial Data for eBay (in millions)

1999 2000 2001 2002 2003


Income Statement Data:
Net Sales $225 $431 $749 $1,214 $2,165

Marketplaces $426 $731 $1,119 $1,727


Cost of Goods Sold $58 $95 $135 $214 $416
Marketplaces $201 $311 $424 $647
Gross Profit $167 $336 $614 $1,000 $1,749
Marketplaces $225 $421 $694 $1,080
Sales and marketing $96 $166 $253 $349 $567
Product development $25 $52 $75 $103 $158
General and administrative $44 $71 $104 $168 $300
Other operating expense (income), net $6 $12 $41 $26 ###
Total operating expenses $171 $301 $474 $646 $1,120
Operating Income (Loss) ($3) $35 $140 $354 $629
Net Income (Loss) $10 $48 $90 $250 $442

Balance Sheet Data:


Long-term debt $15 $11 $12 $14 $124

Total Assets $970 $1,182 $1,679 $4,040 $5,820


Total Liabilities $116 $169 $249 $484 $924
Total stockholers' equity (deficit) $854 $1,014 $1,429 $3,556 $4,896
Cash Flow Statement Data:

Net cash provided by operating activities $63 $100 $252 $480 $874
Capital Expenditures ($87) ($50) ($57) ($139) ($365)
Free cash flow ($24) $50 $195 $341 $509
Other Metrics:

Active Customers 18 28 41
Listings 130 264 423 638 ###
Sold Items
Gross Merchandise Volume $2,805 $5,414 $9,320 $14,868 $23,779
Fixed Price
Auction
U.S. Unique Visitors 10.4 19.5 28.3 53.9 69.2
Source: Company filings; Goldman Sachs; comScore Media Metrix.
Exhibit 4 Amazon (AMZN) and eBay (EBAY) stock performance, 9/4/98---12/31/01
AMZN EBAY
1,600%

-98 Feb-99 Jul-99 Dec-99 May-00 Oct-00 Mar-01 Aug-01

1,400%
1,200%
1,000%
800%
600%
+749%
400%
200%
0%
Sep (200%)
(36%)
Source: Bloomberg LP, accessed January 2012.
Exhibit 5 Fee Schedule for eBay, 1999
eBay Auctions                                                                                                                                                   
Listing Fee
Starting price $0.01-$9.99 $0.25
Starting price$10-$24.99 $0.50
Starting price $25-$49.99 $1.00
Starting price $50 or more $2.00
Starting price $200 or more $3.30
Final Value Fee
Sale price $0.01-$25.00 5%
Sale price $25.00-$1,000 $1.25 plus 2.5% of amount > $25
Sale price > $1,000 $25.63 + 1.25% of amount > $1,000
Source: eBay, ‘‘eBay Help: Seller Guide,’’ eBay website, http://web.archive.org/web/20000301100021/http://pages.ebay. com/help/sellerguide/selling-fees
Exhibit 6 eBay’s Key Services for Buyers and Sellers
Feedback Forum: Our Feedback Forum encourages users to provide feedback ratings and comments on other users with whom they trade.
Users’ profiles, which include these feedback ratings and comments, can be viewed by any of our other users. Every registered user has a feedback
profile that may contain compliments, criticisms and/or other comments by users who have conducted business with that user.
...
SafeHarbor Program: We also offer the SafeHarbor program, which provides guidelines for trading and user dispute resolution. Our SafeHarbor staff
investigates users’ complaints of possible misuse of eBay platforms and takes appropriate action…
Verified Rights Owner (VeRO) Program: Our VeRO Program lets intellectual property rights owners request the removal of listings that offer
items or contain materials that they claim infringe on their rights. This program helps to protect community members from purchasing items that may
be counterfeit or otherwise unauthorized.
Customer Support: We devote significant resources to providing personalized, accurate and timely support services to our community of users. Buyers
and sellers can contact us through a variety of means, including email, online text chat and telephone.
...
Value-Added Tools and Services: eBay users have access to a variety of “pre-trade” and “post-trade” tools and services to enhance their user
experience and to make trading faster, easier and safer for them…These tools and services include:
 Turbo Lister, eBay Blackthorne, ProStores, Selling Manager and Selling Manager Pro, each of which helps to automate the selling process;
 Shipping Calculator, which makes it easier for buyers and sellers to calculate shipping costs;
 Shipping Labels, which allows sellers to print certain postage and labels;
 eBay To Go, which allows users to embed item listings in their own Internet websites; and
 PayPal, which facilitates the online exchange of funds.
...
PowerSeller program: PowerSellers are eBay’s top sellers who have consistently sustained a high volume of monthly sales and who have a high level of
positive feedback and consistently high DSRs. Members of the PowerSeller program get a range of special benefits, including pricing discounts,
prioritized customer support, promotional offers…
eBay Top-rated Seller program: In 2009, we introduced our eBay Top-rated Seller (eTRS) program in key countries…Members of the
eTRS program qualify for the same benefits as the PowerSeller program, as well as a prominent badge in search results, higher discounts, and
increased search exposure.
Top Buyer program: Our top buyers benefit from having a special phone number to call if they have an unsatisfactory user experience in connection
with a transaction on our websites…
Coupons and Buyer Rewards: Coupons were given to targeted buyers throughout 2008 and 2009 to drive our GMV growth. Beginning in 2009,
we also began offering, on a limited basis, a buyer rewards program in the U.S. to incentivize our buyers to remain loyal by offering “eBay
Bucks” certificates on qualifying eBay.com purchases…
eBay Buyer Protection: eBay Buyer Protection covers items purchased on eBay.com in the U.S. and the U.K. through an eligible payment method and
protects most buyers with respect to items that are not received or not as described in the listing.
Best Match: …“Best Match” is designed to enable buyers to find the items they are looking for more quickly and easily, incentivize sellers to provide
better deals, free or inexpensive shipping and excellent customer service, and increase the frequency of positive buying experiences from sellers with
high rates of buyer satisfaction.

Source: eBay, December 31, 2009, Form 10-K, via EDGAR, accessed December 2010.
Exhibit 7 Fee Schedule for Amazon Auctions and zShops, 1999
Amazon zShops Listing Fee
Sale price $0.01-$25.00 5%
Sale price $25.00-$1,000 $1.25 plus 2.5% of amount > $25
Sale price > $1,000 $25.63 + 1.25% of amount > $1,000
Amazon Auctions                                                                                                                                             
Listing Fee $0.10
Final Value Fee same as zShops
Source: Jim Seymour, ‘‘Amazon’s zShops: Big Idea?’’ The Street, September 29, 1999, http://www.thestreet.com/story/ 788773/amazons-zshops-big-idea.htm
Exhibit 8 Fee Schedule for Third-Party Selling on Amazon, 2011
Fee Type Professional Individual
Monthly subscription fee $39.99 N/A
Per-item closing fee referral + variable
$0.99 + referral +
closing fee variable closing fee

Product Type Shipping Credit (1)


Referral Fee (2)
Variable Fee
Amazon Kindle $4.49 + $0.50/lb. 15.0% $0.45 + $0.05/lb.
Automotive Parts and Accessories $4.49 + $0.50/lb. 12.0% $0.45 + $0.05/lb.
Baby Products (excluding baby apparel) $4.49 + $0.50/lb. 15.0% $0.45 + $0.05/lb.
Books $3.99 15.0% $1.35
Camera and Photo $4.49 + $0.50/lb. 8.0% $0.45 + $0.05/lb.
Cell Phone Accessories $4.49 + $0.50/lb. 15.0% $0.45 + $0.05/lb.
Consumer Electronics $4.49 + $0.50/lb. 8.0% $0.45 + $0.05/lb.
Home & Garden (including Pet Supplies) $4.49 + $0.50/lb. 15.0% $0.45 + $0.05/lb.
Kindle Accessories $4.49 + $0.50/lb. 25.0% $0.45 + $0.05/lb.
Music $2.98 15.0% $0.80
Musical Instruments $4.49 + $0.50/lb. 12.0% $0.45 + $0.05/lb.
Office Products $4.49 + $0.50/lb. 15.0% $0.45 + $0.05/lb.
Personal Computers $4.49 + $0.50/lb. 6.0% $0.45 + $0.05/lb.
Software & Computer Games $3.99 15.0% $1.35
Sporting Goods $4.49 + $0.50/lb. 15.0% $0.45 + $0.05/lb.
Tires & Wheels $4.49 + $0.50/lb. 10.0% $0.45 + $0.05/lb.
Tools & Home Improvement $4.49 + $0.50/lb. 12.0% $0.45 + $0.05/lb.
Toys $4.49 + $0.50/lb. 15.0% $0.45 + $0.05/lb.
Video & DVD $2.98 15.0% $0.80
Video Games $3.99 15.0% $1.35
Video Game Consoles $4.49 + $0.50/lb. 8.0% $1.35
Watches $4.49 + $0.50/lb. 15.0% $0.45 + $0.05/lb.
Unlocked Cell Phones $4.49 + $0.50/lb. 8.0% $0.45 + $0.05/lb.
Any Other Products $4.49 + $0.50/lb. 15.0% $0.45 + $0.05/lb.
Source: Amazon, ‘‘Selling on Amazon,’’ Amazon website, http://www.amazonservices.com/content/sell-onamazon.htm?id= hm1#pricing, accessed May 20
Note: Footnotes (1) and (2) have been omitted from exhibit.
Exhibit 9 Fee Schedule for Fulfillment by Amazon Service, 2011
Source: Amazon, ‘‘Selling on Amazon,’’ Amazon website, http://www.amazonservices.com/content/sell-onamazon.htm? id=hm1#pricing, accessed May 20
Exhibit 10 U.S. Retail Sales: Total and E-commerce
Unit Price
<$25 $25-$299.99 $300 or more
Standard Size Media
Order Handling (per order) $0.00 $0.00 $0.00

Pick & Pack (per unit) $0.60 $1.00 $0.00


Weight Handling (per lb.) $0.40 $0.40 $0.00
Standard Size Non-Media
Order Handling (per order) $1.00 $1.00 $0.00

Pick & Pack (per unit) $0.75 $1.00 $0.00


Weight Handling (per lb.) $0.40 $0.40 $0.00
Media/Non-Media Oversize
Order Handling (per order) $0.00 $0.00 $0.00

Pick & Pack (per unit) $3.00 $3.00 $3.00


Weight Handling (per lb.) $0.40 $0.40 $0.40
Special Handling (large-screen TVs) $50.00 $50.00 $50.00
U.S. Retail Sales ($B) (1)

Year                               Total              E-commerce    
2010 $3,893 $172
2009 $3,646 $151
2008 $3,955 $152
2007 $4,022 $151
2006 $3,903 $131
2005 $3,714 $113
2004 $3,491 $97
2003 $3,292 $83
2002 $3,160 $70
2001 $3,090 $57
2000 $3,008 $51
Source: Company 10Ks; U.S. Department of Commerce; Morgan Stanley; Goldman Sachs.
1
Adjusted for eBay by subtracting eBay U.S. transaction revenue and adding eBay U.S. GMV.
Exhibit 11 Fee Schedule for eBay, 2011
Auction-style format listing                                                                                                                            
Listing Fee (free for 50 listings per month)
Starting price $0.01-$0.99 $0.10
Starting price $1-$9.99 $0.25
Starting price$10-$24.99 $0.50
Starting price $25-$49.99 $0.75
Starting price $50-$199.99 $1.00
Starting price $200 or more $2.00
Final Value Fee 9.0% with a maximum charge of $100
PayPal Fee
Sale Price $0-$3,000 2.9% + $0.30
Sale Price $3,000.01-$10,000 2.5% + $0.30
Sale Price $10,000.01-$100,000 2.2% + $0.30
Sale Price > $100,000 1.9% + $0.30
                                                                                                                            
Listing Fee (free for 50 listings per month)
Buy It Now price $0.99 or more $0.50
Final Value Fee
Electronics
Sale price $0.99-$50 8.0%
Sale price $50.01-$1,000 $4 plus 5.0% of amount > $50
Sale price > $1,000 $54 plus 2.0% of amount > $1,000
Clothing, Shoes and Accessories
Sale price $0.99-$50 12.0%
Sale price $50.01-$1,000 $6 plus 9.0% of amount > $50
Sale price > $1,000 $96 plus 2.0% of amount > $1,000
Books, DVDs & Movies, Music, Video Games
Sale price $0.99-$50 15.0%
Sale price $50.01-$1,000 $7.50 plus 5.0% of amount > $50
Sale price > $1,000 $57.50 plus 2.0% of amount > $1,000
All other categories
Sale price $0.99-$50 12.0%
Sale price $50.01-$1,000 $6 plus 6.0% of amount > $50
Sale price > $1,000 $66 plus 2.0% of amount > $1,000
PayPal Fee same as Auction-style format
Source: eBay, ‘‘Fees for selling on eBay,’’ eBay website, http://pages.ebay.com/help/sell/fees.html, accessed May 2011.
712-405 -8-

2004 2005 2006 2007 2008 2009 2010

$6,921 $8,490 $10,711 $14,835 $19,166 $24,509 $34,204

$5,319 $6,451 $8,255 $11,482 $14,896 $18,978 $26,561


$1,602 $2,039 $2,456 $3,353 $4,270 $5,531 $7,643
$591 $729 $913 $1,253 $1,597 $1,973 $2,808
$158 $192 $259 $336 $469 $660 $1,002
$251 $406 $608 $715 $882 $1,058 $1,511
$112 $146 $176 $200 $229 $268 $386
$50 $134 $111 $194 $251 $443 $530
$1,162 $1,607 $2,067 $2,698 $3,428 $4,402 $6,237
$440 $432 $389 $655 $842 $1,129 $1,406
$588 $359 $190 $476 $645 $902 $1,152

$1,835 $1,480 $1,247 $1,282 $409 $109 $184

$3,248 $3,696 $4,363 $6,485 $8,314 $13,813 $18,797


$3,475 $3,450 $3,932 $5,288 $5,642 $8,556 $11,933
($227) $246 $431 $1,197 $2,672 $5,257 $6,864

$566 $733 $702 $1,405 $1,697 $3,293 $3,495


($89) ($204) ($216) ($224) ($333) ($373) ($979)
$477 $529 $486 $1,181 $1,364 $2,920 $2,516

$420 $511 $567 $740 $835 $924 $1,193


($617) ($750) ($884) ($1,174) ($1,465) ($1,773) ($2,579)
($197) ($239) ($317) ($434) ($630) ($849) ($1,386)
5.9 10.2 11.9 13.6 17.3 17.6 26.1
47.0 55.0 64.0 76.0 88.0 105.0 130.0
0.9 ### 1.1 1.3 1.5 1.9 2.1
425.7 536.1 661.8 852.1 1,107.2 1,466.2 2,068.6
107.7 151.2 184.3 242.5 321.1 438.9 651.5
$2,155 $3,058 $3,847 $5,371 $7,061 $9,381 $13,935
48.2 57.6 56.8 65.2 71.4 85.8 91.1

712-405 -9-

2004 2005 2006 2007 2008 2009 2010

$3,271 $4,552 $5,970 $7,672 $8,541 $8,727 $9,156

$2,574 $3,499 $4,334 $5,364 $5,587 $5,311 $5,721


$614 $818 $1,257 $1,763 $2,228 $2,480 $2,565
$1,477 $2,008 $2,504 $3,018 $3,136 $3,059 $3,416
$2,657 $3,734 $4,713 $5,909 $6,313 $6,248 $6,592
$1,097 $1,491 $1,830 $2,346 $2,451 $2,252 $2,305
$858 $1,222 $1,491 $1,802 $1,787 $1,764 $1,841
$240 $322 $413 $544 $630 $704 $807
$411 $577 $633 $790 $877 $945 $940
$89 $532 $754 $2,161 $943 $1,378 $950
$1,598 $2,652 $3,290 $5,296 $4,238 $4,791 $4,538
$1,059 $1,082 $1,423 $613 $2,076 $1,457 $2,054
$778 $722 $1,126 $348 $1,779 $2,389 $1,855

$0 ### $0 $0 $0 $0 $1,494

$7,991 $11,789 $13,494 $15,366 $15,592 $18,408 $22,004


$1,263 $1,741 $2,589 $3,661 $4,509 $4,621 $6,702
$6,728 $10,048 $10,905 $11,705 $11,084 $13,788 $15,302

$1,285 $2,010 $2,248 $2,641 $2,882 $2,908 $2,746


($293) ($338) ($515) ($454) ($566) ($567) ($724)
$992 $1,672 $1,732 $2,187 $2,316 $2,341 $2,022

56 ### 83 85 88 90 95
1,413 1,877 2,365 2,340 2,748 3,442 4,509
815 997 1,051 1,127 1,317 1,557
$34,168 $44,299 $52,474 $59,353 $59,650 $57,206 $62,089
13,877 18,927 23,922 26,785 30,463 35,094
30,422 33,547 35,431 32,865 26,743 26,995
66.5 74.8 84.3 79.9 77.9 80.3 70.4

ay. com/help/sellerguide/selling-fees.html, accessed December 2010.


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Listing Fee $9.99 per month for up to 3,000 items Final Value Fee

788773/amazons-zshops-big-idea.html, accessed December 2010.

Variable Fee
$0.45 + $0.05/lb.
$0.45 + $0.05/lb.
$0.45 + $0.05/lb.
$1.35
$0.45 + $0.05/lb.
$0.45 + $0.05/lb.
$0.45 + $0.05/lb.
$0.45 + $0.05/lb.
$0.45 + $0.05/lb.
$0.80
$0.45 + $0.05/lb.
$0.45 + $0.05/lb.
$0.45 + $0.05/lb.
$1.35
$0.45 + $0.05/lb.
$0.45 + $0.05/lb.
$0.45 + $0.05/lb.
$0.45 + $0.05/lb.
$0.80
$1.35
$1.35
$0.45 + $0.05/lb.
$0.45 + $0.05/lb.
$0.45 + $0.05/lb.
tm?id= hm1#pricing, accessed May 2011.

tm? id=hm1#pricing, accessed May 2011.

$300 or more

$0.00

$0.00
$0.00

$0.00

$0.00
$0.00

$0.00

$3.00
$0.40
$50.00
Exhibit 2 Summary Financial Data for Amazon.com (in millions)
1999 2000 2001 2002 2003 2004
Income Statement Data:
Net Sales ( Amazon) $1,640 $2,762 $3,122 $3,933 $5,264 $6,921
COGS (Amazon) $1,349 $2,106 $2,324 $2,940 $4,007 $5,319
Gross Profit $291 $291 $656 $656 $799 $799 $993 $1,257 $1,602
Fulfillment $237 $237
$415 $415
$374 $374 $392 $477 $591
Marketing $176 $180 $138 $125 $123 $158
Technology and content $160 $160
$269 $269
$241 $241 $216 $208 $251
General and administrative $70 $70
$109 $109
$90 $90 $79 $88 $112
Other operating expense (income), net $253 $253
$547 $547
$367 $367 $116 $91 $50
Total operating expenses $896 $896
$1,520 $1,520
$1,211 $1,211 $928 $987 $1,162
Operating Income (Loss) ($606) ($606)
($864) ($864)
($412) ($412) $64 $271 $440
Net Income (Loss) ($720) ($720)
($1,411) ($1,411)
($567) ($567) ($149) $35 $588
Balance Sheet Data:
Long-term debt $1,441 $2,111 $2,090 $2,230 $1,919 $1,835
Total Assets $2,466 $2,135 $1,638 $1,990 $2,162 $3,248
Total Liabilities $2,200 $3,102 $3,078 $3,343 $3,198 $3,475
Total stockholers' equity (deficit) $266 ($967) ($1,440) ($1,353) ($1,036) ($227)
Cash Flow Statement Data:
Net cash provided by operating activities ($91) ($130) ($120) $174 $392 $566
Capital Expenditures ($287) ($135) ($50) ($39) ($46) ($89)
Free cash flow ($378) ($265) ($170) $135 $346 $477
Other Metrics:
Shipping revenue $239 $339 $357 $365 $372 $420
Outbound shipping cost ($227) ($340) ($376) ($404) ($508) ($617)
Net shipping profit (cost) $12 ($1) ($19) ($40) ($136) ($197)
Fulfillment Capacity (square feet) 4.2 4.0 3.9 4.2 5.9
Active Customers 14.1 19.8 24.7 31.0 39.5 47.0
Active Sellers 0.4 0.6 0.9
Total Units 243.0 710.2 425.7
3rd Party Units 41.2 147.5 107.7
3rd Party Gross Merchandise Volume $796 $2,806 $2,155
U.S. Unique Visitors 16.6 21.1 31.0 46.2 45.7 48.2

Source: Company filings; Goldman Sachs; comScore Media Metrix.


712-405 -8-
2005 2006 2007 2008 2009 2010

$8,490 $10,711 $14,835 $19,166 $24,509 $34,204


$6,451 $8,255 $11,482 $14,896 $18,978 $26,561
$2,039 $2,456 $3,353 $4,270 $5,531 $7,643
$729 $913 $1,253 $1,597 $1,973 $2,808
$192 $259 $336 $469 $660 $1,002
$406 $608 $715 $882 $1,058 $1,511
$146 $176 $200 $229 $268 $386
$134 $111 $194 $251 $443 $530
$1,607 $2,067 $2,698 $3,428 $4,402 $6,237
$432 $389 $655 $842 $1,129 $1,406
$359 $190 $476 $645 $902 $1,152

$1,480 $1,247 $1,282 $409 $109 $184


$3,696 $4,363 $6,485 $8,314 $13,813 $18,797
$3,450 $3,932 $5,288 $5,642 $8,556 $11,933
$246 $431 $1,197 $2,672 $5,257 $6,864

$733 $702 $1,405 $1,697 $3,293 $3,495


($204) ($216) ($224) ($333) ($373) ($979)
$529 $486 $1,181 $1,364 $2,920 $2,516

$511 $567 $740 $835 $924 $1,193


($750) ($884) ($1,174) ($1,465) ($1,773) ($2,579)
($239) ($317) ($434) ($630) ($849) ($1,386)
10.2 11.9 13.6 17.3 17.6 26.1
55.0 64.0 76.0 88.0 105.0 130.0
1.1 1.1 1.3 1.5 1.9 2.1
536.1 661.8 852.1 1,107.2 1,466.2 2,068.6
151.2 184.3 242.5 321.1 438.9 651.5
$3,058 $3,847 $5,371 $7,061 $9,381 $13,935
57.6 56.8 65.2 71.4 85.8 91.1
Exhibit 3 Summary Financial Data for eBay (in millions)
1999 2000 2001 2002 2003 2004
Income
Statement $749 $1,214 $2,165 $3,271
Net
Data:Sales Ebay $225 $431
Marketplaces $426 $731 $1,119 $1,727 $2,574
COGS (eBay) $58 $95 $135 $214 $416 $614
Marketplaces $201 $311 $424 $647 $1,477
Gross Profit $167 $336 $614 $1,000 $1,749 $2,657
Marketplaces $225 $421 $694 $1,080 $1,097
Sales and marketing $96 $166 $253 $349 $567 $858
Product development $25 $52 $75 $103 $158 $240
General and administrative $44 $71 $104 $168 $300 $411
Other operating expense (income), net $6 $6 $12 $12 $41 $26 $95 $89
Total operating expenses $171$171 $301 $301 $474 $646 $1,120 $1,598
Operating Income (Loss) ($3)
($3) $35 $35 $140 $354 $629 $1,059
Net Income (Loss) $10$10 $48$48 $90 $250 $442 $778
Balance
Sheet Data: $12 $14 $124 $0
Long-term debt $15 $11
Total Assets $970$970 $1,182$1,182 $1,679 $4,040 $5,820 $7,991
Total Liabilities $116$116 $169 $169 $249 $484 $924 $1,263
Total stockholers' equity (deficit) $854$854$1,014 $1,014 $1,429 $3,556 $4,896 $6,728
Cash Flow Statement Data:
Net cash provided by operating activities $63 $100 $252 $480 $874 $1,285
Capital Expenditures ($87) ($50) ($57) ($139) ($365) ($293)
Free cash flow ($24) $50 $195 $341 $509 $992
Other Metrics:
Active Customers 18 28 41 56
Listings 130 264 423 638 971 1,413
Sold Items
Gross Merchandise Volume $2,805 $5,414 $9,320 $14,868 $23,779 $34,168
Fixed Price
Auction
U.S. Unique Visitors 10.4 19.5 28.3 53.9 69.2 66.5
712-405 -9- Sales and marketi
Net Sales Ebay
2005 2006 2007 2008 2009 2010 1999 $96 $225
2000 $166 $431
$4,552 $5,970 $7,672 $8,541 $8,727 $9,156 2001 $253 $749
$3,499 $4,334 $5,364 $5,587 $5,311 $5,721 2002 $349 $1,214
$818 $1,257 $1,763 $2,228 $2,480 $2,565 2003 $567 $2,165
$2,008 $2,504 $3,018 $3,136 $3,059 $3,416 2004 $858 $3,271
$3,734 $4,713 $5,909 $6,313 $6,248 $6,592 2005 $1,222 $4,552
$1,491 $1,830 $2,346 $2,451 $2,252 $2,305 2006 $1,491 $5,970
$1,222 $1,491 $1,802 $1,787 $1,764 $1,841 2007 $1,802 $7,672
$322 $413 $544 $630 $704 $807 2008 $1,787 $8,541
$577 $633 $790 $877 $945 $940 2009 $1,764 $8,727
$532 $754 $2,161 $943 $1,378 $950 2010 $1,841 $9,156
$2,652 $3,290 $5,296 $4,238 $4,791 $4,538
$1,082 $1,423 $613 $2,076 $1,457 $2,054
$722 $1,126 $348 $1,779 $2,389 $1,855

$0 $0 $0 $0 $0 $1,494
$11,789 $13,494 $15,366 $15,592 $18,408 $22,004 29.79% 28.14%
$1,741 $2,589 $3,661 $4,509 $4,621 $6,702
$10,048 $10,905 $11,705 $11,084 $13,788 $15,302

$2,010 $2,248 $2,641 $2,882 $2,908 $2,746


($338) ($515) ($454) ($566) ($567) ($724)
$1,672 $1,732 $2,187 $2,316 $2,341 $2,022

72 83 85 88 90 95
1,877 2,365 2,340 2,748 3,442 4,509
815 997 1,051 1,127 1,317 1,557
$44,299 $52,474 $59,353 $59,650 $57,206 $62,089 $761,211
13,877 18,927 23,922 26,785 30,463 35,094
30,422 33,547 35,431 32,865 26,743 26,995
74.8 84.3 79.9 77.9 80.3 70.4
Net Income (Loss) $10 $48
$10 2.34375
$48 2.5963855
$90 2.9604743
$250 3.47851
$442 3.8183422
$778 3.8123543
$722 3.7250409
$1,126 4.0040241
$348 4.2574917
$1,779 4.7795187
$2,389 4.9472789
$1,855 4.973384
Net Sales
$40,000
$35,000 $30,000
$30,000 $25,000
$25,000 $20,000
$20,000
$15,000 $15,000
$10,000 $10,000
$5,000 $5,000
$0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 $0
1999 2000 2001 2002
Net Sales ( Amazon)
Net Sales Ebay COGS
COGS
COGS Marketing
$30,000 $2,000
$25,000 $1,800
$1,600
$20,000 $1,400
$1,200
$15,000 $1,000
$10,000 $800
$600
$5,000 $400
$200
$0 $0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1999 2000 2001 2002 2003 2004 2005 2006 2007 2
COGS (Amazon) Marketing
COGS (eBay) Sales and marketing
Marketing

002 2003 2004 2005 2006 2007 2008 2009 2010

marketing