eBay 2015 Annual Report Download - page 111

eBay Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
withdrawals and the Aggregate Cash Deposits are used by the financial institution as a basis for calculating our
net interest expense or income under the arrangement. As of December 31, 2015, we had a total of $2.4 billion in
cash withdrawals offsetting our $2.4 billion in Aggregate Cash Deposits held within the same financial institution
under the cash pooling arrangement.
Note 14 — Stockholders’ Equity
Preferred Stock
We are authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one or
more series; to establish the number of shares included within each series; to fix the rights, preferences and
privileges of the shares of each wholly unissued series and any related qualifications, limitations or restrictions;
and to increase or decrease the number of shares of any series (but not below the number of shares of a series
then outstanding) without any further vote or action by our stockholders. At December 31, 2015 and 2014, there
were 10 million shares of $0.001 par value preferred stock authorized for issuance, and no shares issued or
outstanding.
Common Stock
Our Amended and Restated Certificate of Incorporation authorizes us to issue 3.6 billion shares of common
stock.
Note 15 — Stock Repurchase Program
In January 2014, our Board authorized a stock repurchase program that provided for the repurchase of up to
an additional $5 billion of our common stock, with no expiration from the date of authorization. In January 2015,
our Board authorized an additional $2 billion stock repurchase program, with no expiration from the date of
authorization. In June 2015, our Board authorized an additional $1 billion stock repurchase program, with no
expiration from the date of authorization. The stock repurchase programs are intended to programmatically offset
the impact of dilution from our equity compensation programs and, subject to market conditions and other
factors, to make opportunistic repurchases of our common stock to reduce our outstanding share count. Any
share repurchases under our stock repurchase programs may be made through open market transactions, block
trades, privately negotiated transactions (including accelerated share repurchase transactions) or other means at
times and in such amounts as management deems appropriate and will be funded from our working capital or
other financing alternatives.
Our stock repurchase programs may be limited or terminated at any time without prior notice. The timing
and actual number of shares repurchased will depend on a variety of factors, including corporate and regulatory
requirements, price and other market conditions and management’s determination as to the appropriate use of our
cash.
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